OPM asks for bids on new retirement system
- By Jason Miller
- Sep 29, 2004
The Office of Personnel Management last week released a request for proposals for a new retirement system for federal employees.
The agency runs two systems'the Civil Service Retirement System and the Federal Employees Retirement System'and wants to consolidate the applications into one system. The programs cover more than five million current and former feds and holds more than $450 billion in assets.
In the RFP, which can be viewed here
, OPM is asking vendors to submit proposals by Oct. 12. The interested vendors list includes BearingPoint Inc. of McLean, Va., Fidelity Investments Tax-Exempt Services Co. of Boston, Hewitt Associates LLC of Lincolnshire, Ill., IBM Corp., PeopleSoft Inc. of Pleasanton, Calif., and SI International Inc. of Reston, Va.
'We seek an existing, proven, industry-leading defined-benefit technology solution that will enable us to provide accurate and timely services to participants,' OPM said in the RFP.
OPM released a draft RFP in July (See GCN story
In the RFP, OPM said its vision is to have a single integrated data repository accessible by federal employees across all retirement program core processes. Some of the functions the system should include are:
- Claims processing
- Annuity payroll processing and record keeping
- Member record keeping
- Annuitant communications
- Due process for members and annuitants
- Identifying overpayments.