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Malam PayRoll, of the MalamTeam Group, and the Gilad Pension

17 July, 2011
Malam PayRoll, of the MalamTeam Group, and the Gilad Pension Fund have finalized the development and implementation of the Plan Holders and Retirees’ Rights Management System
 
Malam PayRoll of the MalamTeam Group, and Gilad Pension Fund have finalized the development and implementation of the Plan Holders and Retirees’ Rights Management System
.The project is estimated at a total value of NIS 30 million
 
Malam PayRoll, of the MalamTeam Group, and Gilad Pension Fund recently completed the implementation of a system that will manage Gilad’s core business processes. This system constitutes a comprehensive solution to all of the Fund’s needs using the “Tafnit” system, which manages the rights of over 15,000 plan holders and retirees. The system receives monthly reports from hundreds of employers regarding plan holders' rights. It later analyzes the data and handles funds collection as entitled to the plan holders. As the plan holder reaches retirement age, the system examines the person's entitlement according to the Fund’s regulations, handles the entire process of retirement, and performs complex pension calculations and payment through Malam PayRoll's Pay & Rollsystem. The system is able to manage all types of pension funds – surviving relatives, disabilities, early retirement, and old age – and allows for surrender procedures, calculation of cash surrender values, and payment to insured individuals who are not entitled to receive a pension according to the Fund’s regulations
 
The project includes the development and implementation of the system, as well as full-service operational outsourcing for 10 years. The project is estimated at a total value of approximately NIS 30 million.
According to Uri Salah, CEO of Malam PayRoll, in the course of this project Malam PayRoll provided the Fund with an integrative solution that included the implementation of a core system as well as satellite systems, able to provide complementary information services, such as funds management via the “Monitin” financial system, investments management of the Fund’s plan holders funds, a website for plan holders and employers, and system interfaces for actuarial calculations
 
Ofer Cornfeld, Long-term Savings Division Manager at Malam Pay & Roll, noted that the “Tafnit” system considerably reduces implementation, development, and maintenance costs for these types of management systems, while complying with strict information security standards, as well as common standards of banking information systems. “The system began its operation successfully following a yearlong implementation project, which included complex conversion procedures of the Fund’s existing systems. The “Tafnit” system significantly improves the level of service and information quality that is at the disposal of its users. The level of transparency through all work processes also differs considerably. The system provides accurate and reliable data, and performs calculations while complying with both the law and the Fund’s regulations. A unique feature of this system is its ability to perform regulatory adaptations and changes quickly and efficiently, which was realized recently, while implementing changes due to the Fund’s new
regulations”
 
Yoav Armoni, CEO of Gilad Pension Fund, added: “We consider Malam PayRoll a strategic partner of the Gilad Fund for many years to come. We chose Malam PayRoll because we have complete faith in the company’s abilities to withstand the challenges we have presented to them. Malam PayRoll, in collaboration with the Gilad Fund, has implemented the “Tafnit” system for all our management needs, taking us to the forefront of technology, and providing us with advanced and efficient tools to help us cope with the Fund’s core processes”

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