PBGC RFI: Pension Insurance Modeling System Modernization

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The Pension Benefit Guaranty Corporation (PBGC) has issued an RFI because it is undertaking a review of its Pension Insurance Modeling System (PIMS) with a goal to identify potential improvements to the existing approach and to update the underlying technology. This RFI seeks to create a state-of-the-art pension modeling tool for this development, modernization, and enhancement (DM&E) effort. The anticipated outcome of this enhancement is to:

  1. Improve performance – Currently a stochastic run takes about 20 minutes for SE and 1.5 hours for ME. Under the current version, a stochastic run has 500 economic scenarios and is projected out 20 years under each scenario. PRAD would like to increase the economic scenarios to 10,000 for each stochastic run.
  2. Improve flexibility – Currently it takes at least a couple of weeks for small changes and up to several months for major changes. Our expectation is to allow for changes completed within days with the new models.
  3. Retain institutional knowledge on the models – Currently all development work is completed by a contractor. PRAD staff has only minimal involvement in the design and coding structure of the model.
  4. Decrease maintenance cost/data collection methodology – PIMS requires significant data collection every year from the Form 5500 data, including attachments and financial information from…”

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This topic contains 0 replies, has 1 voice, and was last updated by  Jackie Gilbert 1 month ago.

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