Limited Sole Source_defined contribution.pdf

Limited Source Justification

FOR INTERNAL FRTIB USE ONLY Page 1 of 4

I. AGENCY & CONTRACTING DIVISION

Federal Retirement Thrift Investment Board

OCFO Contracting Division

77 K Street N.E., Suite 1000

Washington, D.C. 20002

II. NATURE AND/OR DESCRIPTION OF THE ACTION BEING APPROVED

To best serve participants and beneficiaries, FRTIB has is required to conduct research of the defined contribution market and be familiar with industry standards and best practices. The Agency is seeking a subscription that involves comprehensive analysis of the retirement investment market.

FRTIB seeks a source offering a comprehensive print and online subscription that the Agency needs to analyze the defined contribution marketplace. We require insightful research to benchmark the TSP against a broader market; maintain a current view of the issues, trends and activities taking place in the DC market. The Agency is seeking a vendor who can also provide series of reports which reference data collected in a proprietary survey.

Cerulli is the only firm that offers this comprehensive subscription with Lodestar capabilities and training. Lodestar is an online tool which is unique and offers dynamic charts and visual displays that quickly allows users to answer important questions by interacting with custom filters. It provides unparalleled access to data that goes far beyond what's available in Cerulli publications. The tool is created by Cerulli and is the same tool that Cerulli analysts use to create charts and data for their publications.

III. DESCRIPTION OF THE PRODUCTS/SERVICES REQUIRED TO MEET THE

AGENCY’S NEEDS

Cerulli Subscription involves comprehensive analysis of the retirement investment market which provides online information and publications. The suite of Retirement publications includes the following: 1) U.S. Retirement Markets annual report 2) U.S. Defined Contribution Distribution annual report 3) U.S. Retirement End Investor annual report 4) The Cerulli Edge: Retirement edition quarterly 5) Cerulli Retirement Interactive Data.

Description of Products and Services

Period of

Performance/ Delivery

Date

Quantity Estimated

Price

Cerulli Subscription 01/01/2026 (base – 12 months)

$23,000.00

Cerulli Subscription 01/01/2027 (option 1-

12 months)

$23,600.00

Cerulli Subscription 01/01/2028 (option 2 –

12 months)

$24,200.00

Cerulli Subscription 01/01/2029 (option 3 –

12 months)

$24,800.00

Cerulli Subscription 01/01/2030 (option 4 –

12 months)

$25,400.00

FOR INTERNAL FRTIB USE ONLY Page 2 of 4

Total $121,000.00

IV. AUTHORITY PERMITTING OTHER THAN FULL AND OPEN COMPETITION

The Federal Retirement Thrift Investment Board is not subject to the Competition In

Contracting Act, 41 U.S.C. sec. 3301 et seq., but follows its framework where in the best interest of the participants and beneficiaries of the Thrift Savings Plan. 41 U.S.C. sec.

3101(c)(1)(B); 5 U.S.C. secs. 8472(h) and 8474(c)(1).

Check all that are applicable.

a. Only one responsible source (e.g. – vendor):

Only one responsible source and no other products or services will satisfy

FRTIB requirements. Provide an explanation based on the below instructions:

The Agency has consistently sought competitive alternatives for this service during each contract renewal cycle. In January 2025, the Office of Planning and Research (OPR) conducted a Request for Information (RFI) through GSA’s Market Research as a Service

(MRAS) Program.

Unfortunately, this effort yielded no responses from any vendors.

Subsequently, in April 2025, OPR issued a Statement of Work (SOW) for ASOS vendors under PR-25-OPR-0003. One vendor, AFS, responded and indicated their ability to perform the work. However, during a demonstration, their solution failed to meet the required specifications, and their proposed cost significantly exceeded both the current sole source vendor’s pricing and the Independent Government Cost Estimate (IGCE) for the ASOS Benchmarking Call Order.

In summary, prior solicitations and outreach efforts did not result in viable proposals. OPR has exercised due diligence in identifying alternative sources, but these efforts have not been successful. Therefore, we are requesting approval to proceed with a sole source requisition for these services.

At present, Cerulli Associates Inc. is the only known provider of the Retirement

Marketplace Analysis Subscription service that meets our needs. Their reports offer a level of detail and consistency that is unmatched, ensuring continuity in defined contribution data critical to OPR’s mission.

The Cerulli publication provides important analysis on the defined contribution marketplace. It gives the Agency a view into how its benefits, services and participant behaviors compare to other DC plans; provides information on market trends and basic

FOR INTERNAL FRTIB USE ONLY Page 3 of 4 market projections. It is the only comprehensive research of this nature the Agency uses to benchmark the TSP against a broader market; maintain a current view of the issues, trends and activities taking place in the DC market. The Agency utilizes this information to determine the strategic goals and business intelligence needs for the Agency.

V. DESCRIPTION OF EFFORTS MADE TO ENSURE THAT OFFERS ARE SOLICITED FROM

AS MANY POTENTIAL OFFERORS AS DEEMED PRACTICABLE

Market research was conducted to identify potential vendors capable of providing the required subscription service. The results of this research revealed that only one vendor capable of meeting the specific requirements. An alternative vendor responded during the initial (RFQ)

Request For Quote; however, their solution failed to meet the technical specifications and their proposed cost exceeded the government’s estimated budget.

VI. DETERMINATION BY THE CONTRACTING OFFICER THAT THE ANTICIPATED

COST TO THE AGENCY WILL BE FAIR AND REASONABLE

By analyzing the vendors’ proposed prices, inclusive of any offered discounts, and comparing prices from providing similar services, the Contract Officer will confirm that the proposed prices are fair and reasonable prior to acceptance.

VII. DESCRIPTION OF MARKET RESEARCH CONDUCTED AND THE RESULTS, OR

A STATEMENT OF THE REASONS MARKET RESEARCH WAS NOT CONDUCTED

The program office (OPR) conducted independent market research and determined that no other vendors offer the same level of comprehensive information and analytical tools as

Cerulli. While other vendors may provide similar services, they do not offer Cerulli’s proprietary reports or systems, which are essential to meeting the program’s requirements.

VIII. LIST OF SOURCES, IF ANY, THAT EXPRESSED INTEREST IN THE PROCUREMENT

None

IX. A STATEMENT OF THE ACTIONS, IF ANY, THE AGENCY MAY TAKE TO REMOVE

OR OVERCOME ANY BARRIERS TO COMPETITION BEFORE MAKING

SUBSEQUENT PROCUREMENTS FOR THE REQUIRED PRODUCTS AND

SERVICES

FOR INTERNAL FRTIB USE ONLY Page 4 of 4

No actions are planned because market research continued to demonstrate lack of potential sources for this specific requirement.

X. TECHNICAL/ REQUIREMENTS REPRESENTATIVE’S CERTIFICATION

As evidenced by his/her signatures on the Coordination and Approval Document, the technical and/or requirements representative has certified that any supporting data contained herein, which is his/her responsibility, is both accurate and complete.

XI. CONTRACTING OFFICER’S CERTIFICATION

The Contracting Officer’s signature on the coordination and approval document evidences that he/she has determined this document to be both accurate and complete to the best of his/her knowledge and belief.

CONTRACT OFFICE CERTIFICATION

I certify that this submission is accurate and complete to the best of my knowledge and belief

Contracting Officer

DanielleTapp, Contracting Officer

(Signature) (Date)

Danielle Tapp Cross-Out