Justification for other than full and open competition
Awarded Limited / Sole Source Justification Posted
- Solicitation number
- 16PBGC26P0011
- Set-aside
- No set-aside
Opportunity facts
- Contract number
- 16PBGC26P0011 Federal contract award
- Awardee
- Pgim, Inc.
- NAICS code
- 523940 Portfolio Management and Investment Advice
- PSC
- R710 Support- Management: Financial
- Place of performance
- Washington
- Points of contact
Notice details come from SAM.gov. Updated .
About this opportunity
The Pension Benefit Guaranty Corporation has awarded a sole-source bridge contract to PGIM, Inc. under contract 16PBGC26P0011 on September 25, 2026, for fixed-income investment management services across four Trust Fund strategies: Core Fixed Income, Long Duration Fixed Income, Global Fixed Income, and Emerging Markets Debt.
PBGC justified the sole-source award under 41 U.S.C. 3304(a)(1) and FAR 6.302-1, citing only one responsible source. The bridge contract is necessary to prevent service lapse during the transition from PGIM's prior contract (PBGC01-CT-16-0015), which expires September 30, 2026. PBGC requires a minimum three-month overlapping transition period to negotiate investment guidelines and establish systems and broker-dealer relationships; the bridge contract duration is up to nine months if options are exercised. The competitive replacement solicitation (16PBGC25R0062) encountered multiple unexpected delays, including critical personnel changes, increased data calls and contract modifications, acquisition policy changes regarding contractor advisory services, and the need to reopen for sufficient competition; PBGC currently estimates a March 2027 award date for permanent replacement contracts. The period of performance is six months with an optional three-month extension. The justification cites protection of the agency's Mission Essential Function #2: Manage Corporate Investments. NAICS 523940 (Portfolio Management and Investment Advice); PSC R710 (Support–Management: Financial).
Notice text
This is a Justification for Other Than Full and Open Competition related to contract # 16PBGC26P0011 to PGIM, INC awarded on September 25, 2026.
For additional information please see attached Justification for Other Than Full and Open Competition.
Awarded contract 16PBGC26P0011 to unknown vendor for unknown amount on 2026-09-25.
Files
| File | Type | Posted |
|---|---|---|
| PGIM JOFOC Fully Executed.pdf |
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