Employee retirements (1 - 10 of 24 items)
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...
[Comments on Due Date and Amount of District of Columbia's Contributions to Special Employee Retirement Funds]
B-271304: Published: Mar 19, 1996. Publicly Released: Mar 19, 1996.
The District of Columbia Chief Financial Officer requested a decision on when the first and second quarter contributions to the Police Officers and Fire Fighters Retirement Fund, the Teachers Retirement Fund, and the Judges Retirement Fund are due and the amount of these contributions. GAO held that the: (1) District of Columbia's first and second quarter payments were due no later than October 31...
Private Pensions: Funding Rule Change Needed to Reduce PBGC's Multibillion Dollar Exposure
HEHS-95-5: Published: Oct 5, 1994. Publicly Released: Oct 5, 1994.
Pursuant to a congressional request, GAO reviewed the underfunding problems of the Pension Benefit Guaranty Corporation (PBGC), focusing on the: (1) efficacy of Pension Protection Act (PPA) provisions in reducing underfunding; and (2) potential impact of the proposed Pension Funding Improvement Act (PFIA) of 1993 and Retirement Protection Act (RPA) of 1993 on improving plan funding.GAO found that:...
Pension Plans: Stronger Labor ERISA Enforcement Should Better Protect Plan Participants
HEHS-94-157: Published: Aug 8, 1994. Publicly Released: Aug 8, 1994.
GAO reviewed the Department of Labor's (DOL) enforcement of the Employee Retirement Income Security Act, focusing on the DOL: (1) enforcement strategy; (2) methodology for targeting pension and welfare plans for investigation; and (3) use of penalties to increase compliance.GAO found that: (1) DOL could strengthen its enforcement program by maximizing the use of its investigative resources and inc...
Pension Plans: Labor Should Not Ignore Some Small Plans That Report Violations
HRD-93-45: Published: Mar 26, 1993. Publicly Released: Apr 28, 1993.
Pursuant to a congressional request, GAO provided information on the Department of Labor's (DOL) corrective actions concerning prohibited pension plan asset use, focusing on: (1) whether DOL and the Internal Revenue Service (IRS) adequately identified and acted on reported information about possible violations; and (2) those agencies' procedures and practices for resolving apparent violations.GAO...
Pension Plans: Fiduciary Violations in Terminated Underfunded Plans
HRD-91-87: Published: May 13, 1991. Publicly Released: Jul 1, 1991.
Pursuant to a congressional request, GAO reviewed fund abuses in pension plans for which the Pension Benefit Guaranty Corporation (PBGC) assumed responsibility, focusing on: (1) the extent to which such abuses occurred; (2) whether PBGC identified the abuses; and (3) the adequacy of PBGC actions in pursuing legal remedies, including recovering misused funds.GAO found that: (1) fiduciaries' fund ab...
Pension Plans: Public Plans in Four States Have Generally Similar Policies and Practices
HRD-90-133: Published: Jul 24, 1990. Publicly Released: Aug 27, 1990.
Pursuant to a congressional request, GAO provided information on public pension plans in four states.GAO found that: (1) boards of trustees and their staffs administer public pension plans; (2) each board establishes policy and appoints a chief administrative officer responsible for hiring and overseeing the staff that carries out the plan's daily operations; (3) two plans have a single board and...
Leveraged Buy-Out Funds: Investments by Selected Pension Plans
HRD-89-121: Published: Aug 1, 1989. Publicly Released: Aug 1, 1989.
Pursuant to a congressional request, GAO reviewed the role of private and public pension funds in leveraged buy-outs (LBO), focusing on the: (1) methods pension plans used to evaluate LBO-funded investments; (2) principal provisions of LBO-fund limited-partnership agreements; (3) rate of return pension plans obtained on LBO-fund investments; and (4) Department of Labor's oversight of pension plan...
Pension Plan Participation in Leveraged Buyout Funds
T-HRD-89-5: Published: Feb 9, 1989. Publicly Released: Feb 9, 1989.
GAO discussed the role of pension funds in leveraged buyouts (LBO). GAO reviewed 4 plan sponsors and found that: (1) they invested $474 million in assets in 44 LBO; (2) they made their decisions after evaluating the LBO firms' reputations, experience, and track records; (3) generally, LBO fund investments are risky because their assets are committed for 10 or 12 years and cannot be traded on the o...
Pension Plans: Government Insurance Program Threatened by Its Growing Deficit
HRD-87-42: Published: Mar 19, 1987. Publicly Released: Apr 30, 1987.
Pursuant to a congressional request, GAO assessed the: (1) causes of large claims against the Pension Benefit Guaranty Corporation's (PBGC) insurance program; and (2) potential effects of the Single Employer Pension Plan Amendments Act (SEPPAA).GAO found that: (1) 90 percent of the $501 million in claims against PBGC from 1983 through 1985 resulted from 23 employers terminating 33 pension plans; (...