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Retirement Security (11 - 20 of 1,148 items)
Retirement Security: Better Information on Income Replacement Rates Needed to Help Workers Plan for Retirement
GAO-16-242: Published: Mar 1, 2016. Publicly Released: Mar 1, 2016.
Household spending patterns varied by age, with mid-career households (those aged 45-49) spending more than older households. For example, according to 2013 survey data from the Bureau of Labor Statistics (BLS), mid-career households spent an estimated average of around $58,500, while young retiree households (those aged 65-69) spent about 20 percent less. While the share of spending was consisten...
Disability Insurance: SSA Could Do More to Prevent Overpayments or Incorrect Waivers to Beneficiaries
GAO-16-34: Published: Oct 29, 2015. Publicly Released: Oct 29, 2015.
From fiscal years 2005 through 2014, GAO found that Social Security Administration (SSA) overpaid $11 billion in Disability Insurance (DI) program benefits to beneficiaries who had returned to work and had earnings above program limits, and about $1.4 billion in overpayments related to work activity was waived—because the beneficiary was found not at fault—and therefore will not be repaid. SSA...
Social Security's Future: Answers to Key Questions
GAO-16-75SP: Published: Oct 27, 2015. Publicly Released: Oct 27, 2015.
In light of financial challenges facing Social Security's benefit programs, including the projected depletion of the Disability Insurance trust fund, GAO has updated and expanded on its 2005 guide on Social Security. This Guide was released on October 27, 2015. The Bipartisan Budget Act of 2015 subsequently made a number of changes to Social Security’s programs, including moving the projected da...
Pension Advance Transactions: Questionable Business Practices and the Federal Response
GAO-15-846T: Published: Sep 30, 2015. Publicly Released: Sep 30, 2015.
In a June 2014 report, GAO identified at least 38 companies that offered individuals lump-sum payments or “advances” in exchange for receiving part or all of their pension payment streams. The 38 companies used multistep pension advance processes that included various other parties. At least 21 of the 38 companies were affiliated with each other in ways that were not apparent to consumers. Som...
Retirement Security: Federal Action Could Help State Efforts to Expand Private Sector Coverage
GAO-15-556: Published: Sep 10, 2015. Publicly Released: Sep 29, 2015.
About half of private sector workers in the United States—especially those who are low-income or employed by small firms—lack coverage from a workplace retirement savings program primarily because they do not have access. According to GAO's analysis of 2012 Survey of Income and Program Participation (SIPP) data, about 45 percent of private sector U.S. workers participated in a workplace retire...
401(K) Plans: Clearer Regulations Could Help Plan Sponsors Choose Investments for Participants
GAO-15-578: Published: Aug 25, 2015. Publicly Released: Sep 4, 2015.
Employers who sponsor 401(k) plans report using a range of default investment types to automatically enroll employees in their plans based on each type's design and other attributes. From 2009 through 2013, the majority of employers who sponsored 401(k) plans reported using a target-date fund as their default, according to data from three annual industry surveys that GAO reviewed. A target-date fu...
Disability Insurance: Preliminary Observations on Overpayments and Beneficiary Work Reporting
GAO-15-673T: Published: Jun 16, 2015. Publicly Released: Jun 16, 2015.
Over the last decade, preliminary data provided by the Social Security Administration (SSA) indicate that more than half of the $20 billion overpaid in the Disability Insurance (DI) program was associated with beneficiary work activity. Specifically, SSA's data indicate that between fiscal years 2005 and 2014, a total of $11 billion in DI overpayments were paid to beneficiaries with work earnings...
401(K) Plans: Frequent and Collective Trading Are Uncommon and Not a Significant Concern for Plan Participants, Sponsors, or Mutual Funds
GAO-15-427R: Published: May 14, 2015. Publicly Released: Jun 15, 2015.
401(k) plan participants often face trading policies that restrict frequent or collective trading in mutual funds. The most common restrictions were (1) discretionary provisions found in mutual fund prospectuses that allow mutual funds to reject purchases or exchanges of mutual fund shares they find inappropriate or disruptive to the fund’s investment and management strategy and (2) time limits...
Retirement Security: Most Households Approaching Retirement Have Low Savings
GAO-15-419: Published: May 12, 2015. Publicly Released: Jun 2, 2015.
Many retirees and workers approaching retirement have limited financial resources. About half of households age 55 and older have no retirement savings (such as in a 401(k) plan or an IRA). According to GAO's analysis of the 2013 Survey of Consumer Finances, many older households without retirement savings have few other resources, such as a defined benefit (DB) plan or nonretirement savings, to d...
Railroad Retirement Board: Actions Needed to Reduce Continued Risk of Fraud and Improper Payments
GAO-15-535T: Published: May 1, 2015. Publicly Released: May 1, 2015.
The Railroad Retirement Board (RRB) administers two disability programs—the occupational disability program and the total and permanent disability program. The occupational disability program provides benefits to railroad workers in situations where workers are unable to perform their railroad work, but may be able to return to the workforce in another occupation. The total and permanent disabil...