Who is CalPers?
The California Public Employees’ Retirement System (CalPERS) is the nation’s largest public pension system with assets valued over $400 billion. CalPERS manages benefits plans for more than 2 million members from California’s state, school, and public agency employers under the California Public Employees’ Retirement Law.
IST has been a long-term consulting company that provided its engineering resources and technical expertise to sustain CalPERS’ business operations. Throughout 20+ years of close relationship with our client, we have successfully executed a wide range of mission critical IT projects related to implementation of the Government standards and the State of California Legislative Amendment changes. The agile approach of our innovative professionals has enabled us to devise scalable solutions resolving client’s complex challenges with accuracy and precision.
IST has developed, implemented, and maintained an Actuarial Valuation System (AVS) enabling CalPERS to manage and administer their pension plans, and perform periodic actuarial valuations to disclose funded status determining employer contributions. The hyper-automated AVS exceedingly improved efficiency of the quantitative analysis process and result accuracy.
When California Public Employees’ Pension Reform Act (PEPRA) was approved and adapted by CalPERS, IST provided its specialized engineering resources to make imperative system changes integrating new requirements. This project involved implementation of a new benefit contribution rate changes which resulted in redesigning system and application components, restructuring employer and benefit databases, and creating comprehensive public agencies reports.
One of the large-scaled CalPERS’ projects where IST took high-impact technical initiatives was the implementation of the Governmental Accounting Standards Board (GASB) requirements. Our skilled specialists in collaborative effort with the actuarial staff delivered and implemented software solutions that met the government requirements and the client’s expectations.
IST has been highly involved in CalPERS CICD and information technology transformation and modernization processes. To enhance and improve CalPERS business operations, we have provided our client with exceptional scientific programming, data governance, system maintenance and technical services.