Consolidated Solicitation_Amendment 4.pdf

Commercial Solicitation FAR Part 13 in Conjunction with FAR Part 12 Solicitation #: 16PBGC24Q0050 Amendment 4

Contents

Section 1: Summary & Schedule of Services

Section 2: Statement of Work

1. BACKGROUND

2. SCOPE

3. SPECIFIC TASKS

4. DELIVERABLES

5. CONTRACT DETAILS

6. PERFORMANCE REQUIREMENTS SUMMARY

Section 3: Instructions to Contractors

Section 4: Evaluation & Basis for Award

Section 1: Summary & Schedule of Services

1.1 Introduction

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 Section 2, of this Request for Quotation (RFQ). The associated North American Industry Classification 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

Section 2: Statement of Work

PERFORMANCE WORK STATEMENT (PWS)

Longevity Risk Review Project

1. BACKGROUND

Employee Retirement Income Security Act (ERISA) of 1974 established two insurance programs to be administered by Pension Benefit Guaranty Corporation (PBGC). The single-employer program covers private sector defined benefit plans maintained by one employer. The multiemployer program covers private sector defined benefit pension plans that are collectively 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 estimate longevity risk related to the liability for benefits payable to participants in plans that are trusteed by PBGC.

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

PBGC wants to consider any factors that may impact changes in future lifetime including the potential 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 potential for changes in life expectancy in PBGC’s population and then translate that into potential changes in the present value of future benefits (PVFB) liability.

PRAD desires to draw on resources with deep expertise, research experience and data to support a view of longevity risk for the SEIP. Changes in the longevity of PBGC's participant population 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 expertise and experience.

3. SPECIFIC TASKS

3.1. Written report. The contractor shall prepare a written report addressing its analysis, findings, and recommendations 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 population 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 identify opportunities to improve the analysis (e.g. using zip codes);

3.1.1.3. Assess the historical mortality improvement experience for the SEIP population and compare it to other populations;

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

3.1.1.5. Quantify the potential 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 distribution of future mortality rates that captures the potential for life expectancy to increase significantly in the future; and

3.1.1.7. Translate potential 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 supporting information, to not more than 50 pages unless coordinated with and approved by the Government in advance. PBGC estimates that the length of the analysis, findings, and recommendations 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 draft report and respond to the Government's questions, recommendations, and feedback to the Government’s satisfaction, consistent with the terms of this contract. (PBGC will provide its response to the draft report within 30 calendar days of receipt.)

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

3.2.1. These additional analyses may include the following:

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

3.2.1.2. Assess and potentially quantify correlation between the economy and mortality in terms of impact on pension obligations;

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

3.2.1.4. Distinguish and assess the different impacts of extending the maximum lifetime and increasing life expectancy relative to a constant maximum lifetime; and/or

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

4. DELIVERABLES

The contractor shall comply with the following delivery schedule:

Deliverable Schedule

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

Within two (2) months of award and every two (2) weeks thereafter until task completion.

Provide a verbal or written status update on tasks

3.1.1.4. and 3.1.1.5.

Within five (5) months of award.

Provide a verbal or written status update on task 3.1.1.6.

Within six (6) months of award.

Provide a verbal or written status update on task 3.1.1.7.

Within seven (7) months of award.

Deliver a draft consolidated report addressing all required criteria.

Within eight (8) months of award. (PBGC will complete its review and provide feedback within 30 calendar days thereafter.)

Deliver the final report. Within ten (10) 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 meetings.

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.

5.4. Government-Furnished Equipment. Upon award, contractor personnel performing under this contract will need to apply for and obtain Personal Identity Verification (PIV) credentials (PBGC estimates this process will take approximately 30 calendar days). Thereafter, PBGC will furnish the contractor with the equipment and/or software required to connect remotely to the PBGC environment as required to complete this work.

6. PERFORMANCE REQUIREMENTS SUMMARY

PWS

Section s

Task

Performa nce

Standard

Required Performance

Acceptable

Quality Level

(AQL)

Surveillance

Method Used

3.1.1.1 Benchmark PBGC’s SEIP

annuitant population mortality

Complete ness and timeliness

In accordance with PWS Section

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

Provide a summary of findings/observati ons by the end of the second month and at the close of business every other week thereafter, until complete

E-mail monitoring of receipt date.

100% PRAD’s inspection/ acceptance of each deliverable.

3.1.1.2

Review PBGC’s recent SEIP mortality experience study and identify opportunities to improve

Complete ness and timeliness

In accordance with PWS Section

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

Provide a summary of findings/observati ons by the end of the second month and at the close of business every other week thereafter, until complete

E-mail monitoring of receipt date.

