Administration Software Upgraded To Streamline Operations

By Karla Paris

Phase 1 of a multi-phased implementation provides APERS with electronic content management (ECM) functionality to serve over 50,000 active members, 29,000 retirees, and 720 employers.

The Arkansas Public Employees Retirement System (APERS) announced it has partnered with Vitech Systems Group, a provider of group administration software to the insurance, retirement, and investment industries, to go live with Vitech's V3 System on time and on budget.

APERS was created by Act 177 of 1957 and originally provided only for the retirement of state employees but has since added county employees, municipal employees, college and university employees, non-teaching public school employees, and other non-state employees.

Financial Objective
APERS has developed into a mature system that continues to satisfy the general financial objective of level contribution financing. As of June 30, 2013, the assets of the System remained healthy at $6.4 billion. The APERS investment program has seen rates of return that range from 20.89 percent for fiscal year 2009 up to 26.00 percent for fiscal year 2011. Investment of these assets is allocated among numerous investment managers that invest in domestic equities, domestic fixed income, international equities, and alternative investments (i.e. timber, real estate).

The V3′s enterprise features go beyond traditional processing helping organizations like APERS streamline operations and transform customer service. V3′s enterprise features include V3 Workflow, V3 Imaging, V3 Self-Service, and V3 CRM.

V3 Workflow
V3 Workflow is a powerful tool for the automation and management of work processes. Workflow functionality allows an organization to define and implement its own business process and rules. These processes may be launched manually or triggered automatically, and can be configured to allow ad hoc flexibility or enforce rigid standard control.

V3 Imaging
V3 Imaging is a strong electronic document management solution. It is an organization’s gateway to an automated, paperless organization. It seamlessly integrates with V3 Workflow and V3 CRM.

V3 CRM
V3 CRM is an effective customer service solution that consolidates and simplifies all touch points with any customers. V3 CRM gives users one-click access to call logs, document histories, service trails, in-bound images, and system-wide transaction information in a single interactive repository.

V3 Self-Service
V3 Self-Service delivers on-line, real-time, web-based self-service capabilities to participants, employers, employees, providers, and brokers. It allows customers to access data and execute transactions over the internet without the intervention of office personnel. It is highly secure, highly available, and broadly deployable.

SOURCE: PRNewswire