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Press Release

FOR IMMEDIATE RELEASE
Tuesday, October 4, 2022
Contact: Office of Communications
Tel:

RELEASE: OPM Collaborates with Fiscal Service to Modernize Financial Management of Trillion-Dollar Earned Benefits Trust Fund, Saves Millions in Taxpayer Dollars and Brings Improved Customer Services

WASHINGTON, D.C. – The Office of Personnel Management (OPM) migrated from the legacy application responsible for the financial management activities of over $1.1+ trillion-dollar trust fund assets to a modernized financial system platform that is managed and maintained by the Department of the Treasury, Bureau of the Fiscal Service's Administrative Resource Center (ARC).

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.”

ARC is a leader in shared services across the federal government. ARC’s mission is to deliver reliable federal shared services in financial management, allowing government agencies to focus on achieving their core missions.

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The Office of Personnel Management (OPM) is the strategic human capital partner to the federal government that is recruiting, retaining, and honoring the workforce that's landing rovers on Mars, fighting climate change and cancer, and building this country back better. OPM provides leadership and support to agencies through key issues and services-including human resource policy and oversight, federal employee benefits, and retirement services- that impact more than two million people in the federal workforce. As the nation's largest employer, the federal government is the model employer across sectors.


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