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News >> Technology >>
Covansys gets $11M pact to implement public retirement systems
By siliconindia
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Tuesday, 24 September 2002, 19:30 IST
FARMINGTON HILLS: Covansys Corp. (Nasdaq:CVNS) won an $11 million contract from the Public Employees Retirement Association of New Mexico to implement a new system administering 27 pension plans.
In a press release Monday, Covansys said the system is scheduled for completion in 32 months.
The pension system is expected to improve internal efficiency and data management, while giving some 54,000 active members Internet access to their own records.
In 2001, the technology consulting and services provider posted a loss of $ 10.5 million, or 37 cents a share, including $23.6 million in restructuring charges. Revenue was $404.7 million.
With our current retirement system, the PERA staff is bogged down with manual procedures, making it difficult to process member benefit applications in a timely and efficient manner," said Terry Slattery, PERA executive director. "This new system, by comparison, will allow PERA to more effectively meet the needs of our employers and members. Covansys has proven, by virtue of several other successful statewide pension plan implementations, that they know what their clients need."
"Covansys is dedicated to providing the most progressive public retirement information system solutions in the marketplace - solutions that not only meet the vital needs of our clients, but are also implemented on time and within budget," said Gerald Massey, executive vice president, Covansys' West Region. "We look forward to working with PERA on this strategic endeavor and helping them better meet the needs of their members and employers."
For the last 16 years, Covansys has provided public sector solutions to more than 25 states in the areas of health and human services, transportation, public retirement systems, labor and tax and revenue systems. In the public retirement sector, Covansys has emerged as a leader in the public retirement consulting market, successfully completing 16 major retirement system implementation engagements. Covansys derives approximately 30 percent of its current annual revenues from state and local government customers.