Statement of Work.pdf

Statement of Work

I. Introduction The Pension Benefit Guaranty Corporation (PBGC) protects the retirement income of 44.4 million American workers in 31,200 Defined Benefit Pension plans. A Defined benefit plan provides a specified monthly benefit at retirement, often based on a combination of salary and years of service. PBGC was created by the Employee Retirement Income Security Act (ERISA) of 1974 to encourage the continuation and maintenance of ongoing defined benefit pension plans, provide timely and uninterrupted payment of pension benefits for terminated plans, and keep pension insurance premiums at a minimum. PBGC is not funded by general tax revenues but collects insurance premiums from employees that sponsor insured pension plans, earns money from investments, and receives funds from pension plans it takes over.

In January 2018, the Expanded Missing Participants Programs became effective and opened the Program to a much larger pool of plans that include Defined Contribution Plans, Small Professional Services DB Plans (not insured by PBGC) and PBGC insured DB plans closing out in a standard termination.

Volume under the new expanded program is expected to increase significantly as the program is expanded with Defined Contribution plan and DB plans not insured by PBGC.

II. Scope of Work Provide Lockbox services to PBGC for the Missing Participants Program. The services must be mutually agreed upon in accordance with the contract.

These services should include, but not limited to the following information and documentation:

General

• Standard Terminated Plans Administrators send the funds to the Missing Participants Lockbox. The Funds are deposited to the Missing Participants Account and the copies of the checks with supporting form “Payment Voucher” are sent to the designated accountant/COR within Financial Operations Department/Controller Operations Division/Investment Accounting Branch daily for review and reconciliation (electronically).

• Each Friday, the Bank will “Sweep” the account and wire transfer the funds that have “Cleared” to State Street Bank (SSB) for deposits in PBGC’s holding account (Fund 3801) for commingled assets.

• The wire transfer will indicate that the funds are for the Missing Participants Program, case number 99999600. State Street will send confirmation of the wire received to PBGC on a weekly basis.

III. Services Requirement The contractor shall scan and upload all copies of checks, payment vouchers and other supplemental documents received to U.S. Bank’s secured service (Singlepoint/Image Viewer) daily. The contractor shall also make readily available all ACH and wire payments received via secured account access. The contractor will use commercially reasonable efforts to respond to requests within three business days of the request for such requests that reasonably can be responded to within such time frame or as otherwise agreed by PBGC and contractor.

IV. Equipment & Facilities Other than directed by the PBGC and in accordance with the Statement of Work’s Description of work, the contractor will use their equipment and facilities to perform the services under the contract.

V. Place of Performance Place of performance work is to be performed at the contractor’s site:

TBD-Will update once contract is awarded

Travel is not expected.

VI. Protections of Privacy Standards All data transmitted electronically between the contractor and PBGC must be password protected, encrypted, or zipped to meet the Protection of Privacy Standards OMB-M-06-16.

VII. Reporting The contractor shall submit a monthly invoice describing all activities, which include but are not limited to:

• Monthly Bank Statement for all Missing Participants Lockbox deposits and wires.

• Monthly Account Analysis of the Missing Participants account.

• Monthly invoice for the lockbox services is received by the 15th of each month.

VIII. Period of Performance Ongoing.