|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.
HP creates new possibilities for technology to have a meaningful impact on people, businesses, governments and society. With the broadest technology portfolio spanning printing, personal systems, software, services and IT infrastructure, HP delivers solutions for customers' most complex challenges in every region of the world. More information about HP is available at http://www.hp.com.
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This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance, market share or competitive performance relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the need to address the many challenges facing HP's businesses; the competitive pressures faced by HP's businesses; risks associated with executing HP's strategy and plans for future operations; the impact of macroeconomic and geopolitical trends and events; the need to manage third-party suppliers and the distribution of HP's products and services effectively; the protection of HP's intellectual property assets, including intellectual property licensed from third parties; risks associated with HP's international operations; the development and transition of new products and services and the enhancement of existing products and services to meet customer needs and respond to emerging technological trends; the execution and performance of contracts by HP and its suppliers, customers, clients and partners; the hiring and retention of key employees; integration and other risks associated with business combination and investment transactions; the execution, timing and results of restructuring plans, including estimates and assumptions related to the cost and the anticipated benefits of implementing those plans; the resolution of pending investigations, claims and disputes; and other risks that are described in HP's Annual Report on Form 10-K for the fiscal year ended October 31, 2013, and that are otherwise described or updated from time to time in HP's Securities and Exchange Commission reports. HP assumes no obligation and does not intend to update these forward-looking statements.
© 2014 Hewlett-Packard Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.
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