Serco Group PLC Serco signs new $200m contract to support US PBGC (2833S)
08 March 2019 - 6:01PM
UK Regulatory
TIDMSRP
RNS Number : 2833S
Serco Group PLC
08 March 2019
Serco signs new $200m contract to support US Pension Benefit
Guaranty Corporation
8 March 2019
Serco Group plc
LEI: 549300PT2CIHYN5GWJ21
Serco Group plc ('Serco' or 'the Group'), the international
service company, has signed a new contract to provide field office
support services to the US Pension Benefit Guaranty Corporation
(PBGC). The single award, indefinite delivery indefinite quantity
(IDIQ) contract has a one-year base period and four option years
with a total potential value of $200m if all option years are
exercised. The first task order has already been issued with a
five-year value of up to $112m.
Under the contract, Serco will support PBGC Field Offices to
manage documents and records, build databases, administer benefits,
analyse data, automate data processes and provide customer support,
such as operating PBGC's contact centre and locating participants
in pension plans. Serco's bid has drawn upon our range of Citizen
Services capabilities including processing, contact and case
management solutions, and the strong references of our support to
the Federal Retirement Thrift Investment Board (FRTIB) and Centers
for Medicare and Medicaid Services (CMS) contracts.
PBGC is a federal agency that protects the retirement incomes of
nearly 37 million US workers in private sector defined benefit
pension plans and is currently responsible for the benefits of
about 1.5 million people in failed pension plans. PBGC receives no
support from the US taxpayer. Its operations are financed by
insurance premiums, investment income and assets and recoveries
from failed employer plans.
Commenting on the contract award, Rupert Soames, Serco Group
Chief Executive, said: "We are delighted to have been selected for
this new contract by the US Pension Benefit Guaranty Corporation.
The award strengthens Serco's Citizen Services capabilities in the
US and internationally and, in particular, builds on our experience
and past performance supporting the FRTIB and CMS contracts."
Ends
For further information please contact Serco:
Stuart Ford, Head of Investor Relations T +44 (0) 7738 894
788
Marcus De Ville, Head of Media Relations T +44 (0) 7738 898
550
About Serco
Serco is a leading provider of public services. Our customers
are governments or others operating in the public sector. We gain
scale, expertise and diversification by operating internationally
across five sectors and four geographies: Defence, Justice &
Immigration, Transport, Health and Citizen Services, delivered in
UK & Europe, North America, Asia Pacific and the Middle
East.
More information can be found at www.serco.com
Forward looking statements
This announcement contains statements which are, or may be
deemed to be, "forward looking statements" which are prospective in
nature. All statements other than statements of historical fact are
forward looking statements. Generally, words such as "expect",
"anticipate", "may", "should", "will", "aspire", "aim", "plan",
"target", "goal", "ambition" and similar expressions identify
forward looking statements. By their nature, these forward looking
statements are subject to a number of known and unknown risks,
uncertainties and contingencies, and actual results and events
could differ materially from those currently being anticipated as
reflected in such statements. Factors which may cause future
outcomes to differ from those foreseen or implied in forward
looking statements include, but are not limited to: general
economic conditions and business conditions in Serco's markets;
contracts awarded to Serco; customers' acceptance of Serco's
products and services; operational problems; the actions of
competitors, trading partners, creditors, rating agencies and
others; the success or otherwise of partnering; changes in laws and
governmental regulations; regulatory or legal actions, including
the types of enforcement action pursued and the nature of remedies
sought or imposed; the receipt of relevant third party and/or
regulatory approvals; exchange rate fluctuations; the development
and use of new technology; changes in public expectations and other
changes to business conditions; wars and acts of terrorism; and
cyber-attacks. Many of these factors are beyond Serco's control or
influence. These forward looking statements speak only as of the
date of this announcement and have not been audited or otherwise
independently verified. Past performance should not be taken as an
indication or guarantee of future results and no representation or
warranty, express or implied, is made regarding future performance.
Except as required by any applicable law or regulation, Serco
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward looking statements
contained in this announcement to reflect any change in Serco's
expectations or any change in events, conditions or circumstances
on which any such statement is based after the date of this
announcement, or to keep current any other information contained in
this announcement. Accordingly, undue reliance should not be placed
on the forward looking statements.
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END
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