PBGC in the Market for New Accounting Systems

July 8, 2005 (PLANSPONSOR.com) - The nation's private-sector pension insurer has requested proposals for an integrated financial and accounting system.

Government Computer News reported that the Pension Benefit Guaranty Corp. (PBGC) wants to reduce costs and delays involved with aging systems and outdated business processes and provide an online transaction-based capability.

The agency’s current core accounting system relies heavily on manual processes to capture and maintain much of the agency’s data, the PBGC admitted in its request for proposal

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, according to the Government Computer News report. The contract would also create interfaces with subsidiary and non-core systems.  A modernized integrated system would enable PBGC to meet accelerated financial reporting requirements more efficiently, according to the report.

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 move to the first stage of the new transaction-based system is scheduled for June 2006, with completion of the project anticipated for March 2007, according to the report.