Tier Announces Arizona State Retirement System Contract Award; Tier to Provide Core Team.Business & Technology Editors
Tier Technologies, Inc. (Nasdaq: TIER) announced a contract award from the Arizona State Retirement System (ASRS ASRS Aviation Safety Reporting System
ASRS Arizona State Retirement System
ASRS Automatic Storage and Retrieval System
ASRS Automated Storage & Retrieval System
ASRS Adult Self-Report Scale
ASRS Anion Self-Regenerating Suppressor (Dionex) ) for the implementation of various technology components identified by ASRS in its Public Employees Retirement Information System (PERIS PERIS Personnel Information System
PERIS Public Employees Retirement Information System ) Application Development Plan.
Tier will provide consultants who will work with ASRS staff to implement these components. Services will include the development and implementation of an array of automated processing activities for member statements, benefit estimate statements, fiscal and calendar year end processing, pension payroll and contribution posting. The contract award is for one year with four one-year option renewal periods. Tier estimates that the contract value for the first year will be approximately $1.5 million for the core team with additional revenue from the provision of skilled development staff.
ASRS membership includes the state, three state universities, ten community colleges, 14 out of 15 counties, and most cities and school districts in the state. ASRS, with approximately $20 billion in assets, has a membership of nearly 365,000, which includes over 60,500 retirees who receive monthly pension payments of approximately $73.9 million. ASRS anticipates that their retiree population will increase by 75% or more by the year 2010.
PERIS is a component of an aggressive five-year IT plan which ASRS is currently implementing. The plan aims to increase customer service through the creation of a secure infrastructure to conduct regular and instantaneous in·stan·ta·ne·ous
1. Occurring or completed without perceptible delay: Relief was instantaneous.
2. business with its members and employers via the Internet, telephone and videoconferencing A real time video session between two or more users or between two or more locations. Although the first videoconferencing was done with traditional analog TV and satellites, inhouse room systems became popular in the early 1980s after Compression Labs pioneered digitized video systems ; the creation of a computer system that can readily respond to legislative requests for enhancements or changes; and increased staff productivity levels. The project direction being provided by Tier as part of the PERIS project may carry over into the implementation of all aspects of the IT plan.
"This award highlights the important demographic trends we see driving the pension market," noted James L. Bildner, Tier's Chairman and Chief Executive Officer. "As we have seen with our other pension clients, we anticipate continued market growth in this sector due to the aging U.S. population combined with membership and employer demands for immediate, frequent and secure information."
Tier is a vertically-focused consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee
business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that provides business and information technology consulting Information technology consulting (IT consulting or business and technology services) is a field that focuses on advising businesses on how best to use information technology to meet their business objectives. , systems design and integration, transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time.
Transaction processing systems are the backbone of an organization because they update constantly. , business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in and business process reengineering See reengineering. for its clients primarily in the state and local government, healthcare, insurance and utilities markets. Tier brings specific industry knowledge, proven delivery capability and proprietary applications to its client relationships. The combination of domain expertise and technical capability allow Tier to provide solutions that link increased operating efficiencies with systems and technology improvements. Tier serves Fortune 1000 companies and government entities.
This press release contains forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding services to be provided and their anticipated results, statements regarding the development of and demand for our services and other statements regarding matters that are not historical facts.
Such forward-looking statements involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied thereby. Factors that could affect actual results include risks associated with the failure to obtain contract renewals; failure to achieve anticipated gross margin levels with respect to individual contracts; availability of continued funding for its government clients; revisions to mandated statutes, including changes to the timing of required compliance; adverse economic conditions in the vertical and geographic markets that the Company serves; the possible termination of projects by clients; unanticipated claims as a result of project performance; variations in the timing, initiation or completion of client assignments; unanticipated costs incurred in fixed-price projects and warranty periods; the Company's ability to recruit, train and retain consultants and key personnel; the Company's ability to effectively manage growth and acquisitions; risks associated with rapid technological advances and other risk factors listed from time to time in the Company's filings and reports with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 10-K. for the year ended September 30, 2001 and most recent Quarterly Report on Form 10-Q Form 10-Q
See 10-Q. . The forward-looking statements contained in this press release are made as of the date hereof here·of
Formal or law of or concerning this
Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and the Company does not assume any obligation to update these statements or the reasons why actual results could differ materially from those projected in these statements.
Tier...Expect A Lot(SM)