The new system supports end-to-end processing of 401(k), 403(b) and 457 retirement plans, in addition to other plans defined under the Employee Retirement Income Security Act (ERISA). The system supports small- to mega-size defined contribution plans and is designed to provide flexibility through its configuration workbench. The new system is scheduled to be formally introduced to the market in early 2014.
The two companies that have already selected the Retirement Services Recordkeeping Platform are both financial services organizations. They are already underway with implementing the platform for planned use in 2014. One company is implementing the complete end-to-end system, while the other is taking a phased approach to the implementation and system rollout.
“We are excited to be able to offer the industry a modern, cost effective platform to enable retirement services companies to grow their businesses and to take advantage of the rapidly changing and emerging new technologies,” said Ron Karam, president, Sapiens NA Insurance Solutions.
Sapiens International Corporation is a provider of software solutions for the financial services industry.