Benefit Calculation and Valuation (BCV)-Synopsis

SYNOPSIS

The Pension Benefit Guaranty Corporation is a U.S. Government-owned corporation. PBGC was established to protect the retirement income of individuals and their beneficiaries who are covered under certain private sector, defined benefit pension plans as provided by Title IV of ERISA. It currently protects the pensions of 44.1 million American workers and retirees in 30,330 private single-employer and multi-employer defined benefit pension plans. PBGC's programs (a) encourage the continuation and maintenance of voluntary private pension plans for the benefit of the plan participants; (b) protect pension benefits in on-going pension plans; (c) ensure timely and uninterrupted pension benefit payments under Title IV-covered plans; and (d) maintain insurance premiums at the lowest level consistent with the PBGC Title IV obligations.

The Pension Benefit Guaranty Corporation intends to procure on a full and open competitive basis. The vendor retained under contract by PBGC will develop a solution that supports PBGC's Benefit Calculation and Valuation (BCV) functions by estimating pension benefits, calculating plan liabilities, producing final benefit statements and re-calculating benefits accurately, rapidly, and at a low cost while maintaining a high level of customer satisfaction. The vendor shall also maintain and operate the existing ACT/Archive solution till it can be retired by the new solution.

The solicitation document, including amendments, will be distributed though the www.fbo.gov web site. The site contains downloading instructions. Interested parties are responsible for monitoring the site to assure that they have the most up to date information about this acquisition. Paper copies of the solicitation and associated amendments will not be available. The estimated date for release of this solicitation is on or about 3 August 2009.