Early retirement (1 - 10 of 37 items) in Custom Date Range
Retirement Security: Challenges for Those Claiming Social Security Benefits Early and New Health Coverage Options
GAO-14-311: Published: Apr 23, 2014. Publicly Released: May 27, 2014.
Several work-related factors may cause people to claim Social Security benefits early and suggest they may face challenges in continuing to work at older ages. For example, those who worked in physically-demanding blue collar jobs were 55 percent more likely to claim benefits prior to their full retirement age compared to those in all other occupations after controlling for other factors (see figu...
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...
Private Pensions: Timely Action Needed to Address Impending Multiemployer Plan Insolvencies
GAO-13-240: Published: Mar 28, 2013. Publicly Released: Apr 8, 2013.
The most severely distressed multiemployer plans have taken significant steps to address their funding problems and, while most plans expected improved financial health, some did not. A survey conducted by a large actuarial and consulting firm serving multiemployer plans suggests that the large majority of the most severely underfunded plans--those designated as being in critical status--either ha...
Older Workers: Federal Agencies Face Challenges, but Have Opportunities to Hire and Retain Experienced Employees
GAO-08-630T: Published: Apr 30, 2008. Publicly Released: Apr 30, 2008.
The federal workforce, like the nation's workforce as a whole, is aging. As experienced employees retire, they leave behind critical gaps in leadership and institutional knowledge, increasing the challenges government agencies face in maintaining a skilled workforce. We and others have emphasized the need to hire and retain older workers as one part of a comprehensive strategy to address expected...
Pension Benefit Guaranty Corporation: Single-Employer Pension Insurance Program Faces Significant Long-Term Risks
GAO-04-90: Published: Oct 29, 2003. Publicly Released: Oct 29, 2003.
More than 34 million participants in 30,000 single-employer defined benefit pension plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits, and the program's long-term financial viability is in doubt. Over the last decade, the program swung from a $3.6 billion accumulated deficit (liabilities exceeded assets), to a $10...
Social Security Reform: Implications for Private Pensions
HEHS-00-187: Published: Sep 14, 2000. Publicly Released: Sep 14, 2000.
Pursuant to a congressional request, GAO provided information on the interactions between Social Security and private pensions, focusing on the: (1) primary linkages between Social Security and private pensions and the way they interact to provide retirement income for workers and families; (2) effects of traditional Social Security reforms on the structure of employer-sponsored pension plans thro...
Social Security Administration: Compliance With Presidential Directive to Reduce Management-to-Staff Ratio
HEHS-99-43R: Published: Jan 22, 1999. Publicly Released: Jan 29, 1999.
Pursuant to a congressional request, GAO reviewed the Social Security Administration's (SSA) efforts to implement a National Performance Review (NPR) recommendation to reduce its management-to-staff ratio, focusing on the: (1) progress SSA has made to date in achieving the directive to reduce its management-to-staff ratio, particularly for staff graded GS-12 and above; and (2) steps SSA has taken...
Workforce Reductions: Downsizing Strategies Used in Selected Organizations
GGD-95-54: Published: Mar 13, 1995. Publicly Released: Mar 13, 1995.
GAO provided information on how 17 private companies, 5 states, and 3 foreign governments planned for and carried out downsizings, focusing on successful strategies and approaches that may help federal agencies to implement federal employment reductions mandated by the Federal Workforce Restructuring Act.GAO found that: (1) while private companies base downsizing decisions on corporate restructuri...
Federal Personnel: Employment Policy Challenges Created By an Aging Workforce
GGD-93-138: Published: Sep 23, 1993. Publicly Released: Sep 23, 1993.
GAO provided information on work-force aging, focusing on federal government and private-sector employers' efforts to address older-worker issues.GAO found that: (1) the federal government and private-sector employers could face difficulties in meeting their future employment needs because the large aging baby boom generation is approaching retirement eligibility and the next generation of workers...
Army Materiel Command: Providing Early Retirement Incentives in 1990 Could Have Saved Money
NSIAD-93-233: Published: Aug 24, 1993. Publicly Released: Aug 24, 1993.
Pursuant to a congressional request, GAO estimated the potential savings to the government if the Army Materiel Command (AMC) had implemented certain retirement incentives in 1990.GAO found that: (1) the cost savings from additional retirements would have ranged from $100,000 to $250,000 per retiree if AMC did not replace the retiree; (2) factors affecting the costs of retirement incentives includ...