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Retirement Security (81 - 90 of 1,148 items)
Delphi Pension Plans: GM Agreements with Unions Give Rise to Unique Differences in Participant Benefits
GAO-12-168: Published: Dec 15, 2011. Publicly Released: Dec 15, 2011.
As a result of the termination of Delphis pension plans in July 2009 and statutory benefit limits, many Delphi retirees will receive less from PBGC than their full benefit promised by Delphi. However, some of those experiencing statutory reductions will still receive their full benefits because of union agreements with GM. With respect to PBGC's role in the process, the steps taken to termin...
Federal Employees' Group Life Insurance: Retirement Benefit and Retained Asset Account Disclosures Could Be Improved
GAO-12-94: Published: Nov 10, 2011. Publicly Released: Dec 12, 2011.
The Federal Employees' Group Life Insurance program (FEGLI), administered by the Office of Personnel Management (OPM), insures over 4 million federal employees and annuitants in the event of an enrollee's death. As a result, it is important that the program is clearly explained and properly overseen. However, some aspects of FEGLI, such as program disclosures and the use of retained asset accounts...
OPM Retirement Modernization: Longstanding Information Technology Management Weaknesses Need to Be Addressed
GAO-12-226T: Published: Nov 15, 2011. Publicly Released: Nov 15, 2011.
The Office of Personnel Management (OPM) is the central human resources agency for the federal government and, as such, is tasked with ensuring the government has an effective civilian workforce. As part of its mission, OPM defines recruiting and hiring processes and procedures; provides federal employees with various benefits, such as health benefits; and administers the retirement program for fe...
Delphi Corporation: Key Events Leading to Termination of the Delphi Defined Benefit Plans
GAO-12-234T: Published: Nov 14, 2011. Publicly Released: Nov 14, 2011.
The Delphi Corporation (Delphi) was a global supplier of mobile electronics and transportation systems that began as part of the General Motors Corporation (GM) and was spun off as an independent company in 1999. Delphi filed for bankruptcy in 2005, and in July 2009, Delphi's six defined benefit pension plans were terminated and trusteed by the Pension Benefit Guaranty Corporation (PBGC). In March...
Income Security: Older Adults and the 2007-2009 Recession
GAO-12-76: Published: Oct 17, 2011. Publicly Released: Oct 18, 2011.
The recession of 2007 to 2009 has been the most severe in this country since the 1930s. After adjusting for inflation, gross domestic product declined by 5.1 percent and the national unemployment rate peaked at 9.5 percent. While the recession officially ended in June 2009, our economy has experienced a weak recovery, with unemployment still above 9 percent. While the recession has affected all ag...
Income Security: The Effect of the 2007-2009 Recession on Older Adults
GAO-12-172T: Published: Oct 18, 2011. Publicly Released: Oct 18, 2011.
This testimony discusses the effects of the recent recession on older adults. While the recession officially ended in June 2009, our economy has experienced a weak recovery, with unemployment still above 9 percent. Older adults--particularly those close to or in retirement--may not have the same opportunities as younger adults to recover from the recession's effects. For example, older adults--gen...
Defined Benefit Pension Plans: Plans Face Challenges When Investing in Hedge Funds and Private Equity
GAO-11-901SP: Published: Aug 31, 2011. Publicly Released: Aug 31, 2011.
Millions of Americans rely on retirement savings plans for their financial well-being in retirement. Plan sponsors are increasingly investing in assets such as hedge funds (privately administered pooled investment vehicles that typically engage in active trading strategies) and private equity funds (privately managed investment pools that typically make long-term investments in private companies)...
Pension Benefit Guaranty Corporation: Asset Management Needs Better Stewardship
GAO-11-271: Published: Jun 30, 2011. Publicly Released: Aug 1, 2011.
The Pension Benefit Guaranty Corporation's (PBGC) insures the pension benefits of more than 44 million people. Since its inception in 1974, PBGC's assets have grown from about $34 million to almost $80 billion in 2010, largely through assets received in plan terminations. Despite significant swings in PBGC's investment history, there has been little focus on the extent to which it has met its inve...
Federal Workers' Compensation: Questions to Consider in Changing Benefits for Older Beneficiaries
GAO-11-854T: Published: Jul 26, 2011. Publicly Released: Jul 26, 2011.
This testimony discusses issues related to possible changes to the Federal Employees' Compensation Act (FECA) program, a topic that we have reported on in the past. At the end of chargeback year 2010, the FECA program, administered by the Department of Labor (Labor) had paid more than $1.88 billion in wage-loss compensation, impairment, and death benefits, and another $898.1 million for medical an...
Social Security Statements: Observations on SSA's Plans for the Social Security Statement
GAO-11-787T: Published: Jul 8, 2011. Publicly Released: Jul 8, 2011.
The Social Security Statement (the statement) is the federal government's main document for communicating with more than 150 million workers about their Social Security benefits. Provided annually, it serves as a key financial literacy tool that can educate the public about Social Security Administration (SSA) program benefits, aid in financial planning, and ensure that workers' earnings records a...