Products May 12, 2014

Accenture Launches Public Pension Administration Solution

May 12, 2014 (PLANSPONSOR.com) – Accenture has launched a new enterprise solution to help public pension plan administrators take advantage of the flexibility and cost savings of a commercial off-the-shelf technology system.
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The system, Accenture’s Enterprise Solution for Pensions (AESP), is based on Oracle’s PeopleSoft applications, Oracle Middleware, and Oracle technology. The company says it incorporates more than 30 years of experience implementing the capabilities needed by public pension organizations that serve tens of millions of people.

AESP’s flexibility enables faster and more cost-effective pension system operations and provides organizations with greater flexibility and the agility needed to adapt as policies change. It provides the business functionality required by modern public pension programs, including member and retiree management and administration, employer administration and contribution, payroll and payment management.

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“Public pension organizations face major opportunities to develop modern technology capabilities while controlling costs,” says Owen Davies, who leads Accenture’s public pension practice in North America, based in New York. “Accenture’s initiative leveraging Oracle solutions offers tremendous capabilities at the leading edge of the industry.”

“Accenture has significant subject matter expertise in this space, as well as extensive skills to leverage Oracle’s PeopleSoft Pension solution along with additional Oracle assets, including Oracle Policy Automation, for a complete offering,” says Paco Aubrejuan, senior vice president and general manager, Oracle’s PeopleSoft. “Together, Accenture and Oracle can provide publicly funded pension systems the flexibility to modernize their systems in a cost effective manner while utilizing a comprehensive solution.”

The AESP software solution is aligned with other assets in Accenture’s portfolio of solutions for pension organizations, which includes:

  • Capability Assessment Model. Enables examination of more than 40 capabilities and 200 characteristics of pension benefit administration. The model includes an assessment tool to categorize performance as Basic, Advanced, or Leading in each area. Assessment results can help retirement systems identify and prioritize opportunities for improved performance.
  • Pension Logical Operating Model. Includes business process models, use case examples, key performance indicators and requirements matrices representing Accenture’s vision of a high performance-retirement system.
  • AESP Delivery Repository. Several thousand system development artifacts facilitate delivery of AESP, including workflows, user interface guidelines, data conversion tools, configuration guides, test plans/scripts and user and operations documentation.
  • Reference Pension Business Rules Set. A reference rule set implemented on Oracle’s Pension Administration (OPA) business rules engine is designed to integrate with legacy pension administration solutions.

More about Accenture’s work with pensions can be found here.

Accenture is a global management consulting, technology services and outsourcing company.

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