Pensions (41 - 50 of 92 items)
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)...
Pension Plans: Pension Benefit Guaranty Corporation Needs to Improve Premium Collections
HRD-92-103: Published: Jun 30, 1992. Publicly Released: Aug 11, 1992.
Pursuant to a congressional request, GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) efforts to collect pension plan premiums.GAO found that PBGC: (1) efforts to identify and collect delinquent premiums and underpaid premiums, interest, and penalties on premiums have been inadequate; (2) has infrequently issued and failed to follow up on past-due notices; (3) has not sent past-due n...
HRD-92-28R: Published: Mar 23, 1992. Publicly Released: Mar 30, 1992.
Pursuant to a congressional request, GAO provided information about the accuracy of premiums paid by pension plans to the Pension Benefit Guaranty Corporation (PBGC). GAO noted that: (1) 13 of the 24 plans it studied made premium calculation errors, with most errors involving the calculation of variable premiums; (2) the errors resulted in the plans underpaying their 1990 premiums by less than one...
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: 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...
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...