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Retirement Security (161 - 170 of 1,148 items)
Veterans' Benefits: Improved Management Would Enhance VA's Pension Program
GAO-08-112: Published: Feb 14, 2008. Publicly Released: Feb 14, 2008.
In 2006, the Department of Veterans Affairs (VA) paid about $3.5 billion in means-tested pension benefits to over 500,000 veterans and survivors. GAO was asked to review the management of VA pension program. This report assesses (1) the characteristics and trends in size of the current pensioner population, (2) the policies and procedures VA has in place to ensure that initial pension eligibility...
Office of Personnel Management: Improvements Needed to Ensure Successful Retirement Systems Modernization
GAO-08-345: Published: Jan 31, 2008. Publicly Released: Jan 31, 2008.
Through its Retirement Systems Modernization (RSM) program, the Office of Personnel Management (OPM) is modernizing the paper intensive processes and antiquated information systems it uses to support the retirement of civilian federal employees. RSM is intended to deploy new or modified systems beginning in February 2008 to improve the efficiency and effectiveness of the agency's retirement progra...
Understanding Similarities and Differences between Accrual and Cash Deficits: Update for Fiscal Year 2007, an E-supplement to GAO-07-117SP
GAO-08-410SP: Published: Jan 31, 2008. Publicly Released: Jan 31, 2008.
The unified budget deficit--sometimes called the "cash deficit"--and the net operating cost-- sometimes called the "accrual deficit"--are two key measures of the government's annual fiscal position. The cash deficit provides information on the government's current cash flow and borrowing needs. The accrual deficit provides information on the current cost of government-- the amount of resources use...
Entitlement Reform Process: Other Countries' Experiences Provide Useful Insights for the United States
GAO-08-372: Published: Jan 18, 2008. Publicly Released: Jan 18, 2008.
Looking to the future, our nation faces large and growing structural deficits and escalating federal debt due primarily to rising health care costs and known demographic trends. Slowing the growth of entitlements is an essential part of the solution to these challenges. GAO was asked to identify useful insights from the entitlement reform processes in other countries. Specifically, GAO was asked t...
Private Pensions: Low Defined Contribution Plan Savings May Pose Challenges to Retirement Security, Especially for Many Low-Income Workers
GAO-08-8: Published: Nov 29, 2007. Publicly Released: Dec 11, 2007.
Over the last 25 years, pension coverage has shifted primarily from "traditional" defined benefit (DB) plans, in which workers accrue benefits based on years of service and earnings, toward defined contribution (DC) plans, in which participants accumulate retirement balances in individual accounts. DC plans provide greater portability of benefits, but shift the responsibility of saving for retirem...
Social Security Reform: Issues for Disability and Dependent Benefits
GAO-08-26: Published: Oct 26, 2007. Publicly Released: Nov 26, 2007.
Many recent Social Security reform proposals to improve program solvency include elements that would reduce benefits currently scheduled for future recipients. To date, debate has focused primarily on the potential impact on retirees, with less attention to the effects on other Social Security recipients, such as disabled workers and dependents. As these beneficiaries may have fewer alternative so...
Social Security: Issues Regarding the Coverage of Public Employees
GAO-08-248T: Published: Nov 6, 2007. Publicly Released: Nov 6, 2007.
Social Security covers about 96 percent of all U.S. workers; the vast majority of the remaining 4 percent are public employees. Although these noncovered workers do not pay Social Security taxes on their government earnings, they may still be eligible for Social Security benefits through their spouses' or their own earnings from other covered employment. Social Security has provisions--the Governm...
Private Pensions: Information That Sponsors and Participants Need to Understand 401(k) Plan Fees
GAO-08-222T: Published: Oct 30, 2007. Publicly Released: Oct 30, 2007.
Employers are increasingly moving away from traditional pension plans to what has become the most dominant and fastest growing type of plan, the 401(k). For 401(k) plan sponsors, understanding the fees being charged helps fulfill their fiduciary responsibility to act in the best interest of plan participants. Participants should consider fees as well as the historical performance and investment ri...
Private Pensions: 401(k) Plan Participants and Sponsors Need Better Information on Fees
GAO-08-95T: Published: Oct 24, 2007. Publicly Released: Oct 24, 2007.
According to Labor's most recent data, there are an estimated 44 million active participants in 401(k) plans. As participants accrue earnings on their investments, they also pay a number of fees, associated with 401(k) plans. Over the course of the employee's career, fees may significantly decrease retirement account balances. For plan sponsors, understanding the fees they are being charged helps...
Retirement Security: Women Face Challenges in Ensuring Financial Security in Retirement
GAO-08-105: Published: Oct 11, 2007. Publicly Released: Oct 11, 2007.
Women aged 65 and over will account for a growing segment of the U.S. population over the next several decades. Despite increases in women's workforce behavior in the past 65 years, elderly women have persistently high rates of poverty. Thus, it is important to understand the differences between men's and women's retirement income, and how women may fare given future reforms to Social Security and...