WPS Health Insurance has received a major government contract renewal valued at $484 million over six years that will help preserve several hundred jobs, the Monona ﻿ company announced Friday.

WPS was awarded the contract to continue to administer TRICARE for Life, a Medicare supplement program that serves about 2 million military retirees over the age of 65.

The program accounts for about 11 percent of WPS’ overall revenue, according to a company official.

“This is a major success story for WPS,” said Brian Brugger, executive vice president of the WPS TRICARE Division. “TRICARE is an important part of our business at WPS, and we worked very hard to retain this contract. It’s a significant contract for WPS to be able to retain.”

WPS originally was awarded the TRICARE contract in 2004 and had ﻿it renewed once before. The new contract will go into effect in June 2015 and run for six years.

WPS has about 3,300 employees, including close to 2,300 at its Monona headquarters. Two years ago, WPS lost a contract for the Western Region of TRICARE, which resulted in the loss of about 500 jobs, including 250 locally.