Justification for Other Than Full and Open Competition

Background
The Pension Benefit Guaranty Corporation (PBGC) is seeking to award a sole-source contract to Goldman Sachs Asset Management to ensure continuity in critical fixed-income investment services. This action is necessary while PBGC concludes a competitive source selection process for a new contract.

The justification for this sole-source award is not due to a lack of advance planning by the agency, as they began planning for the competitive acquisition in November 2024.

Work Details
The contractor will provide active investment management and related services for fixed income portfolios. The investment objective is to construct portfolios that earn superior returns exceeding respective benchmarks while adhering to outlined risk parameters.

The portfolios will be invested in one or more of the following strategies: Core Fixed Income, Long Duration Fixed Income, Global Fixed Income, and Emerging Markets Debt. The anticipated contract cost, if all options are exercised, is approximately $X.

Period of Performance
The anticipated period of performance is six months with an optional three-month extension, starting from September 30, 2026.

Place of Performance
Washington DC UNITED STATES

Bidder Requirements
Goldman Sachs Asset Management is identified as the only contractor capable of fulfilling these requirements due to their unique qualifications and the urgent need to prevent a lapse in services. No other bidders are expected to meet the timeline necessary for uninterrupted service.

Incumbent Analysis (see Incumbents section for more detail)
This opportunity appears to have a confirmed incumbent based on PBGC’s prior contract history with Goldman Sachs Asset Management, L.P. Goldman Sachs was awarded PBGC01CT160016 for IGF portfolio management services valued at $34,425,996 (04/01/16–09/30/26), and the current action references a bridge award under 16PBGC26P0009 valued at $2,400,000 (09/25/26–06/30/27). The described fixed-income active investment management and portfolio management services are consistent with the prior IGF portfolio management scope and the bridge period appears to extend continuity of the same investment management function.