HP wins $43M contract to implement retirement system in Texas

Hewlett-Packard has won a $43 million contract with the Teacher Retirement System of Texas to implement a new pension administration system that automates processes and includes a variety of new capabilities to improve member experience.

Under the contract, HP will provide a system that will enable more than 1.3 million active and retired educators in Texas to apply for benefits and receive approvals online, as well as manage their accounts in a secure, web-based environment, the company said in a release.

HP will provide the organization with HP Application Services to implement its Public Retirement Benefits Administration solution to process employer reporting to around a million active members and pension checks for more than 300,000 retirees.

After the system is implemented, the Teacher Retirement System of Texas will have a more advanced system that makes operations more efficient and less expensive.