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Retirement Security (131 - 140 of 1,148 items)
Federal Law Enforcement Retirement: Information on Enhanced Retirement Benefits for Law Enforcement Personnel
GAO-09-727: Published: Jul 30, 2009. Publicly Released: Jul 30, 2009.
From fiscal years 2000 through 2008, the number of persons employed by federal agencies who perform various law enforcement functions and receive either special pay or enhanced retirement benefits, in the form of a faster-accruing pension, has increased by 55 percent. In addition, as of September 2008, approximately 51,000 personnel were employed in law enforcement-related occupations that could s...
Pension Benefit Guaranty Corporation: Financial Challenges Highlight Need for Improved Governance and Management
GAO-09-702T: Published: May 20, 2009. Publicly Released: May 20, 2009.
The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of nearly 44 million people in over 29,000 private-sector defined benefit pension plans. In July 2003, GAO designated PBGC's single-employer pension insurance program--its largest insurance program--as "high risk," including it on GAO's list of major programs that need urgent Congressional attention and agency action. Th...
Office of Personnel Management: Retirement Modernization Planning and Management Shortcomings Need to Be Addressed
GAO-09-529: Published: Apr 21, 2009. Publicly Released: Apr 21, 2009.
For the past two decades, the Office of Personnel Management (OPM) has been working to modernize the paper-intensive processes and antiquated systems used to support the retirement of federal employees. By moving to an automated system, OPM intends to improve the program's efficiency and effectiveness. In January 2008, GAO recommended that the agency address risks to successful system deployment....
Defined Benefit Plans: Proposed Plan Buyouts by Financial Firms Pose Potential Risks and Benefits
GAO-09-207: Published: Mar 16, 2009. Publicly Released: Apr 15, 2009.
Some U.S. financial and pension consulting firms have recently proposed alternatives to terminating a defined benefit (DB) pension plan and contracting with insurance companies to pay promised benefits. In their proposals, a plan sponsor would typically transfer the assets and liabilities of a hard-frozen DB plan--one in which all participant benefit accruals have ceased--along with additional mon...
Military Disability Retirement: Closer Monitoring Would Improve the Temporary Retirement Process
GAO-09-289: Published: Apr 13, 2009. Publicly Released: Apr 13, 2009.
Service members found unfit for duty due to a service-related illness or injury may be eligible for military disability retirement. When their disability is not stable, however, they may be placed on the military's Temporary Disability Retired List (TDRL) and granted temporary benefits for as long as 5 years. GAO was asked to respond to concerns about TDRL caseloads, management, and impact on serv...
Defined Benefit Pensions: Survey Results of the Nation's Largest Private Defined Benefit Plan Sponsors
GAO-09-291: Published: Mar 30, 2009. Publicly Released: Mar 30, 2009.
The number of private defined benefit (DB) pension plans, an important source of retirement income for millions of Americans, has declined substantially over the past two decades. For example, about 92,000 single-employer DB plans existed in 1990, compared to just under 29,000 single-employer plans today. Although this decline has been concentrated among smaller plans, there is a widespread concer...
Private Pensions: Conflicts of Interest Can Affect Defined Benefit and Defined Contribution Plans
GAO-09-503T: Published: Mar 24, 2009. Publicly Released: Mar 24, 2009.
Conflicts of interest typically exist when someone in a position of trust, such as a pension consultant, has competing professional or personal issues. Such competing interests can make it difficult for pension plan fiduciaries and others, in general, to fulfill their duties impartially and could cause them to breach their duty to act solely in the interest of plan participants and beneficiaries....
Older Workers: Enhanced Communication among Federal Agencies Could Improve Strategies for Hiring and Retaining Experienced Workers
GAO-09-206: Published: Feb 24, 2009. Publicly Released: Feb 24, 2009.
The federal workforce, like the nation's workforce as a whole, is aging, and increasingly large percentages are becoming eligible to retire. Eventually baby boomers will leave the workforce and when they do, they will leave behind gaps in leadership, skills, and knowledge due to the slower-growing pool of younger workers. GAO and others have emphasized the need for federal agencies to hire and ret...
Social Security Administration: Service Delivery Plan Needed to Address Baby Boom Retirement Challenges
GAO-09-24: Published: Jan 9, 2009. Publicly Released: Feb 9, 2009.
Millions of people rely on the services of Social Security Administration (SSA) field offices. In fiscal year 2008, SSA's approximately 1,300 field offices provided service to about 44 million customers. People visit field offices to apply for Social Security cards, apply for retirement and disability benefits, establish direct deposit, and a host of other services. Over the last several years, st...
NASA: Agency Faces Challenges Defining Scope and Costs of Space Shuttle Transition and Retirement
GAO-08-1096: Published: Sep 30, 2008. Publicly Released: Sep 30, 2008.
The Space Shuttle Program (SSP) is scheduled to retire in 2010, and the transition and retirement of its facilities and assets will be an immense undertaking involving approximately 654 facilities worth an estimated $5.7 billion and equipment with an estimated value of more than $12 billion. NASA plans to retire the SSP in 2010 to make resources available for the Constellation program, which is pr...