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.


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

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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.

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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.

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Contributions Processing: The least evolved of all recordkeeping processes?

Categories : Record Keeping Systems 401 Record Keeping Contribution Processing Plan Participants Plan Sponsor
Tags : Contributions processing Plan Participants plan sponsor Record Keeping
Author : Ajay

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.

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Investment Vehicles in Pension Funds

Categories : Auto-enrolment Blog ETF Investment Vehicles Pension Funds
Tags : Auto-enrolment ETF Investment vehicles Pension funds
Author : Sagar

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.

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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
Author : Sagar

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.

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Congruent Eligibility Processing Solution

Categories : Record Keeping Systems Biz Talk COREDC DC Record keeping Eligibility Processing Solution Record Keeping Software
Tags : Legacy record keeping systems BizTalk COREDC Eligibility Processing
Author : Moi

Many recordkeepers and plan providers today do not have comprehensive eligibility processing capabilities, often resulting in a significant amount of manual intervention and a large number of errors. We had a provider enquire if they could use the light-weight COREDC engine to compute the eligibility for them, without a data migration from their system to ours.

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The Times They Are A-Changin’

Categories : Retirement Analytics
Tags : analytics Retirement on Analytics
Author : Sagar

The power of Insights and Analytics in Retirement. The tune that Dylan sang in 1964 prophesying change becomes more pertinent with each passing year. We know live in a time where a machine (Libratus) is capable of bluffing us and beating the best humans at Poker. Somewhere else, Target is predicting pregnancies based on the shopping habits of women.

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A Brave New World of Investing?

Categories : Blog
Tags : Insurance Investment
Author : Sagar

Michelle is due to retire next year, and most of her savings are in equity. Having reaped the benefits of equity investments for the past 30 years she will continue to park her savings in equity instruments well into her retirement. Sounds mindless? There is a commonly cited rule in investing for retirement where an individual’s equity exposure should be about 100 less their age.

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Does Operational Efficiency impact plan participation?

Categories : Blog
Tags : Plan Participants plan sponsor 401K record keeping DC record keeping Plan administrators Record Keeping Software Recordkeeping system Retirement technology
Author : Shelly

Employees these days are cognizant about the importance of retirement savings and appreciate the assistance from their employers. They want a financially secure life at the end of their careers. State Street Global Advisors recently conducted a survey on people considered as millennials and Generation X. The survey findings suggest that 87% people agree that it is important to save early and 83% agree that saving is their priority.

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