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News Release *** FOR IMMEDIATE RELEASE ***
Kitchener, Ontario, Canada – March 21, 2017 – Penad Pension Services Limited today announced that both Frank Price, company founder, CEO, and Chairman, and Louise Price, company President and Director, are stepping down from day-to-day activities to begin a well-deserved retirement.
Stepping up to commence ongoing leadership is Matthew Price, who assumes his new position as President and Director. Matthew has been serving in the role of VP – Global Sales, Marketing, and Business Development since 2009. Prior to that, Matthew worked for Manulife Financial and Scotiabank.
“Now in its 34th year, Penad has been a labour of love from day one,” said Frank Price. “As an insurance company executive in the early 1980’s, I saw an opportunity to launch a new company to radically streamline the pension administration process. We programmed the very earliest IBM PC computers to automate pension administration from beginning to end. The result was that hundreds of pension plan sponsors handed us their third-party administration business, and we never looked back. Soon after, we got into the software game, as larger benefit plan sponsors preferred to lease our software for their in-house administration departments.
“And as they say, ‘The rest is history’. One day I plan to write a book about all the crazy and wonderful things we have seen. There have been over a million miles travelled by our various teams. I have personally spent time in over 100 airports. Over the years, we have had venture operations in Bermuda (Penad Bermuda) and Curacao (Penad Caribbean). Today we have clients in Canada and eight other countries. Penad has representatives in the Caribbean and in the GCC region. We have also done business in Europe, Africa, the Middle East, South America, and Asia. I guess you can see how proud I am of ALL our accomplishments. Quite spectacular for our team in little Kitchener, Ontario.
“That said, it has become abundantly clear that we need new energy and new leadership to meet the many challenges facing us in the coming years. It is with great confidence that I hand off the reins to my son, Matthew F. Price. I’m confident that Matt will do an excellent job as Penad’s President. He has the vision, energy, deep technical knowledge and corporate skills to take the helm and guide Penad to further growth, sustainability and success.
“Now Louise and I are putting 7-day workweeks in the rear-view mirror and getting up to speed to fully enjoy our extracurricular interests. Louise often says that if she had to do it all over again, she would have loved to pursue a career in the international wine industry. She has built up an extensive collection of rare wines and has the expertise of a professional sommelier, so now she is looking to build on this passion and who knows where this will take her. As for me, I would be more than happy if we ended up with a pied-à-terre in Paris or a cottage in Normandy (where we have been spending a lot of time of late). Louise could get me a job picking grapes in the autumn, and when not working in the fields, I will surely be indulging my interests in art, music, and writing. If you see a happy old couple touring around the backroads of Europe in a convertible classic MG, silk scarves flying in the wind, stop and say hello – that might just be us!”
Upon assuming his new role as President, Matthew Price issued the following statement:
“I am truly excited about the days ahead. Frank and Louise built Penad into a firm that is known for its technical excellence and devotion to client service. The company has served many hundreds of thousands of pension and benefit plan members over the years, and I believe our best days are ahead of us.
“Penad’s core management and engineering team has both the youthful energy and deep benefits experience to continue to build out our product offerings and open new market opportunities. Penad now earns over 80% of its revenue from software sales and related services, and we are currently working with clients to fill market gaps where benefit plan sponsors and administrators are looking to replace legacy systems held together with proverbial band-aids and binder twine. Our job in 2017 and beyond is to help benefit plan sponsors transition to proven technology systems and thereby better meet the needs of their respective stakeholders. We have the system products, engineering staff, and customer service people in place to make this happen and grow the firm in entirely new ways in the years to come.”
ABOUT PENAD PENSION SERVICES LIMITED
Penad Pension Services Limited was founded in 1983 with the mission to help pension and benefit plan sponsors streamline administration, reduce costs, and improve plan member communications while also reducing administration turnaround times. Today, the Company continues to serve pension and benefit plan sponsors across Canada and internationally with BPO services, consulting and administration software systems. Penad’s client-base includes Fortune 500 companies as well as unions, third-party administrators, multi-employer organizations, associations, banks, insurance companies, and government organizations.
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Contact: Mr. Matthew Price, President
Penad Pension Services Limited
194 Weber Street East,
Kitchener, Ontario, N2H 1E4, Canada
Telephone: (519) 743-9000, Ext. 224
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Penad Pension Services Limited Announces New Software Contracts with Two Departments of The Government of Bermuda
Penad Pension Services Limited (Penad) announced today that two departments of the Government of Bermuda have contracted with Penad to deliver large software installations for social security benefits administration and pension administration. The first contract is for the Department of Social Insurance (DOSI) and will enable the administration of all members of Bermuda’s social insurance system. The second contract is for a defined benefit administration solution for the Public Service Superannuation Fund (PSSF), covering the public employees and retirees of the Government of Bermuda.
These software solutions will give the Government of Bermuda the absolute latest technology and will benefit both the administrators who care for the plans and the members of the plans,” said Penad Chairman, Frank Price. It is very gratifying to receive these contracts, where Penad has been entrusted to deliver administrative systems for the pension plans covering most government workers and the social insurance plan covering Bermuda’s citizens. Both of these systems are built upon Penad’s proprietary PX3000™ software engine, which is a web-ready system that was specifically designed as a rules-based product for situations like this, where it can be localized to the specific benefit provisions and regulations of the Bermudian plans.
Speaking on behalf of DOSI, Mr. Calvin White, Assistant Director Pension said: The Department of Social Insurance has been using antiquated systems to track and administer contributions and benefits for tens of thousands of Bermudians. We are pleased to partner with Penad to implement a 21st century solution, which will help us streamline every step of the administration process.
Mr. Gershon Gibbons, Management Accountant of PSSF said: The Public Superannuation Fund has been in existence since the 1960’s and has many thousands of members who rely or will rely on it for their retirement income. We are making this investment in new technology and processes to ensure that each and every member of the PSSF is properly served. In addition to all of PX3000’s administrative capacity, we particularly note that this new software will help us improve member communications and give us state of the art capabilities.