Treasury's $4.4M retirement seminar contract awarded to Employee Benefit Advisors, Inc. for pre-retirement and mid-career services

Contract Overview

Contract Amount: $4,370 ($4.4K)

Contractor: Employee Benefit Advisors, Inc.

Awarding Agency: Department of the Treasury

Start Date: 2021-09-28

End Date: 2025-09-24

Contract Duration: 1,457 days

Daily Burn Rate: $3/day

Competition Type: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: PRE-RETIREMENT AND MID-CAREER RETIREMENT SEMINARS

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20001

State: District of Columbia Government Spending

Plain-Language Summary

Department of the Treasury obligated $4,369.5 to EMPLOYEE BENEFIT ADVISORS, INC. for work described as: PRE-RETIREMENT AND MID-CAREER RETIREMENT SEMINARS Key points: 1. Contract value appears reasonable for specialized employee benefits consulting. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. No immediate risk indicators are apparent from the provided data. 4. Services are targeted at federal employees nearing retirement. 5. This contract falls within the broader category of employee services and benefits administration. 6. The duration of the contract is over three years, indicating a sustained need.

Value Assessment

Rating: good

The contract value of $4.4 million over approximately three years for retirement seminars and related services seems within a reasonable range for specialized employee benefits consulting. Benchmarking against similar federal contracts for employee training and retirement planning services would provide a more precise value-for-money assessment. However, given the specialized nature of pre-retirement and mid-career counseling, the pricing is likely competitive.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under 'Full and Open Competition After Exclusion of Sources,' indicating that while the initial solicitation may have had some exclusions, the final award was made through a competitive process open to all eligible bidders. The specific number of bidders is not provided, but the designation suggests a robust competition was intended and likely achieved, which typically leads to better price discovery and value for the government.

Taxpayer Impact: A competitive award process helps ensure that taxpayer dollars are used efficiently by driving down costs through market forces. This approach maximizes the potential for obtaining high-quality services at the best possible price.

Public Impact

Federal employees, particularly those nearing retirement or in mid-career stages, will benefit from these seminars. The services delivered include pre-retirement planning and mid-career retirement counseling. The geographic impact is primarily within the District of Columbia, where the contract is managed. The contract supports the federal workforce by providing essential financial and retirement planning resources.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Positive Signals

Awarded through full and open competition, indicating a fair and accessible process.
Contract duration of over three years suggests a stable and ongoing need for these services.
Firm Fixed Price contract type helps control costs and provides budget certainty.

Sector Analysis

This contract falls within the professional services sector, specifically focusing on employee benefits and financial planning. The market for such services includes numerous private sector firms specializing in retirement planning, financial advisory, and HR consulting. Federal spending in this area supports the well-being of the federal workforce and is a component of overall human capital management. Comparable spending benchmarks would typically be found within the broader category of professional and management consulting services for government agencies.

Small Business Impact

The provided data indicates that small business participation (ss: false, sb: false) was not a specific set-aside requirement for this contract. Therefore, there are no direct subcontracting implications mandated by small business set-aside provisions. The prime contractor, Employee Benefit Advisors, Inc., is not explicitly identified as a small business. Further analysis would be needed to determine if any small business subcontracting opportunities were voluntarily pursued or if the prime contractor itself is a small business.

Oversight & Accountability

Oversight for this contract would typically reside with the Bureau of the Fiscal Service within the Department of the Treasury. Accountability measures are inherent in the Firm Fixed Price contract type, requiring the contractor to deliver specified services within the agreed budget. Transparency is generally maintained through contract databases like FPDS. Inspector General jurisdiction would apply if any fraud, waste, or abuse were suspected.

Related Government Programs

Federal Employee Retirement System (FERS) Benefits
Thrift Savings Plan (TSP) Education
Federal Employee Health Benefits (FEHB) Information
Retirement Planning Services
Employee Assistance Programs (EAP)

Frequently Asked Questions

What is this federal contract paying for?

Department of the Treasury awarded $4,369.5 to EMPLOYEE BENEFIT ADVISORS, INC.. PRE-RETIREMENT AND MID-CAREER RETIREMENT SEMINARS

Who is the contractor on this award?

The obligated recipient is EMPLOYEE BENEFIT ADVISORS, INC..

Which agency awarded this contract?

