CedarCrestone and Oracle Join to Enhance Oracle’s PeopleSoft Enterprise Pension Administration
Companies Work Together to Deliver Enhancements for State and Local Marketplace
Redwood Shores, CA – December 1, 2009
CedarCrestone, a leading provider of implementation services to both the commercial and public sectors, and Oracle have signed a co-development agreement to enhance Oracle’s PeopleSoft Enterprise Pension Administration and related products to better meet the needs of the United States state and local public sector marketplace around pension plan management.
Public sector retirement plans are unique when compared to most private sector plans. Most are defined benefit plans – meaning the government employer promises a specified monthly benefit upon retirement based on employees’ earnings history, service tenure and age, rather than depending on investment returns. These plans, through their long-term existence and multiple employer participation, are typically quite complex with regards to benefit eligibility and determination and often require a myriad of rule permutations and complicated business processes.
CedarCrestone and Oracle are working together to provide enhancements to specifically support the unique challenges faced by the public sector. This will help enable government entities to more easily manage participant-centric pension plans. Potential areas targeted for improvement include end-to-end business processes like service purchases as well as overall improvements in rule configuration and reporting.
Oracle, a financially stable and resource rich organization, brings the unique ability to develop and support one of the only commercial off the shelf pension offerings available. The broader Oracle portfolio including Customer Relationship Management (CRM), Enterprise Content Management (ECM), Government, Risk and Compliance (GRC) and industry leading technology capabilities – providing organizations with a single vendor for their entire pension solution enhances this offering.
As an Oracle Platinum Partner, CedarCrestone has staff with required qualifications and experience, based on multiple public sector pension implementations, that can be dedicated to deliver a leading pension administration solution. These resources not only have Oracle-specific experience but include industry veterans in both the public and commercial retirement sector.
“By signing this co-development agreement with Oracle, CedarCrestone has further demonstrated our strong commitment to providing the pension solution of the future to the public sector marketplace. We plan to invest heavily in advancing and improving both the technology and the products that comprise the complete pension solution. We strongly believe that Oracle’s commitment and long-term stability offers clients much needed assurance. Further we look forward to continuing to listen to the needs of the pension community so that the overall solution meets the complete needs of the public sector industry not only today, but well into the future,” said James Pascarell, general manager, CedarCrestone.
“We look forward to working with CedarCrestone to enhance Oracle’s PeopleSoft Enterprise Pension Administration and Oracle’s PeopleSoft Enterprise Payroll to better meet the distinctive needs of public sector organizations – across state, county and city levels – particularly around complex pension management programs,” said Kevin Curry, group vice president, Public Sector Applications, Oracle Public Sector.
Oracle (NASDAQ: ORCL) is the world's largest business software company. For more information about Oracle, please visit our Web site at http://www.oracle.com.
CedarCrestone, an Oracle Platinum Partner, is the prominent trusted advisor in the PeopleSoft Enterprise consulting marketplace and is the largest independent provider of Managed Services for PeopleSoft. With client success as our first priority, CedarCrestone Public Sector provides strength in numbers with best practice solutions.
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