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Department of Labor, Executive (1 - 10 of 12 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: 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...
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...
Senior Community Service Employment Program: Labor Has Made Progress Implementing Older Americans Act Amendments of 2000, but Challenges Remain
GAO-06-549T: Published: Apr 6, 2006. Publicly Released: Apr 6, 2006.
The aging of the baby boom generation and increased life expectancy pose serious challenges for our nation. Older adults often must re-enter the workforce in order to remain self-sufficient. The Senior Community Service Employment Program (SCSEP) is the only federal program that is specifically designed to assist low-income older adults by providing part-time community service jobs and training to...
Social Security Reform: Information on Using a Voluntary Approach to Individual Accounts
GAO-03-309: Published: Mar 10, 2003. Publicly Released: Apr 9, 2003.
Many proposals have been offered to restructure the U.S. Social Security system to include individual retirement savings accounts. However, some key proposals would make participation in the accounts voluntary rather than mandatory. While any individual account plan can offer a variety of choices regarding contributions, investments, and withdrawals, the choice of whether or not to participate is...
Pension Benefit Guaranty Corporation: Statutory Limitation on Administrative Expenses Does Not Provide Meaningful Control
GAO-03-301: Published: Feb 28, 2003. Publicly Released: Mar 31, 2003.
Concerned about the increasing proportion of the Pension Benefit Guaranty Corporation's (PBGC) operational and administrative budget that is outside the annual administrative expense limitation, the Ranking Minority Member of the Senate Special Committee on Aging asked GAO to review PBGC's (1) application of the limitations set forth in its appropriations in developing its budget estimates and (2)...
Long-Term Care: Availability of Medicaid Home and Community Services for Elderly Individuals Varies Considerably
GAO-02-1121: Published: Sep 26, 2002. Publicly Released: Sep 26, 2002.
As the baby boomers age, spending on long-term care for the elderly could quadruple by 2050. The growing demand for long-term care will put pressure on federal and state budgets because long-term care relies heavily on public financing, particularly Medicaid. Nursing home care traditionally has accounted for most Medicaid long-term care expenditures, but the high costs of such care and the prefere...
Employee Benefits: States Need Labor's Help Regulating Multiple Employer Welfare Arrangements
HRD-92-40: Published: Mar 10, 1992. Publicly Released: Mar 10, 1992.
Pursuant to a congressional request, GAO reviewed multiple employer welfare arrangements (MEWA), an alternative to traditional insurance in which businesses pool funds to pay for benefits or buy group insurance, focusing on: (1) the nature and extent of MEWA failures to pay bills and other problems; (2) hindrances to state regulation and enforcement of MEWA; and (3) Department of Labor (DOL) actio...