Employee retirement plans (51 - 60 of 221 items)
Private Pensions: Revision of Defined Benefit Pension Plan Funding Rules Is an Essential Component of Comprehensive Pension Reform
GAO-05-794T: Published: Jun 7, 2005. Publicly Released: Jun 7, 2005.
This testimony discusses our recent report on the rules that govern the funding of defined benefit (DB) plans and the implications of those rules for the problems facing the Pension Benefit Guaranty Corporation (PBGC) and the DB pension system generally. In recent years, the PBGC has encountered serious financial difficulties. Prominent companies, such as Bethlehem Steel, U.S. Airways, and United...
Private Pensions: Government Actions Could Improve the Timeliness and Content of Form 5500 Pension Information
GAO-05-491: Published: Jun 3, 2005. Publicly Released: Jun 3, 2005.
The Form 5500 is the primary source of information for both the federal government and the private sector regarding the operation, funding, assets, and investments of private pension and other employee benefit plans. Currently, the Department of Labor (Labor) requires about 3 years to provide certain usable Form 5500 information to the public, leading to complaints that the information is not time...
Highlights of a GAO Forum: The Future of the Defined Benefit System and the Pension Benefit Guaranty Corporation
GAO-05-578SP: Published: Jun 1, 2005. Publicly Released: Jun 1, 2005.
Employer-sponsored defined benefit pension plans face unprecedented challenges in the midst of significant changes in our nation's retirement landscape. Many defined benefit plans and the federal agency that insures them, the Pension Benefit Guaranty Corporation (PBGC), have accumulated large and growing deficits that threaten their survival. Meanwhile, the percentage of American workers covered b...
Private Pensions: Recent Experiences of Large Defined Benefit Plans Illustrate Weaknesses in Funding Rules
GAO-05-294: Published: May 31, 2005. Publicly Released: May 31, 2005.
Pension funding rules are intended to ensure that plans have sufficient assets to pay promised benefits to plan participants. However, recent terminations of large underfunded plans, along with continued widespread underfunding, suggest weaknesses in these rules that may threaten retirement incomes of these plans' participants, as well as the future viability of the Pension Benefit Guaranty Corpor...
Pension Plans: Additional Transparency and Other Actions Needed in Connection with Proxy Voting
GAO-04-749: Published: Aug 10, 2004. Publicly Released: Sep 9, 2004.
In 1998, about 100 million Americans were covered in private pension plans with assets totaling about $4 trillion. The retirement security of plan participants can be affected by how certain issues are voted on during company stockholders meetings. Fiduciaries, having responsibility for voting on such issues on behalf of some plan participants (proxy voting), are to act solely in the interest of p...
Mutual Funds: SEC Should Modify Proposed Regulations to Address Some Pension Plan Concerns
GAO-04-799: Published: Jul 9, 2004. Publicly Released: Aug 9, 2004.
Mutual fund investments represent more than 20 percent of Americans' pension plan assets. Since late 2003, two abusive trading practices in mutual funds have come to light. Late trading allowed some investors to illegally place orders for funds after the close of trading. Market timing allowed some investors to take advantage of temporary disparities between the value of a fund and the value of it...
Private Pensions: Multiemployer Pensions Face Key Challenges to Their Long-Term Prospects
GAO-04-542T: Published: Mar 18, 2004. Publicly Released: Mar 18, 2004.
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 coverage to over 9.7 million of the 44 million participants insured by the Pension Benefit Guaranty Corporation (PBGC). The recent termination of several large single-employer plans--pl...
Private Pensions: Timely and Accurate Information Is Needed to Identify and Track Frozen Defined Benefit Plans
GAO-04-200R: Published: Dec 17, 2003. Publicly Released: Dec 17, 2003.
While private-sector pensions help millions of Americans achieve retirement income security, the number of private defined benefit (DB) plans1 has declined substantially over the past two decades. Recently, those concerned with the viability of the private defined benefit pension system point to significant increases in pension contributions plan sponsors must make and to the fact that most plans...
Pension Benefit Guaranty Corporation: Long-Term Financing Risks to Single-Employer Insurance Program Highlight Need for Comprehensive Reform
GAO-04-150T: Published: Oct 14, 2003. Publicly Released: Oct 14, 2003.
More than 34 million workers and retirees 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),...
Options to Encourage the Preservation of Pension and Retirement Savings: Phase 2, an E-supplement to GAO-03-810
GAO-03-990SP: Published: Jul 29, 2003. Publicly Released: Jul 29, 2003.
This document presents the results from a survey of a panel of experts in the area of pensions and retirement to a questionnaire on options to encourage the preservation of pension and retirement plan savings. We developed a web-based questionnaire to obtain the data. The items in the questionnaire were compiled from a list of factors these experts identified in an earlier data collection effort....