Vitech Systems Group, a provider of cloud-native benefit and investment administration software, has announced its collaboration with the Central Pension Fund of the International Union of Operating Engineers and Participating Employers (CPF) to enhance the latter’s pension administration system (PAS).
The upgrade will leverage Vitech’s V3locity cloud-based administration, engagement, and analytics platform.
As one of the largest multi-employer defined benefit pension funds in the US, CPF serves more than 210,000 participants, including over 80,000 retirees, and is partnered with 6,200 contributing employers across the country.
Vitech CEO David Burns said: “The scale of employers involved makes this transformation project unique and Vitech is honoured to be a part of it. We look forward to seeing the results of its improved short- and long-term operational and technical capabilities.”
CPF will undergo a two-phase implementation process with V3locity.
The initial phase will replicate the existing system, ensuring continuity, while subsequent phases will introduce enhancements, new features, and functionality. This includes options such as digital self-service, member self-service, and employer self-service, providing a user-friendly experience for all stakeholders.
V3locity, a suite of complementary applications, offers enterprise capabilities and full life cycle business functionality. By integrating core administration with a revolutionary digital experience, V3locity provides a flexible and agile deployment strategy.
The platform’s advanced, cloud-native architecture leverages the unique capabilities of Amazon Web Services (AWS) to deliver security, scalability, and resiliency.