Actuarial Support Services - Next Generation Contract Award Notice - 16PBGC-22-C-0003

Notice Type: Award

Subject: Award of Actuarial Support Services Contract – Next Generation in response to Solicitation 16PBGC-21-R-0012

Contracting Office Address: Pension Benefit Guaranty Corporation (PBGC), Procurement Department, 1225 I Street NW, Suite 3333, Washington DC, 20005

Contracting Officer:

Primary: Fiorela Kvalevog  

Contracting Officer, Procurement Department

Email: kvalevog.fiorela@pbgc.gov

Secondary: Rudy Baldus

Contracting Officer, Procurement Department

Email: baldus.carl@pbgc.gov

Contract Number: 16BGC-22-C-0003

Contract Award Date: 1/31/2022

Contractor: Bolton Partners D.C., Inc.

Award Price: $41,813,086.00.

Place of Contract Performance: Contractor’s Site

NAICS Code: 541612: “Human Resource Consulting Services”

Product/Service Code: R499 – “Support Professional"

Description:

The Pension Benefit Guaranty Corporation (PBGC) is a Government-owned Corporation, established under Title IV of the Employee Retirement Income Security Act (ERISA) of 1974, as amended. The mission of the PBGC is to operate as a service-oriented, professionally managed agency that protects participants' benefits and supports a healthy retirement plan/system by: i) encouraging the continuation and maintenance of private pension plans, ii) protecting pension benefits in ongoing plans, iii) providing timely payments of benefits in terminated pension plans, and iv) making the maximum use of resources and maintaining premiums and operating costs at the lowest level consistent with statutory responsibilities. The termination insurance program currently covers more than 29,000 defined benefit pension plans. Additional background information is available at http://www.pbgc.gov/about/about.html. The Office of Benefits Administration (OBA) within PBGC manages the termination process of defined benefit plans, provides participant services (including calculation and payment of benefits) for PBGC trusteed plans, provides actuarial support for PBGC, and carries out PBGC's responsibilities under settlement agreements

The Actuarial Services Division (ASD) resides under the OBA's Actuarial Services and Technology Department (ASTD). ASD's mission is to provide actuarial expertise and support in the development, operation, and evaluation of PBGC insurance programs, and to calculate and value termination benefits under Title IV of ERISA. The completion of calculations and determination of the present value of future liabilities is an iterative process and depends on the type and quality of information available to PBGC at the time of trusteeship.

The purpose of this contract is to provide highly qualified and specialized professional actuarial support services. These specialized professional actuarial support services are intended to support the PBGC's OBA and its departments/divisions with the accurate and timely calculation of benefits for participants in various PBGC trusteed plans. The support is primarily provided to the OBA's ASTD and its two (2) divisions, the Actuarial Services Division (ASD) and the Technology Risk Management Division (TRMD) and the two (2) branches that fall under these divisions: the Actuarial Case Processing Division (ACPD) and the Actuarial Integrated Present Value of Future Benefits Division (APVFB). Additionally, this support is provided to OBA's Plan Asset and Data Management Department (PADMD) and its one (1) division, Data Management Division (DMD), on Participant Data Review (PDRs). The Contractor is expected to provide actuarial expertise to ensure timely and accurate completion of tasks associated with the valuation of termination benefits under Title IV of ERISA of 1974. The required services shall be provided in accordance with: Title IV of ERISA; applicable PBGC regulations, standards, settlements, policies, and procedures; and applicable OBA, PADMD, and ASTD operations and technical manuals.

The subject contract was awarded competitively with hybrid contract types that included Firm Fixed Price (FFP) and Time and Materials (T&M) elements. Since it is not possible to estimate with any precision the timeliness, quantity, and complexity of pension plans trusteed by PBGC, several tasks were included under Contract Line Item Numbers (CLINs) with a T&M contract type. 

The performance period is a base period of twelve (12) months and nine (9) twelve (12) month option periods.