Tier Signs $18.9 Million Contract with Pennsylvania Public School Employees Retirement System; Tier to Implement Pension Administration System Solution.Business Editors WALNUT CREEK Walnut Creek, residential city (1990 pop. 60,569), Contra Costa co., W Calif., in the San Francisco Bay area; inc. 1914. It is the trade and shipping center of an extensive agricultural area where walnuts are among the major product. , Calif.--(BUSINESS WIRE)--Sept. 11, 2002 Tier Technologies, Inc. (Nasdaq: TIER) announced it has been awarded a contract with the Public School Employees' Retirement Board, an independent agency of the Commonwealth of Pennsylvania transacting business in the name of the Public School Employees' Retirement System ("PSERS PSERS Public School Employees' Retirement System ") to implement a new pension administration system. The initial term of the executed contract is five years with two one-year extension options. The $18.9 million initial contract value does not include any additional optional support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services or the extension options that the pension fund may elect. The new pension administration system will manage services such as member enrollment, collecting and reporting of employee and employer contributions, calculating and processing benefit payments, and processing retirement applications. Tier will provide expert assistance with the design, development, installation, implementation and support of the new system. Once fully implemented, the system will process hundreds of different transactions for the approximately 400,000 member accounts that PSERS administers and about 700 reporting units that employ PSERS membership. "We are delighted to have entered into this important contract with PSERS," commented James R. Weaver, Tier's President. "This is a significant addition to our pension client roster, which includes the Arizona State Retirement System, the New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). Educational Retirement Board and CalPERS, the nation's largest pension fund," he noted. "By continuing to expand and enhance services, information and member communication, pension funds are responding to the demographic drivers we see in the marketplace." ABOUT TIER Tier is a vertically-focused consulting firm 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, 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 and is included in the Russell 3000(R) Index, issued by Frank Russell Company. Statements made in this press release may be forward-looking and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. 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 the contract renewals or contract extensions; the Company's ability to recruit, train and retain consultants, key personnel and subcontractors; risks associated with rapid technological advances; failure to achieve anticipated gross margin levels with respect to individual contracts; the possible termination of projects by clients; failure to obtain fiscal funding; 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; 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. Form 10-K 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, 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) |
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