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

3.1.1.3

Assess the historical mortality improvement experience of

PBGC’s SEIP

Complete ness, accuracy and timeliness

In accordance with PWS Section

3.1.1.3, assess the historical mortality improvement experience for the SEIP population and compare it to other populations.

Provide a summary of findings/observati ons by the end of the second month and at the close of business every other week thereafter, until complete

E-mail monitoring of receipt date.

100% PRAD’s inspection/ 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 timeliness

In accordance with PWS Section

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 identified. Provide a draft or verbal explanation by end of fifth month.

PRAD review.

Monitoring of meeting date or email receipt date.

3.1.1.5

Quantify the potential impact of different factors and scenarios on future mortality improvement rates.

Quality and timeliness

In accordance with PWS Section

3.1.1.5, quantify the potential impact of different factors and scenarios on future mortality improvement rates.

PRAD’s review and signoff on analysis of all factors and scenarios identified. Draft or verbal explanation by end of fifth month.

PRAD review.

Monitoring of meeting date or email receipt date.

3.1.1.6

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

Quality and timeliness

In accordance with PWS Section

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

PRAD’s review and signoff on distribution of future mortality outcomes. Draft or verbal explanation by end of sixth month.

PRAD review.

Monitoring of meeting date or email receipt date.

3.1.1.7

Translate potential changes in future life expectancy to changes in PBGC's future SEIP

PVFB liability.

Complete ness, accuracy and timeliness

In accordance with PWS Section

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

PRAD’s review and signoff on estimates of impact on liability.

Draft or verbal explanation by end of seventh month.

PRAD review.

Monitoring of meeting date or email receipt date.

Section 3: Instructions to Contractors

3.1 Commitment of the Government

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

3.2 Communications and Questions

All communications concerning this request for quotations (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 questions, technical or otherwise, in response to this solicitation shall be in writing and received by the Government on or before August 23rd, 2024 at 12:00 PM Eastern Time. Questions shall identify the applicable section, page number, and paragraph. The Government will provide a list of all questions received with the Government responses in the form of an amendment to the RFQ. The Government may or may not consider questions received after this date.

3.3 Quotation Submission Due Date and Time

Submit quotations as four distinct documents—a cover letter, Volume 1 – Price, Volume 2 – Experience and Past Performance, and Volume 3 – Technical Approach—in a Microsoft Office-compatible format by email to Frank Argenziano (argenziano.frank@pbgc.gov) and Tre Brummell (brummell.joseph@pbgc.gov) on or before September 4th, 2024 at 12:00 PM Eastern Time.

3.4 Quote Preparation Instructions

a. All quotations must conform to these instructions.

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

c. Each document shall reference the solicitation number.

d. Cover Letter. The cover letter shall address, at a minimum, the following information:

i. Business name and address.

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

iii. Unique Entity Identification (UEI).

iv. Any known organizational conflict of interest (OCI) or appearance of OCI that would result from award of this contract to the business submitting the quotation.

v. Any assumptions about the work that the contractor relied upon in developing its quotation.

vi. A statement specifying the extent of agreement with all terms, conditions, and provisions included in the solicitation.

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

mailto:argenziano.frank@pbgc.gov mailto:brummell.joseph@pbgc.gov mailto:argenziano.frank@pbgc.gov mailto:brummell.joseph@pbgc.gov

e. Volume 1 – Price. The contractor shall complete the table in Section 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 organizations 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 illustrations.)

g. Volume 3 – Technical Approach.

i. This volume shall address the contractor’s proposed approach to completing the work in accordance with the terms of the contract, to include discussion of any available specialized and/or proprietary tools or information 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 illustrations.)

Section 4: Evaluation & Basis for Award

4.1 Evaluation of Quotations

PBGC will evaluate quotations in four phases as described below.

a. Phase 1 – Quotation Acceptability. Ensure quotations are in accordance with the terms, conditions, and instructions of this RFQ, and that the business submitting the quotation is registered in the System for Award Management and otherwise eligible to receive award.

Any quotations deemed ineligible due to substantive flaws in the quotation or contractor’s status will be removed from further consideration for award.

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

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 evaluations for relevant work performed within the last five (5) years (if available and provided); and

iv. Price.

Quotations deemed to be not among the most competitive will be ineligible for award and removed from further consideration.

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 evaluations for relevant work performed within the last five (5) years (if available and provided); and

v. Price.

PBGC will then select the most advantageous quotation for award.

4.2 Past Performance Information

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 information 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 competitive than a contractor that does not have any past performance record available to evaluate.

4.3 Negotiations

PBGC intends to award without negotiations; however, it reserves the right to negotiate with any contractor deemed to be among the most competitive for this contract.

4.4 Basis for Award

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