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OPM Modernizing Trust Funds Federal Financial System

Like many other agencies, Office of Personnel Management (OPM) is throwing their hat into IT modernization. OPM has IT systems called the Trust Funds Federal Financial System (FFS) that are over three decades old. The FFS performs financial management and accounting for over $1 trillion in combined assets for retirement, health benefits, and life insurance for federal employees.

These older systems don’t meet the standards needed for some of the trust fund accounting and related business processes. Not surprisingly, this is resulting in business inefficiencies according to the Statement of Objectives from the Agency.

In 2017, OPM started planning the modernization effort to replace the Trust Funds FFS. This phase was OPM IT Modernization 2019completed in fiscal year 2018 and focused on establishing the Trust Funds Modernization Program Management Office as well as the program and project frameworks.

These actions, along with planned activities for fiscal year 2019, will help identify new and innovative approaches for technology, business processes, data management solutions and services. The objective is to address the aforementioned shortcomings with in the current trust funds accounting, management and technology.

This Sources Sought is called the Organizational Development and Organizational Change Management for a Trust Funds Modernization, and the original synopsis was just released on February 27th, 2019. Of the various objectives, there is a desire to automate more processes, reduce manual efforts, increase efficiency, and reduce human errors by consolidating, integrating and streamlining processes.

Comments are currently due on March 15, 2019, so act quickly. There is no incumbent on this as it is a new opportunity. To read more and gain access to analyst updates, please visit this link if you are an EZGovOpps subscriber (you must be signed in), or sign up for a free trial today.

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