Legislation (1 - 10 of 19 items)
Social Security Death Data: Additional Action Needed to Address Data Errors and Federal Agency Access
GAO-14-46: Published: Nov 27, 2013. Publicly Released: Dec 27, 2013.
The Social Security Administration (SSA) receives death reports from multiple sources, including state vital records agencies (states), family members, and other federal agencies to create its set of death records. In accordance with the Social Security Act (Act), SSA shares its full set of death data with certain agencies that pay federally-funded benefits, for the purpose of ensuring the accurac...
Private Pensions: Clarity of Required Reports and Disclosures Could Be Improved
GAO-14-92: Published: Nov 21, 2013. Publicly Released: Dec 17, 2013.
Sponsors of private sector pension plans are required to submit various reports to federal agencies and disclosures to participants depending on the plans' type, size, and circumstances. GAO identified more than 130 reports and disclosures stemming from provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code, as administered largely by t...
Pension Benefit Guaranty Corporation: Redesigned Premium Structure Could Better Align Rates with Risk from Plan Sponsors
GAO-13-58: Published: Nov 7, 2012. Publicly Released: Nov 8, 2012.
Various options are available to make the Pension Benefit Guaranty Corporation's (PBGC) premium structure more risk-based and better reflect the risk of future claims. Historically, PBGC's premiums have not fully reflected the risks PBGC insures against--chiefly that a plan sponsor with an underfunded plan will become bankrupt, forcing the termination of the plan and imposing a claim on PBGC. PBGC...
Employer-Sponsored Benefits: Many Factors Affect the Treatment of Pension and Health Benefits in Chapter 11 Bankruptcy
GAO-07-1101: Published: Sep 6, 2007. Publicly Released: Sep 6, 2007.
In recent years, considerable debate has centered on companies using the chapter 11 bankruptcy reorganization process to reduce or eliminate employer-sponsored benefits in an effort to become more competitive. Congress recently enacted several laws, in part, to help address this issue. Most notably, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and th...
Pension Benefit Guaranty Corporation Single-Employer Insurance Program: Long-Term Vulnerabilities Warrant 'High Risk' Designation
GAO-03-1050SP: Published: Jul 23, 2003. Publicly Released: Jul 23, 2003.
The potential losses that the Pension Benefit Guaranty Corporation (PBGC), through its single-employer insurance program, might face from the termination of underfunded plans have been a longstanding concern of the Congress and GAO. In 1990, as part of our effort to call attention to high-risk areas in the federal government, we noted that weaknesses in the single-employer insurance program's fina...
Comments on the Economic Implications of the Proposed Florio Amendment to the Nondiscrimination in Insurance Act
OCE-84-6: Published: Sep 27, 1984. Publicly Released: Oct 29, 1984.
GAO was asked to analyze a substitute to H.R. 100, proposed legislation which would prohibit distinctions based on race, color, religion, sex, or national origin in the marketing and pricing of insurance and pension contracts. The bill would have required that: (1) sex-distinct premiums and benefits in the contracts be equalized; and (2) no one's benefits be reduced as part of the equalization pro...
Economic Implications of the Fair Insurance Practices Act
OCE-84-1: Published: Apr 6, 1984. Publicly Released: Apr 6, 1984.
In response to a congressional request, GAO reviewed the economic implications of the proposed Fair Insurance Practices Act. Specifically, GAO reviewed: (1) how cost considerations vary by type of insurance; and (2) the effect that unfunded liabilities in pension plans would have on the ability of pension plans to meet the minimum funding requirements of the Employee Retirement Income Security Act...
Employer Stock Ownership Plans: Who Benefits Most in Closely Held Companies?
HRD-80-88: Published: Jun 20, 1980. Publicly Released: Jun 30, 1980.
The Employee Retirement Income Security Act of 1974 (ERISA) requires that Employee Stock Ownership Plans (ESOP) be established and operated exclusively for the benefit of participants and their beneficiaries. Additionally, ERISA (1) defines an ESOP as a stock bonus plan or a stock bonus and money purchase plan that meets the qualification requirements of the Internal Revenue Service; and (2) provi...
Federal Employee Awareness of Benefits Program Content and Value
FPCD-79-53: Published: May 14, 1979. Publicly Released: May 14, 1979.
Based on informal surveys, federal employees substantially underestimate the value of their benefits. The present method of providing general announcements and descriptive brochures aimed at large groups of employees does little to inform individuals about the specific value of their benefits.The disclosure practices of public employee retirement systems at the federal, state, and local level fall...
Proposed Legislation Affecting Adjustments in the Annuity of a Retired Comptroller General
106830: Aug 21, 1978
Comptrollers General and their survivors are apparently the only persons in the Federal service whose benefits are not adjusted to take into account cost-of-living increases. Senate Bill 3412 would provide for cost-of-living adjustments in a retired Comptroller General's annuity by an identical formula to that provided for annuitants under the Civil Service Retirement Act and would also authorize...