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Retirement Security (61 - 70 of 1,148 items)
Pension Benefit Guaranty Corporation: Redesigned Premium Structure Could Better Align Rates with Risk from Plan Sponsors
GAO-13-58: Published: Nov 7, 2012. Publicly Released: Nov 8, 2012.
Various options are available to make the Pension Benefit Guaranty Corporation's (PBGC) premium structure more risk-based and better reflect the risk of future claims. Historically, PBGC's premiums have not fully reflected the risks PBGC insures against--chiefly that a plan sponsor with an underfunded plan will become bankrupt, forcing the termination of the plan and imposing a claim on PBGC. PBGC...
Private Sector Pensions: Federal Agencies Should Collect Data and Coordinate Oversight of Multiple Employer Plans
GAO-12-665: Published: Sep 13, 2012. Publicly Released: Oct 4, 2012.
Little is known about the characteristics of private sector multiple employer plans (MEP), especially information regarding the employers that participate in them. Although no participating employer information is currently collected in the Form 5500, the primary source for pension information reported to the government, some plan-level information on MEPs is available. GAOs analysis of 2009...
Reemployment of Retirees: Six Agencies' Use of Dual Compensation Waiver Authority is Limited
GAO-12-855R: Published: Sep 10, 2012. Publicly Released: Sep 10, 2012.
In summary, the six agencies we reviewed made very little use of the NDAA waiver authority in fiscal years 2010 and 2011. The Department of Treasury made the most, although still very little, use of the waiver authority in both fiscal years--167 waivers in fiscal year 2010 and 214 waivers in fiscal year 2011. Agency officials told us that their agencies used a combination of NDAA and other waiver...
Thrift Savings Plan: Adding a Socially Responsible Index Fund Presents Challenges
GAO-12-664: Published: Jun 26, 2012. Publicly Released: Jul 26, 2012.
Officials at the Thrift Savings Plan (TSP) and the other public retirement plans that had considered socially responsible investment (SRI) associated a number of common challenges with SRI adoption. While none of these plans were identical to TSP in scope or demographics, many plan officials shared similar challenges and concerns with TSP. For example, they identified participant demand, SRI scree...
Retirement Security: Older Women Remain at Risk
GAO-12-825T: Published: Jul 25, 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. In fact, from 1998 to 2009, women surpassed men in their likelihood of working for an employer that offered a pension planlargely because the proportion of men covered by a plan declined. Furthermore, as employers have continued to terminate their defin...
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...
Delphi Bankruptcy: Termination of Delphi Pension Plans
GAO-12-909T: Published: Jul 10, 2012. Publicly Released: Jul 10, 2012.
The termination of the six defined benefit plans the Delphi Corporation (Delphi) sponsored, 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). When Delphi...
Veterans' Pension Benefits: Improvements Needed to Ensure Only Qualified Veterans and Survivors Receive Benefits
GAO-12-540: Published: May 15, 2012. Publicly Released: Jun 6, 2012.
The Department of Veterans Affairs (VA) pension program design and management do not adequately ensure that only veterans with financial need receive pension benefits. While the pension program is means tested, there is no prohibition on transferring assets prior to applying for benefits. Other means-tested programs, such as Medicaid, conduct a look-back review to determine if an individual...
Veterans' Pension Benefits: Improvements Needed to Ensure Only Qualified Veterans Receive Benefits
GAO-12-784T: Published: Jun 6, 2012. Publicly Released: Jun 6, 2012.
In summary, we identified over 200 organizations that market financial and estate planning services to help pension claimants with excess assets qualify for pension benefits. These organizations consist primarily of financial planners and attorneys who offer products such as annuities and trusts. All 19 organizations our investigative staff contacted said a claimant can qualify for pension benefit...
401(k) Plans: Increased Educational Outreach and Broader Oversight May Help Reduce Plan Fees
GAO-12-325: Published: Apr 24, 2012. Publicly Released: May 23, 2012.
Plan sponsors and participants paid a range of fees for services, though smaller plans typically paid higher fees as a percentage of plan assets. For example, the average amount sponsors of small plans reported paying for recordkeeping and administrative services was 1.33 percent of assets annually, compared with 0.15 percent paid by sponsors of large plans. Larger plans were more likely to pass r...