CedarCrestone and Oracle Join to Enhance Oracle’s PeopleSoft Enterprise Pension Administration

Companies Work Together to Deliver Enhancements for State and Local Marketplace

CedarCrestone,
a leading provider of implementation services to both the commercial
and public sectors, and Oracle have signed a co-development agreement
to enhance Oracle’s PeopleSoft Enterprise Pension Administration and
related products to better meet the needs of the United States state
and local public sector marketplace around pension plan management.

Public sector retirement plans are unique when compared to most private
sector plans. Most are defined benefit plans – meaning the government
employer promises a specified monthly benefit upon retirement based on
employees’ earnings history, service tenure and age, rather than
depending on investment returns. These plans, through their long-term
existence and multiple employer participation, are typically quite
complex with regards to benefit eligibility and determination and often
require a myriad of rule permutations and complicated business
processes.
 
CedarCrestone and Oracle are
working together to provide enhancements to specifically support the
unique challenges faced by the public sector. This will help enable
government entities to more easily manage participant-centric pension
plans. Potential areas targeted for improvement include end-to-end
business processes like service purchases as well as overall
improvements in rule configuration and reporting.
 
Oracle, a financially stable and resource rich organization, brings the
unique ability to develop and support one of the only commercial off
the shelf pension offerings available. The broader Oracle portfolio
including Customer Relationship Management (CRM), Enterprise Content
Management (ECM), Government, Risk and Compliance (GRC) and industry
leading technology capabilities – providing organizations with a single
vendor for their entire pension solution enhances this offering.
 
As an Oracle Platinum Partner, CedarCrestone has staff with required
qualifications and experience, based on multiple public sector pension
implementations, that can be dedicated to deliver a leading pension
administration solution. These resources not only have Oracle-specific
experience but include industry veterans in both the public and
commercial retirement sector.

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