PBGC Spends $22.7M on Actuarial Services with Buck Consultants via Full and Open Competition

Contract Overview

Contract Amount: $22,770,005 ($22.8M)

Contractor: Buck Consultants, Inc

Awarding Agency: Pension Benefit Guaranty Corporation

Start Date: 2010-09-26

End Date: 2016-03-25

Contract Duration: 2,007 days

Daily Burn Rate: $11.3K/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 4

Pricing Type: FIRM FIXED PRICE

Sector: Other

Official Description: ACTUARIAL SERVICES - BAPD

Place of Performance

Location: CLEVELAND, CUYAHOGA County, OHIO, 44114

State: Ohio Government Spending

Plain-Language Summary

Pension Benefit Guaranty Corporation obligated $22.8 million to BUCK CONSULTANTS, INC for work described as: ACTUARIAL SERVICES - BAPD Key points: 1. Significant contract value of $22.7 million over nearly six years. 2. Buck Consultants, Inc. secured the award through full and open competition. 3. The contract falls under Administrative Management and General Management Consulting Services. 4. Fixed price contract type suggests cost certainty for the government.

Value Assessment

Rating: good

The contract value of $22.7 million for actuarial services over almost six years appears reasonable given the scope. Benchmarking against similar large-scale actuarial contracts would provide a more precise assessment.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The award was made under full and open competition, indicating a robust process for soliciting bids and ensuring fair market pricing. This method generally leads to competitive pricing.

Taxpayer Impact: The competitive bidding process likely resulted in a fair price, maximizing taxpayer value for the actuarial services procured.

Public Impact

Ensures accurate pension liability assessments for the Pension Benefit Guaranty Corporation. Supports the agency's mission of protecting retirement benefits for millions of Americans. The services are critical for financial planning and solvency of pension plans.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Positive Signals

Full and open competition utilized.
Firm fixed price contract type.
Long-term contract provides stability.

Sector Analysis

Actuarial services fall under professional services, often procured by government agencies for financial and risk management. Spending in this sector can vary based on agency size and complexity of financial obligations.

Small Business Impact

The data indicates this contract was not awarded to small businesses, as the 'sb' field is false. Further analysis would be needed to determine if small businesses had an opportunity to participate or subcontract.

Oversight & Accountability

The contract was awarded by the Pension Benefit Guaranty Corporation, a federal agency with established oversight mechanisms. The use of full and open competition suggests a degree of accountability in the procurement process.

Related Government Programs

Administrative Management and General Management Consulting Services
Pension Benefit Guaranty Corporation Contracting
Pension Benefit Guaranty Corporation Programs

Risk Flags

Lack of detailed scope of work.
No performance data available.
Potential for uncaptured small business participation.

Frequently Asked Questions

What is this federal contract paying for?

Pension Benefit Guaranty Corporation awarded $22.8 million to BUCK CONSULTANTS, INC. ACTUARIAL SERVICES - BAPD

Who is the contractor on this award?

The obligated recipient is BUCK CONSULTANTS, INC.

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 $22.8 million.

What is the period of performance?

Start: 2010-09-26. End: 2016-03-25.

What was the specific scope of work for these actuarial services?

The provided data does not detail the specific scope of work. However, given the agency (PBGC) and the NAICS code (541611), the services likely involved complex actuarial valuations, risk assessments, and financial projections related to pension plans. Understanding the precise deliverables would be crucial for a comprehensive value assessment.

Were there any performance issues or contract modifications during the contract period?

The data does not provide information on contract performance or modifications. A review of contract performance reports and modification history would be necessary to assess any potential risks or deviations from the original terms. Such information is typically available through contract databases.

How does the cost per year compare to industry benchmarks for similar actuarial services?

The average annual cost is approximately $3.8 million ($22.7M / ~5.8 years). Without specific details on the complexity and volume of pension plans managed by PBGC, a direct comparison to industry benchmarks is challenging. However, this figure provides a starting point for further cost-effectiveness analysis against comparable government or private sector contracts.

Industry Classification

NAICS: Professional, Scientific, and Technical Services › Management, Scientific, and Technical Consulting Services › Administrative Management and General Management Consulting Services

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

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Offers Received: 4

Pricing Type: FIRM FIXED PRICE (J)

Evaluated Preference: NONE

Contractor Details

Parent Company: Xerox Corporation (UEI: 049591852)

Address: 500 PLAZA DR, SECAUCUS, NJ, 07094

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

Financial Breakdown

Contract Ceiling: $39,372,500

Exercised Options: $39,372,500

Current Obligation: $22,770,005

Contract Characteristics

Commercial Item: COMMERCIAL ITEM PROCEDURES NOT USED

Cost or Pricing Data: NO

Timeline