PBGC Recompetes Lockbox Service Contract for Missing Participants Program Valued at $14,617.6

Contract Overview

Contract Amount: $14,618 ($14.6K)

Contractor: U.S. Bancorp

Awarding Agency: Pension Benefit Guaranty Corporation

Start Date: 2025-06-17

End Date: 2027-02-13

Contract Duration: 606 days

Daily Burn Rate: $24/day

Competition Type: COMPETED UNDER SAP

Number of Offers Received: 5

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: RECOMPETE OF CONTRACT NUMBER 16PBGC20C0005 FOR LOCKBOX SERVICE FOR THE MISSING PARTICIPANTS PROGRAM. THE SERVICE SHOULD BE IN ACCORDANCE WITH THE CONTRACT TERMS AND CONDITIONS, THE STATEMENT OF WORK (SOW) AND THE CONTRACTOR'S QUOTE.

Place of Performance

Location: MINNEAPOLIS, HENNEPIN County, MINNESOTA, 55402

State: Minnesota Government Spending

Plain-Language Summary

Pension Benefit Guaranty Corporation obligated $14,617.6 to U.S. BANCORP for work described as: RECOMPETE OF CONTRACT NUMBER 16PBGC20C0005 FOR LOCKBOX SERVICE FOR THE MISSING PARTICIPANTS PROGRAM. THE SERVICE SHOULD BE IN ACCORDANCE WITH THE CONTRACT TERMS AND CONDITIONS, THE STATEMENT OF WORK (SOW) AND THE CONTRACTOR'S QUOTE. Key points: 1. Contract is a recompete for essential lockbox services supporting the Missing Participants Program. 2. U.S. Bancorp is the incumbent contractor, suggesting potential for stable service delivery. 3. The contract is Firm Fixed Price, providing cost certainty for the Pension Benefit Guaranty Corporation. 4. Competition was conducted under Simplified Acquisition Procedures (SAP), indicating a focus on smaller value procurements.

Value Assessment

Rating: good

The contract value of $14,617.6 is relatively small. Pricing is assessed against the contractor's quote and existing contract terms, which is standard for recompetes of this nature.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was competed under Simplified Acquisition Procedures (SAP), which allows for broader competition for smaller dollar value procurements. This method aims to achieve fair and reasonable pricing through a competitive process.

Taxpayer Impact: The taxpayer impact is minimal due to the small contract value and the essential nature of the service provided.

Public Impact

Ensures continuity of service for the Missing Participants Program, aiding beneficiaries in locating and claiming benefits. Maintains financial transaction processing integrity for unclaimed pension funds. Supports the Pension Benefit Guaranty Corporation's mission to protect retirement security.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Potential for vendor lock-in if competition is not robust in future recompetes.
Reliance on a single vendor for critical financial processing.

Positive Signals

Firm Fixed Price contract provides budget predictability.
Incumbent contractor likely has established processes and expertise.
SAP competition promotes fair pricing for smaller contracts.

Sector Analysis

This contract falls within financial transaction processing services. Spending in this sector is generally stable, driven by the need for secure and efficient handling of financial operations across government agencies.

Small Business Impact

While the contract was competed under SAP, which can include small business participation, there is no specific indication of small business involvement in the provided data. The incumbent is a large corporation.

Oversight & Accountability

The Pension Benefit Guaranty Corporation is responsible for oversight. The contract's fixed price and defined SOW should facilitate accountability, with performance measured against contract terms.

Related Government Programs

Financial Transactions Processing, Reserve, and Clearinghouse Activities
Pension Benefit Guaranty Corporation Contracting
Pension Benefit Guaranty Corporation Programs

Risk Flags

Potential for complacency from incumbent.
Limited visibility into specific performance metrics.
Reliance on contractor's internal controls for financial data security.
SAP competition may not always yield the lowest possible price.

Frequently Asked Questions

What is this federal contract paying for?

Pension Benefit Guaranty Corporation awarded $14,617.6 to U.S. BANCORP. RECOMPETE OF CONTRACT NUMBER 16PBGC20C0005 FOR LOCKBOX SERVICE FOR THE MISSING PARTICIPANTS PROGRAM. THE SERVICE SHOULD BE IN ACCORDANCE WITH THE CONTRACT TERMS AND CONDITIONS, THE STATEMENT OF WORK (SOW) AND THE CONTRACTOR'S QUOTE.

Who is the contractor on this award?

The obligated recipient is U.S. BANCORP.

Which agency awarded this contract?

Awarding agency: Pension Benefit Guaranty Corporation (Pension Benefit Guaranty Corporation).

What is the total obligated amount?

The obligated amount is $14,617.6.

What is the period of performance?

Start: 2025-06-17. End: 2027-02-13.

What is the historical performance of U.S. Bancorp on this specific lockbox service contract?

Historical performance data is crucial for assessing the value of this recompete. Understanding U.S. Bancorp's track record, including any past issues with service delivery, timeliness, or accuracy, would provide a clearer picture of the risk associated with continuing the contract. This information would inform whether the current pricing reflects consistent, high-quality service delivery.

How does the current pricing compare to market rates for similar lockbox services, considering the specific requirements of the Missing Participants Program?

Benchmarking the current pricing against similar government or commercial lockbox services is essential for evaluating value. Factors like transaction volume, security protocols, and reporting requirements specific to the Missing Participants Program should be considered. A thorough market analysis would determine if the $14,617.6 price represents a competitive and cost-effective solution for the PBGC.

What measures are in place to ensure continued competition and prevent vendor lock-in for future iterations of this service?

While this contract was competed under SAP, proactive measures should be considered for future recompetes. This could include market research to identify potential new entrants, clearly defining service requirements to avoid proprietary dependencies, and ensuring contract terms facilitate easier transition to a new vendor if necessary. This approach safeguards long-term cost-effectiveness and service quality.

Industry Classification

NAICS: Finance and Insurance › Activities Related to Credit Intermediation › Financial Transactions Processing, Reserve, and Clearinghouse Activities

Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES

Competition & Pricing

Extent Competed: COMPETED UNDER SAP

Solicitation Procedures: SIMPLIFIED ACQUISITION

Solicitation ID: 16PBGC25Q0060

Offers Received: 5

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 800 NICOLLET MALL, MINNEAPOLIS, MN, 55402

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business

Financial Breakdown

Contract Ceiling: $42,540

Exercised Options: $14,618

Current Obligation: $14,618

Actual Outlays: $1,700

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Timeline