Beneficiaries (21 - 30 of 134 items)
Private Pensions: Long-standing Challenges Remain for Multiemployer Pension Plans
GAO-10-708T: Published: May 27, 2010. Publicly Released: May 27, 2010.
Multiemployer defined benefit pension plans, which are created by collective bargaining agreements covering more than one employer and generally operated under the joint trusteeship of labor and management, provide pension coverage to over 10.4 million participants in the 1,500 multiemployer plans insured by the Pension Benefit Guaranty Corporation (PBGC). Changes to the structure of the multiempl...
Retirement Income: Challenges for Ensuring Income throughout Retirement
GAO-10-632R: Published: Apr 28, 2010. Publicly Released: May 4, 2010.
As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge. Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90th birthday. In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued incr...
Medicaid and CHIP: Enrollment, Benefits, Expenditures, and Other Characteristics of State Premium Assistance Programs
GAO-10-258R: Published: Jan 19, 2010. Publicly Released: Jan 19, 2010.
Fiscal pressures, rising health care costs, and increases in the number of uninsured may lead states to look toward public-private partnerships to help finance health insurance coverage. Through Medicaid and the State Children's Health Insurance Program (CHIP), states have had long-standing authority to operate premium assistance programs that subsidize the purchase of private health insurance. En...
Social Security: Options to Protect Benefits for Vulnerable Groups When Addressing Program Solvency
GAO-10-101R: Published: Dec 7, 2009. Publicly Released: Dec 7, 2009.
For over 70 years, Social Security has been the foundation of retirement income for American workers and their families and has been instrumental in reducing poverty among the elderly. The Congressional Research Service estimates that if Social Security benefits did not exist, an estimated 44 percent of all elderly people would be poor today. Still, some people who receive Social Security retireme...
Private Pensions: Conflicts of Interest Can Affect Defined Benefit and Defined Contribution Plans
GAO-09-503T: Published: Mar 24, 2009. Publicly Released: Mar 24, 2009.
Conflicts of interest typically exist when someone in a position of trust, such as a pension consultant, has competing professional or personal issues. Such competing interests can make it difficult for pension plan fiduciaries and others, in general, to fulfill their duties impartially and could cause them to breach their duty to act solely in the interest of plan participants and beneficiaries....
Private Pensions: Fulfilling Fiduciary Obligations Can Present Challenges for 401(k) Plan Sponsors
GAO-08-774: Published: Jul 16, 2008. Publicly Released: Aug 15, 2008.
American workers increasingly rely on 401(k) plans for their retirement security, and sponsors of 401(k) plans--typically employers--have critical obligations under the Employee Retirement Income Security Act of 1974 (ERISA). When acting as fiduciaries, they must act prudently and solely in the interest of plan participants and beneficiaries. The Department of Labor (Labor) is responsible for prot...
Private Pensions: GAO Survey of 401(k) Plan Sponsor Practices (GAO-08-870SP, July 2008), an E-supplement to GAO-08-774
GAO-08-870SP: Published: Jul 16, 2008. Publicly Released: Jul 16, 2008.
American workers are increasingly reliant on 401(k) plans for their retirement security, and sponsors of 401(k) plans have critical obligations under the Employment Retirement Income Security Act of 1974 (ERISA). To administer these plans, the sponsor--typically the employer offering the 401(k) plan--selects plan features and other characteristics, including the types of investment options offered...
Social Security Administration Field Offices: Reduced Workforce Faces Challenges as Baby Boomers Retire
GAO-08-737T: Published: May 8, 2008. Publicly Released: May 8, 2008.
Millions of people rely on the services of Social Security Administration (SSA) field offices. In fiscal year 2007, SSA's approximately 1,300 field offices provided service to about 42 million customers. People use these offices to apply for Social Security cards, apply for retirement and disability benefits, establish direct deposit, and a host of other services. While customers may conduct their...
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...
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...