Pension insurer seeks financial management system
PBGC’s goal is to replace the current three core financial systems, which provide financial reporting and government and commercial accounting tasks, such as reconciling debits and credits.
The Pension Benefit Guaranty Corp. seeks proposals for development of an integrated financial and accounting system. PBGC, which ensures workers’ retirement pensions against the possibility that their employers may default, wants to reduce costs and delays involved with aging systems and outdated business processes and provide an online transaction-based system.The current core accounting system relies heavily on manual processes to capture and maintain much of the agency’s data, the federally owned corporation said in its last week on FedBizOpps.PBGC’s goal is to replace the current three core financial systems, which provide financial reporting and government and commercial accounting tasks, such as reconciling debits and credits. The contract would also create interfaces with subsidiary and non-core systems. A modern integrated system would enable PBGC to meet accelerated financial reporting requirements more efficiently.The planned system will use Oracle Federal Financials 11i or higher, including the general ledger, accounts payable and the accounts receivable components.PBGC anticipates awarding the contract by the end of September. The cutover to the first stage of the new transaction-based system is scheduled for June 2006, with completion set for March 2007.