Washington State Department of Retirement Systems Awards Pension Modernization Project to Sagitec Solutions
ST. PAUL, Minn., Oct. 18, 2023 /PRNewswire-PRWeb/ -- The Washington State Department of Retirement Systems sought to modernize their 30-year-old legacy technology with a cloud-hosted, modified off-the-shelf pension administration solution.
After months of rigorous evaluation from administrative screenings and written and on-site evaluations, DRS selected Sagitec as their strategic partner to modernize its legacy applications and business processes, increase customer satisfaction, and reduce technology and cyber security risks.
The new system will replace DRS' systems for member information, benefit administration, receivables management, disbursement and document management. It will interface with member online account access and employer reporting applications.
"We chose Sagitec because their solution was the best fit for DRS, and because they're experienced, collaborative, and committed to a successful partnership," said DRS Project Management Office Director Amy McMahan.
Sagitec's Neospin Pension Administration Solution fulfills DRS's business needs and is poised to evolve as technology evolves. Neospin is powered by Sagitec's low-code/no-code platform, Xelence, that makes it simple to build, test, and deploy powerful software applications.
"DRS has a clear vision for this project, and we will work in close collaboration with them as a long-term partner," said Sagitec's Managing Director Subodh Murthi. "We are confident in our ever-evolving solution that keeps pace with technology and doesn't leave our clients behind."
The modern solution will replace decades old legacy applications that enable DRS to serve over 910,000 current and former public employees. It will help administer over $7.1 billion in annual payments.
The solution will be cloud hosted and will provide a set of security measures based on Federal Risk and Authorization Management Program (FedRAMP) standards, which govern security and protection of information in cloud-based services. The project includes four years of implementation with two years of support.
About the Washington State Department of Retirement Systems (DRS)
The Department of Retirement Systems serves a diverse population from across Washington including public employees of the state, cities, counties, school districts, law enforcement, fire districts and other municipalities. DRS administers one of the most complex public retirement systems in the country, comprising 15 plans across eight individual retirement systems. DRS also administers the state's Deferred Compensation Program. For more information, please visit drs.wa.gov/about/
About Sagitec Solutions
Sagitec is a global software provider focused on solving complex, business-rule-driven problems with domain experts and proven technology. They serve some of the largest pension organizations in the world. The fully integrated, web-based pension administration Neospin solution is powered by Xelence, Sagitec's market leading platform and supports millions of plan participants, many thousand employers, and administers multiple types of pension plans: defined benefit, defined contribution, provident, cash balance, hybrid, and Taft-Hartley.
In addition to serving the pension industry, Sagitec Solutions designs and delivers software solutions for unemployment insurance, paid family medical leave, disability insurance, and healthcare. Sagitec is a partner clients can trust to drive their vision into action. For more information, visit: http://www.sagitec.com.
Media Contact
Sukanya Samy, Sagitec Solutions, 612-284-7130, [email protected], https://www.sagitec.com/pension-software-company/press-releases
Adam Torgerson, Department of Retirement Systems, Washington, 360-664-7097, [email protected], drs.wa.gov/about/
SOURCE Sagitec Solutions
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