Primary paying agent services

Active Definitive Contract Awarded Last action

Contract number
16PBGC23C0008
Awardee
Awarding agency
Obligated
$40,915,245

Award facts

Opportunity
Contract value 38% obligated
  • $40,915,244.50 Current, with exercised options
  • $106,914,994.50 Potential, with all options
Completion date 36% complete
  • Current, with exercised options
  • Potential, with all options
NAICS code
541214 Payroll Services
Set-aside
No set-aside
Competition
Full and Open Competition · 1 offer Negotiated Proposal / Quote
Pricing
Firm Fixed Price
Place of performance
Boston, MA 02111, USA

Award details come from SAM.gov/FPDS.

Transactions

Action Obligated Date
Funding Only Action P00013 · The purpose of this modification is to DE-obligate FY23 funds in the amount of $20,494.24 (clin 0003). -$20,494
Supplemental Agreement for work within scope P00012 · The purpose of this modification is to implement executive order 14398, "addressing DEI discrimination by federal contractors." $0
Other Administrative Action P00011 · The purpose of this modification is to implement executive order 14173, "ending illegal discrimination and restoring merit-based opportunity." $0
Exercise an Option P00010 · The purpose of this modification is to exercise and fully fund option period 3 from april 1, 2026 $10,438,020
Supplemental Agreement for work within scope P00009 · The purpose of this modification is to increase the ceiling for option period 2 and to add $27,960 in funding to support the tax equity and fiscal… $27,960
Other Administrative Action P00008 · The purpose of this modification is to correct funding inconsistencies related unit of measure issues in AMS. $10,308,012
Other Administrative Action P00007 -$10,308,012
Supplemental Agreement for work within scope P00006 · The purpose of this modification is to add funds for option period 2 of the contract for mailing the internal revenue service (IRS) mandated tax equity and… $24,252
Exercise an Option P00005 · The purpose of this modification is to exercise and fully fund option period 2 from april 1, 2025 to march 31, 2026 in the amount of $10,283,760. $10,283,760
Exercise an Option P00004 · The purpose of this modification is to fully fund and exercise option period one. $10,131,780
Other Administrative Action P00003 · The purpose of this modification is to funding and to add the IPP clause to the contract. $27,393
Other Administrative Action P00002 · Add mandatory clause to primary paying agent requirement. $0
Funding Only Action P00001 · The purpose of this modification was to add funds to the base period. $20,494
Original award $9,982,080
Show all 14

About this award

Written by GovTribe AI ·

The Pension Benefit Guaranty Corporation awarded a definitive contract to State Street Corporation for primary paying agent services on April 1, 2023, with a ceiling value of $106.9 million and ultimate completion date of March 31, 2033. No set-aside was used.

State Street Corporation will disburse approximately 860,000 monthly benefit payments totaling $5.8 billion annually to retirees in over 5,000 private sector defined benefit pension plans. The contractor performs gross-to-net payment calculations, tax withholding and reporting, payment exception processing, and supports PBGC's financial management and retiree self-service systems. The contract is priced on a firm fixed price basis. Place of performance is Boston, MA. The period of performance includes a one-year base period and five one-year options. The solicitation was posted June 24, 2022, with proposals due July 10, 2022, and was pursued via full and open competition under NAICS code 541519 (Other Computer Related Services).

Quick answers

Who was awarded contract 16PBGC23C0008?

16PBGC23C0008 was awarded to State Street Corporation by Pension Benefit Guaranty Corporation on April 1, 2023.

How much is contract 16PBGC23C0008 worth?

The government has obligated $40,915,245 on 16PBGC23C0008. Its potential value, with all options, is $106,914,995.

Was contract 16PBGC23C0008 competed?

The extent of competition for 16PBGC23C0008 was full and open competition. The government received 1 offer.

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