Consolidated Solicitation_Amendment 1.pdf

Commercial Solicita on FAR Part 13 in Conjunc on with FAR Part 12 Solicita on #: 16PBGC24Q0050 Amendment 1

Contents

Sec on 1: Summary & Schedule of Services

Sec on 2: Statement of Work

1. BACKGROUND

2. SCOPE

3. SPECIFIC TASKS

4. DELIVERABLES

5. CONTRACT DETAILS

6. PERFORMANCE REQUIREMENTS SUMMARY

Sec on 3: Instruc ons to Contractors

Sec on 4: Evalua on & Basis for Award

Sec on 1: Summary & Schedule of Services

1.1 Introduc on

The Government intends to award a firm-fixed-priced purchase order in accordance with the procedures of FAR parts 12 and 13.

The Contractor shall provide the required services, as defined in Sec on 2, of this Request for Quota on (RFQ). The associated North American Industry Classifica on System (NAICS) code is 541612. The period of performance will be nine (9) months from the date of award.

1.2 Pricing Schedule

The Contractor shall complete the following pricing table.

CLIN Description Qty Unit Unit Price Total Price

Longevity Risk Study and Report

0001 Deliver a report meeting the criteria stated at section 3.1 of the PWS.

1 Job

Sec on 2: Statement of Work

PERFORMANCE WORK STATEMENT (PWS)

Longevity Risk Review Project

1. BACKGROUND

Employee Re rement Income Security Act (ERISA) of 1974 established two insurance programs to be administered by Pension Benefit Guaranty Corpora on (PBGC). The single-employer program covers private sector defined benefit plans maintained by one employer. The mul employer program covers private sector defined benefit pension plans that are collec vely bargained and cover the employees of two or more unrelated employers. PBGC’s Policy, Research, and Analysis

Department (PRAD) develops policy for its insurance programs and conducts related research and modeling.

PRAD is developing methods for understanding and measuring key risks for PBGC’s Single-Employer Insurance Program (SEIP). The purpose of the Longevity Risk Review Project is to analyze and assess PBGC's longevity risk and help us develop tools to es mate longevity risk related to the liability for benefits payable to par cipants in plans that are trusteed by PBGC.

PBGC currently assesses longevity risk by considering the rough impact of extreme scenarios such as the elimina on of cancer or heart disease as causes of death, or an addi onal 1.0% reduc on in mortality rate in every future year.

PBGC wants to consider any factors that may impact changes in future life me including the poten al impact of extreme but plausible levels of improvement in longevity.

2. SCOPE

PRAD is seeking contractor support services for developing assessment and measurement tools related to longevity risk in the SEIP for PBGC PRAD. The scope of this project includes analyzing current data, benchmarking with other mortality experience data, and using the contractor’s knowledge and experience to assess the poten al for changes in life expectancy in PBGC’s popula on and then translate that into poten al changes in the present value of future benefits (PVFB) liability.

PRAD desires to draw on resources with deep exper se, research experience and data to support a view of longevity risk for the SEIP. Changes in the longevity of PBGC's par cipant popula on could significantly change the liability for future benefits that the program is obligated to pay. The assessment of risk related to future changes in longevity is complex and requires specialized exper se and experience.

3. SPECIFIC TASKS

3.1. Wri en report. The contractor shall prepare a wri en report addressing its analysis, findings, and recommenda ons with respect to longevity-related risks to the SEIP.

