Congruent sheds light on the topics and questions that matter to you, so that you’re equipped with new ideas to innovate, in the competitive landscape of record-keeping and plan administration. Our in-house experts offer insights you can harness.


State-run retirement plans: How the US is trying to increase retirement coverage

Categories : Retirement Plans
Tags : Retirement plan administration Retirement plans Retirement technology
Author : Meera

A large number of US workers face an uncertain future – many don’t have enough savings and aren’t enrolled in retirement plans. In many cases, employers don’t offer retirement plans. Small companies are not able to afford it or don’t have the resources to administer such plans. Only a little more than 50% of small and medium businesses in the US now offer retirement plans.

Read More

Why Eligibility Processing for retirement plans is an important and complex process

Categories : Retirement Technology
Tags : Retirement technology Plan administrator Retirement & Pension Industry
Author : Dhiraj

Defined Contribution (DC) plans are set up and managed for the exclusive benefit of employees and their beneficiaries. Therefore, it is very important to decide on the eligibility criteria for an employee to become a participant of a DC plan.

Read More

A SIMPLE Retirement Plan For Small Businesses

Categories : Record Keepers Retirement Retirement Plans Retirement Savings Plans
Tags : Plan Document Recordkeeping Retirement Savings Plans
Author : Dhiraj

Savings Incentive Match Plans for Employees (SIMPLE) are retirement plans offered by small businesses, which have simplified plan rules. The SIMPLE IRA plan combines features of a SIMPLE plan and a Traditional IRA plan.

Read More

Why DC Plans Serve the Modern Workforce Better

Categories : Defined Contribution
Tags : Defined Contribution
Author : Meera

Today's workers, especially corporate employees, are more likely to change several jobs during the course of their careers. This is a significant shift from a few decades ago, when workers spent practically their entire careers in the same organization. Recent statistics indicate that employees are likely to switch 10 jobs or more in a career spanning four decades.

Read More

Blockchain in the Retirement & Pension Industry

Categories : Retirement Services
Tags : Retirement & Pension Industry Blockchain Blockchain in the Retirement
Author : Sagar S

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.

Read More

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
Author : Rajeshkumar

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.

Read More

Game Changers!!!

Categories : API Adapter CICS adapter Labyrinths Legacy record keeping systems Pandora boxes Record Keeping Systems
Tags : API Adapter Labyrinths Legacy record keeping systems Pandora boxes CICS Adapter
Author : Sakthi

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.

Read More

PO and the Scrum Team

Categories : Agile framework PO and the Scrum Team Scrum
Tags : Scrum PO and the Scrum Team Agile framework
Author : Parikshith

According to Agile framework, the Product Owner role can be taken up by anyone who: 1.Represents the voice of the customers and the stakeholders, and is accountable for ensuring that the team delivers value to business 2.Gives overall product direction, creates user stories, set priority and tracks epic/feature and Manages the backlog 3.Collaborates with business/ team/ scrum master to gather requirements and effectively implement the same

Read More

Smarter platforms and BPaaS solutions provide cost savings, and enhances productivity

Categories : BPaaS BPaaS blog Contribution management Defined Contribution Retirement plan administration
Tags : BPaaS BPaaS blog Contribution management Defined Contribution Retirement plan administration
Author : Sakthi

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.

Read More

Retirement Savings Plans – the Plan Migration Worries

Categories : Record Keepers Retirement Retirement Plans Retirement Savings Plans
Tags : Plan Document Recordkeeping Retirement Savings Plans
Author : admin

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.

Read More