Pension plan (51 - 60 of 114 items)
Pension Plans: IRS Needs to Strengthen Its Enforcement Program
HRD-91-10: Published: Jul 2, 1991. Publicly Released: Aug 5, 1991.
Pursuant to a congressional request, GAO evaluated the effectiveness of the Internal Revenue Service's (IRS) Employee Retirement Income Security Act of 1974 (ERISA) enforcement program, focusing on recent changes that shifted resources from reviewing plan designs to examining plan activities.GAO found that: (1) in recent years, IRS spent most ERISA enforcement resources on reviewing and approving...
Pension Plans: Fiduciary Violations in Terminated Underfunded Plans
HRD-91-87: Published: May 13, 1991. Publicly Released: Jul 1, 1991.
Pursuant to a congressional request, GAO reviewed fund abuses in pension plans for which the Pension Benefit Guaranty Corporation (PBGC) assumed responsibility, focusing on: (1) the extent to which such abuses occurred; (2) whether PBGC identified the abuses; and (3) the adequacy of PBGC actions in pursuing legal remedies, including recovering misused funds.GAO found that: (1) fiduciaries' fund ab...
Pension Plans: Terminations, Asset Reversions, and Replacements Following Leveraged Buyouts
HRD-91-21: Published: Mar 4, 1991. Publicly Released: Mar 4, 1991.
Pursuant to a congressional request, GAO reviewed what happened to the 558 defined pension plans of 121 public companies acquired in leveraged buyouts (LBO).GAO found that: (1) 20 percent of the defined benefit plans sponsored by the companies were terminated after LBO; (2) the most common reasons for plan terminations included adopting a new plan and the sale of a plant or division; (3) 99 percen...
Employee Stock Ownership Plans: Participants' Benefits Generally Increased, but Many Plans Terminated
HRD-91-28: Published: Dec 10, 1990. Publicly Released: Dec 21, 1990.
Pursuant to a congressional request, GAO provided information on the benefits participants received from employee stock ownership plans (ESOP), focusing on: (1) the value of ESOP participants' accounts; (2) the amount of company stock that participants received; and (3) how companies allocated benefits among participants.GAO found that: (1) ESOP value was tied to the performance of the sponsoring...
Pension Benefits: Processing of Applications by the Pension Benefit Guaranty Corporation
HRD-90-127: Published: Sep 25, 1990. Publicly Released: Oct 26, 1990.
Pursuant to a congressional request, GAO reviewed four cases involving pension plans for which the Pension Benefit Guaranty Corporation (PBGC) assumed responsibility after the plans terminated with insufficient assets.GAO found that: (1) PBGC recognition of a terminated plan's vesting amendment resulted in two previously denied participants being declared eligible and an estimated 73 other partici...
Cost Accounting: Department of Energy's Management of Contractor Pension and Health Benefit Costs
AFMD-90-13: Published: Aug 29, 1990. Publicly Released: Aug 29, 1990.
Pursuant to a congressional request, GAO reviewed Department of Energy (DOE) policies and practices regarding the reimbursement of contractors for the costs of their employees' pension and retiree health plans.GAO found that: (1) DOE allowed contractors to establish the amount of their contributions to employee plans, as long as the contributions fell within the minimum and maximum guidelines set...
Pension Plans: Public Plans in Four States Have Generally Similar Policies and Practices
HRD-90-133: Published: Jul 24, 1990. Publicly Released: Aug 27, 1990.
Pursuant to a congressional request, GAO provided information on public pension plans in four states.GAO found that: (1) boards of trustees and their staffs administer public pension plans; (2) each board establishes policy and appoints a chief administrative officer responsible for hiring and overseeing the staff that carries out the plan's daily operations; (3) two plans have a single board and...
Private Pensions: Impact of New Vesting Rules Similar for Women and Men
HRD-90-101: Published: Aug 21, 1990. Publicly Released: Aug 21, 1990.
Pursuant to a legislative requirement, GAO reviewed the impact of the Tax Reform Act of 1986 provisions that changed vesting requirements for participants in private pension plans, focusing on the: (1) proportion of women and men vested under the old and new rules; and (2) changes in vested benefits due to the act.GAO found that: (1) the provisions improved employees' vesting status and had a simi...
Pension Plan Terminations: Effectiveness of Excise Tax in Recovering Tax Benefits in Asset Reversions
HRD-90-126: Published: Jul 13, 1990. Publicly Released: Jul 13, 1990.
Pursuant to a congressional request, GAO evaluated the 15-percent excise tax levied on employers who recover excess pension assets by terminating overfunded pension plans, which is known as asset reversion.GAO found that: (1) 15-percent excise taxes failed to fully recapture tax benefits from any asset reversions; (2) the excise tax rate sufficient to offset tax benefits ranged from 17 to 59 perce...
Private Pensions: Impact of Vesting and Minimum Benefit and Contribution Rules in Top-Heavy Plans
HRD-90-4BR: Published: Oct 23, 1989. Publicly Released: Oct 23, 1989.
Pursuant to a congressional request, GAO provided information about tax reform legislation's effects on the vesting status of participants in top-heavy pension plans, in which more than 60 percent of benefits or contributions go to company owners or other key employees.GAO found that tax reform legislation established a maximum 3- to 6-year waiting period for vesting in top-heavy pension plans and...