Federal sub-agency · Pension Benefit Guaranty Corporation

Pension Benefit Guaranty Corporation

Pension Benefit Guaranty Corporation obligated $236.5M on federal contracts in FY2026 across 804 contract actions (−19% vs FY2025). Its largest recipient was SERCO INC ($40.7M). It also awarded $4B in federal grants and other assistance in FY2026.

Obligations · FY2026
$236.5M
Actions
804
New awards: 40
Sole-source
15%
Small business
9.3%
Open in the contracts explorerRelationship graphFederal contracts

Spending by fiscal year

Obligations per federal fiscal year (October–September).

  1. 305.1MFY2017
  2. 310MFY2018
  3. 337.8MFY2019
  4. 359.2MFY2020
  5. 375.8MFY2021
  6. 394.4MFY2022
  7. 344.2MFY2023
  8. 309.3MFY2024
  9. 291.6MFY2025
  10. 236.5MFY2026
  11. 0FY2027

Top recipients

Obligations in FY2026.

  1. SERCO INC$40.7M17%
  2. SALIENT CRGT, INC.$18.7M7.9%
  3. DELOITTE & TOUCHE LLP$14.8M6.3%
  4. STATE STREET CORPORATION$14.4M6.1%
  5. PACIFIC INVESTMENT MANAGEMENT COMPANY LLC$13.5M5.7%
  6. DELOITTE CONSULTING LLP$13.5M5.7%
  7. ARROWSTREET CAPITAL LP$12.3M5.2%
  8. PGIM, INC.$10.6M4.5%
  9. WELLINGTON MANAGEMENT COMPANY LLP$9.8M4.2%
  10. NISA INVESTMENT ADVISORS LLC$6.9M2.9%

What was bought · Where the work was performed

Obligations in FY2026.

What was bought

  1. Professional services$212.8M90%
  2. IT & telecom$19.5M8.2%
  3. Transportation & logistics$2M0.8%
  4. Equipment maintenance$1.9M0.8%
  5. Construction & real property$206.7K0.1%
  6. Other equipment & supplies$110.2K0.0%

Where the work was performed

  1. District of Columbia$92.9M39%
  2. Virginia$60.9M26%
  3. Massachusetts$32.8M14%
  4. California$19.7M8.3%
  5. Missouri$6.9M2.9%
  6. New Jersey$6M2.5%
  7. Washington$4.3M1.8%
  8. Maryland$3.7M1.6%
  9. Abroad$2.7M1.1%
  10. Connecticut$2.3M1.0%

Integrity signals

Shares of the year's obligations, next to the country's.

  • Low competition49%
    US 39% · $115.9M
  • Sole-source awards15%
    US 30% · $36.3M
  • Single-offer competitions34%
    US 8.7% · $79.5M
  • Urgency justifications0.0%
    US 5.1% · $0
  • Year-end rush14%
    US 6.1% · $32.4M
  • Undefinitized contracts0.0%
    US 5.0% · $0
  • Time-and-materials pricing12%
    US 4.2% · $28.9M

A signal is a reason to look closer, not evidence of wrongdoing: most sole-source awards are lawful and justified.

