Welcoming OPM, Our Newest Financial Management Customer
We're excited to welcome the Office of Personnel Management's (OPM) Trust Funds as our newest financial management platform customer. This marks the third CFO Act agency that we service and is a significant milestone for financial management shared services in the federal government.
OPM's Trust Funds oversee financial management and accounting for over $1.1 trillion of combined assets for the Earned Benefits Trust Funds which includes: Civil Service Retirement and Disability (CSRS), Federal Employees Retirement System (FERS), Federal Employees Health Benefit (FEHB), Federal Employees Group Life Insurance (FEGLI), and Federal Flexible Spending Account (FSAFEDS).
Here is an excerpt from a recent OPM press release:
The partnership between OPM and ARC will result in millions of taxpayer dollars saved, and enable a modernized, secure financial management solution and re-engineered processes to support the administration of the earned benefits program which includes retirement, health, and life insurance. As a result, millions of federal employees, retirees, and their families should have increased confidence in the programs that ensure they can meet their retirement and healthcare and life insurance needs.
“The completion of our migration to the Administrative Resource Center platform marks a major milestone in our commitment to be a financial management leader in the federal government. It demonstrates the results that can be achieved when federal agencies collaborate to deliver solutions that benefit federal employees and the American taxpayer,” shared OPM Chief Financial Officer Douglas Glenn. “The partnership between OPM and Treasury can serve as a best practice as agencies explore alternatives in how they deliver financial services. OPM looks forward to the continued relationship with Treasury and the efficiency we will gain through this collaborative effort.”
“Fiscal Service has consistently aimed to provide services to our customers so that agencies can focus on their core mission,” said Bureau of the Fiscal Service Commissioner Tim Gribben. “Our collaboration with OPM leverages an efficient model that has been replicated across government further advancing our vision of streamlined federal financial management.”
We look forward to providing OPM with an efficient solution to manage the Earned Benefits Trust Funds for many years to come.