Awarding agency: Department of the Treasury (Bureau of the Fiscal Service).

What is the total obligated amount?

The obligated amount is $4,369.5.

What is the period of performance?

Start: 2021-09-28. End: 2025-09-24.

What is the track record of Employee Benefit Advisors, Inc. in performing similar federal contracts?

Information regarding the specific track record of Employee Benefit Advisors, Inc. in performing similar federal contracts is not detailed in the provided data. A comprehensive assessment would require reviewing past performance evaluations, contract history, and any reported issues or successes on previous government engagements. This would involve searching federal procurement databases for prior awards to the company and examining associated performance metrics and customer feedback. Without this historical data, it is difficult to definitively assess their reliability and past performance quality for this specific type of service.

How does the awarded price compare to market rates for similar retirement seminar services?

The provided data does not include specific pricing details beyond the total contract value of $4.4 million. To compare this to market rates, one would need to identify comparable contracts for retirement seminar and counseling services offered to federal employees or large private sector organizations. Key metrics for comparison would include cost per participant, cost per seminar hour, or cost per employee served. Benchmarking against industry reports or data from similar government solicitations would be necessary to determine if the pricing is competitive and represents good value for the taxpayer.

Are there any identified risks associated with the contractor or the nature of the services provided?

Based solely on the provided data, there are no explicit risk flags or indicators mentioned. The contract is Firm Fixed Price, which generally mitigates financial risk for the government. The services, pre-retirement and mid-career seminars, are standard offerings in employee benefits. However, potential risks could include contractor performance issues (e.g., low attendance, poor quality of instruction), data security concerns if sensitive employee information is handled, or changes in federal employee benefits regulations that might impact service delivery. A thorough risk assessment would involve reviewing the contractor's past performance and the specific terms of the contract.

What is the expected effectiveness of these retirement seminars in improving federal employee financial preparedness?

The effectiveness of these seminars in improving federal employee financial preparedness is not directly quantifiable from the provided data. Effectiveness would typically be measured through post-seminar surveys assessing participant satisfaction and perceived knowledge gain, tracking employee retirement application trends, or analyzing the utilization of retirement planning resources. The contract's duration suggests a sustained effort to provide these services, implying an expectation of positive impact. However, actual effectiveness depends on the quality of the content, delivery, and participant engagement.

How has federal spending on employee retirement planning services evolved over the past five years?

The provided data pertains to a single contract and does not offer historical spending trends for employee retirement planning services across the federal government. To analyze this, one would need to aggregate data from multiple contracts awarded by various agencies over several fiscal years. This would involve searching procurement databases for keywords related to retirement planning, financial counseling, and employee benefits. Such an analysis could reveal patterns in spending, identify key service providers, and highlight shifts in agency priorities regarding workforce financial well-being.

What is the significance of the 'Delivery Order' award type in this context?

The 'Delivery Order' (aw: DELIVERY ORDER) award type indicates that this contract is likely a task order issued under a larger, pre-existing indefinite-delivery, indefinite-quantity (IDIQ) contract or a similar multiple-award contract vehicle. This means that the foundational contract terms, including pricing, scope, and competition requirements, were established previously. The delivery order itself specifies the particular goods or services to be provided, the quantity, and the delivery schedule for this specific instance. This approach allows agencies to procure services efficiently as needed, often with pre-negotiated terms.

Industry Classification

NAICS: Finance and Insurance › Agencies, Brokerages, and Other Insurance Related Activities › Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds

Product/Service Code: EDUCATION AND TRAINING › EDUCATION AND TRAINING SERVICES

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION AFTER EXCLUSION OF SOURCES

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Solicitation ID: 20340921R00004

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Address: 5000 AUSTELL POWDER SPRINGS RD STE 110, AUSTELL, GA, 30106

Business Categories: Category Business, Corporate Entity Not Tax Exempt, Small Business, Special Designations, Subchapter S Corporation, U.S.-Owned Business, Veteran Owned Business

Financial Breakdown

Contract Ceiling: $4,370

Exercised Options: $4,370

Current Obligation: $4,370

Contract Characteristics

Commercial Item: COMMERCIAL PRODUCTS/SERVICES

Cost or Pricing Data: NO

Parent Contract

Parent Award PIID: 20340921D00002

IDV Type: IDC

Timeline