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Congressional Panel Looks at Problems in Federal Retirement System PDF Print E-mail
By Administrator   
Wednesday, 01 February 2012 15:16

RALEIGH, SGRToday.com - A U.S. Senate subcommittee is meeting Wednesday on Capitol Hill to hear testimony about nagging problems with the federal retirement system, including improper payments and failure to provide retirees with timely payments. 

 
The federal government has been trying for two decades to modernize and upgrade the technology needed to administer the retirement system, according to testimony before the Homeland Security and Governmental Affairs Oversight of Government Management subcommittee. 
 
A November 2011 report from the U.S. Government Accountability Office (GAO) reported on the problems the hearing is expected to highlight. 
 
"The use of information technology (IT) is crucial in helping OPM to carry out its responsibilities, and in fiscal year 2011 the agency invested $79 million in IT systems and services. For over 2 decades, OPM has been attempting to modernize its federal employee retirement process by automating paper-based processes and replacing antiquated information systems. However, these efforts have been unsuccessful, and OPM canceled its most recent retirement modernization effort in February 2011," the GAO report stated.
 
Last Updated on Wednesday, 01 February 2012 15:18
 
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