Pension plan (31 - 40 of 45 items)
Financial Condition of the Single Employer Pension Plan Insurance Program
T-HRD-87-8: Published: Apr 7, 1987. Publicly Released: Apr 7, 1987.
GAO discussed the financial condition of the Pension Benefit Guaranty Corporation's (PBGC) Single Employer Pension Insurance Program, which generally guarantees workers' vested benefits when a private pension plan terminates. GAO noted that the program is in serious financial trouble because: (1) it had a reported deficit of $3.8 billion as of September 30, 1986; (2) the deficit could reach an est...
The Underfunding of Single Employer Pension Plans
130198: Jun 24, 1986
In response to a congressional request, GAO provided information on private pension plan underfunding, specifically: (1) its extent and effects; (2) factors contributing to underfunding; (3) the potential of the Single Employer Pension Plan Amendments Act of 1986 to alleviate the effects of underfunded terminations; and (4) alternatives for controlling underfunding. GAO found that: (1) of the 14,5...
Interim Report on the Department of Labor's Management of the ERISA Enforcement Program
HRD-85-82: Published: Jun 24, 1985. Publicly Released: Jul 5, 1985.
In response to a congressional request, GAO provided information on its ongoing review of the Department of Labor's management of the Employee Retirement Income Security Act (ERISA) enforcement program.The Office of Pension and Welfare Benefit Programs (OPWBP) is responsible for enforcing ERISA reporting, disclosure, and fiduciary provisions. In 1984, OPWBP reported closing 2,454 cases, and $93 mi...
Effects of the 1980 Multiemployer Pension Plan Amendments Act on Plan Participants' Benefits
HRD-85-58: Published: Jun 14, 1985. Publicly Released: Jun 14, 1985.
Pursuant to the requirements of the Multiemployer Pension Plan Amendments Act, GAO studied the effects of plan terminations and benefits changes on plan participants.GAO found that: (1) while plan terminations increased from 27 in the 6 years before the act to 66 in the 4 years after, such terminations affected less than 1 percent of total plan participants nationwide; (2) the act was cited as a r...
The 1980 Multiemployer Pension Plan Amendments Act: An Assessment of Funding Requirement Changes
HRD-85-1: Published: Feb 27, 1985. Publicly Released: Feb 27, 1985.
GAO reported on the effect of the Multiemployer Pension Plan Amendments Act of 1980 on employers, participants, and others, and it assessed the effect of the act's changes in multiemployer plan funding requirements.GAO found that 14 of 149 plans it examined were financially distressed and could pose a risk to the government's insurance program amounting to billions of dollars. The act's provisions...
GAO Aging Activities in Fiscal Year 1984
HRD-85-27: Published: Nov 30, 1984. Publicly Released: Nov 30, 1984.
Pursuant to a congressional request, GAO reported on its fiscal year (FY) 1984 activities regarding older Americans.As of September 30, 1984, GAO had issued 41 reports, 22 of which contained summary information, and was involved in 72 assignments concerning the elderly. At the end of FY 1984, 40.5 percent of the GAO workforce was age 40 or over. GAO employment policies prohibit age discrimination,...
Premium Requirements of the Single Employer Pension Plan Insurance Program
123666: Mar 20, 1984
GAO discussed the Pension Benefit Guaranty Corporation's request for a $7 premium rate for its single employer pension plan insurance program. The Corporation was established to administer a self-financing program which insures the benefits of about 29 million participants in 106,000 private pension plans. GAO revised its suggested premium rate for the program upward to $8.50 which it believes may...
Tax Revenues Lost and Beneficiaries Inadequately Protected When Private Pension Plans Terminate
HRD-81-117: Published: Sep 30, 1981. Publicly Released: Sep 30, 1981.
In response to a congressional request, GAO reviewed the effectiveness of the practices and procedures of: (1) the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) for ensuring that pension plan terminations are reported; (2) IRS for processing plan terminations; and (3) IRS for ensuring compliance with income tax requirements by individuals receiving pension bene...
Comments on Funding of State and Local Government Pension Plans: A National Problem
112087: Apr 16, 1980
Comments were provided on a study concerning the funding of State and local government pension plans. The criteria used in the study for analyzing the selected State and local plans was the Employee Retirement Income Security Act (ERISA) standard for funding private plans. While reviewing the plans, GAO found that State and local officials are generally aware of the need for sound actuarial fundin...
Reliability of the Pension Benefit Guaranty Corporation's Estimated Cost of Proposed Revisions to the Multiemployer Pension Plan Insurance Program
HRD-80-65: Published: Feb 29, 1980. Publicly Released: Mar 3, 1980.
A review was undertaken to determine the reliability of the estimated cost to revise the multiemployer pension plan insurance program. The Guaranty Corporation submitted proposed legislation for revising the insurance program to both Houses of Congress on May 1, 1979. Some of the major provisions in the proposed legislation include: (1) a requirement that sponsoring employers, who withdraw from a...