Pension plan (1 - 10 of 20 items) in Custom Date Range
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...
Troubled Asset Relief Program: Automaker Pension Funding and Multiple Federal Roles Pose Challenges for the Future
GAO-10-492: Published: Apr 6, 2010. Publicly Released: Apr 6, 2010.
Over $81 billion has been committed under the Troubled Asset Relief Program (TARP) to improve the domestic auto industry's competitiveness and long-term viability. The bulk of this assistance has gone to General Motors (GM) and Chrysler, who sponsor some of the largest defined benefit pension plans insured by the federal Pension Benefit Guaranty Corporation (PBGC). As part of GAO's statutorily man...
Defined Benefit Pension Plans: Guidance Needed to Better Inform Plans of the Challenges and Risks of Investing in Hedge Funds and Private Equity
GAO-08-692: Published: Aug 14, 2008. Publicly Released: Sep 10, 2008.
Millions of retired Americans rely on defined benefit pension plans for their financial well-being. Recent reports have noted that some plans are investing in 'alternative' investments such as hedge funds and private equity funds. This has raised concerns, given that these two types of investments have qualified for exemptions from federal regulations, and could present more risk to retirement ass...
Private Pensions: Opportunities Exist to Further Improve the Transparency of PBGC's Financial Disclosures
GAO-06-429: Published: Mar 27, 2006. Publicly Released: Apr 26, 2006.
The Pension Benefit Guaranty Corporation's (PBGC) single-employer insurance program insures the pension benefits of over 34 million participants in almost 29,000 private sector defined benefit pension plans. The increase in PBGC's probable claims has raised questions about PBGC's monitoring and financial disclosure practices, including whether the information that PBGC discloses is sufficient for...
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: Multiemployer Plans Face Short- and Long-Term Challenges
GAO-04-423: Published: Mar 26, 2004. Publicly Released: Mar 26, 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...
Pension Benefit Guaranty Corporation: Single-Employer Pension Insurance Program Faces Significant Long-Term Risks
GAO-04-90: Published: Oct 29, 2003. Publicly Released: Oct 29, 2003.
More than 34 million participants 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), to a $10...
Public Pensions: State and Local Government Contributions to Underfunded Plans
HEHS-96-56: Published: Mar 14, 1996. Publicly Released: Apr 12, 1996.
Pursuant to a congressional request, GAO reviewed the status of public pension plan funding, focusing on the basic pension plans of state and local governments.GAO found that: (1) states and localities with underfunded pension plans run the risk of reducing future pension benefits to taxpayers or raising revenues; (2) unfunded liabilities for all state and local pension plans totalled $200 billion...
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...
Underfunded Pension Plans: Federal Government's Growing Exposure Indicates Need For Stronger Funding Rules
T-HEHS-94-149: Published: Apr 19, 1994. Publicly Released: Apr 19, 1994.
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) underfunding in PBGC-insured single-employer plans increased from $31 billion in 1990 to over $50 billion in 1992; (2) current law provides for an offset that either completel...