Congruent sheds light on the topics and questions that matter to you so that you’re equipped with new ideas to innovate, in the new competitive landscape of digital record-keeping and plan administration. Explore what’s new on the blog site and harness our insights.
Blockchain in the Retirement & Pension Industry
Categories : Retirement Services
The psychobabble around the term Blockchain has people believing that it will revolutionize the way systems, companies, and even the internet will work. It is touted as the next big thing with almost Quixotic expectations. Popularized by Bitcoins – many technology and finance companies are now evaluating where they can use blockchain, almost as if to suggest that we are finding problems to fit the solution.
Value of Reverse Engineering
Categories : BRD Application Programming Interface Re-engineering Reverse Engineering Reverse Engineering- Approach
Tags : brd Applicationprogramming interface Re-engineering Reverse engineering Reverse engineering-approach
Reverse Engineering of applications is a challenging yet rewarding process. Reverse Engineering helps us understand code that is without proper document. The concept behind reverse-engineering is breaking something down in order to understand it, re-engineer an application or to improve upon it.
PO and the Scrum Team
Categories : Agile framework PO and the Scrum Team Scrum
The psychobabble around the term Blockchain has people believing that it will revolutionize the way systems, companies, and even the internet will work. It is touted as the next big thing with almost Quixotic expectations. Popularized by Bitcoins – many technology and finance companies are now evaluating where they can use blockchain, almost as if to suggest that we are
Categories : API Adapter CICS adapter Labyrinths Legacy record keeping systems Pandora boxes Record Keeping Systems
New Age ‘Intelligent’ Record Keeping Systems.In its record keeping survey for the year 2011, Plan Sponsor identified that more than 60% of current record keeping systems are legacy systems. Even systems built on mainframe technologies are considered outdated by current generation business. Technology writer Stewart Alsop predicted way back in 1991, that the last mainframe would be unplugged in 1996. Not only did the prediction go wrong, but mainframes are still powering on well into the 21 century.
Smarter platforms and BPaaS solutions provide cost savings, and enhances productivity
Categories : BPaaS BPaaS blog Contribution management Defined Contribution Retirement plan administration
Many of the large plan providers, with decades of experience in Defined Contribution (DC) plans, Deﬁned Beneﬁt (DB) plans and Non-Qualiﬁed plans administration are maintaining multiple legacy systems for managing the contribution process. These disparate systems are supported by error-prone manual intervention processes. The decentralized, non-standard contribution management process and rigid architecture of legacy systems are impairing these organizations’ scalability and flexibility to support the payroll volume surges.
An application’s Life Element
Categories : Application Database Architecture RDBMS Relational database SQL
What is an Application? What does it do? How does an application work? Let us look at some of these basic questions: Basically, an application is a tool that collects, process and shares data. It is like a human body and without a life element, the body will not work. Data is the life element for any application, and without data, the application is dead.
Retirement Savings Plans – the Plan Migration Worries
Categories : Record Keepers Retirement Retirement Plans Retirement Savings Plans
Conversations with a few top record keepers in the retirement savings space led us to a predicament, which, albeit not too frequent, is but of significant importance in the retirement industry. While day-to-day recordkeeping woes have mostly been addressed through currently available off-the-self solutions or through custom built applications thereby making a sponsor’s life relatively easy, there still remain a few problem areas in plan conversions and migration that require attention from the SME (Subject Matter Expert) fraternity in the retirement domain.
Contributions Processing: The least evolved of all recordkeeping processes?
Categories : Record Keeping Systems 401 Record Keeping Contribution Processing Plan Participants Plan Sponsor
Most record keepers today use several different software, both home grown applications and external products, for managing various recordkeeping processes like enrollment, contributions, loans, distributions, compliance testing, etc. With time, some of these business processes have become more evolved and streamlined compared to some others. There are dozens of products that are released every year, each meant to handle specific business processes in the recordkeeping cycle.
Investment Vehicles in Pension Funds
Categories : Auto-enrolment Blog ETF Investment Vehicles Pension Funds
A majority of people do not save enough for retirement, and those who save, do so without understanding investment vehicles or without a goal and investment horizon. Many pension plans around the world are trying to address this by auto-enrolment, and default funds. Industry statistics in the US show that participation rates in pension plans has increased by around 15% as a result of auto-enrolment. While this is good, the default contribution rates for those auto-enrolled, however, are very low compared to those of the persons who elect to participate in pension plans.
Lack of Standards in the Retirement Industry
Categories : Record Keepers Retirement Plans Blog Pension Funds Asset Managers Data Exchange Standards In The Retirement Industry
Tags : Asset Managers Data Exchange Insurance industry Record keepers Retirement plans Standards in the Retirement Industry
Having made a move from Insurance to Retirement like so many of my peers, I was first awestruck by the sheer numbers in this industry in terms of total assets: with the total assets of pension funds about $10 trillion more than insurance companies. Soon after, I was dumbstruck by the total lack of standards amongst record keepers and asset managers alike in the pension industry.