Employee retirements (1 - 10 of 53 items) in Custom Date Range
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...
Pension Benefit Guaranty Corporation: Single-Employer Pension Insurance Program Faces Significant Long-Term Risks
GAO-04-90: Published: Oct 29, 2003. Publicly Released: Oct 29, 2003.
More than 34 million participants 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), to a $10...
Pension Benefit Guaranty Corporation: Contracting Management Needs Improvement
HEHS-00-130: Published: Sep 18, 2000. Publicly Released: Sep 21, 2000.
Pursuant to a congressional request, GAO reviewed the effectiveness of the Pension Benefit Guaranty Corporation's (PBGC) contracting activities, focusing on: (1) the basis for PBGC's decisions regarding the use of contractors versus government personnel to address its workloads; (2) PBGC's processes and procedures for selecting contractors; and (3) how effective PBGC has been in monitoring the per...
Public Pensions: State and Local Government Contributions to Underfunded Plans
HEHS-96-56: Published: Mar 14, 1996. Publicly Released: Apr 12, 1996.
Pursuant to a congressional request, GAO reviewed the status of public pension plan funding, focusing on the basic pension plans of state and local governments.GAO found that: (1) states and localities with underfunded pension plans run the risk of reducing future pension benefits to taxpayers or raising revenues; (2) unfunded liabilities for all state and local pension plans totalled $200 billion...
Public Pension Plans: Evaluation of Economically Targeted Investment Programs
PEMD-95-13: Published: Mar 17, 1995. Publicly Released: Apr 12, 1995.
Pursuant to a congressional request, GAO reviewed economically targeted investments (ETI), focusing on the: (1) amount and types of ETI being invested by nonfederal public employee pension plans; (2) realization of competitive returns by ETI programs aimed at business development; and (3) economic effects of business development ETI programs.GAO found that: (1) public pension plans have invested b...
Underfunded Pension Plans: Stronger Funding Rules Needed to Reduce Federal Government's Growing Exposure
T-HEHS-94-191: Published: Jun 15, 1994. Publicly Released: Jun 15, 1994.
Pursuant to a congressional request, 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) in 1992, underfunding in PBGC-insured single-employer plans increased to over $50 billion; (2) continued underfunding increases PBGC liabi...
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...
Pension Plans: Labor Should Not Ignore Some Small Plans That Report Violations
HRD-93-45: Published: Mar 26, 1993. Publicly Released: Apr 28, 1993.
Pursuant to a congressional request, GAO provided information on the Department of Labor's (DOL) corrective actions concerning prohibited pension plan asset use, focusing on: (1) whether DOL and the Internal Revenue Service (IRS) adequately identified and acted on reported information about possible violations; and (2) those agencies' procedures and practices for resolving apparent violations.GAO...
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...
Improving the Financial Condition of the Pension Benefit Guaranty Corporation
T-HRD-92-60: Published: Sep 25, 1992. Publicly Released: Sep 25, 1992.
GAO discussed the Pension Benefit Guaranty Corporation's (PBGC) financial condition. GAO noted that: (1) the PBGC deficit, which has grown significantly in recent years, totalled $2.3 billion at the end of fiscal year 1991; (2) large unfunded liabilities in the plans it currently insures present the greatest threat to PBGC, which estimates that its deficit could grow to $17.9 billion by 2001; (3)...