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Congress, Legislative (1 - 10 of 304 items)
401(K) Plans: Labor and IRS Could Improve the Rollover Process for Participants
GAO-13-30: Published: Mar 7, 2013. Publicly Released: Apr 3, 2013.
The current rollover process favors distributions to individual retirement accounts (IRA). Waiting periods to roll into a new employer plan, complex verification procedures to ensure savings are tax-qualified, wide divergences in plans' paperwork, and inefficient practices for processing rollovers make IRA rollovers an easier and faster choice, especially given that IRA providers often offer assis...
Retirement Security: Older Women Remain at Risk
GAO-12-825T: Published: Jul 25, 2012. Publicly Released: Jul 25, 2012.
Over the last decade, working womens access to and participation in employer-sponsored retirement plans have improved relative to men. In fact, from 1998 to 2009, women surpassed men in their likelihood of working for an employer that offered a pension planlargely because the proportion of men covered by a plan declined. Furthermore, as employers have continued to terminate their defin...
Retirement Security: Women Still Face Challenges
GAO-12-699: Published: Jul 19, 2012. Publicly Released: Jul 25, 2012.
Over the last decade, working womens access to and participation in employer-sponsored retirement plans have improved relative to men. Indeed, from 1998 to 2009, women surpassed men in their likelihood of working for an employer that offered a pension plan, largely because the proportion of men covered by a plan declined. Furthermore, as employers have continued to terminate their defined be...
Unemployed Older Workers: Many Experience Challenges Regaining Employment and Face Reduced Retirement Security
GAO-12-445: Published: Apr 25, 2012. Publicly Released: May 15, 2012.
As with many other demographic groups, older workers unemployment overall and long-term unemployment rates have increased dramatically since the recession began in 2007. In December 2011, the unemployment rate for older workers was 6.0 percent, up from 3.1 at the start of the recession, but down from its peak of 7.6 percent in February 2010. In particular, long-term unemployment rose substan...
Unemployed Older Workers: Many Face Long-Term Joblessness and Reduced Retirement Security
GAO-12-724T: Published: May 15, 2012. Publicly Released: May 15, 2012.
Unemployment rates for workers of all ages have risen dramatically since the start of the recent recession in December 2007, and workers age 55 and over have faced particularly long periods of unemployment. The seasonally unadjusted unemployment rate for older workers increased from 3.1 percent in December 2007 to a high of 7.6 percent in February 2010, before it decreased to 6.0 percent in April...
401(k) Plans: Issues Involving Securities Lending in Plan Investments
GAO-11-359T: Published: Mar 16, 2011. Publicly Released: Mar 16, 2011.
Securities lending can be a relatively straightforward way for plan sponsors and participants to increase their return on 401(k) investments. However, securities lending can also present a number of challenges to plan participants and plan sponsors. GAO was asked to explain how securities lending with cash collateral reinvestment works in relation to 401(k) plan investments, who bears the risks, a...
401(K) Plans: Certain Investment Options and Practices That May Restrict Withdrawals Not Widely Understood
GAO-11-291: Published: Mar 10, 2011. Publicly Released: Mar 16, 2011.
401(k) plan sponsors are responsible for offering an array of appropriate investment options, and participants are responsible for directing their investments among those options. While participants expect to be able to switch investment options or withdraw money from their accounts, during the recent economic downturn, some 401(k) plan sponsors and participants found that they were restricted fro...
Elder Justice: Survey of Adult Protective Services Program Administrators (GAO-11-129SP, March 2011), an E-supplement to GAO-11-208
GAO-11-129SP: Published: Mar 2, 2011. Publicly Released: Mar 2, 2011.
This is an E-supplement to GAO-11-208. It presents the results of GAO's web-based survey of all 50 states and the District of Columbia to examine the responsibilities, organization, and challenges of Adult Protective Services (APS) programs. The survey respondents included program administrators in APS programs in all 50 states and the District of Columbia. The questions in our survey were posed t...
Older Americans: Continuing Care Retirement Communities Can Provide Benefits, but Not Without Some Risk
GAO-10-904T: Published: Jul 21, 2010. Publicly Released: Jul 21, 2010.
This testimoney discusses continuing care retirement communities (CCRC), the risks they and their residents face, and their regulation. A growing population of older Americans is seeking options for ensuring that their assets and income in retirement will cover the cost of their housing and health care needs. One option for meeting these long-term care needs is to enter a CCRC, which aims to provi...
Poorly Performing Nursing Homes: Special Focus Facilities Are Often Improving, but CMS's Program Could Be Strengthened
GAO-10-197: Published: Mar 19, 2010. Publicly Released: Apr 19, 2010.
CMS established the Special Focus Facility (SFF) Program in 1998 to help address poor nursing home performance. States select a subset of homes as SFFs from a list of the 15 poorest performing homes in each state, but the program is limited to 136 homes nationwide because of resource constraints. CMS guidance directs states to survey SFFs twice as frequently as other homes and to propose more robu...