Employee retirement plans (41 - 50 of 221 items) in Custom Date Range
Private Pensions: 401(k) Plan Participants and Sponsors Need Better Information on Fees
GAO-08-95T: Published: Oct 24, 2007. Publicly Released: Oct 24, 2007.
According to Labor's most recent data, there are an estimated 44 million active participants in 401(k) plans. As participants accrue earnings on their investments, they also pay a number of fees, associated with 401(k) plans. Over the course of the employee's career, fees may significantly decrease retirement account balances. For plan sponsors, understanding the fees they are being charged helps...
Employer-Sponsored Benefits: Many Factors Affect the Treatment of Pension and Health Benefits in Chapter 11 Bankruptcy
GAO-07-1101: Published: Sep 6, 2007. Publicly Released: Sep 6, 2007.
In recent years, considerable debate has centered on companies using the chapter 11 bankruptcy reorganization process to reduce or eliminate employer-sponsored benefits in an effort to become more competitive. Congress recently enacted several laws, in part, to help address this issue. Most notably, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and th...
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...
Employer-Sponsored Health and Retirement Benefits: Efforts to Control Employer Costs and the Implications for Workers
GAO-07-355: Published: Mar 30, 2007. Publicly Released: Apr 30, 2007.
Many U.S. workers receive health and pension benefits from employers, and the cost of these benefits represents a growing share of workers' total compensation. Employers have made changes to control these rising costs, contending that these changes will allow them to remain competitive, particularly in an increasingly global market. Some advocacy groups are concerned that workers may receive reduc...
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...
Highlights of a GAO Forum: Engaging and Retaining Older Workers
GAO-07-438SP: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
In the future, older Americans are expected to be a larger share of the U.S. population, live longer, and spend more years in retirement than previous generations, and by 2025 labor force growth is expected to be less than a fifth of what it is today. Without major increases in productivity or immigration, low labor force growth will ultimately lead to slower economic and federal revenue growth. T...
Older Workers: Some Best Practices and Strategies for Engaging and Retaining Older Workers
GAO-07-433T: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
More Americans remaining in the workforce at older ages could lead to benefits at several levels. First, working longer will allow older workers to bolster their retirement savings. Second, hiring and retaining older workers will help employers deal with projected labor shortages. Third, older workers will contribute to economic growth and increase federal revenues, helping to defray some of the a...
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: Changes Needed to Provide 401(k) Plan Participants and the Department of Labor Better Information on Fees
GAO-07-21: Published: Nov 16, 2006. Publicly Released: Nov 30, 2006.
American workers are increasingly relying on 401(k) plans, which allow pre-tax contributions to individual accounts, for their retirement income. As workers accrue earnings on their investments, they also pay a number of fees that may significantly decrease their retirement savings. Because of concerns about the effects of fees on participants' retirement savings, GAO examined (1) the types of fee...
Private Pensions: Information on Cash Balance Pension Plans
GAO-06-42: Published: Nov 3, 2005. Publicly Released: Nov 3, 2005.
The nation's private defined benefit (DB) pension system, a key contributor to the financial security of millions of Americans, is in long-term decline. Since 1980, the number of active participants in Pension Benefit Guaranty Corporation (PBGC) insured single employer DB plans has dropped from 27.3 percent of all national private wage and salary workers in 1980, to about 15 percent in 2002, and m...