Pensions (101 - 110 of 463 items)
Private Pensions: Changes Needed to Provide 401(k) Plan Participants and the Department of Labor Better Information on Fees
GAO-07-21: Published: Nov 16, 2006. Publicly Released: Nov 30, 2006.
American workers are increasingly relying on 401(k) plans, which allow pre-tax contributions to individual accounts, for their retirement income. As workers accrue earnings on their investments, they also pay a number of fees that may significantly decrease their retirement savings. Because of concerns about the effects of fees on participants' retirement savings, GAO examined (1) the types of fee...
Social Security Reform: Implications of Different Indexing Choices
GAO-06-804: Published: Sep 14, 2006. Publicly Released: Sep 14, 2006.
The financing shortfall currently facing the Social Security program is significant. Without remedial action, program trust funds will be exhausted in 2040. Many recent reform proposals have included modifications of the indexing currently used in the Social Security program. Indexing is a way to link the growth of benefits and/or revenues to changes in an economic or demographic variable. Given t...
Baby Boom Generation: Retirement of Baby Boomers Is Unlikely to Precipitate Dramatic Decline in Market Returns, but Broader Risks Threaten Retirement Security
GAO-06-718: Published: Jul 28, 2006. Publicly Released: Jul 28, 2006.
The first wave of baby boomers(born between 1946 and 1964) will become eligible for Social Security early retirement benefits in 2008. In addition to concerns about how the boomers' retirement will strain the nation's retirement and health systems, concerns also have been raised about the possibility for boomers to sell off large amounts of financial assets in retirement, with relatively fewer you...
Private Pensions: Opportunities Exist to Further Improve the Transparency of PBGC's Financial Disclosures
GAO-06-429: Published: Mar 27, 2006. Publicly Released: Apr 26, 2006.
The Pension Benefit Guaranty Corporation's (PBGC) single-employer insurance program insures the pension benefits of over 34 million participants in almost 29,000 private sector defined benefit pension plans. The increase in PBGC's probable claims has raised questions about PBGC's monitoring and financial disclosure practices, including whether the information that PBGC discloses is sufficient for...
Older Workers: Labor Can Help Employers and Employees Plan Better for the Future
GAO-06-80: Published: Dec 5, 2005. Publicly Released: Dec 5, 2005.
Demographic changes pose serious challenges for employers, the economy, and older Americans. As the baby boomers near traditional retirement ages, the loss of experienced workers could have adverse effects on productivity and economic growth. Also, many older Americans face less-secure retirements due to rising health care costs, pension coverage changes, and fiscal pressures on the nation's retir...
Private Pensions: Information on Cash Balance Pension Plans
GAO-06-42: Published: Nov 3, 2005. Publicly Released: Nov 3, 2005.
The nation's private defined benefit (DB) pension system, a key contributor to the financial security of millions of Americans, is in long-term decline. Since 1980, the number of active participants in Pension Benefit Guaranty Corporation (PBGC) insured single employer DB plans has dropped from 27.3 percent of all national private wage and salary workers in 1980, to about 15 percent in 2002, and m...
Social Security Reform: Other Countries' Experiences Provide Lessons for the United States
GAO-06-126: Published: Oct 21, 2005. Publicly Released: Oct 21, 2005.
Many countries, including the United States, are grappling with demographic change and its effect on their national pension systems. With rising longevity and declining birthrates, the number of workers for each retiree is falling in most developed countries, straining the finances of national pension programs, particularly where contributions from current workers fund payments to current benefici...
Commercial Aviation: Bankruptcy and Pension Problems Are Symptoms of Underlying Structural Issues
GAO-05-945: Published: Sep 30, 2005. Publicly Released: Sep 30, 2005.
Since 2001 the U.S. airline industry has lost over $30 billion. Delta, Northwest, United, and US Airways have filed for bankruptcy, the latter two terminating and transferring their pension plans to the Pension Benefit Guaranty Corporation (PBGC). The net claim on PBGC from these terminations was $9.7 billion; plan participants lost $5.3 billion in benefits (in constant 2005 dollars). Considerable...
Federal Pensions: Judicial Survivors' Annuities System Costs
GAO-05-955: Published: Sep 16, 2005. Publicly Released: Sep 16, 2005.
The Judicial Survivors' Annuities System (JSAS) was created in 1956 to provide financial security for the families of deceased federal judges. It provides benefits to eligible spouses and dependent children of judges who elect coverage within 6 months of taking office, 6 months after getting married, or 6 months after being elevated to a higher court, or during an open season authorized by statute...
Private Pensions: Questions Concerning the Pension Benefit Guaranty Corporation's Practices Regarding Single-Employer Probable Claims
GAO-05-991R: Published: Sep 9, 2005. Publicly Released: Sep 9, 2005.
The Pension Benefit Guaranty Corporation's (PBGC) single-employer insurance program is a federal program that insures certain benefits of the more than 34 million worker, retiree, and separated vested participants of over 29,000 private sector defined benefit pension plans. In 2003, we placed PBGC's single-employer insurance program on our high-risk list of agencies and programs that need broad-ba...