Serco Secures $238M Contract to Administer Pensions for PBGC

The U.S. Pension Benefit Guaranty Corp. has awarded Serco a recompete contract potentially worth $238 million to continue providing customer support services.

The contract entails managing daily benefits administration and support for over one million individuals enrolled in PBGC-backed pension plans, Serco said.

According to Serco, the contract, which has a one-year base period and four option years, will ensure financial security for participants whose plans were disrupted.

Tom Watson, CEO of Serco North America, said the award builds on over 20 years of providing financial well-being services to millions of Americans.

Watson, a 4×24 member, also emphasized Serco’s commitment to excellence and customer needs, noting the company’s role as a lifeline for individuals requiring assistance with claims and complex issues.

The award follows a potential $525 million recompete contract Serco secured from the Federal Emergency Management Agency in February. Under the five-year contract, the company will continue its public assistance support to the agency during disasters and emergencies.