Insurance companies (1 - 10 of 23 items)
401(k) Plans: Other Countries' Experiences Offer Lessons in Policies and Oversight of Spend-down Options
GAO-14-9: Published: Nov 20, 2013. Publicly Released: Dec 16, 2013.
The six countries GAO reviewed can offer U.S. regulators lessons on how to expand access to a mix of spend-down options for 401(k) participants that meet various retirement needs. Five of the six countries generally ensure that participants can choose among three main plan options: a lump sum payment, a programmed withdrawal of participants' savings, or an annuity. In the last several decades, all...
Retirement Security: Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States
GAO-13-75: Published: Dec 10, 2012. Publicly Released: Jan 9, 2013.
Annuities with guaranteed lifetime withdrawals can help older Americans ensure they do not outlive their assets, but do present some risks to consumers. Two such products, variable annuities with guaranteed lifetime withdrawal benefits (VA/GLWB) and contingent deferred annuities (CDA), share a number of features but have some important structural differences. For example, both provide consumers wi...
Defined Benefit Plans: Proposed Plan Buyouts by Financial Firms Pose Potential Risks and Benefits
GAO-09-207: Published: Mar 16, 2009. Publicly Released: Apr 15, 2009.
Some U.S. financial and pension consulting firms have recently proposed alternatives to terminating a defined benefit (DB) pension plan and contracting with insurance companies to pay promised benefits. In their proposals, a plan sponsor would typically transfer the assets and liabilities of a hard-frozen DB plan--one in which all participant benefit accruals have ceased--along with additional mon...
Pension Benefit Guaranty Corporation: Financial Condition Improving, but Long-Term Risks Remain
HEHS-99-5: Published: Oct 16, 1998. Publicly Released: Nov 16, 1998.
Pursuant to a congressional request, GAO reviewed the long-term financial viability of the pension insurance programs, focusing on: (1) the financial condition of the insurance programs and trends in the plans they insure; (2) the impact the Retirement Protection Act of 1994 has had on the financial condition of the Pension Benefit Guaranty Corporation (PBGC) and insured plans; (3) risks to PBGC's...
Internal Revenue Service, Pension and Welfare Benefits Administration, and Health Care Financing Administration: Interim Rules for Health Insurance Portability for Group Health Plans
OGC-97-39: Published: Apr 24, 1997. Publicly Released: Apr 24, 1997.
Pursuant to a legislative requirement, GAO reviewed the Internal Revenue Service's (IRS), the Pension and Welfare Benefits Administration's (PWBA), and the Health Care Financing Administration's (HCFA) new interim rules on health insurance portability for group health plans. GAO noted that: (1) the new rules would govern access, portability, and renewability requirements for group health plans and...
Proposal to Strengthen H.R. 3396
HEHS-94-181R: Published: Jun 24, 1994. Publicly Released: Jul 13, 1994.
Pursuant to a congressional request, GAO provided information on options that would strengthen H.R. 3396. GAO noted that: (1) H.R. 3396 would improve funding for many underfunded pension plans; (2) H.R. 3396 should be strengthened so that sponsors of poorly funded plans are required to contribute more than the Employee Retirement Income Security Act's (ERISA) minimum requirements; (3) the Pension...
Underfunded Pension Plans: Federal Government's Growing Exposure Indicates Need For Stronger Funding Rules
T-HEHS-94-149: Published: Apr 19, 1994. Publicly Released: Apr 19, 1994.
GAO discussed its ongoing study of current pension plan funding rules and the impact of proposed pension reform legislation on underfunded plans insured by the Pension Benefit Guaranty Corporation (PBGC). GAO noted that: (1) underfunding in PBGC-insured single-employer plans increased from $31 billion in 1990 to over $50 billion in 1992; (2) current law provides for an offset that either completel...
Private Pensions: Protections for Retirees' Insurance Annuities Can Be Strengthened
HRD-93-29: Published: Mar 31, 1993. Publicly Released: Apr 22, 1993.
Pursuant to a congressional request, GAO reviewed the adequacy of protections for retirees' insurance annuities, focusing on: (1) state guarantee coverage of insurance annuities retirees receive from private pension plans; (2) federal regulation and oversight of private pension plans' selection of insurers to provide annuity benefits; and (3) options for improving annuity protections.GAO found tha...
Pension Plans: Underfunded Plans Threaten PBGC
T-HRD-93-2: Published: Feb 4, 1993. Publicly Released: Feb 4, 1993.
GAO discussed problems facing the Pension Benefit Guaranty Corporation (PBGC), focusing on management reforms, modification of pension funding rules, and changes in the insurance premium structure. GAO noted that: (1) weaknesses in internal controls and financial systems have undermined PBGC ability to administer the pension insurance program; (2) PBGC efforts to identify and collect delinquent an...
Pension Plans: Hidden Liabilities Increase Claims Against Government Insurance Program
HRD-93-7: Published: Dec 30, 1992. Publicly Released: Dec 30, 1992.
Pursuant to a congressional request, GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) pension plans and its vulnerability to unfunded liabilities, focusing on: (1) factors which cause hidden liabilities; (2) the impact on recent claims against the pension insurance program; and (3) PBGC ability to control these factors.GAO found that: (1) PBGC exposure to private pension unfunded lia...