3.1.1. At a minimum, the report shall:

3.1.1.1. Benchmark PBGC’s SEIP annuitant popula on mortality against standard mortality tables and the contractor’s own data;

3.1.1.2. Review PBGC’s recent SEIP mortality experience study for completeness and iden fy opportuni es to improve the analysis (e.g. using zip codes);

3.1.1.3. Assess the historical mortality improvement experience for the SEIP popula on and compare it to other popula ons;

3.1.1.4. Explain the factors and describe scenarios that may contribute to unexpected increases in future life expectancy;

3.1.1.5. Quan fy the poten al impact of different factors and scenarios on future mortality improvement rates;

3.1.1.6. Using available research and experience with similar analyses, create a distribu on of future mortality rates that captures the poten al for life expectancy to increase significantly in the future; and

3.1.1.7. Translate poten al changes in future life expectancy to changes in PBGC's future PVFB liability.

3.1.2. The contractor shall limit the total length of the report, including the cover page, table of contents, diagrams, tables, references, and any other suppor ng informa on, to not more than 50 pages unless coordinated with and approved by the Government in advance. PBGC es mates that the length of the analysis, findings, and recommenda ons will be about 25 type pages, assuming single-spaced lines and a 12-point font.

3.1.3. The contractor shall provide PBGC with a dra report and respond to the Government's ques ons, recommenda ons, and feedback to the Government’s sa sfac on, consistent with the terms of this contract. (PBGC will provide its response to the dra report within 30 calendar days of receipt.)

3.2. Op onal sub-tasks. To the extent they are meaningful for PBGC’s longevity risk exposure, the contractor should conduct addi onal analyses not addressed above.

3.2.1. These addi onal analyses may include the following:

3.2.1.1. Separately iden fy mortality uncertainty into categories such as random uncertainty, base rate uncertainty, and future trend uncertainty;

3.2.1.2. Assess and poten ally quan fy correla on between the economy and mortality in terms of impact on pension obliga ons;

3.2.1.3. Consider the poten al impact on rates of improvement and PBGC’s PVFB of different extreme scenarios (like curing cancer);

3.2.1.4. Dis nguish and assess the different impacts of extending the maximum life me and increasing life expectancy rela ve to a constant maximum life me; and/or

3.2.1.5. Assess whether mortality improvement tends to mean revert – i.e., that mortality improvement may slow down for popula ons where it has recently improved faster.

4. DELIVERABLES

The contractor shall comply with the following delivery schedule:

Deliverable Schedule

Provide a wri en status update on tasks 3.1.1.1., 3.1.1.2., and 3.1.1.3.

Within one (1) month of award and every two (2) weeks therea er un l task comple on.

Provide a verbal or wri en status update on tasks

3.1.1.4. and 3.1.1.5.

Within four (4) months of award.

Provide a verbal or wri en status update on task 3.1.1.6.

Within five (5) months of award.

Provide a verbal or wri en status update on task 3.1.1.7.

Within six (6) months of award.

Deliver a dra consolidated report addressing all required criteria.

Within seven (7) months of award. (PBGC will complete its review and provide feedback within 30 calendar days therea er.)

Deliver the final report. Within nine (9) months of award.

5. CONTRACT DETAILS

5.1. Contract Type. This is a firm-fixed-price contract.

5.2. Place of Performance. The work will be performed off-site at contractor’s offices and via online mee ngs.

5.3. Travel. Currently, PBGC does not anticipate that the contractor will be required to travel in performing under this contract; however, if such a need arises, the parties may negotiate the terms at a later date.

6. PERFORMANCE REQUIREMENTS SUMMARY

PWS

Sec on s

Task

Performa nce

Standard

Required Performance

Acceptable

Quality Level

(AQL)

Surveillance

Method Used

3.1.1.1 Benchmark PBGC’s SEIP

annuitant popula on mortality

Complete ness and meliness

In accordance with PWS Sec on

3.1.1.1 benchmark PBGC’s SEIP annuitant popula on mortality against standard mortality tables and the contractor’s own data.

Provide a summary of findings/observat ions by the end of the first month and at the close of business every other week therea er, un l complete

E-mail monitoring of receipt date.

100% PRAD’s inspec on/ acceptance of each deliverable.

3.1.1.2

Review PBGC’s recent SEIP mortality experience study and iden fy opportuni es to improve

Complete ness and meliness

In accordance with PWS Sec on

3.1.1.2, review PBGC’s recent SEIP mortality experience study for completeness and iden fy opportuni es to improve the analysis (e.g. using zip codes).

