The Indiana Public Retirement System has been named one of four finalists in the 2013 MIRA Awards in the Corporate IT Excellence and Innovation category.
This award recognizes the excellence and innovation of internal information technology teams that have made significant impacts on Indiana’s communities and economy, and overall business success.
INPRS in partnership with Oracle and Bluelock created and implemented an Employer Reporting and Maintenance (ERM) application. The goals of the application focused on speeding contributions to members’ Annuity Savings Accounts (ASA) and the defined benefit pension plan, increasing data quality, and providing faster processing of benefits at retirement.
“Most public pension plans process contributions on a quarterly, rather than payroll basis. However, INPRS, its board of Trustees, management and legislative representation wanted to propel INPRS towards the same level of service provided by non-government entities,” said INPRS Executive Director Steve Russo. To do this, INPRS had to apply a private sector-style entrepreneurial approach by acquiring the data from employers on a payroll basis.
Since the Oct. 29, 2012 launch, INPRS’s employers have processed $325 million in contributions. By depositing funds more rapidly into members’ ASAs, members are able to significantly increase their participation in putting those assets to work for their retirement. And at retirement, benefits can be processed faster and with greater accuracy thus providing retirees more accurate and timely benefit payments.
“To be named a finalist in the Corporate IT Excellence & Innovation Award category of the MIRA Awards is quite an honor,” Russo said. “The team has worked very hard to bring the same level of customer service to the public sector that private sector employees enjoy.”
With approximately $27 billion in assets currently under management, the Indiana Public Retirement System (INPRS) is among the largest 100 pension funds in the United States. The fund serves the needs of approximately 447,000 members and retirees representing more than 1,400 employers including public universities, school corporations, municipalities and state agencies.