Work has commenced on a three-year project with the Kentucky Retirement Systems (KRS) to implement BearingPoint's pension administration solution. The project will modernize Kentucky's existing pension administration system, and will include design, development, implementation, testing, training and data conversion from the state's legacy system.
Kentucky's current pension administration system cannot meet growing demands from the ever-increasing retirement of baby boomers in the state, said the company in a release, as the existing system is built on older, and in some cases obsolete, technology that is increasingly costly to support and maintain. BearingPoint's pension administration solution will modernize KRS' technology, make it easier for KRS to serve a larger membership base, provide access to account data via the Internet for members, retirees, and employers, and allow for future growth.
"This upgrade project will enhance the level of service we deliver to members and retirees, adding features such as online access to account information while investing in modern technologies for future growth," said William P. Hanes, KRS Executive Director. "BearingPoint has the right mix of experience, price and solutions to help us with the project, and we look forward to working with them."
The new system will leverage BearingPoint's pension administration solution, which is based on Microsoft's .NET architecture and integrated with FileNet imaging and workflow technologies. The project is anticipated to be completed in 2010.