GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) solicitation for the redesign of its Premium Accounting System. GAO found that: (1) the solicitation's functional and system requirements are ambiguous and subject to a broad range of interpretation; (2) it is unclear whether PBGC wants to own the application software or will be willing to consider licensed software, since there are differences in the solicitation and responses to vendor questions; and (3) PBGC needs to ensure that the system records confidentiality and accountability section has an audit or inspection provision.