CalSTRS Selects CGI for $120+ Million Pension Administration System Contract
California (ots/PRNewswire)
Transformational, enterprise-wide project will modernize IT systems and
business processes for largest educator-only pension fund in the world
CGI today announced the award of a multi-year, US$121 million contract from the California State Teachers' Retirement System (CalSTRS) to configure and implement a new information technology system for the administration of CalSTRS benefits.
"CGI is pleased to have earned the business of a client so committed to serving their members," said CGI Vice President Cheryl Hotaling and Sacramento business lead. "The new, flexible system deploys technology to improve business processes while allowing CalSTRS to continually adapt and grow in support of their members. With more than 25 years of experience successfully delivering projects with the State, CGI looks forward to this new opportunity to build upon our long partnership with the State of California."
CalSTRS is the largest educator-only pension fund in the world with more than 879,000 members and approximately $185.5 billion in assets as of January 31, 2015. The new Pension Administration System will replace CalSTRS' legacy systems with a single, comprehensive solution capable of delivering new levels of service and support to members and customers while reducing associated costs. Once implemented, the new system will allow business users to define sophisticated workflows, create business rules and produce reports without relying on technical staff. Members will also have new self-service features to increase their ability to independently manage their assets.
The Team CGI solution is built on Sagitec's Neospin, a commercial-off-the-shelf (COTS) system that supports more teachers' pension funds than any product in the U.S. The combination of Neospin's flexible and scalable solution coupled with CGI's proven project methodology and expert team will deliver efficiencies as well as benefits to CalSTRS for years to come.
"Enhancing member customer service while improving the CalSTRS work environment is a double-win for us," said CalSTRS BusinessRenew Executive Chris Caietti. "With new capabilities from CGI, integrated systems and business processes will empower our stakeholders to solve problems faster and reduce the costs of pension administration."
"Our global clients consistently turn to CGI to help them deliver their most important projects," added Dave Delgado, Senior Vice-President, U.S. West business unit lead. "CGI is pleased to support CalSTRS' vital mission of helping secure the financial future and sustain the trust of California's educators."
About CGI
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 68,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annual revenue in excess of C$10 billion and an order backlog exceeding C$20 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: http://www.cgi.com.
About CalSTRS
The California State Teachers' Retirement System, with a portfolio valued at $185.5 billion as of January 31, 2015, is the largest educator-only pension fund in the world. CalSTRS administers a hybrid retirement system, consisting of traditional defined benefit, cash balance and voluntary defined contribution plans. CalSTRS also provides disability and survivor benefits. CalSTRS serves California's 879,000 public school educators and their families from the state's 1,700 school districts, county offices of education and community college districts. Follow us on Twitter @CalSTRS
Forward-Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended, and are "forward-looking information" within the meaning of Canadian securities laws. These statements and this information represent CGI's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements or forward-looking information. These factors include but are not restricted to: the timing and size of new contracts; acquisitions and other corporate developments; the ability to attract and retain qualified members; market competition in the rapidly evolving IT industry; general economic and business conditions; foreign exchange and other risks identified in the press release, in CGI's annual and quarterly Management's Discussion and Analysis ("MD&A"), in CGI's Annual Report, in CGI's Annual Report on Form 40-F filed with the U.S. Securities and Exchange Commission (filed on EDGAR at http://www.sec.gov), and in the Company's Annual Information Form filed with the Canadian securities authorities (filed on SEDAR at http://www.sedar.com), as well as assumptions regarding the foregoing. The words "believe," "estimate," "expect," "intend," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. In particular, statements relating to future performance are forward-looking statements and forward-looking information. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or on this forward-looking information.
For more information: Investors Lorne Gorber Senior Vice-President, Global Communications and Investor Relations lorne.gorber@cgi.com +1-514-841-3355 Media Linda Odorisio Vice-President, US Communications, CGI linda.odorisio@cgi.com +1-703-267-8118