Modernization of Legacy Pension Management System with Automated Data Handling and Enhanced User Interfaces

The client is currently managing a multiemployer pension plan with outdated, non-standardized data formats and manually intensive processes that hamper efficient tracking of employment status changes, pension contributions, and regulatory compliance. Their existing system is reliant on manual workflows, leading to demanding year-end adjustments, slow data processing, and increased risk of errors, which hinder operational efficiency and responsiveness to regulatory changes.

A mid-sized financial organization managing multiemployer pension plans with complex regulatory requirements, seeking to modernize their existing legacy systems to improve efficiency, compliance, and user experience.

• Develop a flexible, scalable pension management system capable of handling diverse data formats and supporting retroactive adjustments.
• Automate deployment and configuration processes through Infrastructure as Code (IaC) to reduce manual effort and accelerate release cycles.
• Improve query performance and data processing efficiency by redesigning the database architecture, converting from a non-relational model to a streamlined, single-table design.
• Enhance responsiveness to regulatory changes by creating an adaptable and modular application architecture that can easily incorporate policy updates.
• Reduce manual workload associated with inputting employment and earnings data, freeing operational staff to focus on core consulting and client services.

• Support for multiple data input formats with validation and normalization to ensure consistency.
• Functionality for retroactive data adjustments, including employment status updates, earnings, and contribution corrections.
• An interface for administrative users to upload, review, and resolve data inconsistencies.
• Real-time querying capabilities optimized through a redesigned database architecture.
• Automated deployment pipelines using Infrastructure as Code (IaC) for fast and reliable updates.
• Generation of detailed reports and dashboards summarizing employer contributions, employee status, and compliance metrics.
• An employer portal providing detailed insights, flags for data inconsistencies, and direct upload capabilities for data correction.

• Regulatory reporting systems to ensure compliance updates are integrated seamlessly
• External data sources for employment and earnings information
• Authentication and identity management systems
• APIs for employer portals to enable employee data uploads and flagging of data issues

• High scalability to support growth in data volume and user base
• Performance that ensures real-time data querying and reporting with minimal latency
• Security measures protecting sensitive payroll and personal information, complying with relevant data protection standards
• Automated deployment and rollback capabilities to support rapid feature iteration
• Availability and reliability to ensure 99.9% uptime

The project aims to significantly streamline pension management workflows, reducing manual data entry and processing time, thereby decreasing year-end workload complexity. It expects to enhance query performance, support regulatory compliance, and improve user experience through intuitive interfaces and proactive data validation. Overall, these updates should enable the organization to operate more efficiently, respond more swiftly to regulatory changes, and allocate more resources toward core consulting and membership management activities.