Technology, the Backbone of Montreux TPA
Because of the unique benefit structures found in DB pension plans, administration of these plans requires complex calculations that in many administration departments are still done manually and often with the help of an actuary.
Administrators who take this labour-intensive approach find DB administration to be inefficient and unnecessarily expensive.
Penad takes a different approach.
Since 1983, Penad has invested heavily in the in-house development of proprietary algorithms designed to automate core DB calculations. This programming effort enables Penad to produce accurate calculations in a fraction of the time, thus reducing costs for DB plan sponsors.
The technological cornerstone of Montreux TPA is Penad’s proprietary PX3000tm software platform for pension administration. Developed fully by Penad, PX3000tm is not only used in-house by Penad but is also used by banks, insurance companies, and large pension plan sponsors for their pension administration requirements. PX3000tm is a proven web-ready pension calculation and tracking engine built on over twenty years of custom programming with over $10 million invested thus far.
Montreux TPA clients benefit from this investment in automation, because it streamlines administration, improves turnaround times on transactions and information requests, and enables secure Internet access to pension plan information.