The contract will provide global master custody services for the safekeeping and asset servicing of plan assets. Global custody services include settlement, safekeeping, delivery, investment…
Active Definitive Contract Awarded Last action
- Contract number
- 16PBGC25C0057
- Awardee
-
State Street Corporation UEI ESYMEX6MH9K7
- Awarding agency
-
Pension Benefit Guaranty Corporation
- Obligated
- $7,747,028
Award facts
- Opportunity
-
- PBGC Custodian Banking Services Solicitation · 16PBGC25R0050 · Posted Jan 14, 2025
- Contract value 23% obligated
-
- $7,747,027.62 Current, with exercised options
- $33,919,138.10 Potential, with all options
- Completion date 16% complete
-
- Current, with exercised options
- Potential, with all options
- Contracting staff
- NAICS code
- 523991 Trust, Fiduciary, and Custody Activities
- PSC
- R703 Support- Management: Accounting
- Set-aside
- No set-aside
- Competition
- Full and Open Competition · 1 offer Negotiated Proposal / Quote
- Pricing
- Firm Fixed Price
- Place of performance
- Washington, DC 20024, USA
Award details come from SAM.gov/FPDS.
Transactions
| Action | Obligated | Date |
|---|---|---|
| Funding Only Action | $885,000 | |
| Supplemental Agreement for work within scope | $0 | |
| Other Administrative Action | $0 | |
| Other Administrative Action | $0 | |
| Exercise an Option | $3,114,014 | |
| Supplemental Agreement for work within scope | $0 | |
| Funding Only Action | $634,000 | |
| Other Administrative Action | $0 | |
| Other Administrative Action | $0 | |
| Supplemental Agreement for work within scope | $0 | |
| Original award | $3,114,014 |
Show all 11
About this award
The Pension Benefit Guaranty Corporation awarded a definitive contract to State Street Corporation for global master custody services on March 31, 2025, with a ceiling value of $33.9 million. The contract provides safekeeping, settlement, investment accounting, income collection, securities valuation, and asset servicing for PBGC's Trust Fund and Revolving Fund, which together represent approximately $120.9 billion in assets.
No set-aside was used. Performance occurs at PBGC's office in Washington, DC, with the contractor required to provide an on-site consultant within the Corporate Investments Department. The originating solicitation was posted January 14, 2025, and required bidders to demonstrate management of at least $4 trillion in master trust assets, service to five clients with over $40 billion in assets each, and a minimum of 10 years of custodial service experience. The contract is structured as a hybrid Fixed Rate/Variable Quantity and Firm-Fixed-Price arrangement with a 12-month base period and nine one-year options, spanning 10 years through March 30, 2035. Pricing covers custodial account fees, transaction fees, securities lending, and specialized reporting across 46 countries, with custodian banking fees fluctuating monthly due to changes in market value and transaction volume. The award reflects unrestricted full and open competition under NAICS code 523991.
Description
The contract will provide global master custody services for the safekeeping and asset servicing of plan assets. Global custody services include settlement, safekeeping, delivery, investment accounting, income collection, securities valuation, invest
Quick answers
Who was awarded contract 16PBGC25C0057?
16PBGC25C0057 was awarded to State Street Corporation by Pension Benefit Guaranty Corporation on March 31, 2025.
How much is contract 16PBGC25C0057 worth?
The government has obligated $7,747,028 on 16PBGC25C0057. Its potential value, with all options, is $33,919,138.
Was contract 16PBGC25C0057 competed?
The extent of competition for 16PBGC25C0057 was full and open competition. The government received 1 offer.
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