Pension plan cost control (21 - 30 of 31 items)
Financial Audit: System and Control Problems Further Weaken the Pension Benefit Guaranty Fund
AFMD-92-1: Published: Nov 13, 1991. Publicly Released: Nov 13, 1991.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements in accordance with the Government Corporation Control Act.GAO found that: (1) serious financial system deficiencies and internal control weaknesses prevent PBGC from preparing reliable financial statements and affect Congress' ability to assess whether PBGC premium levels are adequate to meet...
Defined Benefit Pensions: Hidden Liabilities From Underfunded Plans and Potential New Obligations Confront PBGC
T-HRD-92-6: Published: Oct 31, 1991. Publicly Released: Oct 31, 1991.
GAO discussed some of the financial problems facing the Pension Benefit Guaranty Corporation (PBGC), focusing on how hidden liabilities affect PBGC. GAO noted that: (1) the current threat to PBGC comes from a few seriously underfunded plans in industries experiencing financial troubles; (2) it is difficult to estimate future PBGC liabilities because of difficulties in predicting if or when underfu...
Pension Benefit Guaranty Corporation: Weak Financial Condition Worsened by Serious Internal Control Weaknesses
T-AFMD-91-9: Published: Aug 1, 1991. Publicly Released: Aug 1, 1991.
GAO discussed its attempt to audit the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements. GAO noted that: (1) PBGC reported an operating loss of more than $780 million, increasing its accumulated deficit by more than 75 percent to $1.8 billion for FY 1990; (2) a significant increase in losses from future pension plan terminations, investment losses on assets...
Private Pensions: Risks to Retirees Posed by Insurance Company Failures
T-HRD-91-23: Published: Apr 30, 1991. Publicly Released: Apr 30, 1991.
GAO discussed: (1) risks pensioners faced when their defined benefit plans purchased insurance annuities that are not federally insured; (2) how insurance industry problems affected participants in defined contribution plans; and (3) issues associated with extending federal guarantees to insurance annuitants. GAO noted that: (1) defined benefit plan pensioners whose plans purchased insurance annui...
Cost Accounting: Department of Energy's Management of Contractor Pension and Health Benefit Costs
AFMD-90-13: Published: Aug 29, 1990. Publicly Released: Aug 29, 1990.
Pursuant to a congressional request, GAO reviewed Department of Energy (DOE) policies and practices regarding the reimbursement of contractors for the costs of their employees' pension and retiree health plans.GAO found that: (1) DOE allowed contractors to establish the amount of their contributions to employee plans, as long as the contributions fell within the minimum and maximum guidelines set...
Vesting Status of Selected Participants in Top-Heavy Pension Plans
T-HRD-88-3: Published: Oct 23, 1987. Publicly Released: Oct 23, 1987.
Pursuant to a congressional request, GAO discussed the effect of replacing 1982 "top-heavy" pension plan vesting rules with those of the Tax Reform Act of 1986. After comparing the vesting status of 859 active participants in 128 top-heavy small-business pension plans, GAO noted that, if the plans had used the 1986 graded vesting schedule: (1) the proportion of nonvested women would have increased...
Investigation To Reform Teamsters' Central States Pension Fund Found Inadequate
HRD-82-13: Published: Apr 28, 1982. Publicly Released: Jun 3, 1982.
For many years, the Teamster's Pension Fund trustees have been the subject of allegations of misuse of the Fund's assets. Therefore, the Department of Labor initiated an investigation of the Fund and, in response to a congressional request, GAO reviewed the Government's investigation.Labor's objective of having a Government-wide coordinated investigation did not succeed because the Internal Revenu...
Allocation of an Air Force Contractor's Pension Fund Assets May Be Inequitable
HRD-81-152: Published: Sep 23, 1981. Publicly Released: Sep 23, 1981.
The Air Force has contracted for services at the Eastern Test Range, Cape Canaveral, with Pan American World Airways for over 25 years. Pan American provided pension benefits for its employees through its Cooperative Retirement Income Plan and is reimbursed by the Government for contributions to the plan for employees working on the Eastern Test Range contract.During a review of contractors' compl...
Funding of State and Local Government Pension Plans
113767: Nov 14, 1980
State and local government pension plans will not be able to meet obligations from current income if current benefit and financing provisions are continued. The few fully funded plans should remain in good shape, but the numerous poorly funded plans can expect financial difficulty in this century. The plans are generally prepared in accordance with recognized actuarial procedures. Of the 72 State...
Examination of Financial Statements of the Pension Benefit Guaranty Corporation for the Fiscal Year Ended September 30, 1977
HRD-79-44: Published: May 3, 1979. Publicly Released: May 3, 1979.
The financial statements of the Pension Benefit Guaranty Corporation (PBGC) were examined for the fiscal year (FY) ending September 30, 1977. PBGC administers the insurance programs that guarantee certain benefits will be paid to participants of defined benefit pension plans in the event the plans terminate without sufficient assets to provide benefits.GAO could not verify that PBGC financial stat...