|By Marketwired .||
|February 5, 2014 07:45 AM EST||
PALO ALTO, CA -- (Marketwired) -- 02/05/14 -- HP (NYSE: HPQ) today announced the Teacher Retirement System of Texas (TRS) has signed a $43 million, four-year contract for HP to implement a new pension administration system that automates processes and includes a variety of new capabilities to improve members' experiences.
The agreement includes a state option for four additional years, which is not included in the contract value.
The HP system will enable more than 1.3 million active and retired Texas educators to apply for benefits and receive approvals online as well as manage their accounts in a secure, web-based environment. The new system also will provide service representatives a complete view of a member's account, contact and employment history, enabling faster and more complete answers when members call for assistance.
After implementation, TRS will have a more robust and technologically advanced system that lowers costs and makes operations more efficient while also helping the organization attract skilled employees.
"We manage an approximately $120 billion fund with a growing member base that requires secure, but easy access to benefits," said Amy Morgan, chief information officer, Teacher Retirement System of Texas. "HP is providing deep industry expertise from working with similar government agencies combined with a proven, modern solution that will help us manage costs, reduce risk and continue providing outstanding service to our members."
Under the agreement terms, HP will provide TRS HP Applications Services to implement its Public Retirement Benefits Administration Solution to process employer reporting for nearly 1 million active members and pension checks for more than 300,000 retirees. The HP solution is designed specifically for public sector retirement and uses Java and a service-oriented architecture to give TRS the flexibility and scalability to quickly respond to business and legislative changes.
HP has successfully implemented similar retirement systems in 13 U.S. state and local retirement agencies as well as Canada, the United Kingdom and New Zealand.
HP will manage the implementation from Austin, Texas, with development support provided from other HP sites in the United States.
"At a certain point, the costs and risks of maintaining older systems are greater than the replacement cost -- and today's technology allows secure access to benefits anywhere and anytime that members want," said Mike Poth, vice president, State, Local and Education Division, HP Enterprise Services. "The HP team will bring more than three decades of public sector retirement system experience to implement a proven, flexible and scalable solution that will improve accessibility and service statewide while preparing the way for enhanced security, cloud and other technologies."
HP's premier Americas client event, HP Discover, takes place June 10-12 in Las Vegas.
TRS delivers retirement and related benefits authorized by the Texas Legislature, and manages an approximately $120 billion trust fund established to finance member benefits. More than 1.3 million public education and higher education employees and retirees participate in the system.
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