Pension plan (11 - 20 of 114 items)
Private Pensions: Alternative Approaches Could Address Retirement Risks Faced by Workers but Pose Trade-offs
GAO-09-642: Published: Jul 24, 2009. Publicly Released: Aug 24, 2009.
Recent losses in the stock market and poor economic conditions underscore that many U.S. workers are at risk of not having an adequate income in retirement from pension plans. The dramatic decline in the stock market has diminished pension savings and reportedly led to low levels in older Americans' confidence in their ability to retire. Even before the current economic recession, research indicat...
Defined Benefit Pensions: Survey Results of the Nation's Largest Private Defined Benefit Plan Sponsors
GAO-09-291: Published: Mar 30, 2009. Publicly Released: Mar 30, 2009.
The number of private defined benefit (DB) pension plans, an important source of retirement income for millions of Americans, has declined substantially over the past two decades. For example, about 92,000 single-employer DB plans existed in 1990, compared to just under 29,000 single-employer plans today. Although this decline has been concentrated among smaller plans, there is a widespread concer...
Defined Benefit Pension Plans: Guidance Needed to Better Inform Plans of the Challenges and Risks of Investing in Hedge Funds and Private Equity
GAO-08-692: Published: Aug 14, 2008. Publicly Released: Sep 10, 2008.
Millions of retired Americans rely on defined benefit pension plans for their financial well-being. Recent reports have noted that some plans are investing in 'alternative' investments such as hedge funds and private equity funds. This has raised concerns, given that these two types of investments have qualified for exemptions from federal regulations, and could present more risk to retirement ass...
Federal Retirement Thrift Investment Board: Many Responsibilities and Investment Policies Set by Congress
GAO-07-611: Published: Jun 21, 2007. Publicly Released: Jul 23, 2007.
The Thrift Savings Plan (TSP), a retirement savings and investment plan for federal workers, held approximately $210 billion in retirement assets for 3.7 million participants, as of February 2007. TSP is managed by the Federal Retirement Thrift Investment Board (FRTIB). In light of questions about TSP oversight, we examined (1) the current structure for overseeing FRTIB, (2) how the statutorily de...
PBGC's Legal Support: Improvements Needed to Eliminate Confusion and Ensure Provision of Consistent Advice
GAO-07-757R: Published: May 18, 2007. Publicly Released: Jun 20, 2007.
The Pension Benefit Guaranty Corporation (PBGC) insures the pensions of nearly 44 million private sector workers in over 30,000 employer-sponsored defined benefit pension plans. Established in 1974 as a self-financing government corporation, PBGC's primary responsibility is to insure, under statutory limits, the pension benefits of participants in covered private defined benefit plans. PBGC collec...
Employee Benefits Security Administration: Enforcement Improvements Made but Additional Actions Could Further Enhance Pension Plan Oversight
GAO-07-22: Published: Jan 18, 2007. Publicly Released: Feb 20, 2007.
The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) enforces the Employee Retirement Income Security Act of 1974 (ERISA), which sets certain minimum standards for private sector pension plans. On the basis of GAO's prior work, the Senate Committee on Health, Education, Labor and Pensions asked GAO to review EBSA's enforcement program. Specifically, this report assesses...
Private Pensions: Opportunities Exist to Further Improve the Transparency of PBGC's Financial Disclosures
GAO-06-429: Published: Mar 27, 2006. Publicly Released: Apr 26, 2006.
The Pension Benefit Guaranty Corporation's (PBGC) single-employer insurance program insures the pension benefits of over 34 million participants in almost 29,000 private sector defined benefit pension plans. The increase in PBGC's probable claims has raised questions about PBGC's monitoring and financial disclosure practices, including whether the information that PBGC discloses is sufficient for...
Private Pensions: Information on Cash Balance Pension Plans
GAO-06-42: Published: Nov 3, 2005. Publicly Released: Nov 3, 2005.
The nation's private defined benefit (DB) pension system, a key contributor to the financial security of millions of Americans, is in long-term decline. Since 1980, the number of active participants in Pension Benefit Guaranty Corporation (PBGC) insured single employer DB plans has dropped from 27.3 percent of all national private wage and salary workers in 1980, to about 15 percent in 2002, and m...
Highlights of a GAO Forum: The Future of the Defined Benefit System and the Pension Benefit Guaranty Corporation
GAO-05-578SP: Published: Jun 1, 2005. Publicly Released: Jun 1, 2005.
Employer-sponsored defined benefit pension plans face unprecedented challenges in the midst of significant changes in our nation's retirement landscape. Many defined benefit plans and the federal agency that insures them, the Pension Benefit Guaranty Corporation (PBGC), have accumulated large and growing deficits that threaten their survival. Meanwhile, the percentage of American workers covered b...
Pension Plans: Additional Transparency and Other Actions Needed in Connection with Proxy Voting
GAO-04-749: Published: Aug 10, 2004. Publicly Released: Sep 9, 2004.
In 1998, about 100 million Americans were covered in private pension plans with assets totaling about $4 trillion. The retirement security of plan participants can be affected by how certain issues are voted on during company stockholders meetings. Fiduciaries, having responsibility for voting on such issues on behalf of some plan participants (proxy voting), are to act solely in the interest of p...