Trust Funds Modernization
Investment ID: 027-000000191
Overview
Program Title
Trust Funds Modernization
Description
Monthly, OPM disburses $7.5+ billion to over 2.7M annuitants and more than $5B to 300+ health insurance carriers. The OPM Federal Financial System (FFS) deployed in 1998, supports accounting and financial management activities associated with the $1.1 trillion in combined trust funds assets for the retirement, health benefits, and life programs. FFS software is currently unsupported, requires highly-specialized resources to maintain and is unable to adequately support many TF accounting business processes which compromises the agency's ability to easily comply with changing laws and regulations. Trust Funds Modernization (TFM) was created to provide transformative service delivery, system stability, enhanced security, and sustainability through trust funds financial management automation, manual work effort reduction, and more timely financial management activity completion that eliminate human errors and decreases overall operation and maintenance costs.
Type of Program
Major IT Investments
Multi-Agency Category
Financial Management
Associated Websites
Not Applicable
Investment Detail
Trust Funds Modernization will serve as a catalyst to propel automations within trust fund accounting financial operations reducing manual labor effort and time, eliminating human errors, and reducing the overall cost of operation and maintenance by consolidating and integrating the processes of other related systems.