Pensions (61 - 70 of 92 items)
Pension Plans: Government Insurance Program Threatened by Its Growing Deficit
HRD-87-42: Published: Mar 19, 1987. Publicly Released: Apr 30, 1987.
Pursuant to a congressional request, GAO assessed the: (1) causes of large claims against the Pension Benefit Guaranty Corporation's (PBGC) insurance program; and (2) potential effects of the Single Employer Pension Plan Amendments Act (SEPPAA).GAO found that: (1) 90 percent of the $501 million in claims against PBGC from 1983 through 1985 resulted from 23 employers terminating 33 pension plans; (...
Financial Condition of the Single Employer Pension Plan Insurance Program
T-HRD-87-8: Published: Apr 7, 1987. Publicly Released: Apr 7, 1987.
GAO discussed the financial condition of the Pension Benefit Guaranty Corporation's (PBGC) Single Employer Pension Insurance Program, which generally guarantees workers' vested benefits when a private pension plan terminates. GAO noted that the program is in serious financial trouble because: (1) it had a reported deficit of $3.8 billion as of September 30, 1986; (2) the deficit could reach an est...
Pensions: Plans With Unfunded Benefits
HRD-87-15BR: Published: Oct 22, 1986. Publicly Released: Oct 22, 1986.
In response to a congressional request, GAO provided information on: (1) the extent to which single-employer defined-benefit pension plans are underfunded; and (2) the effect that underfunded plan terminations have had on the government insurance program's financial viability.GAO found that: (1) 3,351 of the 14,581 plans were underfunded by about $21 billion, while the other plans had assets that...
The Underfunding of Single Employer Pension Plans
130198: Jun 24, 1986
In response to a congressional request, GAO provided information on private pension plan underfunding, specifically: (1) its extent and effects; (2) factors contributing to underfunding; (3) the potential of the Single Employer Pension Plan Amendments Act of 1986 to alleviate the effects of underfunded terminations; and (4) alternatives for controlling underfunding. GAO found that: (1) of the 14,5...
Oversight of Contractor Pension Costs Could Be Improved
NSIAD-86-85: Published: Jun 23, 1986. Publicly Released: Jun 23, 1986.
GAO assessed the adequacy of the Department of Defense's (DOD) audits of contract pension costs. DOD relies on the Defense Contract Audit Agency (DCAA) and the Defense Contract Administration Services (DCAS) to monitor such costs.GAO found that: (1) while the combined DCAA and DCAS efforts have resulted in adequate audit coverage of defense contractors' pension costs, the agencies have performed i...
1980 Multiemployer Pension Amendments: Overview of Effects and Issues
HRD-86-4: Published: Feb 13, 1986. Publicly Released: Feb 13, 1986.
In response to a congressional request, GAO reported on: (1) changes in the Pension Plan Insurance Program's financial condition since the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) was enacted; (2) the act's initial effects on the program, plan participants, and contributing employers; and (3) possible effects of the act over the long term.GAO found that, at the time MPPAA was enac...
Interim Report on the Department of Labor's Management of the ERISA Enforcement Program
HRD-85-82: Published: Jun 24, 1985. Publicly Released: Jul 5, 1985.
In response to a congressional request, GAO provided information on its ongoing review of the Department of Labor's management of the Employee Retirement Income Security Act (ERISA) enforcement program.The Office of Pension and Welfare Benefit Programs (OPWBP) is responsible for enforcing ERISA reporting, disclosure, and fiduciary provisions. In 1984, OPWBP reported closing 2,454 cases, and $93 mi...
Effects of the 1980 Multiemployer Pension Plan Amendments Act on Plan Participants' Benefits
HRD-85-58: Published: Jun 14, 1985. Publicly Released: Jun 14, 1985.
Pursuant to the requirements of the Multiemployer Pension Plan Amendments Act, GAO studied the effects of plan terminations and benefits changes on plan participants.GAO found that: (1) while plan terminations increased from 27 in the 6 years before the act to 66 in the 4 years after, such terminations affected less than 1 percent of total plan participants nationwide; (2) the act was cited as a r...
Effects of Liabilities Assessed Employers Withdrawing From Multiemployer Pension Plans
HRD-85-16: Published: Mar 14, 1985. Publicly Released: Mar 14, 1985.
GAO reviewed the implementation and effects of the withdrawal liability provisions of the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) on those multiemployer plans not covered by the special rules or exemptions that apply mainly to construction and entertainment industry plans.The Pension Benefit Guaranty Corporation (PBGC) administers an insurance program for private pension plans an...
Incomplete Participant Data Affect Reliability of Values Placed by Actuaries on Multiemployer Pension Plans
HRD-84-38: Published: Sep 6, 1984. Publicly Released: Sep 6, 1984.
GAO evaluated the effect of the Multiemployer Pension Plan Amendments Act of 1980 (MPPAA) on employers, participants, and others. Specifically, GAO reviewed the development and reporting of actuarial information.GAO found that, although pension plan participant data are crucial in determining the actuarial value of pension plans, many multiemployer plans lack complete participant data, causing lia...