Tar Heel State Orders $28M RK System

August 3, 2004 (PLANSPONSOR.com) - North Carolina officials have hired a McLean, Virginia firm to build a new recordkeeping computer system for the state's retirement plan.

BearingPoint, Inc. said, in a news release, that it has been awarded a $19 million contract by the North Carolina Department of State Treasurer to build the Integrated Retirement System Project (IRSP), which will cost $28 million over 11 years. It is designed to replace the state’s current RK computer which includes six antiquated mainframe systems.

According to the BearingPoint announcement, when the new system is implemented:

  • members will be able to determine benefit estimates and view account histories online
  • 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.

The North Carolina Retirement Systems provide retirement savings and income to the State’s nearly 700,000 working and retired public school teachers, law enforcement officers, fire fighters, rescue squad workers, judges, legislators, and state and local government employees. The North Carolina Retirement Systems are the ninth largest public pension plan in the country with assets of approximately $60 billion.