Pension plan (11 - 20 of 27 items)
District's Pensions: Billions of Dollars in Liability Not Funded
HRD-93-32: Published: Nov 30, 1992. Publicly Released: Nov 30, 1992.
Pursuant to a congressional request, GAO reviewed the growth of the District of Columbia's unfunded pension liability, focusing on: (1) how the District's retirement plans compare with other municipal retirement plans; and (2) the impact of U.S. Secret Service personnel on the District's pension liability.GAO found that: (1) in 1979, Congress transferred responsibility for $2 billion in unfunded p...
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 Plans and Leveraged Buy-Outs
T-HRD-89-20: Published: Apr 27, 1989. Publicly Released: Apr 27, 1989.
GAO discussed its work on the role of pension plans in leveraged buy-outs (LBO), focusing on the: (1) incidence of pension plan terminations by companies taken over in LBO; (2) extent of pension plan investments in LBO; and (3) risks of investing pension plan assets in LBO. GAO found that: (1) 40 percent of the companies it reviewed terminated pension plans with a total of about $1.8 billion in as...
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...
Department of Labor: Pension Plans and Corporate Takeovers
HRD-88-58: Published: Mar 31, 1988. Publicly Released: May 20, 1988.
Pursuant to a congressional request, GAO reviewed the Department of Labor's (DOL) enforcement efforts concerning the potential misuse of pension plans in corporate takeovers.GAO found that DOL: (1) delegated responsibility for enforcing Employment Retirement Income Security Act standards to its Pension and Welfare Benefits Administration (PWBA); (2) informally learned of takeover transactions from...
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; (...
Financial Condition of the Single Employer Pension Plan Insurance Program
T-HRD-87-8: Published: Apr 7, 1987. Publicly Released: Apr 7, 1987.
GAO discussed the financial condition of the Pension Benefit Guaranty Corporation's (PBGC) Single Employer Pension Insurance Program, which generally guarantees workers' vested benefits when a private pension plan terminates. GAO noted that the program is in serious financial trouble because: (1) it had a reported deficit of $3.8 billion as of September 30, 1986; (2) the deficit could reach an est...
Pensions: Plans With Unfunded Benefits
HRD-87-15BR: Published: Oct 22, 1986. Publicly Released: Oct 22, 1986.
In response to a congressional request, GAO provided information on: (1) the extent to which single-employer defined-benefit pension plans are underfunded; and (2) the effect that underfunded plan terminations have had on the government insurance program's financial viability.GAO found that: (1) 3,351 of the 14,581 plans were underfunded by about $21 billion, while the other plans had assets that...