Funds management (31 - 40 of 136 items)
Private Pensions: Revision of Defined Benefit Pension Plan Funding Rules Is an Essential Component of Comprehensive Pension Reform
GAO-05-794T: Published: Jun 7, 2005. Publicly Released: Jun 7, 2005.
This testimony discusses our recent report on the rules that govern the funding of defined benefit (DB) plans and the implications of those rules for the problems facing the Pension Benefit Guaranty Corporation (PBGC) and the DB pension system generally. In recent years, the PBGC has encountered serious financial difficulties. Prominent companies, such as Bethlehem Steel, U.S. Airways, and United...
Private Pensions: Recent Experiences of Large Defined Benefit Plans Illustrate Weaknesses in Funding Rules
GAO-05-294: Published: May 31, 2005. Publicly Released: May 31, 2005.
Pension funding rules are intended to ensure that plans have sufficient assets to pay promised benefits to plan participants. However, recent terminations of large underfunded plans, along with continued widespread underfunding, suggest weaknesses in these rules that may threaten retirement incomes of these plans' participants, as well as the future viability of the Pension Benefit Guaranty Corpor...
Mutual Funds: SEC Should Modify Proposed Regulations to Address Some Pension Plan Concerns
GAO-04-799: Published: Jul 9, 2004. Publicly Released: Aug 9, 2004.
Mutual fund investments represent more than 20 percent of Americans' pension plan assets. Since late 2003, two abusive trading practices in mutual funds have come to light. Late trading allowed some investors to illegally place orders for funds after the close of trading. Market timing allowed some investors to take advantage of temporary disparities between the value of a fund and the value of it...
Postal Pension Funding Reform: Issues Related to the Postal Service's Proposed Use of Pension Savings
GAO-04-238: Published: Nov 26, 2003. Publicly Released: Nov 26, 2003.
In April 2003, Congress enacted the Postal Civil Service Retirement System (CSRS) Funding Reform Act of 2003 (P.L. 108-18), which\ lowered the Postal Service's (Service) annual payment for its CSRS obligation by over $2.5 billion beginning in fiscal year 2003. P.L. 108-18 includes requiring (1) the Service to begin making payments into an escrow account in fiscal year 2006, (2) the Service to issu...
Postal Pension Funding Reform: Review of Military Service Funding Proposals
GAO-04-281: Published: Nov 26, 2003. Publicly Released: Nov 26, 2003.
The Postal Civil Service Retirement System Funding Reform Act of 2003 (the Act) required the United States Postal Service, Department of the Treasury, and Office of Personnel Management (OPM) to prepare proposals detailing whether and to what extent the Treasury and Postal Service should fund the benefits attributable to the military service of the Postal Service's current and former Civil Service...
Private Pensions: Changing Funding Rules and Enhancing Incentives Can Improve Plan Funding
GAO-04-176T: Published: Oct 29, 2003. Publicly Released: Oct 29, 2003.
Over the last few years, the total underfunding in the defined-benefit pension system has deteriorated to the point where the Pension Benefit Guaranty Corporation (PBGC), the federal agency responsible for protecting private sector defined benefit plan benefits, estimates that total plan underfunding grew to more than $400 billion as of December 31, 2002, and still exceeded $350 billion as of Sept...
Pension Benefit Guaranty Corporation: Long-Term Financing Risks to Single-Employer Insurance Program Highlight Need for Comprehensive Reform
GAO-04-150T: Published: Oct 14, 2003. Publicly Released: Oct 14, 2003.
More than 34 million workers and retirees 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),...
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...
Review of the Office of Personnel Management's Analysis of the United States Postal Service's Funding of Civil Service Retirement System Costs
GAO-03-448R: Published: Jan 31, 2003. Publicly Released: Jan 31, 2003.
In our December 2001 report, "United States Postal Service: Information on Retirement Plans" (GAO-02-170), we raised the question of whether the United States Postal Service (USPS) was paying more or less than appropriate to cover benefit payments for the Civil Service Retirement System (CSRS) for which it is responsible. In May 2002, we asked the Office of Personnel Management (OPM) to calculate...
Social Security: Analysis of Issues and Selected Reform Proposals
GAO-03-376T: Published: Jan 15, 2003. Publicly Released: Jan 15, 2003.
Social Security not only represents the foundation of our retirement income system; it also provides millions of Americans with disability insurance and survivors' benefits. As a result, Social Security provides benefits that are critical to the current and future well-being of tens of millions of Americans. However, the system faces both solvency and sustainability challenges in the longer term....