Provide a summary of findings/observat ions by the end of the first month and at the close of business every other week therea er, un l complete

E-mail monitoring of receipt date.

100% PRAD’s inspec on/ acceptance of each final deliverable.

3.1.1.3

Assess the historical mortality improvement experience of

PBGC’s SEIP

Complete ness, accuracy and meliness

In accordance with PWS Sec on

3.1.1.3, assess the historical mortality improvement experience for the SEIP popula on and compare it to other popula ons.

Provide a summary of findings/observat ions by the end of the first month and at the close of business every other week therea er, un l complete

E-mail monitoring of receipt date.

100% PRAD’s inspec on/ acceptance of each final deliverable.

3.1.1.4

Explain the factors and describe scenarios that may contribute to unexpected increases in future life expectancy.

Quality and meliness

In accordance with PWS Sec on

3.1.1.4, explain the factors and describe scenarios that may contribute to unexpected increases in future life expectancy.

PRAD’s review and signoff on all factors and scenarios iden fied.

Provide a dra or verbal explana on by end of fourth month.

PRAD review.

Monitoring of mee ng date or email receipt date.

3.1.1.5

Quan fy the poten al impact of different factors and scenarios on future mortality improvement rates.

Quality and meliness

In accordance with PWS Sec on

3.1.1.5, quan fy the poten al impact of different factors and scenarios on future mortality improvement rates.

PRAD’s review and signoff on analysis of all factors and scenarios iden fied. Dra or verbal explana on by end of fourth month.

PRAD review.

Monitoring of mee ng date or email receipt date.

3.1.1.6

Using available research and experience with similar analyses, create a distribu on of future mortality rates.

Quality and meliness

In accordance with PWS Sec on

3.1.1.6, using available research and experience with similar analyses, create a distribu on of future mortality rates that captures the poten al for life expectancy to increase significantly in the future.

PRAD’s review and signoff on distribu on of future mortality outcomes. Dra or verbal explana on by end of fi h month.

PRAD review.

Monitoring of mee ng date or email receipt date.

3.1.1.7

Translate poten al changes in future life expectancy to changes in PBGC's future SEIP

PVFB liability.

Complete ness, accuracy and meliness

In accordance with PWS Sec on

3.1.1.7. translate poten al changes in future life expectancy to changes in PBGC's future PVFB liability.

PRAD’s review and signoff on es mates of impact on liability. Dra or verbal explana on by

PRAD review.

Monitoring of mee ng date or email receipt date.

end of sixth month.

Sec on 3: Instruc ons to Contractors

3.1 Commitment of the Government

This solicitation does not commit the Government to award a purchase order.

3.2 Communica ons and Ques ons

All communica ons concerning this request for quota ons (RFQ), including any of a technical nature, shall be made by email to Frank Argenziano (argenziano.frank@pbgc.gov) and Tre Brummell (brummell.joseph@pbgc.gov). All ques ons, technical or otherwise, in response to this solicita on shall be in wri ng and received by the Government on or before August 23rd, 2024 at 12:00 PM Eastern Time. Ques ons shall iden fy the applicable sec on, page number, and paragraph. The Government will provide a list of all ques ons received with the Government responses in the form of an amendment to the RFQ. The Government may or may not consider ques ons received a er this date.

3.3 Quota on Submission Due Date and Time

Submit quota ons as four dis nct documents—a cover le er, Volume 1 – Price, Volume 2 – Experience and Past Performance, and Volume 3 – Technical Approach—in a Microso Office-compa ble format by email to Frank Argenziano (argenziano.frank@pbgc.gov) and Tre Brummell (brummell.joseph@pbgc.gov) on or before September 2nd, 2024 at 12:00 PM Eastern Time.

