CPAS Systems originally created its software to meet the needs of the Canadian national pension system, which fulfills the legislative requirements of ten provinces and territories and the federal government. Its software makes administration and record keeping easier for defined benefit, defined contribution, hybrid retirement savings plans, health, welfare and group life insurance premiums. CPAS Systems uses an open architecture platform which features mobile and web-enabled technology. Today, the company manages pensions for over 2 million people in the U.S., Canada, the Caribbean, Europe, Asia and Africa. Its worldwide clients include financial services companies, local, state and national governments, individual and multi-employer plan sponsors, and third-party administrators.
“Pension administration is a complex and evolving sector, and CPAS has a strong platform that supports the comprehensive requirements of commercial, government, and institutional plan managers,” said CPAS Chairman and CEO David Rive. “By joining Xerox, CPAS and our clients benefit from this respected business, its powerful brand, and its international presence.” Xerox executives are equally as enthusiastic about the acquisition. “Pension administration is an area where innovation can help our customers recognize significant operational improvements while delivering cost savings,” said Nancy Collins , group president, Xerox State Enterprise Solutions. “CPAS has a robust, highly flexible solution that strengthens Xerox’s suite of offerings for modernizing government.”
CPAS Systems’ management team and employees will remain with Xerox, and its operations will continue out of its Toronto office.
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