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Solution for Automated Calculations of Retirement Plans

Finance
Ruby
Ruby on Rails

Description

When the customer turned to Altoros, all the calculations behind pension planning were performed in Microsoft Excel spreadsheets. This approach was both time- and effort-inefficient, as well as highly prone to human error as all the calculation formulae were created manually.

Collaborating with Altoros, the company wanted to develop a solution for automated calculations of retirement plans

The customer

Based in the USA, the company is a provider of independent benchmarking services around employee retirement planning. Founded in 2007, the customer offers 240,000+ retirement income plans to over 200+ organizations.

The need

When the customer turned to Altoros, all the calculations behind pension planning were performed in Microsoft Excel spreadsheets. This approach was both time- and effort-inefficient, as well as highly prone to human error as all the calculation formulae were created manually.

Collaborating with Altoros, the company wanted to develop a solution for automated calculations of retirement plans.

The challenges

Under the project, the team at Altoros had to address the following issues: The company offered highly customized plans, which involved sophisticated calculations for multiple scenarios. As the calculations were interconnected and affected each other, as well as the final result, it was important to elaborate a comprehensive logic behind them. The calculation speed across hundreds of organizations must not exceed one minute.

The solution

To cover all the calculation scenarios, engineers at Altoros delivered a solution that comprises 8 individual calculators. Each of these components performs calculations for a specific scenario related to social security, state retirement taxes, defined pension contribution, etc. Using the Interactor pattern, our developers delivered a complex business logic behind the calculations, ensuring all the parameters of interest were taken into account before suggesting an optimal retirement plan.

The outcome

Partnering with Altoros, the customer automated the calculations behind retirement income planning. With 8 calculators responsible for specific scenarios, it is now possible to perform simultaneous calculations across hundreds of organizations in just 30–40 seconds.

Technology stack

Infrastructure

Amazon Web Services

Programming languages

Ruby, JavaScript

Frameworks and tools

Ruby on Rails, Angular.js, Vue.js, RSpec, Vue Material, Vuex, Vue-ApexCharts, Vuelidate, Active Admin

Database

PostgreSQL, Redis

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