Retirement benefits (11 - 20 of 39 items)
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...
Social Security Reform: Preliminary Lessons from Other Countries' Experiences
GAO-05-810T: Published: Jun 16, 2005. Publicly Released: Jun 16, 2005.
Many countries, including the United States, are grappling with demographic change and its effect on their national pension systems. The number of workers for each retiree is falling in most developed countries, straining the finances of national pension programs, particularly where contributions from current workers fund payments to current beneficiaries--known as a "pay-as-you-go" (PAYG) system...
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....
Social Security Reform: Analysis of Reform Models Developed by the President's Commission to Strengthen Social Security
GAO-03-310: Published: Jan 15, 2003. Publicly Released: Jan 15, 2003.
Social Security is an important social insurance program affecting virtually every American family. It represents a foundation of the nation's retirement income system and 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 solvency and sustainability challe...
401(k) Pension Plans: Extent of Plans' Investments in Employer Securities and Real Property
HEHS-98-28: Published: Nov 28, 1997. Publicly Released: Dec 29, 1997.
Pursuant to a congressional request, GAO provided information on: (1) the extent to which 401(k) plan assets are invested in employer securities and real property; (2) the protection and any possible problems associated with the recent amendments to title I of the Employee Retirement Income Security Act of 1974 (ERISA); and (3) alternate mechanisms that might safeguard the retirement benefits of p...
401(k) Pension Plans: Many Take Advantage of Opportunity to Ensure Adequate Retirement Income
HEHS-96-176: Published: Aug 2, 1996. Publicly Released: Aug 2, 1996.
Pursuant to a congressional request, GAO provided information on 401(k) pension plans, focusing on: (1) the proportion of workers covered by 401(k) pension plans; (2) workers' contributions to their 401(k) pension plans; and (3) how workers invest their pension account balances.GAO found that: (1) half of all workers and nearly two-thirds of workers nearing retirement age are covered by a pension...
[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...