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Retirement Security (41 - 50 of 1,150 items)
401(k) Plans: Other Countries' Experiences Offer Lessons in Policies and Oversight of Spend-down Options
GAO-14-9: Published: Nov 20, 2013. Publicly Released: Dec 16, 2013.
The six countries GAO reviewed can offer U.S. regulators lessons on how to expand access to a mix of spend-down options for 401(k) participants that meet various retirement needs. Five of the six countries generally ensure that participants can choose among three main plan options: a lump sum payment, a programmed withdrawal of participants' savings, or an annuity. In the last several decades, all...
Private Pensions: Revised Electronic Disclosure Rules Could Clarify Use and Better Protect Participant Choice
GAO-13-594: Published: Sep 13, 2013. Publicly Released: Nov 5, 2013.
Federal statutes and regulations under the purview of the Department of Labor (Labor) and the Department of the Treasury (Treasury) allow employers who sponsor private pension plans to furnish all pension disclosures to participants electronically:as the default delivery method if participants meet specific criteria regarding access, orif affirmative consent is obtained.When neither of these condi...
U.S. Postal Service: Health and Pension Benefits Proposals Involve Trade-offs
GAO-13-872T: Published: Sep 26, 2013. Publicly Released: Sep 26, 2013.
GAO has reported that Congress needs to modify the U.S. Postal Service's (USPS) retiree health benefit payments in a fiscally responsible manner. GAO also has reported that USPS should prefund any unfunded retiree health benefit liability to the maximum extent that its finances permit. Deferring funding for postal retiree health benefits could increase costs for future ratepayers and increase the...
Automatic IRAS: Lower-Earning Households Could Realize Increases in Retirement Income
GAO-13-699: Published: Aug 23, 2013. Publicly Released: Sep 23, 2013.
Households without employer-sponsored defined contribution (DC) pension plans or individual retirement accounts (IRA) had lower incomes and tax rates than households with those plans, and are also likely to have limited additional resources to draw upon in retirement, according to GAO estimates. The median adjusted gross income for households without DC plans or IRAs was $32,000, compared to $75,0...
Delphi Pensions: Key Events Leading to Plan Terminations
GAO-13-854T: Published: Sep 11, 2013. Publicly Released: Sep 11, 2013.
The termination of the six defined benefit plans that were sponsored by the Delphi Corporation (Delphi) and the provision of benefit protections to some Delphi employees, but not others, culminated from a complex series of events involving Delphi, the General Motors Corporation (GM), various unions, the U.S. Department of the Treasury (Treasury), and the Pension Benefit Guaranty Corporation (PBGC)...
Retirement Security: Challenges and Prospects for Employees of Small Businesses
GAO-13-748T: Published: Jul 16, 2013. Publicly Released: Jul 16, 2013.
About 14 percent of small employers sponsor some type of plan for their employees to save for retirement and these employers in general can face numerous challenges establishing and maintaining a plan. GAO's March 2012 report found that many of the small employers who were contacted said they felt overwhelmed by the number of plan options, plan administration requirements, and fiduciary responsibi...
SSA Representative Payee Program: Addressing Long-Term Challenges Requires a More Strategic Approach
GAO-13-473: Published: May 29, 2013. Publicly Released: Jun 5, 2013.
The Social Security Administration (SSA) struggles to effectively administer its Representative Payee Program, despite steps taken to address its challenges in identifying, selecting, and monitoring representative payees. For example, due to increasing workloads and staff attrition, SSA field office managers in some offices said they sometimes have to perform payee program duties that lower level...
SSA Representative Payee Program: Long-Term Strategy Needed to Address Challenges
GAO-13-673T: Published: Jun 5, 2013. Publicly Released: Jun 5, 2013.
In summary, GAO found that SSA struggles to effectively administer its Representative Payee Program, despite steps the agency has taken to address its challenges in identifying, selecting, and monitoring representative payees. SSA field office managers in some offices said that due to increasing workloads and staff attrition they sometimes have to perform payee program duties that lower-level staf...
Patient Protection and Affordable Care Act: Enrollment and Spending in the Early Retiree Reinsurance and Pre-existing Condition Insurance Plan Programs
GAO-13-391: Published: Apr 30, 2013. Publicly Released: May 30, 2013.
The Center for Consumer Information and Insurance Oversight (CCIIO) discontinued enrollment in the Early Retiree Reinsurance Program (ERRP) in early 2011 and stopped most program reimbursements the following year to keep spending within the $5 billion ERRP appropriation. Specifically, anticipating exhaustion of funds, CCIIO stopped ERRP enrollment in May 2011. According to CCIIO officials, CCIIO s...
Social Security Administration: Long-Term Strategy Needed to Address Key Management Challenges
GAO-13-459: Published: May 29, 2013. Publicly Released: May 29, 2013.
The Social Security Administration (SSA) will experience management challenges in four key areas over the next decade.Human capital. SSA has not updated its succession plan since 2006 although the agency faces an ongoing retirement wave and hiring freeze which will make it difficult to respond to growing workload demands.Disability program issues. SSA faces ongoing challenges incorporating a more...