PBGC Recompete Awarded to Blackrock for $1.54M in Other Accounting Services
Contract Overview
Contract Amount: $1,545,000 ($1.5M)
Contractor: Blackrock Institutional Trust Company National Association
Awarding Agency: Pension Benefit Guaranty Corporation
Start Date: 2025-05-15
End Date: 2026-06-30
Contract Duration: 411 days
Daily Burn Rate: $3.8K/day
Competition Type: FULL AND OPEN COMPETITION
Number of Offers Received: 3
Pricing Type: FIRM FIXED PRICE
Sector: Other
Official Description: RECOMPETE OF PBGC01CT160005
Place of Performance
Location: SAN FRANCISCO, SAN FRANCISCO County, CALIFORNIA, 94105
Plain-Language Summary
Pension Benefit Guaranty Corporation obligated $1.5 million to BLACKROCK INSTITUTIONAL TRUST COMPANY NATIONAL ASSOCIATION for work described as: RECOMPETE OF PBGC01CT160005 Key points: 1. The contract is a recompete, suggesting a stable need for these services. 2. Blackrock Institutional Trust Company National Association is the incumbent contractor. 3. The contract value is $1.54 million over approximately 1.3 years. 4. The NAICS code 541219 indicates 'Other Accounting Services'.
Value Assessment
Rating: good
The contract value of $1.54 million for a 411-day period appears reasonable for specialized accounting services. Benchmarking against similar contracts for trust company services would provide a more precise assessment.
Cost Per Unit: N/A
Competition Analysis
Competition Level: full-and-open
The contract was awarded under full and open competition, indicating a competitive bidding process. This method generally promotes price discovery and ensures fair market value.
Taxpayer Impact: The competitive award process suggests taxpayers are likely receiving a fair price for the accounting services provided to the PBGC.
Public Impact
Ensures continued financial management and accounting support for the Pension Benefit Guaranty Corporation. Supports the agency's mission of protecting pensions for millions of Americans. The award to a large financial institution like Blackrock highlights the specialized nature of the services required.
Waste & Efficiency Indicators
Waste Risk Score: 50 / 10
Warning Flags
- Potential for vendor lock-in if services are highly specialized.
- Reliance on a single vendor for critical accounting functions.
Positive Signals
- Competitive award process.
- Incumbent contractor likely has institutional knowledge.
- Firm fixed price contract provides cost certainty.
Sector Analysis
This contract falls under 'Other Accounting Services,' a broad category. Spending in this sector is generally stable, driven by regulatory compliance and financial management needs across government agencies. Benchmarks vary widely based on the specific services.
Small Business Impact
The data does not indicate any specific set-aside for small businesses, and the award to Blackrock, a large financial institution, suggests this contract was not targeted towards small business participation.
Oversight & Accountability
The contract was awarded under full and open competition, implying a degree of oversight in the procurement process. Further oversight would involve monitoring performance and adherence to contract terms.
Related Government Programs
- Other Accounting Services
- Pension Benefit Guaranty Corporation Contracting
- Pension Benefit Guaranty Corporation Programs
Risk Flags
- Incumbent contractor awarded recompete.
- Potential for vendor lock-in.
- No small business participation indicated.
- Reliance on a single vendor for critical services.
Tags
other-accounting-services, pension-benefit-guaranty-corporation, ca, definitive-contract, 1m-plus
Frequently Asked Questions
What is this federal contract paying for?
Pension Benefit Guaranty Corporation awarded $1.5 million to BLACKROCK INSTITUTIONAL TRUST COMPANY NATIONAL ASSOCIATION. RECOMPETE OF PBGC01CT160005
Who is the contractor on this award?
The obligated recipient is BLACKROCK INSTITUTIONAL TRUST COMPANY NATIONAL ASSOCIATION.
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 $1.5 million.
What is the period of performance?
Start: 2025-05-15. End: 2026-06-30.
What specific accounting services are being provided under this contract?
The contract is for 'Other Accounting Services' (NAICS 541219) for the Pension Benefit Guaranty Corporation. While the specific details are not provided, this category typically includes services such as general ledger accounting, accounts payable/receivable management, financial statement preparation, and compliance reporting, often tailored to the unique needs of a government agency like the PBGC.
What are the potential risks associated with relying on Blackrock for these services?
Potential risks include over-reliance on a single vendor, which could lead to reduced negotiating power in future re-competes. If Blackrock's internal processes or personnel change significantly, it could impact service delivery continuity. Additionally, any data security breaches or compliance failures by the vendor would directly impact the PBGC.
How does the firm fixed price contract benefit the PBGC?
A firm fixed price (FFP) contract provides the PBGC with cost certainty, as the price is set and generally not subject to adjustment based on the contractor's cost experience. This shifts the risk of cost overruns to Blackrock, incentivizing them to manage their expenses efficiently to maintain profitability.
Industry Classification
NAICS: Professional, Scientific, and Technical Services › Accounting, Tax Preparation, Bookkeeping, and Payroll Services › Other Accounting Services
Product/Service Code: SUPPORT SVCS (PROF, ADMIN, MGMT) › MANAGEMENT SUPPORT SERVICES
Competition & Pricing
Extent Competed: FULL AND OPEN COMPETITION
Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE
Solicitation ID: 16PBGC24R0008
Offers Received: 3
Pricing Type: FIRM FIXED PRICE (J)
Evaluated Preference: NONE
Contractor Details
Address: 400 HOWARD STREET, SAN FRANCISCO, CA, 94105
Business Categories: Category Business, Corporate Entity Not Tax Exempt, Not Designated a Small Business, Special Designations, U.S.-Owned Business
Financial Breakdown
Contract Ceiling: $1,545,000
Exercised Options: $1,545,000
Current Obligation: $1,545,000
Actual Outlays: $283,105
Contract Characteristics
Commercial Item: COMMERCIAL PRODUCTS/SERVICES
Cost or Pricing Data: NO
Timeline
Start Date: 2025-05-15
Current End Date: 2026-06-30
Potential End Date: 2035-06-30 00:00:00
Last Modified: 2026-04-13
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