Offices with the most sole-source money

  1. PENSION BENEFIT GUARANTY CORP$36.3M15%

Largest awards

  1. THIS TO IS TO IMPROVE CUSTOMER SERVICE SCORES REPORTED BY A 3RD-PARTY VENDOR WHO COMPLETES A QUARTERLY PARTICIPANT CALLER SURVEY. PSD SEEKS TO IMPROVE CX BY REDUCING THE NUMBER OF CONTACTS & PAPER FORMS CUSTOMERS COMPLETE TO FULFILL REQUESTS.$136.5M
    SERCO INC· Fairfax County, VA· Professional services· Jun 14, 2024 – Sep 22, 2026· 16PBGC24F0050
  2. PORTFOLIO MANAGEMENT SERVICES$117.6M
    PGIM, INC.· Essex County, NJ· Professional services· Oct 20, 2016 – May 19, 2026· PBGC01CT160015
  3. PORTFOLIO MANAGEMENT SERVICES$112.4M
    PACIFIC INVESTMENT MANAGEMENT COMPANY LLC· Orange County, CA· Professional services· Oct 20, 2016 – May 13, 2026· PBGC01CT160020
  4. PORTFOLIO MANAGEMENT SERVICES$89.2M
    WELLINGTON MANAGEMENT COMPANY LLP· Suffolk County, MA· Professional services· Oct 20, 2016 – Jul 13, 2026· PBGC01CT160019
  5. LDI FIXED INCOME INVESTMENT MANAGEMENT SERVICES$83.9M
    NISA INVESTMENT ADVISORS LLC· St. Louis County, MO· Professional services· Dec 19, 2017 – Jul 21, 2026· 16PBGC18C0006
  6. INVESTMENT MANAGEMENT SERVICES$65.1M
    ARROWSTREET CAPITAL LP· Suffolk County, MA· Professional services· Mar 30, 2017 – Aug 18, 2026· PBGC01CT170029
  7. PORTFOLIO MANAGEMENT SERVICES$44.3M
    TCW ASSET MANAGEMENT COMPANY LLC· Los Angeles County, CA· Professional services· Oct 20, 2016 – Sep 29, 2026· PBGC01CT160022
  8. PRIMARY PAYING AGENT SERVICES$40.9M
    STATE STREET CORPORATION· Suffolk County, MA· Professional services· Mar 30, 2023 – Sep 8, 2026· 16PBGC23C0008

Federal grants & assistance awarded

Grants, loans (counted at their subsidy cost), direct payments and insurance, by fiscal year of the action (USAspending.gov, FABS). Reported apart from contracts and never added to them.

Pension Benefit Guaranty Corporation obligated $4B in federal assistance in FY2026, on 389 actions (389 new awards), −35% vs FY2025. Its largest program was 86.001 · Pension Plan Termination Insurance ($4B).

Assistance · FY2026
$4B
Loan face value
$163.7M
lent or guaranteed
Actions
389
Since FY2021
$78.1B

Assistance by fiscal year

  1. 0FY2021
  2. 7.6BFY2022
  3. 45.9BFY2023
  4. 14.5BFY2024
  5. 6.2BFY2025
  6. 4BFY2026

By type

  1. Direct payments$4B100%
  2. Loans$00.0%
    $163.7M lent or guaranteed

Top programs

  1. 86.001 · Pension Plan Termination Insurance$4B100%

Top recipients (organizations)

  1. UFCW - NORTHERN CALIFORNIA EMPLOYERS JOINT PENSION PLAN$2.6B65%
    CONCORD, CA
  2. LOCAL 153 PENSION PLAN$229.7M5.8%
    NEW YORK, NY
  3. BAKERY DRIVERS LOCAL 550 & INDUSTRY PENSION$144.5M3.6%
    FLORAL PARK, NY
  4. TEAMSTERS LOCAL 210 AFFILIATED PENSION PLAN$143.9M3.6%
    NEW YORK, NY
  5. WAREHOUSE EMPLOYEES UNION LOCAL NO. 730 PENSION TRUST FUND$127.3M3.2%
    SPARKS GLENCOE, MD
  6. ALASKA UNITED FOOD AND COMMERCIAL WORKERS PENSION FUND$109.1M2.7%
    TUALATIN, OR
  7. LOCAL 734 PENSION FUND$89.5M2.2%
    ISELIN, NJ
  8. RETAIL FOOD EMPLOYERS AND UFCW LOCAL 711 PENSION PLAN$77.6M1.9%
    SALT LAKE CITY, UT

Where it went

  1. California$2.6B66%
  2. New York$538.6M14%
  3. New Jersey$167.2M4.2%
  4. Maryland$159.5M4.0%
  5. Ohio$120.9M3.0%
  6. Oregon$116.3M2.9%
  7. Utah$77.6M1.9%
  8. Illinois$57.9M1.5%
  9. Kentucky$40.1M1.0%
  10. Pennsylvania$19.2M0.5%

By state of the place of performance.

Source: Federal financial assistance transactions (Financial Assistance Broker Submission) (U.S. Department of the Treasury, USAspending.gov), data current to Oct 10, 2026, loaded Oct 10, 2026 · FY2021–FY2026.

Federal grants & assistance

Subawards under this agency's awards

First-tier subawards that recipients of this agency's contracts and financial assistance reported, by the fiscal year of the subaward.

