Pensions (21 - 30 of 463 items)
U.S. Postal Service: Health and Pension Benefits Proposals Involve Trade-offs
GAO-13-872T: Published: Sep 26, 2013. Publicly Released: Sep 26, 2013.
GAO has reported that Congress needs to modify the U.S. Postal Service's (USPS) retiree health benefit payments in a fiscally responsible manner. GAO also has reported that USPS should prefund any unfunded retiree health benefit liability to the maximum extent that its finances permit. Deferring funding for postal retiree health benefits could increase costs for future ratepayers and increase the...
Automatic IRAS: Lower-Earning Households Could Realize Increases in Retirement Income
GAO-13-699: Published: Aug 23, 2013. Publicly Released: Sep 23, 2013.
Households without employer-sponsored defined contribution (DC) pension plans or individual retirement accounts (IRA) had lower incomes and tax rates than households with those plans, and are also likely to have limited additional resources to draw upon in retirement, according to GAO estimates. The median adjusted gross income for households without DC plans or IRAs was $32,000, compared to $75,0...
Retirement Security: Challenges and Prospects for Employees of Small Businesses
GAO-13-748T: Published: Jul 16, 2013. Publicly Released: Jul 16, 2013.
About 14 percent of small employers sponsor some type of plan for their employees to save for retirement and these employers in general can face numerous challenges establishing and maintaining a plan. GAO's March 2012 report found that many of the small employers who were contacted said they felt overwhelmed by the number of plan options, plan administration requirements, and fiduciary responsibi...
Private Pensions: Timely Action Needed to Address Impending Multiemployer Plan Insolvencies
GAO-13-240: Published: Mar 28, 2013. Publicly Released: Apr 8, 2013.
The most severely distressed multiemployer plans have taken significant steps to address their funding problems and, while most plans expected improved financial health, some did not. A survey conducted by a large actuarial and consulting firm serving multiemployer plans suggests that the large majority of the most severely underfunded plans--those designated as being in critical status--either ha...
401(K) Plans: Labor and IRS Could Improve the Rollover Process for Participants
GAO-13-30: Published: Mar 7, 2013. Publicly Released: Apr 3, 2013.
The current rollover process favors distributions to individual retirement accounts (IRA). Waiting periods to roll into a new employer plan, complex verification procedures to ensure savings are tax-qualified, wide divergences in plans' paperwork, and inefficient practices for processing rollovers make IRA rollovers an easier and faster choice, especially given that IRA providers often offer assis...
Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges
GAO-13-428T: Published: Mar 5, 2013. Publicly Released: Mar 5, 2013.
The most severely distressed multiemployer plans have taken significant steps to address their funding problems and, while most plans expected improved financial health, some did not. A survey conducted by a large actuarial and consulting firm serving multiemployer plans suggests that the majority of the most severely underfunded plans--those designated as being in critical status--developed plans...
Federal Pensions: Judicial Survivors' Annuities System Costs for 2008 to 2010
GAO-13-236: Published: Feb 22, 2013. Publicly Released: Feb 22, 2013.
GAO found that for the 2008 to 2010 time frame covered by this review, the participating judges' share of normal cost was, on average, about 41 percent of the Judicial Survivors' Annuities System (JSAS) total normal costs, and the federal government's share of normal cost was about 59 percent of JSAS total normal costs. The federal government's share of JSAS normal costs increased over the years i...
Pension Costs on DOD Contracts: Additional Guidance Needed to Ensure Costs Are Consistent and Reasonable
GAO-13-158: Published: Jan 22, 2013. Publicly Released: Jan 22, 2013.
Labor costs are included in the prices contractors negotiate with the Department of Defense (DOD), and include pension costs as these are a normal element of employee compensation. Contractors make two sets of calculations for their defined benefit pension plans, following two sets of standards: (1) Cost Accounting Standards (CAS), which determine how pension costs are allocated to government cont...
Retirement Security: Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States
GAO-13-75: Published: Dec 10, 2012. Publicly Released: Jan 9, 2013.
Annuities with guaranteed lifetime withdrawals can help older Americans ensure they do not outlive their assets, but do present some risks to consumers. Two such products, variable annuities with guaranteed lifetime withdrawal benefits (VA/GLWB) and contingent deferred annuities (CDA), share a number of features but have some important structural differences. For example, both provide consumers wi...
Private Sector Pensions: Federal Agencies Should Collect Data and Coordinate Oversight of Multiple Employer Plans
GAO-12-665: Published: Sep 13, 2012. Publicly Released: Oct 4, 2012.
Little is known about the characteristics of private sector multiple employer plans (MEP), especially information regarding the employers that participate in them. Although no participating employer information is currently collected in the Form 5500, the primary source for pension information reported to the government, some plan-level information on MEPs is available. GAOs analysis of 2009...