California Public Employees’ Retirement System (CalPERS) has hired M Corp to look into a possible modernization project of its current system, critical to about 1.6 million current and retired public employees in the state.
This project is the first step in a multi-phase effort to replace the existing Actuarial Valuation System.
CalPERS Actuarial Office wants to ensure the most efficient and lowest-risk effort for the modernization project. M Corp will conduct an inventory of existing processes, practices, technology, architecture and interfaces.
Then, M Corp – which has completed similar projects in recent years – will develop requirements, a gap analysis and findings report to present CalPERS officials. Finally, the company will establish an implementation estimate and plan for the new actuarial system, including development of the Request for Proposal for the new proposed system
CalPERS Actuarial Office wants to ensure the most efficient and lowest-risk effort for the modernization project. They hired M Corp.
M Corp has completed similar projects for the California Department of Fish and Wildlife, California Department of Transportation (CalTrans), California Public Utilities Commission (CPUC) and the California Department of Water Resources.
The same team that handled the Department of Fish and Wildlife project will lead the latest effort for CalPERS.
M Corp recently completed a successful data migration project for CalPERS, allowing the nation’s largest pension system to shut down a mainframe that will save millions of dollars per year.
“We have the experience and the best team to handle these projects,” said Alex Castro, a founding partner of M Corp. “We’re able to effectively analyze projects and determine what needs to be done – including the cost and the timeline — in order to ensure success.”
The Actuarial Office compiles extensive calculations and reports based on members, plan provisions and financial data from CalPERS’ data.