Private sector (1 - 10 of 33 items)
Pension Plan Valuation: Views on Using Multiple Measures to Offer a More Complete Financial Picture
GAO-14-264: Published: Sep 30, 2014. Publicly Released: Oct 30, 2014.
Public and private sector defined benefit pension plans are subject to different rules and guidance regarding discount rates—interest rates used to determine the current value of estimated future benefit payments. These differences can result in significant implications:Sponsors of public sector plans generally use discount rates using a long-term assumed average rate of return on plan assets. T...
Retirement Security: Challenges and Prospects for Employees of Small Businesses
GAO-13-748T: Published: Jul 16, 2013. Publicly Released: Jul 16, 2013.
About 14 percent of small employers sponsor some type of plan for their employees to save for retirement and these employers in general can face numerous challenges establishing and maintaining a plan. GAO's March 2012 report found that many of the small employers who were contacted said they felt overwhelmed by the number of plan options, plan administration requirements, and fiduciary responsibi...
Private Sector Pensions: Federal Agencies Should Collect Data and Coordinate Oversight of Multiple Employer Plans
GAO-12-665: Published: Sep 13, 2012. Publicly Released: Oct 4, 2012.
Little is known about the characteristics of private sector multiple employer plans (MEP), especially information regarding the employers that participate in them. Although no participating employer information is currently collected in the Form 5500, the primary source for pension information reported to the government, some plan-level information on MEPs is available. GAOs analysis of 2009...
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...
Private Pensions: Alternative Approaches Could Address Retirement Risks Faced by Workers but Pose Trade-offs
GAO-09-642: Published: Jul 24, 2009. Publicly Released: Aug 24, 2009.
Recent losses in the stock market and poor economic conditions underscore that many U.S. workers are at risk of not having an adequate income in retirement from pension plans. The dramatic decline in the stock market has diminished pension savings and reportedly led to low levels in older Americans' confidence in their ability to retire. Even before the current economic recession, research indicat...
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....
Defined Benefit Pensions: Conflicts of Interest Involving High Risk or Terminated Plans Pose Enforcement Challenges
GAO-07-703: Published: Jun 28, 2007. Publicly Released: Jun 28, 2007.
To protect workers' retirement security, the requesters asked GAO to assess: 1) What is known about conflicts of interest affecting private sector defined benefit (DB) plans? 2) What procedures does the Pension Benefit Guaranty Corporation (PBGC) have to identify and recover losses attributable to conflicts? 3) What procedures does Employee Benefits Security Administration (EBSA) have to detect co...
Private Pensions: Increased Reliance on 401(k) Plans Calls for Better Information on Fees
GAO-07-530T: Published: Mar 6, 2007. Publicly Released: Mar 6, 2007.
Over the past two decades there has been a noticeable shift in the types of plans employers are offering employees. Employers are increasingly moving away from traditional defined benefit plans to what has become the most dominant and fastest growing type of defined contribution plan, the 401(k). As more workers participate in 401(k) plans, they bear more of the responsibility for funding their re...
Employee Benefits Security Administration: Enforcement Improvements Made but Additional Actions Could Further Enhance Pension Plan Oversight
GAO-07-22: Published: Jan 18, 2007. Publicly Released: Feb 20, 2007.
The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) enforces the Employee Retirement Income Security Act of 1974 (ERISA), which sets certain minimum standards for private sector pension plans. On the basis of GAO's prior work, the Senate Committee on Health, Education, Labor and Pensions asked GAO to review EBSA's enforcement program. Specifically, this report assesses...
Private Pensions: 'Top-Heavy' Rules for Owner-Dominated Plans
HEHS-00-141: Published: Aug 31, 2000. Publicly Released: Sep 29, 2000.
Pursuant to a congressional request, GAO reviewed top-heavy rules in relation to other pension laws and regulations intended to ensure that workers benefit equitably from their pension plans, focusing on: (1) key differences between top-heavy rules and the general rules for nondiscrimination and vesting in contributions and benefits; (2) the most recent data available for GAO analysis on the chara...