OPM asks for retirement system proposals
- By Judi Hasson
- Oct 01, 2004
Officials at the Office of Personnel Management issued a request for proposals last week to overhaul and modernize the agency's retirement systems for more than five million federal workers.
The proposal would consolidate two existing systems — the Civil Service Retirement System and the Federal Employee Retirement System, which together manage more than $450 billion in assets and deals with 14 human resources systems.
"OPM's current operations do not meet its goals for speed, accuracy, customer satisfaction and productivity," the notice states.
Agency officials want a single, integrated data repository that federal employees can access and that can deliver electronic case management, Web access and standardized applications for coverage and eligibility determinations.
The modernization plan is intended to give federal employees and retirees access to their retirement account information at any time, according to the proposal. No cost estimate was given, but OPM officials want a solution that supports claims processing, annuity payroll processing, recordkeeping and communications.
Proposals for the OPM contract are due on Oct. 12. Officials expect to award a contract in December.