Serco secures $238M PBGC customer service follow-on
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By
Ross Wilkers
The Pension Benefit Guaranty Corporation first chose Serco Inc. for the program in 2019 and is looking to build upon that work.
Serco Group‘s North American subsidiary has booked a potential five-year, $238 million follow-on contract to continue its customer support and administrative services to the Pension Benefit Guaranty Corporation.
PBGC administers pensions for at least 1 million defined benefit plan holders in the U.S. The new contract has an initial base year followed by up to four option years.
“This award allows Serco to continue building on our 20-plus years of providing services in the financial well-being of millions of Americans,” Serco Inc.'s chief executive Tom Watson said in a release.
Serco Inc. first won this work with PBGC in 2019 at a $200 million ceiling. The company has since been tasked to help manage documents, build a database, administer benefits, automate data processes, provide customer support via a contact center and locate participants in pension benefit plans.
For the new contract, Serco Inc. will work with PBGC on efforts to improve customer service scores that were reported and compiled by a third-party entity who completes a quarterly participant caller survey for the agency.
PBGC especially seeks to reduce the number of contacts and paper forms customers complete to fulfill requests, according to Federal Procurement Data System records on the new contract.