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AUTOMATION OF PENSION CALCULATIONS


Dallas Area Rapid Transit

The myth that pension calculations have to be complicated is based on the procedure many companies use to estimate benefits under defined benefit plans.

Challenge

"A lot of companies think benefit calculations are too complex," said Ben Gomez, the executive vice president, administration at DART. "We did." Because of the perceived complexity, companies like DART rely on actuarial firms to verify their in-house calculation results. This process is complicated, time-consuming, and costly. DART was looking for a way to simplify this process and reduce cost.

Solution

The manual process of doing in-house calculations was automated. The Pencal system from PensionBenefits is designed to simplify the pension calculation process and minimize human errors. The automated calculation process is customized based the companies' plan document.

A user only needs to input updated information about the employee that is not available in the database, such as termination or retirement date. Hit the calculate button, and Pencal takes care of the rest. Automating this process saved DART time and money.

Results

DART no longer has to do their pension benefit calculations by hand or outsource the service to actuarial firms. What took their staff hours to do before sending off the material and waiting for the confirmation ends up taking less than fifteen minutes. In addition to the time, money is saved immediately, by not having to send out calculations to be verified. Ben said, "PensionBenefits brought us a software solution and implemented it to make us self sufficient at a reduced rate."

About Dallas Area Rapid Transit

Dallas Area Rapid Transit (DART) gets you around Dallas and 12 surrounding cities with modern public transit services and customer facilities tailored to make your trip fast, comfortable and economical. Their extensive network of DART Rail, Trinity Railway Express (TRE) and bus services moves more than 200,000 passengers per day across the 700-square-mile service area.

To promote ridesharing, DART also operates a system of high occupancy vehicle (HOV) lanes allowing carpoolers to whiz past freeway traffic jams. More than 100,000 commuters use the HOV lanes each weekday.



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