The Integrated Retirement System Project (IRSP), which will cost a total of $28 million over 11 years, will replace the current system by integrating six antiquated mainframe systems into a single cohesive IT platform. Once completed, the project is designed to significantly increase the department's efficiency, cost-effectiveness and customer service levels.
"New practices within our Retirement Systems Division have improved access dramatically over the last few years, but new technology is needed to bring our system into the information age," said State Treasurer Richard H. Moore. "Government retirees and employees will reap the benefits of this project through 24-hour access to critical retirement information. Improved efficiency and lowered operating costs will produce gains for all of North Carolina's taxpayers."
The North Carolina Retirement Systems provide retirement savings and income to the state's nearly 700,000 employees. The North Carolina Retirement Systems are the 9th largest public pension plan in the country with assets of approximately $60 billion.
An aging workforce is creating an increasing demand for retirement services across the public and private sector. North Carolina's Retirement Systems' workloads will grow at record levels as the retiree population continues to expand. Projections from the state show a 141 percent increase in the number of public employee retirees over the next two decades as the baby boomers reach retirement age. Annual retirement applications are expected to increase from 11,000 in 2003 to 29,000 in 2022.
The IRSP will offer new self-service capabilities to the Web-savvy retiree of the boomer generation, employers and Retirement System employees.
When the new system is implemented:
- Members will be able to go online to determine benefit estimates and view account histories;
- Retirees will be able to electronically view pension payment history information and update their own deduction and tax withholdings;
- Employers will be able to submit monthly payrolls containing salary and contribution information and automatically calculate and verify amounts;
- Retirement Systems Division employees will have more information at their fingertips, enabling them to report data more efficiently and improve service delivery to working employees, retirees and employers.
