Retirement income (11 - 20 of 25 items)
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...
Defined Benefit Pensions: Plan Freezes Affect Millions of Participants and May Pose Retirement Income Challenges
GAO-08-817: Published: Jul 21, 2008. Publicly Released: Jul 21, 2008.
Private defined benefit (DB) pension plans are an important source of retirement income for millions of Americans. However, from 1990 to 2006, plan sponsors have voluntarily terminated over 61,000 sufficiently funded single-employer DB plans. An event preceding at least some of these terminations was a so-called plan "freeze"--an amendment to the plan to limit some or all future pension accruals f...
Defined Benefit Pensions: Survey of Sponsors of Large Defined Benefit Pension Plans (GAO-08-818SP, July 2008), an E-supplement to GAO-08-817
GAO-08-818SP: Published: Jul 21, 2008. Publicly Released: Jul 21, 2008.
Over the last five years, a number of large, high profile employers have announced their intention to freeze-- an amendment to the plan to limit some or all future pension accruals for some or all plan participants-- their larger defined benefit (DB) plans that represent a significant portion of plan liabilities and plan participants in the private DB system. To better understand the current plan...
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...
Private Pensions: Low Defined Contribution Plan Savings May Pose Challenges to Retirement Security, Especially for Many Low-Income Workers
GAO-08-8: Published: Nov 29, 2007. Publicly Released: Dec 11, 2007.
Over the last 25 years, pension coverage has shifted primarily from "traditional" defined benefit (DB) plans, in which workers accrue benefits based on years of service and earnings, toward defined contribution (DC) plans, in which participants accumulate retirement balances in individual accounts. DC plans provide greater portability of benefits, but shift the responsibility of saving for retirem...
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...
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...
Social Security Reform: Analysis of a Trust Fund Exhaustion Scenario Illustrates the Difficult Choices and the Need for Early Action
GAO-03-1038T: Published: Jul 29, 2003. Publicly Released: Jul 29, 2003.
Social Security is an important social insurance program affecting virtually every American family. It is the foundation of the nation's retirement income system and also provides millions of Americans with disability insurance and survivors' benefits. Over the long term, as the baby boom generation retires, Social Security's financing shortfall presents a major program solvency and sustainability...
Social Security Reform: Implications for Private Pensions
HEHS-00-187: Published: Sep 14, 2000. Publicly Released: Sep 14, 2000.
Pursuant to a congressional request, GAO provided information on the interactions between Social Security and private pensions, focusing on the: (1) primary linkages between Social Security and private pensions and the way they interact to provide retirement income for workers and families; (2) effects of traditional Social Security reforms on the structure of employer-sponsored pension plans thro...
Social Security: Criteria for Evaluating Social Security Reform Proposals
T-HEHS-99-94: Published: Mar 25, 1999. Publicly Released: Mar 25, 1999.
Pursuant to a congressional request, GAO discussed how best to ensure the long-term viability of the Social Security Program.GAO noted that: (1) as attention has focused on social security's future financial situation, a wide array of proposals have been put forth; (2) some proposals would reduce benefits, some would raise revenues, and most propose some combination to restore financial solvency;...