PBGC Spends $18.9M on Benefit Administration Support Over 6 Years

Contract Overview

Contract Amount: $18,871,734 ($18.9M)

Contractor: Integrated Management Resources Group, Inc.

Awarding Agency: Pension Benefit Guaranty Corporation

Start Date: 2009-08-07

End Date: 2015-02-06

Contract Duration: 2,009 days

Daily Burn Rate: $9.4K/day

Competition Type: FULL AND OPEN COMPETITION

Number of Offers Received: 3

Pricing Type: LABOR HOURS

Sector: Other

Official Description: COO - BAPD CORAOPOLIS, PA FIELD BENEFIT ADMINISTRATION SUPPORT

Place of Performance

Location: WASHINGTON, DISTRICT OF COLUMBIA County, DISTRICT OF COLUMBIA, 20005

State: District of Columbia Government Spending

Plain-Language Summary

Pension Benefit Guaranty Corporation obligated $18.9 million to INTEGRATED MANAGEMENT RESOURCES GROUP, INC. for work described as: COO - BAPD CORAOPOLIS, PA FIELD BENEFIT ADMINISTRATION SUPPORT Key points: 1. Contract awarded to Integrated Management Resources Group, Inc. for Pharmacy Benefit Management. 2. Full and open competition was utilized, suggesting a competitive bidding process. 3. The contract duration was approximately 6 years, ending in February 2015. 4. The total award value was $18.9 million. 5. The contract falls under the Pharmacy Benefit Management and Other Third Party Administration sector.

Value Assessment

Rating: fair

The contract value of $18.9 million over six years averages to approximately $3.15 million annually. Without specific benchmarks for Pharmacy Benefit Management support services, it's difficult to definitively assess if this pricing is excellent or concerning, but it appears within a reasonable range for a long-term government contract.

Cost Per Unit: N/A

Competition Analysis

Competition Level: full-and-open

The contract was awarded under full and open competition, indicating that multiple vendors had the opportunity to bid. This method generally promotes price discovery and can lead to more competitive pricing for the government.

Taxpayer Impact: The use of full and open competition suggests that taxpayers likely benefited from a competitive pricing environment, although the specific cost savings are not quantifiable from the data provided.

Public Impact

Ensures continued administration of pension benefits for beneficiaries. Supports the Pension Benefit Guaranty Corporation's mission to protect retirement security. Provides essential third-party administration services for insurance and pension funds.

Waste & Efficiency Indicators

Waste Risk Score: 50 / 10

Warning Flags

Lack of specific performance metrics or outcomes.
Potential for vendor lock-in over a long contract duration.
Limited information on the specific services provided beyond 'benefit administration'.

Positive Signals

Long-term contract providing stable support.
Awarded through full and open competition.
Supports a critical government function of protecting retirement security.

Sector Analysis

This contract falls within the administrative support and third-party administration sector, specifically focusing on pharmacy benefit management. Spending in this area is crucial for efficient government operations and program delivery, with benchmarks varying widely based on the complexity and scope of services.

Small Business Impact

The data indicates that this contract was not awarded to a small business (ss: false, sb: false). Therefore, there is no direct analysis of small business participation or impact from this specific contract award.

Oversight & Accountability

The contract was awarded by the Pension Benefit Guaranty Corporation (PBGC), a government agency. Oversight would typically involve contract officers and CORs within the PBGC to ensure performance and adherence to terms. Further details on specific oversight mechanisms are not provided.

Related Government Programs

Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds
Pension Benefit Guaranty Corporation Contracting
Pension Benefit Guaranty Corporation Programs

Risk Flags

Contract duration is long (6 years).
No specific performance metrics provided.
Limited detail on the scope of services.
Not awarded to a small business.

Frequently Asked Questions

What is this federal contract paying for?

Pension Benefit Guaranty Corporation awarded $18.9 million to INTEGRATED MANAGEMENT RESOURCES GROUP, INC.. COO - BAPD CORAOPOLIS, PA FIELD BENEFIT ADMINISTRATION SUPPORT

Who is the contractor on this award?

The obligated recipient is INTEGRATED MANAGEMENT RESOURCES GROUP, 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 $18.9 million.

What is the period of performance?

Start: 2009-08-07. End: 2015-02-06.

What specific pharmacy benefit management services were provided under this contract, and how did they contribute to the PBGC's mission?

The contract details are limited, but 'Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds' suggests services related to managing prescription drug benefits, processing claims, and potentially negotiating drug prices on behalf of the PBGC or its beneficiaries. These services are crucial for ensuring that eligible individuals receive necessary medications while managing costs effectively, thereby supporting the PBGC's core mission of protecting retirement security.

Given the 6-year duration and $18.9M value, what were the key performance indicators (KPIs) used to assess the contractor's effectiveness?

The provided data does not specify the Key Performance Indicators (KPIs) used to assess Integrated Management Resources Group, Inc.'s effectiveness. Typically, for such contracts, KPIs might include claim processing accuracy, turnaround times for benefit inquiries, cost savings achieved through formulary management or negotiations, and beneficiary satisfaction. Without these details, a thorough assessment of effectiveness is not possible.

How did the full and open competition process ensure the best value for taxpayers in this $18.9M contract?

Full and open competition theoretically ensures best value by allowing multiple qualified vendors to bid, fostering a competitive environment that drives down prices and encourages innovation. The PBGC likely established clear evaluation criteria, weighing both price and technical approach. However, the ultimate value to taxpayers depends on the specific details of the bids received, the evaluation process, and the long-term outcomes achieved under the contract.

Industry Classification

NAICS: Finance and Insurance › Agencies, Brokerages, and Other Insurance Related Activities › Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds

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

Competition & Pricing

Extent Competed: FULL AND OPEN COMPETITION

Solicitation Procedures: NEGOTIATED PROPOSAL/QUOTE

Solicitation ID: PBGC01-RP-09-0015

Offers Received: 3

Pricing Type: LABOR HOURS (Z)

Evaluated Preference: NONE

Contractor Details

Address: 4640 FORBES BLVD STE 200, LANHAM, MD, 20706

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

Financial Breakdown

Contract Ceiling: $31,152,544

Exercised Options: $31,152,544

Current Obligation: $18,871,734

Contract Characteristics

Commercial Item: COMMERCIAL ITEM

Timeline