05_ SOLE SOURCE JUSTIFICATION.pdf
PDF 490 KB Posted
- Solicitation number
- 16PBGC22Q0002
- Issued by
-
Pension Benefit Guaranty Corporation
About this file
This document contains a sole source justification for a federal contract with the Pension Benefit Guaranty Corporation. The contractor, BCG Penbridge, will provide the results of a monthly survey of insurance companies in the group annuity business. This will include information on interest rates used to determine group annuity premiums. BCG Penbridge will also make experts available to answer questions about the group annuity industry and market. The five year contract will help PBGC refine its methodology for discounting financial statement liabilities and distress termination liabilities. BCG Penbridge was chosen for its expertise in group annuities and experience conducting the requested survey.
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| File | Type | Posted |
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| 06_Solicitation - 16PBGC22Q0002.pdf |
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Page 1 Revised: 03/26/2018 - Older versions are obsolete and should not be used.
1. AGENCY AND CONTRACTING ACTIVITY
2. NATURE AND/OR DESCRIPTION OF THE ACTION BEING APPROVED
3. DESCRIPTION OF THE SUPPLIES OR SERVICES REQUIRED TO MEET THE AGENCY’S NEED
5. DEMONSTRATION THAT THE CONTRACTOR’S UNIQUE QUALIFICATIONS OR THE NATURE OF THE
ACQUISITION REQUIRES THE USE OF THE AUTHORITY CITED
SOLE SOURCE JUSTIFICATION
(FOR SAP PROCUREMENTS)
Contracting Organization: Pension Benefit Guaranty Corporation (PBGC) / Procurement Department (PD)
Requisition Number:
Procurement Action Type: New Contract Contract Number:
Contractor Name or Brand Name Product: BCG Penbridge
Supplies or services to be procured:
Results of monthly survey of insurance companies in the group annuity business. The survey provides information on group annuity pricing, in particular the interest rates used to determine group annuity premiums. PBGC uses this information to determine pension benefit liabilities for distress plan terminations and PBGC's financial statements.
PBGC does its own survey each quarter but needs confirmation of the survey results because of the low number or responses. In addition PBGC is seeking expertise and experience in the group annuity market to clarify issues that may not be addressed appropriately in PBGC's survey methodology. In the future, PBGC may consider outsourcing its survey of the group annuity market.
Supplies: Quantity and estimated value of each item to be procured: OR Services: Period of performance and estimated value of each service to be procured:
5 years with a base period and four option periods
Total Estimated Value:
BCG Penbridge is a group annuity broker which added the group annuity survey business when BCG bought Penbridge in 2018. Other group annuity brokers also survey insurance companies and publish interest rate information in monthly newsletters that are available without charge. However, these surveys are informal without attention to consistency of approach and robust methodology. The rates published may be from only one insurer or an average from a few insurers and judgment may be applied to adjust the interest rates provided in response to the survey. These companies do not actively recruit new participants in their survey. They don't have technical experts
4. AUTHORITY PERMITTING SOLE SOURCE PROCUREMENT
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