Pensions (91 - 100 of 463 items)
Private Pensions: 401(k) Plan Participants and Sponsors Need Better Information on Fees
GAO-08-95T: Published: Oct 24, 2007. Publicly Released: Oct 24, 2007.
According to Labor's most recent data, there are an estimated 44 million active participants in 401(k) plans. As participants accrue earnings on their investments, they also pay a number of fees, associated with 401(k) plans. Over the course of the employee's career, fees may significantly decrease retirement account balances. For plan sponsors, understanding the fees they are being charged helps...
Retirement Security: Women Face Challenges in Ensuring Financial Security in Retirement
GAO-08-105: Published: Oct 11, 2007. Publicly Released: Oct 11, 2007.
Women aged 65 and over will account for a growing segment of the U.S. population over the next several decades. Despite increases in women's workforce behavior in the past 65 years, elderly women have persistently high rates of poverty. Thus, it is important to understand the differences between men's and women's retirement income, and how women may fare given future reforms to Social Security and...
Employer-Sponsored Benefits: Many Factors Affect the Treatment of Pension and Health Benefits in Chapter 11 Bankruptcy
GAO-07-1101: Published: Sep 6, 2007. Publicly Released: Sep 6, 2007.
In recent years, considerable debate has centered on companies using the chapter 11 bankruptcy reorganization process to reduce or eliminate employer-sponsored benefits in an effort to become more competitive. Congress recently enacted several laws, in part, to help address this issue. Most notably, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) and th...
Pension Benefit Guaranty Corporation: Governance Structure Needs Improvements to Ensure Policy Direction and Oversight
GAO-07-808: Published: Jul 6, 2007. Publicly Released: Jul 17, 2007.
The Pension Benefit Guaranty Corporation (PBGC) insures the pensions of millions of private sector workers and retirees in certain employer-sponsored pension plans. It is governed by a board of directors consisting of the Secretaries of the Treasury, Labor, and Commerce, who are charged with providing PBGC with policy direction and oversight. This report assesses (1) the extent to which PBGC's gov...
Retirement Decisions: Federal Policies Offer Mixed Signals about When to Retire
GAO-07-753: Published: Jul 11, 2007. Publicly Released: Jul 11, 2007.
While many factors influence workers' decisions to retire, Social Security, Medicare, and pension laws also play a role, offering incentives to retire earlier and later. Identifying these incentives and how workers respond can help policy makers address the demographic challenges facing the nation. GAO assessed (1) the incentives federal policies provide about when to retire, (2) recent retirement...
Defined Benefit Pensions: Conflicts of Interest Involving High Risk or Terminated Plans Pose Enforcement Challenges
GAO-07-703: Published: Jun 28, 2007. Publicly Released: Jun 28, 2007.
To protect workers' retirement security, the requesters asked GAO to assess: 1) What is known about conflicts of interest affecting private sector defined benefit (DB) plans? 2) What procedures does the Pension Benefit Guaranty Corporation (PBGC) have to identify and recover losses attributable to conflicts? 3) What procedures does Employee Benefits Security Administration (EBSA) have to detect co...
PBGC's Legal Support: Improvements Needed to Eliminate Confusion and Ensure Provision of Consistent Advice
GAO-07-757R: Published: May 18, 2007. Publicly Released: Jun 20, 2007.
The Pension Benefit Guaranty Corporation (PBGC) insures the pensions of nearly 44 million private sector workers in over 30,000 employer-sponsored defined benefit pension plans. Established in 1974 as a self-financing government corporation, PBGC's primary responsibility is to insure, under statutory limits, the pension benefits of participants in covered private defined benefit plans. PBGC collec...
Private Pensions: Increased Reliance on 401(k) Plans Calls for Better Information on Fees
GAO-07-530T: Published: Mar 6, 2007. Publicly Released: Mar 6, 2007.
Over the past two decades there has been a noticeable shift in the types of plans employers are offering employees. Employers are increasingly moving away from traditional defined benefit plans to what has become the most dominant and fastest growing type of defined contribution plan, the 401(k). As more workers participate in 401(k) plans, they bear more of the responsibility for funding their re...
Highlights of a GAO Forum: Engaging and Retaining Older Workers
GAO-07-438SP: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
In the future, older Americans are expected to be a larger share of the U.S. population, live longer, and spend more years in retirement than previous generations, and by 2025 labor force growth is expected to be less than a fifth of what it is today. Without major increases in productivity or immigration, low labor force growth will ultimately lead to slower economic and federal revenue growth. T...
Employee Benefits Security Administration: Enforcement Improvements Made but Additional Actions Could Further Enhance Pension Plan Oversight
GAO-07-22: Published: Jan 18, 2007. Publicly Released: Feb 20, 2007.
The Department of Labor's (DOL) Employee Benefits Security Administration (EBSA) enforces the Employee Retirement Income Security Act of 1974 (ERISA), which sets certain minimum standards for private sector pension plans. On the basis of GAO's prior work, the Senate Committee on Health, Education, Labor and Pensions asked GAO to review EBSA's enforcement program. Specifically, this report assesses...