OPM taps Accenture for retirement system support
- By Rob Thormeyer
- May 31, 2006
The Office of Personnel Management's efforts to revolutionize how it manages federal employee retirement systems moved another step forward as the agency hired consulting firm Accenture to develop business and IT models for the new program.
Under the $40 million contract
, Accenture will provide more efficient IT and business systems to expedite how retirees receive retirement benefit checks.
'This agreement will help OPM reform the manner it processes retirement claims by devising more efficient and effective business systems and procedures,' said OPM director Linda Springer. 'With Accenture's support and expertise, we are one step closer to eliminating the current antiquated, paper-driven system of retirement benefits processing, and giving our retirees what they deserve'a simple system to get them their full benefits quickly.'
The deal is one piece of OPM's Retirement Systems Modernization project, a long-awaited program that will eventually give federal employees and retirees open and immediate access to their retirement-related records and benefit elections.
OPM earlier this month awarded
Hewitt Associates of Lincolnshire, Ill., a $290 million, 10-year contract to create a database that will let employees view their working history and salary, calculate retirement benefits, and 'model' retirement benefits by projecting years of employment and future salary increases.