Hewlett-Packard has been awarded a potential eight-year contract to help the state of Texas install a new pension administration system intended to serve more than 1 million active and 300,000 retired teachers.
The Teacher Retirement System of Texas manages a $120 billion trust fund that was started to finance member benefits and manage accounts, HP said Wednesday.
Amy Morgan, chief information officer for Texas’ TRS, said the state requires secure and easy access to benefits as the member base grows.
“At a certain point, the costs and risks of maintaining older systems are greater than the replacement cost,” said Mike Poth, vice president of HP Enterprise Services’ state, local and education division.
HP will implement a web-based tool that is designed to leverage Java and a service-oriented architecture in order for members to manage their benefits applications and records.
The new system will also be designed for service representatives to view member accounts, contact information and employment history