| SCREEN ACTORS GUILD PRODUCERS PENSION
PLAN SELECTS COVANSYS TO IMPLEMENT NEW RETIREMENT SYSTEM
New Clarety System Designed to Improve Pension Administration
Services
for Entertainment Industry Plan
FARMINGTON HILLS, Mich. (June 2, 2004) – Covansys Corporation
(Nasdaq: CVNS), a global consulting and technology services company,
today announced that the Screen Actors Guild – Producers
Pension Plan (SAG-PP) has selected it to implement a new pension
administration system designed to provide some of the biggest names
in the entertainment industry with improved retirement services.
SAG-PP was established in 1960 as a result of a collective bargaining
agreement between producers in the motion picture and television
industry and the Screen Actors Guild. The company is committed
to addressing the needs of the plan participants by providing a
comprehensive pension benefit program, in a prudent and fiscally
responsible manner.
Under the terms of the contract, Covansys will replace SAG-PP’s
legacy system with its cutting-edge, browser-based pension administration
product, Clarety. Scheduled to be fully implemented by March 2005,
the new retirement system will allow the Plan to improve member
services and decrease administrative costs by automating many of
the routine processing tasks.
Actors and actresses using the new system will also enjoy new
features and improved self-service functionality, including more
robust and accurate pension calculators and online functionality
that facilitates changes of address and/or beneficiaries.
“SAG-PP’s current pension administration system just
didn’t have the bandwidth to keep up with our member needs
and increasingly complex pension administration requirements,” said
Nader Karimi, Chief Information Officer, SAG-PP. “We chose
Covansys for this implementation because of their long and successful
track record implementing retirement systems nationwide, and because
of their state-of-the-art Clarety product.”
Based on retirement industry best practices, Covansys’ easy-to-use,
web-based Clarety product combines functionality with flexibility,
allowing SAG-PP to provide its members with a highly customized
paradigm of service. The new system will accommodate, for instance,
the needs of members who use a different professional name, as
well as those whose fame allows them to be identified by only a
first name or a stage name.
The Clarety product, which is easily adaptable to multiple technical
platforms, also features the following core functionality:
• Electronic document management
•
Automation of paper and manual processes
•
Improved pension reporting capabilities
•
Enhanced customer service functions
•
Improved data quality
•
Reduced processing times for requested services
“SAG-PP is to be commended for leveraging retirement industry
best practices and state-of-the-art technology to provide improved
pension administration services to its membership,” said
Martin C. Clague, Covansys president and CEO. “Covansys looks
forward to providing our customer-centric Clarety solution to the
many talented people who have devoted their lives to keeping the
rest of us entertained.”
Serving a wide range of private and public sector clients, Covansys
helps its clients achieve rapid deployment, world-class quality
and reduced costs by successfully delivering industry-specific
solutions, strategic outsourcing and integration services using
an on-site, offsite, offshore delivery model. In the retirement
sector, Covansys has emerged as a technology leader, providing
retirement solutions and services for 21 different public retirement
funds.
About Covansys
Headquartered in Michigan, Covansys Corporation (Nasdaq: CVNS)
is a global consulting and technology services company specializing
in industry-specific solutions, strategic outsourcing and integration
services. Clients gain competitive advantage by leveraging our
unique on-site, offsite, offshore delivery capability to achieve
rapid deployment, world-class quality and reduced costs. A leader
in the public sector market, Covansys is also known for application
maintenance and development outsourcing in the healthcare, financial
services, retail and distribution, manufacturing, telecommunications,
and high-tech industries. Founded in 1985, with over 5,100 employees
worldwide, Covansys was one of the first U.S.-based IT services
companies to establish offshore facilities in India, and is a pioneer
in seamlessly integrating offshore capabilities into its offerings.
Two of the company's three wholly owned development centers in
India are assessed at Level 5 in SEI CMM®. All three are ISO
9001:2000 certified and assessed at Level 5 in PCMM®. Covansys
was named one of the leading IT companies for state and local governments
in 2002, 2003 and 2004 by Washington Technology magazine, and one
of the top 500 solution providers in 2002 and 2003 by VARBusiness
magazine.
FOR FURTHER INFORMATION:
Laura Livingstone
Senior Communications Director, Covansys
401-457-8514
llivings@covansys.com
Margaret Brady
Morrissey & Company
(617) 523-4141
margaret@morrisseyco.com
|
