PBGC - Actuarial Support Services - MRAS

The Pension Benefit Guaranty Corporation (PBGC), in collaboration with the General Services Administration (GSA), is conducting market research to support its ongoing mission of safeguarding the retirement incomes of over 31 million American workers in private sector defined benefit pension plans. Established under Title IV of the Employee Retirement Income Security Act (ERISA) of 1974, PBGC ensures timely and uninterrupted payment of pension benefits while maintaining minimal insurance premiums. This initiative aligns with PBGC's Strategic Goal 2, which emphasizes paying pension benefits on time and accurately.

The contract seeks to engage services for the production of participant data reviews (PDRs) and actuarial case reports (ACRs), both critical activities mandated by ERISA. These tasks are essential for valuing benefits in single-employer pension plans and involve several intricate processes. The work includes collecting historical employment and retirement data, analyzing plan documents, calculating estimated benefit adjustments, building participant databases, and drafting comprehensive reports that support PBGC's Office of Benefits Administration (OBA). The OBA manages the termination process for defined benefit plans, evaluates plan assets and liabilities, performs financial audits, and determines participant benefit entitlements.

Specific services requested include preliminary document preparation, site visits, memo drafting related to various evaluations such as estimated benefit administration analysis and cash balance memos. Additionally, contractors will be tasked with performing benefit adjustment calculations, developing estimation tools, conducting accrued monthly benefit testing, preparing actuarial case reports including DOPT listings and recalculation systems. There is also a requirement for post-valuation support activities such as assisting with BDL issuance or updating BSRS programming.

Furthermore, contractors will provide user acceptance testing for actuarial tools conversion processes like BSRS/BET conversions. They will also address issues with published BSRS programs through research into unresolved issues or appeals. Contractors may assist in responding to financial audit inquiries by preparing responses that include detailed calculations and documentation necessary for auditor review. Training assignments are another component where contractors develop original content to educate ASTD audiences on relevant topics.