Justification for Other Than Full and Open Competition

Background
The Pension Benefit Guaranty Corporation (PBGC) is seeking to award a sole-source contract to Pacific Investment Management Company LLC to prevent a lapse in critical fixed-income investment services while PBGC concludes a competitive source selection. This action is necessary due to unexpected delays in the acquisition process, which have extended the timeline for awarding new contracts.

Work Details
The contractor shall provide active investment management and related services for fixed income portfolios. The investment objective is to construct portfolios of fixed income assets that earn superior returns exceeding the respective portfolio benchmarks, consistent with outlined risk parameters.

The portfolios will be invested in one or more of the following Trust Fund fixed income strategies: Core Fixed Income, Long Duration Fixed Income, Global Fixed Income, and Emerging Markets Debt. The justification states that Pacific Investment Management Company LLC is uniquely qualified to perform these services due to their established relationship and expertise, which are critical for ensuring uninterrupted contract performance.

Period of Performance
The anticipated period of performance is six (6) months with an optional three (3)-month extension, beginning September 30, 2026.

Place of Performance
The geographic location for the performance of this contract has not been explicitly stated.

Bidder Requirements
Pacific Investment Management Company LLC is identified as the only contractor capable of fulfilling these requirements due to their unique qualifications and the urgency of the situation. No other bidders are expected as this is a sole-source justification.