FY26 PIMS Peer Review on Plan Sponsor Health

The Pension Benefit Guaranty Corporation (PBGC) is seeking a qualified contractor to perform a targeted peer review of the assumptions and methods used by the Pension Insurance Modeling System (PIMS) models to incorporate the financial health of plan sponsors in the projections. The contractor will review the framework of the credit rating transition model, the methodology for correlating projected changes in economic conditions to projected default rates, and the analysis of the model's distribution of plan sponsors by projected credit rating. The contractor will also identify additional information regarding the financial health of plan sponsors that would enhance model effectiveness and accuracy. • The review will cover the current versions of the SE PIMS and ME PIMS models. • The contractor will have access to PBGC staff throughout the peer review process to collect data and understand the details and rationale behind the models' assumptions and methodologies. • The contractor will lead bi-weekly meetings with PBGC staff to discuss observations and ongoing results as they unfold. • The contractor will prepare and submit a draft report summarizing the results of the analysis and a final report summarizing the analysis, findings, and recommendations for all tasks.