DES MOINES, Iowa, Nov. 24 /PRNewswire/ -- Vitech Systems Group, Inc. (Vitech) has completed phase one of its V3 Pension Administration System Implementation at the Iowa Public Employees' Retirement System (IPERS). IPERS, one of the largest public pension funds in the U.S., contracted with Vitech in 2006 to implement and maintain a complete pension administration solution. The solution provides advanced capabilities and increases efficiency, transforming IPERS' business.
Over the past two years, Vitech has worked collaboratively with IPERS to customize Vitech's V3 Software to meet IPERS' requirements. The software is a browser-based benefits administration solution that provides completely integrated functionality for the administration of multi-employer pension and health funds.
The V3 Software provides superior capabilities that improve customer service, document imaging integration, employer contributions reporting and member account maintenance. The result is an overall transformation of manual procedures to more effective automated ones. In addition, a self-service website reaching 2300 employers in all 99 Iowa counties makes reporting and contributing to IPERS easy and instantaneous.
In 2007, IPERS processed about 1 million member benefit payments totaling over $1 billion and collected nearly $575 million in contributions. Donna M. Mueller, CEO of IPERS, notes that with the increasing number of baby boomers retiring over the next decade, it is essential that IPERS use technology to keep up.
Mueller described the software as "A smart, safe, and solid computer technology for our employer that also lets us do business in smarter ways."
Vitech will continue to work with IPERS to expand and improve the system so that IPERS' members can complete even more business online.
"We are so pleased to have been able to partner with IPERS in this very important and successful undertaking. It is exciting to see the positive impact our software is having on IPERS' business," said Frank Vitiello, President of Vitech.
About Vitech Systems Group
Vitech Systems Group is a national leading provider of web-based enterprise system solutions to mid-sized and large pension and health plans. Vitech offers the V3 Benefits Administration System, a powerful, world-class software solution. Vitech also offers world-class implementation services through its administration solutions practice.
IPERS is the largest public retirement organization in Iowa. On June 30, 2008, IPERS had $22.4 billion in assets and a membership of more than 300,000 current and former public employees.
|SOURCE Vitech Systems Group, Inc.|
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