Internal controls (1 - 10 of 22 items)
Federal Pensions: Judicial Survivors' Annuities System Costs for 2008 to 2010
GAO-13-236: Published: Feb 22, 2013. Publicly Released: Feb 22, 2013.
GAO found that for the 2008 to 2010 time frame covered by this review, the participating judges' share of normal cost was, on average, about 41 percent of the Judicial Survivors' Annuities System (JSAS) total normal costs, and the federal government's share of normal cost was about 59 percent of JSAS total normal costs. The federal government's share of JSAS normal costs increased over the years i...
Defined Benefit Pension Plans: Plans Face Valuation and Other Challenges When Investing in Hedge Funds and Private Equity
GAO-10-915T: Published: Jul 20, 2010. Publicly Released: Jul 20, 2010.
Millions of Americans rely on private or public defined benefit pension plans, which promise to pay retirement benefits that are generally based on an employee's salary and years of service. Plan sponsors are increasingly investing in "alternative" assets such as hedge funds and private equity. This has raised concerns, given that these two types of investments have qualified for exemptions from s...
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....
Private Pensions: Fulfilling Fiduciary Obligations Can Present Challenges for 401(k) Plan Sponsors
GAO-08-774: Published: Jul 16, 2008. Publicly Released: Aug 15, 2008.
American workers increasingly rely on 401(k) plans for their retirement security, and sponsors of 401(k) plans--typically employers--have critical obligations under the Employee Retirement Income Security Act of 1974 (ERISA). When acting as fiduciaries, they must act prudently and solely in the interest of plan participants and beneficiaries. The Department of Labor (Labor) is responsible for prot...
Private Pensions: GAO Survey of 401(k) Plan Sponsor Practices (GAO-08-870SP, July 2008), an E-supplement to GAO-08-774
GAO-08-870SP: Published: Jul 16, 2008. Publicly Released: Jul 16, 2008.
American workers are increasingly reliant on 401(k) plans for their retirement security, and sponsors of 401(k) plans have critical obligations under the Employment Retirement Income Security Act of 1974 (ERISA). To administer these plans, the sponsor--typically the employer offering the 401(k) plan--selects plan features and other characteristics, including the types of investment options offered...
Department of Energy: Information on Its Management of Costs and Liabilities for Contractors' Pension and Postretirement Benefit Plans
GAO-08-642R: Published: Jun 19, 2008. Publicly Released: Jun 19, 2008.
For the past 60 years, the Department of Energy (DOE) and its predecessors have carried out their national security, environmental cleanup, and research and development missions through management and operating (M&O) contracts and other site contracts for operations at DOE-owned facilities. DOE currently has 43 such contracts with private companies and nonprofit organizations, including universiti...
Financial Audit: The Pension Benefit Guaranty Corporation's Fiscal Year 2004 Management Representation Letter on Its Financial Statements
GAO-05-610R: Published: Jul 22, 2005. Publicly Released: Jul 22, 2005.
The Secretary of the Treasury, in coordination with the Director of the Office of Management and Budget (OMB), is required to annually prepare and submit audited financial statements of the U.S. government to the President and the Congress. We are required to audit these consolidated financial statements (CFS) and report on the results of our work. In connection with fulfilling our requirement to...
Pension Benefit Guaranty Corporation Single-Employer Insurance Program: Long-Term Vulnerabilities Warrant 'High Risk' Designation
GAO-03-1050SP: Published: Jul 23, 2003. Publicly Released: Jul 23, 2003.
The potential losses that the Pension Benefit Guaranty Corporation (PBGC), through its single-employer insurance program, might face from the termination of underfunded plans have been a longstanding concern of the Congress and GAO. In 1990, as part of our effort to call attention to high-risk areas in the federal government, we noted that weaknesses in the single-employer insurance program's fina...
The Results Act: Observations on the Railroad Retirement Board's September 1997 Strategic Plan
HEHS-98-13R: Published: Nov 6, 1997. Publicly Released: Nov 6, 1997.
Pursuant to a congressional request, GAO reviewed the Railroad Retirement Board's (RRB) September 1997 strategic plan, focusing on: (1) RRB's compliance with the Results Act's requirements and the plan's overall quality; (2) whether the plan reflects RRB's key statutory responsibilities; (3) whether the plan identifies crosscutting functions and plans for coordination with other departments and ag...
Underfunded Pension Plans: Stronger Funding Rules Needed to Reduce Federal Government's Growing Exposure
T-HEHS-94-191: Published: Jun 15, 1994. Publicly Released: Jun 15, 1994.
Pursuant to a congressional request, GAO discussed its ongoing study of current pension plan funding rules and the impact of proposed pension reform legislation on underfunded plans insured by the Pension Benefit Guaranty Corporation (PBGC). GAO noted that: (1) in 1992, underfunding in PBGC-insured single-employer plans increased to over $50 billion; (2) continued underfunding increases PBGC liabi...