3.4 Quote Prepara on Instruc ons

a. All quota ons must conform to these instruc ons.

b. Quota ons shall be separated into four documents: a cover le er, Volume 1 – Price, Volume 2 – Experience and Past Performance, and Volume 3 Technical Approach.

c. Each document shall reference the solicita on number.

d. Cover Le er. The cover le er shall address, at a minimum, the following informa on:

i. Business name and address.

ii. Business size for the NAICS code applicable to this work.

iii. Unique En ty Iden fica on (UEI).

iv. Any known organiza onal conflict of interest (OCI) or appearance of OCI that would result from award of this contract to the business submi ng the quota on.

v. Any assump ons about the work that the contractor relied upon in developing its quota on.

vi. A statement specifying the extent of agreement with all terms, condi ons, and provisions included in the solicita on.

vii. Corporate point(s) of contact, including email address(es) and phone number(s).

e. Volume 1 – Price. The contractor shall complete the table in Sec on 1 of this document.

f. Volume 2 – Experience and Past Performance.

i. This volume shall address:

1. Corporate experience performing work for public or private clients the same as or similar to the work described in the PWS;

2. The experience of personnel proposed for this contract performing work for public or private clients the same as or similar to the work described in the PWS; and

3. As available, references (i.e., contract numbers) to past performance appraisals in CPARS for relevant work occurring within the last five (5) years or points of contact currently employed at public or private client organiza ons that can speak to the contractor’s performance of relevant work.

ii. This volume shall not exceed three (3) typed pages using a minimum of 10-point font. (Page count does not include the cover page. Minimum font does not pertain to tables, graphs, or illustra ons.)

g. Volume 3 – Technical Approach.

i. This volume shall address the contractor’s proposed approach to comple ng the work in accordance with the terms of the contract, to include discussion of any available specialized and/or proprietary tools or informa on the contractor intends to use.

ii. This volume shall not exceed five (5) typed pages using a minimum of 10-point font. (Page count does not include the cover page. Minimum font does not pertain to tables, graphs, or illustra ons.)

Sec on 4: Evalua on & Basis for Award

4.1 Evalua on of Quota ons

PBGC will evaluate quota ons in four phases as described below.

a. Phase 1 – Quota on Acceptability. Ensure quota ons are in accordance with the terms, condi ons, and instruc ons of this RFQ, and that the business submi ng the quota on is registered in the System for Award Management and otherwise eligible to receive award.

Any quota ons deemed ineligible due to substan ve flaws in the quota on or contractor’s status will be removed from further considera on for award.

b. Phase 2 – Price. Perform price analysis. Any quota on containing an excessively high price will be deemed ineligible for award and removed from further considera on.

c. Phase 3 – Experience, Past Performance, and Price. Evaluate:

i. Extent, recency, and relevance of corporate experience;

ii. Extent, recency, and relevance of proposed personnel experience;

iii. Strength of past performance evalua ons for relevant work performed within the last five (5) years (if available and provided); and

iv. Price.

Quota ons deemed to be not among the most compe ve will be ineligible for award and removed from further considera on.

d. Phase 4 – Overall Assessment. Evaluate:

i. Soundness of technical approach;

ii. Extent, recency, and relevance of corporate experience;

iii. Extent, recency, and relevance of proposed personnel experience;

iv. Strength of past performance evalua ons for relevant work performed within the last five (5) years (if available and provided); and

v. Price.

PBGC will then select the most advantageous quota on for award.

4.2 Past Performance Informa on

PBGC will make a good-faith effort to reach past-performance points of contact. PBGC will not penalize a contractor for lack of past performance informa on or because its points of contact are non-responsive; however, all else being equal, a contractor that references a strong, recent, and relevant past performance record will be deemed more compe ve than a contractor that does not have any past performance record available to evaluate.

4.3 Nego a ons

PBGC intends to award without nego a ons; however, it reserves the right to nego ate with any contractor deemed to be among the most compe ve for this contract.

4.4 Basis for Award

The Government will make award to the responsible contractor who submits the most advantageous quota on at a fair and reasonable price.