PBGC - Office of Inspector General

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PBGC Needs to Strengthen Acquisition Planning for Actuarial Support Services (EVAL-2021-09), issued June 4, 2021

PBGC’s acquisition planning for actuarial support services did not meet its needs timely and effectively. Delays in acquisition planning led PBGC to extend the previous contracts and award follow-on contracts on a sole-source basis. Furthermore, PBGC awarded a contract to assist PBGC with planning for these contracts that had duplicative requirements of an existing contract. As a result, we identified $447,780 in funds that could have been put to better use from the duplicative procurement support contract. Furthermore, the initial task orders had poorly defined requirements and different amounts of work for the same price. In addition, the new actuarial support services multiple award Indefinite Delivery, Indefinite Quantity contracts each contained different timeliness measures and did not have performance measures for the accuracy of contractors’ calculations of benefits and related liabilities; this may lead to additional costs from contractors’ time spent correcting errors under labor-hour and time-and-materials task orders.

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Pension Benefits Guarantee Corporation
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