Program management (11 - 20 of 25 items)
Securities and Exchange Commission: Additional Actions Needed to Ensure Planned Improvements Address Limitations in Enforcement Division Operations
GAO-07-830: Published: Aug 15, 2007. Publicly Released: Sep 17, 2007.
The Securities and Exchange Commission's (SEC) ability to conduct investigations and bring enforcement actions for violations of securities laws is critical to its mission to protect investors and maintain fair and orderly markets. SEC's Division of Enforcement (Enforcement) is charged with investigating securities law violations; recommending civil enforcement actions when appropriate, either in...
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...
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...
Underfunded State and Local Pensions Plans
HRD-93-9R: Published: Dec 3, 1992. Publicly Released: Jan 4, 1993.
Pursuant to a congressional request, GAO commented on the pension-funding practices of state and local governments, focusing on the extent to which state and local governments: (1) failed to make appropriate contributions to plans; (2) changed actuarial assumptions or funding methods in order to lower required contributions; and (3) used pension funds to pay operating expenses. GAO noted that: (1)...
The Social Security Wild Card
137892: Jan 1, 1988
This article, which appeared in the GAO Journal, No. 4, Winter 1988, discusses maintaining the Social Security Program and Trust Fund surpluses. As a result of increases in payroll taxes, the Trust Fund is now building a surplus at a rate exceeding $100 million daily. However, in implementing deficit-reduction legislation, Congress used the Trust Fund to mask the actual budget deficit. Continued u...
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...