OPM awards retirement systems modernization contract
- By Wade-Hahn Chan
- May 03, 2006
The Office of Personnel Management has awarded a 10-year, $290 million Retirement Systems Modernization (RSM) contract to Hewitt Associates. In the announcement today, OPM said the systems modernization is necessary to improve the flow of employment and benefits information.
OPM officials said they want to eliminate multiple interim annuity payments and deliver retiring federal employees their payment on the day it is due.
“When fully operational, RSM and the Defined Benefits Technology Solution will improve the quality and timeliness of services OPM and employing agencies provide to federal employees and retirees,” said Linda Springer, OPM's director.
“By simplifying the maintenance and transfer of these records and by providing timely and quality services, we improve the overall experience of working for the federal government," Springer said.
The solution, a component of RSM, provides electronic access to retirement-related records, benefits, and employment and salary history. It includes tools to predict future salary increases, allowing for better financial management and retirement planning. The system will also be accessible via Interactive Voice Recognition.
“With the ability to get a complete online look at retirement-related data, employees and HR officials have the advantage of planning for various milestones in an employee’s career, including retirement,” Springer said.