Pensions (71 - 80 of 92 items)
Premium Requirements of the Single Employer Pension Plan Insurance Program
123666: Mar 20, 1984
GAO discussed the Pension Benefit Guaranty Corporation's request for a $7 premium rate for its single employer pension plan insurance program. The Corporation was established to administer a self-financing program which insures the benefits of about 29 million participants in 106,000 private pension plans. GAO revised its suggested premium rate for the program upward to $8.50 which it believes may...
Legislative Changes Needed To Financially Strengthen Single Employer Pension Plan Insurance Program
HRD-84-5: Published: Nov 14, 1983. Publicly Released: Nov 14, 1983.
In connection with the Pension Benefit Guaranty Corporation's (PBGC) self-financing insurance program to protect the benefits of private pension plan participants, GAO examined information on pension plans which were terminated as of September 30, 1981.Since its inception, the PBGC insurance program has been operating at an increasing deficit. The deficit has risen because net claims for benefits...
Economic Implications of Unisex Pensions
122598: Oct 4, 1983
In response to a congressional request, testimony was presented on the economic impact of the proposed Fair Insurance Practices Act. GAO found that, in many cases, it is impossible to say what the consequences of the bill will be, since they will depend on the adjustments that insurance companies, pension plan sponsors, and state insurance regulators make in response to the bill. The bill requires...
Investigation To Reform Teamsters' Central States Pension Fund Found Inadequate
HRD-82-13: Published: Apr 28, 1982. Publicly Released: Jun 3, 1982.
For many years, the Teamster's Pension Fund trustees have been the subject of allegations of misuse of the Fund's assets. Therefore, the Department of Labor initiated an investigation of the Fund and, in response to a congressional request, GAO reviewed the Government's investigation.Labor's objective of having a Government-wide coordinated investigation did not succeed because the Internal Revenu...
Common Misconceptions About Pension Plans
118595: Jan 1, 1982
This article, which appeared in the GAO Review, Vol. 17, Issue 2, Spring 1982, discusses several misconceptions about pension plans. There are a variety of acceptable actuarial assumptions, methods, and different maintenance periods to assess pension liabilities. Various methods other than the accrued benefit actuarial cost method may be used to express pension plan costs. Economic assumptions app...
Tax Revenues Lost and Beneficiaries Inadequately Protected When Private Pension Plans Terminate
HRD-81-117: Published: Sep 30, 1981. Publicly Released: Sep 30, 1981.
In response to a congressional request, GAO reviewed the effectiveness of the practices and procedures of: (1) the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) for ensuring that pension plan terminations are reported; (2) IRS for processing plan terminations; and (3) IRS for ensuring compliance with income tax requirements by individuals receiving pension bene...
Allocation of an Air Force Contractor's Pension Fund Assets May Be Inequitable
HRD-81-152: Published: Sep 23, 1981. Publicly Released: Sep 23, 1981.
The Air Force has contracted for services at the Eastern Test Range, Cape Canaveral, with Pan American World Airways for over 25 years. Pan American provided pension benefits for its employees through its Cooperative Retirement Income Plan and is reimbursed by the Government for contributions to the plan for employees working on the Eastern Test Range contract.During a review of contractors' compl...
Funding of State and Local Government Pension Plans
112338: May 8, 1980
Congress has long been concerned about the condition of State and local pension plans. State and local government pension plan funding presents a difficult issue. It has been estimated that the unfunded accrued liabilities of all State and local government pension plans were as much as $175 billion in 1975 and have grown since then. A number of State and local governments have begun to tackle the...
Funding of State and Local Government Pension Plans
112161: Apr 21, 1980
Congress has long been concerned about the condition of State and local government pension plans. Almost all public pension plans have unfunded accrued liabilities and will continue to have such liabilities for many years. To investigate the potential financial impact of pension funding reform, the funding of 72 pension plans administered by 8 States and 26 local governments within those States we...
Comments on Funding of State and Local Government Pension Plans: A National Problem
112087: Apr 16, 1980
Comments were provided on a study concerning the funding of State and local government pension plans. The criteria used in the study for analyzing the selected State and local plans was the Employee Retirement Income Security Act (ERISA) standard for funding private plans. While reviewing the plans, GAO found that State and local officials are generally aware of the need for sound actuarial fundin...