PBGC awards SRA accounting system contract
- By Mary Mosquera
- Oct 13, 2006
The Pension Benefit Guarantee Corp. has awarded a $12 million contract to SRA International Inc. of Arlington, Va., to design and implement the Premium Practitioner System.
The initial base effort will last through March 31, 2007, with four one-year options for post-production support activities. PBGC posted the award
PBGC is replacing its current Premium Accounting System used for processing premium payments for the defined benefit pension plans that it insures. The modernized Premium Practitioner System will use Oracle's e-Business Suite 11.5.10 release, the pension insurer said in its solicitation
PBGC pays monthly retirement benefits to 683,000 retirees in 3,595 pension plans that companies have stopped. The federal corporation is responsible for the current and future pensions of about 1.3 million individuals.
PBGC aims to reduce the expenses and delays involved with the current system and re-engineer its dated business processes. It will convert to an online, real-time transaction system and be able to process hard-copy premium filings as well as electronic filings over the Web.
The pension insurer has been consolidating its general ledger and payables activities under a single Oracle Federal Financials-based Consolidated Financial System.
SRA will work with the current contractor to coordinate the integration of the new Premium Practitioner System and the Consolidated Financial System for testing, deployment and production operations. SRA also will coordinate and perform all configuration steps required by the Consolidated Financial System to be performed in the new system so it performs as an enterprise financial system.
Mary Mosquera is a reporter for Federal Computer Week.