Chennai, March 10, 2009: Congruent Solutions, a pioneer in providing IT and back-office pension plan administration services to the retirement services in the USA, now offers FAS 158 and Funding Valuation services to overcome the challenges of addressing heavy workloads of  plan administration and actuarial services. Congruent provides comprehensive plan administration for Defined Benefit plans. Congruent’s trained administrators handle the entire process from data scrubbing to liability calculations, liability change comments and analyses, and actuarial reports. The Company has expertise in using different Pension Valuation Systems to process DB plans.

 Mr. Bala J Raman, President and Co-founder, Congruent Solutions said, “Our trained administrators and actuaries provide comprehensive support for DB plans. FAS 158 and Funding Valuation, though seasonal, are very critical and require high quality work force. Congruent helps Third Party Administrator and Plan Provider firms to meet the deadlines and, in addition, provide significant cost savings.”

 FAS 158 statement (Employer’s Accounting for Defined Benefit Pension and other Postretirement Plans) has been recently issued by the Financial Accounting Standards Board (FASB) to improve transparency in financial reporting. The Board issues this statement to address concerns that prior standards on employers’ accounting for defined benefit postretirement plans failed to communicate the funded status of those plans in a complete and understandable way. Prior standards did not require an employer to report in its statement of financial position the overfunded or underfunded status of a defined benefit postretirement plan. The new plan helps sponsors to recognize the funded status of their retirement programs on the company’s statement of financial position.

 The Funding Valuation determines the plan’s liabilities – the amount of money needed to pay the benefits earned by the members to the date of the valuation.

 These critical yet seasonal workload can put a strain on the bandwidth of TPAs and actuarial organizations. Congruent’s trained actuaries, based at its global delivery centre in India, help such organizations handle such workloads and provide significant cost reductions.

 About Congruent

 SEI CMMi Level 5 and ISO 9001:2000 certified Congruent Solutions is a pioneer in providing IT and back-office pension plan administration services to the retirements industry. Congruent has offices in California, New Jersey, London, Luxembourg, and Singapore, while its delivery centre is based in Chennai, India.

The company has an excellent track record in developing solutions on Microsoft, Java and Open Source technologies. Its trained administrators manage both Defined Contribution and Defined Benefit plans.