Pensions (31 - 40 of 463 items)
Veterans' Pension Benefits: Improvements Needed to Ensure Only Qualified Veterans and Survivors Receive Benefits
GAO-12-540: Published: May 15, 2012. Publicly Released: Jun 6, 2012.
The Department of Veterans Affairs (VA) pension program design and management do not adequately ensure that only veterans with financial need receive pension benefits. While the pension program is means tested, there is no prohibition on transferring assets prior to applying for benefits. Other means-tested programs, such as Medicaid, conduct a look-back review to determine if an individual...
Veterans' Pension Benefits: Improvements Needed to Ensure Only Qualified Veterans Receive Benefits
GAO-12-784T: Published: Jun 6, 2012. Publicly Released: Jun 6, 2012.
In summary, we identified over 200 organizations that market financial and estate planning services to help pension claimants with excess assets qualify for pension benefits. These organizations consist primarily of financial planners and attorneys who offer products such as annuities and trusts. All 19 organizations our investigative staff contacted said a claimant can qualify for pension benefit...
401(k) Plans: Increased Educational Outreach and Broader Oversight May Help Reduce Plan Fees
GAO-12-325: Published: Apr 24, 2012. Publicly Released: May 23, 2012.
Plan sponsors and participants paid a range of fees for services, though smaller plans typically paid higher fees as a percentage of plan assets. For example, the average amount sponsors of small plans reported paying for recordkeeping and administrative services was 1.33 percent of assets annually, compared with 0.15 percent paid by sponsors of large plans. Larger plans were more likely to pass r...
401(k) Plans: Survey of 401(k) Plan Sponsors on Fees (GAO-12-550SP, April 2012), an E-supplement to GAO-12-325
GAO-12-550SP: Published: Apr 24, 2012. Publicly Released: May 23, 2012.
This e-supplement is a companion to our report entitled "401(k) Plans: Increased Educational Outreach and Broader Oversight May Help Reduce Plan Fees," GAO-12-325. The purpose of this e-supplement is to provide information from a survey of 401(k) plan sponsors...
Federal Employees' Compensation Act: Benefits for Retirement-Age Beneficiaries
GAO-12-309R: Published: Feb 6, 2012. Publicly Released: Feb 6, 2012.
In 2010, 31,880or 10 percentof all FECA beneficiaries were long-term, full-time beneficiaries and 10,873 of thoseor 34 percentwere at full retirement age, as defined under the Social Security Act. Of the $1.9 billion total in cash benefits paid to FECA beneficiaries, over half (58 percent) went to long-term, full-time beneficiaries. Of that half, long-term, full-time benefi...
Delphi Pension Plans: GM Agreements with Unions Give Rise to Unique Differences in Participant Benefits
GAO-12-168: Published: Dec 15, 2011. Publicly Released: Dec 15, 2011.
As a result of the termination of Delphis pension plans in July 2009 and statutory benefit limits, many Delphi retirees will receive less from PBGC than their full benefit promised by Delphi. However, some of those experiencing statutory reductions will still receive their full benefits because of union agreements with GM. With respect to PBGC's role in the process, the steps taken to termin...
Delphi Corporation: Key Events Leading to Termination of the Delphi Defined Benefit Plans
GAO-12-234T: Published: Nov 14, 2011. Publicly Released: Nov 14, 2011.
The Delphi Corporation (Delphi) was a global supplier of mobile electronics and transportation systems that began as part of the General Motors Corporation (GM) and was spun off as an independent company in 1999. Delphi filed for bankruptcy in 2005, and in July 2009, Delphi's six defined benefit pension plans were terminated and trusteed by the Pension Benefit Guaranty Corporation (PBGC). In March...
Income Security: Older Adults and the 2007-2009 Recession
GAO-12-76: Published: Oct 17, 2011. Publicly Released: Oct 18, 2011.
The recession of 2007 to 2009 has been the most severe in this country since the 1930s. After adjusting for inflation, gross domestic product declined by 5.1 percent and the national unemployment rate peaked at 9.5 percent. While the recession officially ended in June 2009, our economy has experienced a weak recovery, with unemployment still above 9 percent. While the recession has affected all ag...
Defined Benefit Pension Plans: Plans Face Challenges When Investing in Hedge Funds and Private Equity
GAO-11-901SP: Published: Aug 31, 2011. Publicly Released: Aug 31, 2011.
Millions of Americans rely on retirement savings plans for their financial well-being in retirement. Plan sponsors are increasingly investing in assets such as hedge funds (privately administered pooled investment vehicles that typically engage in active trading strategies) and private equity funds (privately managed investment pools that typically make long-term investments in private companies)...
Pension Benefit Guaranty Corporation: Asset Management Needs Better Stewardship
GAO-11-271: Published: Jun 30, 2011. Publicly Released: Aug 1, 2011.
The Pension Benefit Guaranty Corporation's (PBGC) insures the pension benefits of more than 44 million people. Since its inception in 1974, PBGC's assets have grown from about $34 million to almost $80 billion in 2010, largely through assets received in plan terminations. Despite significant swings in PBGC's investment history, there has been little focus on the extent to which it has met its inve...