FY2026

  • Sub-contracts: $941.8K (3 subawards)

3 sub-recipients

Largest sub-recipients

  1. CODAPT, LLC$414.9K44%
    WASHINGTON, DC · 1 subaward
  2. DEFINITIVECLOUD INC.$276.2K29%
    HERNDON, VA · 1 subaward
  3. DOCUMENT SYSTEMS, INCORPORATED$250.7K27%
    WASHINGTON, DC · 1 subaward

Primes report first-tier subawards of $30,000 or more themselves, and many go unreported (GAO-24-106214). Reporting moved from FSRS to SAM.gov in March 2025 and fewer sub-contracts have been reported since. Amounts are what primes reported; they are never added to prime award totals.

Source: Subawards (first-tier sub-contracts and sub-grants reported under FFATA) (U.S. Department of the Treasury, USAspending.gov (reports filed in SAM.gov, formerly FSRS)), data current to Oct 10, 2026, loaded Oct 10, 2026 · Subawards loaded from FY2021.

Who lobbies this agency

Organizations whose quarterly lobbying reports list this agency as contacted, ranked by the reports' spending. A report's amount covers all its issues and every agency it lists; reports do not split it.

Lobbying in 2026
$46M
Clients
14
Reports
29

The whole amount of every report that lists this agency.

Organizations lobbying it, 2026

  1. Chamber of Commerce of the U.S.A.$36.7M
    Not matched to a contract recipient · Retirement, Health issues, Taxation and the Internal Revenue Code
  2. GENERAL DYNAMICS CORPORATIONAI match · 100%$6.8M
    0.0% of its family's FY2026 contracts from this agency · Taxation and the Internal Revenue Code, Labor issues, antitrust and workplace, Budget and appropriations
  3. NATIONAL ELECTRICAL CONTRACTORS ASSOCIATION$1.2M
    Not matched to a contract recipient · Retirement, Health issues, Taxation and the Internal Revenue Code
  4. AMERICAN BENEFITS COUNCIL$550K
    Not matched to a contract recipient · Retirement, Health issues
  5. The ERISA Industry Committee$160K
    Not matched to a contract recipient · Retirement, Health issues, Taxation and the Internal Revenue Code
  6. Western Conference of Teamsters Pension Trust$160K
    Not matched to a contract recipient · Retirement
  7. Association of Food and Dairy Retailers, Wholesalers and Manufacturers$150K
    Not matched to a contract recipient · Retirement
  8. Signatory Wall and Ceiling Contractors Alliance$80K
    Not matched to a contract recipient · Retirement, Taxation and the Internal Revenue Code, Labor issues, antitrust and workplace
  9. Western Conference of Teamsters Pension Trust Fund$10K
    Not matched to a contract recipient · Retirement
  10. Independent Bakers Association$0
    Not matched to a contract recipient · Health issues, Energy and nuclear, Government issues
  11. National Coordinating Committee for Multiemployer Plans (NCCMP)$0
    Not matched to a contract recipient · Retirement, Health issues, Taxation and the Internal Revenue Code
  12. Nationwide Insurance$0
    Not matched to a contract recipient · Retirement, Taxation and the Internal Revenue Code, Financial institutions, investments and securities

2 more clients ($210K) are counted but not named: their names may be a person's.

Lobbying amounts are the filers' own good-faith estimates on quarterly LD-2 reports (the law asks for amounts rounded to $10,000; under $5,000 need not be itemized), latest amendment only. When an organization files its own report, it replaces what outside firms report for it that quarter. Matches are by name. Lobbying and political giving are legal and public: they show engagement with government, not influence over any award. Correlation is not influence: these organizations' lobbying and their contracts are shown side by side, and nothing here implies either affected the other.

Source: Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives), data current to Oct 10, 2026, loaded Oct 10, 2026 · 2023–2026.

Source: Committees, candidates and committee contributions to candidates (Federal Election Commission), data current to Oct 10, 2026, loaded Oct 10, 2026 · 2026, 2024, 2022.

Matches: Analisa AI name judgments (entity-match@1), updated Sep 30, 2026.

Committees that oversee and fund it

Congressional committees whose jurisdiction includes this agency, and the appropriations subcommittees that write its spending bill (Analisa's reading of the House and Senate rules; committees share jurisdiction). Leaders as currently published.

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Source: Federal contract transactions (Federal Procurement Data System) (U.S. Department of the Treasury, USAspending.gov), data current to Oct 10, 2026, loaded Oct 10, 2026.