Contingent liabilities (1 - 10 of 10 items)
Pension Costs on DOD Contracts: Additional Guidance Needed to Ensure Costs Are Consistent and Reasonable
GAO-13-158: Published: Jan 22, 2013. Publicly Released: Jan 22, 2013.
Labor costs are included in the prices contractors negotiate with the Department of Defense (DOD), and include pension costs as these are a normal element of employee compensation. Contractors make two sets of calculations for their defined benefit pension plans, following two sets of standards: (1) Cost Accounting Standards (CAS), which determine how pension costs are allocated to government cont...
State and Local Government Pension Plans: Governance Practices and Long-term Investment Strategies Have Evolved Gradually as Plans Take On Increased Investment Risk
GAO-10-754: Published: Aug 24, 2010. Publicly Released: Sep 20, 2010.
Recent market declines have significantly diminished the asset value of state and local pension plans. Reported unfunded liabilities for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter inves...
State and Local Government Pension Plans: Current Structure and Funded Status
GAO-08-983T: Published: Jul 10, 2008. Publicly Released: Jul 10, 2008.
Millions of state and local government employees are promised pension benefits when they retire. Although these benefits are not subject, for the most part, to federal laws governing private sector benefits, there is a federal interest in ensuring that all American have a secure retirement, as reflected in the special tax treatment provided for private and public pension funds. Recently, new accou...
State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits
GAO-08-223: Published: Jan 29, 2008. Publicly Released: Feb 28, 2008.
Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree healt...
AIMD-95-225R: Published: Aug 24, 1995. Publicly Released: Aug 24, 1995.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) accounting procedures and internal controls that warranted management's attention as of September 30, 1994. GAO noted that PBGC: (1) used evidence about significant transactions that occurred after year-end in assessing its year-end contingent liabilities; (2) misclassified several pension plans based on their prior year classification...
Management Letter: Pension Benefit Guaranty Corporation's Accounting Procedures
AIMD-94-168ML: Published: Aug 29, 1994. Publicly Released: Aug 29, 1994.
GAO provided information on the nonmaterial accounting and internal control weaknesses it detected during its audits of the Pension Benefit Guaranty Corporation's (PBGC) fiscal year 1993 financial statements. GAO noted that: (1) PBGC failed to include all underfunded plans in its database and accounting system and had inadequate classification procedures and documentation for its contingent liabil...
Pension Plans: Government Insurance Program Threatened by Its Growing Deficit
HRD-87-42: Published: Mar 19, 1987. Publicly Released: Apr 30, 1987.
Pursuant to a congressional request, GAO assessed the: (1) causes of large claims against the Pension Benefit Guaranty Corporation's (PBGC) insurance program; and (2) potential effects of the Single Employer Pension Plan Amendments Act (SEPPAA).GAO found that: (1) 90 percent of the $501 million in claims against PBGC from 1983 through 1985 resulted from 23 employers terminating 33 pension plans; (...
Pensions: Plans With Unfunded Benefits
HRD-87-15BR: Published: Oct 22, 1986. Publicly Released: Oct 22, 1986.
In response to a congressional request, GAO provided information on: (1) the extent to which single-employer defined-benefit pension plans are underfunded; and (2) the effect that underfunded plan terminations have had on the government insurance program's financial viability.GAO found that: (1) 3,351 of the 14,581 plans were underfunded by about $21 billion, while the other plans had assets that...
Statement of the Contingent Liability of the U.S. Government
PAD-78-47: Published: Feb 23, 1978. Publicly Released: Feb 23, 1978.
In response to a request for a statement of the total contingent liability of the United States, estimates were assembled of the following as reported by the Department of the Treasury: loans, guarantees (including Federally guaranteed housing loans, student loans, Amtrak guarantees, and rural loans) totaling $190.6 billion, insurance commitments (including coverage of deposits in commercial banks...
Responsibility, Accountability, and Disclosure
102493: Jun 27, 1977
The need for better accountability and financial reporting extends to all levels of government--Federal, State, and local. At the Federal level, the extensive use of deficit financing and the increase in pension and other liabilities have accentuated the need for the Government to provide overall financial reports that clearly show Congress and the public the major aspects of its financial positio...