Employee retirements (21 - 30 of 82 items)
Pension Plans: Underfunded Plans Threaten PBGC
T-HRD-93-2: Published: Feb 4, 1993. Publicly Released: Feb 4, 1993.
GAO discussed problems facing the Pension Benefit Guaranty Corporation (PBGC), focusing on management reforms, modification of pension funding rules, and changes in the insurance premium structure. GAO noted that: (1) weaknesses in internal controls and financial systems have undermined PBGC ability to administer the pension insurance program; (2) PBGC efforts to identify and collect delinquent an...
Assessing PBGC's Short-Run and Long-Run Conditions
T-HRD-93-1: Published: Feb 2, 1993. Publicly Released: Feb 2, 1993.
GAO discussed some of the current and anticipated issues involving the Pension Benefit Guaranty Corporation (PBGC), focusing on the: (1) operational and administrative problems at PBGC; (2) financial status of the PBGC single-employer insurance fund and the threat to it from currently underfunded private-sector plans; and (3) risks plan participants still face. GAO noted that: (1) PBGC financial s...
High Risk Series: Pension Benefit Guaranty Corporation
HR-93-5: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.
GAO reviewed the financial condition of the Pension Benefit Guaranty Corporation (PBGC), focusing on: (1) the growing PBGC deficit; (2) weaknesses in the Department of Labor's, Internal Revenue Service's (IRS), and independent public accountants' efforts to detect pension plan abuses that place plan assets at risk; and (3) pressures Congress faces to expand PBGC guarantees to cover insurance annui...
Improving the Financial Condition of the Pension Benefit Guaranty Corporation
T-HRD-92-60: Published: Sep 25, 1992. Publicly Released: Sep 25, 1992.
GAO discussed the Pension Benefit Guaranty Corporation's (PBGC) financial condition. GAO noted that: (1) the PBGC deficit, which has grown significantly in recent years, totalled $2.3 billion at the end of fiscal year 1991; (2) large unfunded liabilities in the plans it currently insures present the greatest threat to PBGC, which estimates that its deficit could grow to $17.9 billion by 2001; (3)...
Pension Plans: Benefits Lost When Plans Terminate
T-HRD-92-58: Published: Sep 24, 1992. Publicly Released: Sep 24, 1992.
GAO discussed how pension plan termination affects plan participants. GAO noted that: (1) despite federal insurance protections, participants in underfunded plans that terminate risk losing promised benefits; (2) although the Pension Benefit Guaranty Corporation (PBGC) guarantees certain basic pension benefits, it does not guarantee all benefits that plans promise; (3) PBGC will pay benefits that...
Pension Plans: Pension Benefit Guaranty Corporation Needs to Improve Premium Collections
HRD-92-103: Published: Jun 30, 1992. Publicly Released: Aug 11, 1992.
Pursuant to a congressional request, GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) efforts to collect pension plan premiums.GAO found that PBGC: (1) efforts to identify and collect delinquent premiums and underpaid premiums, interest, and penalties on premiums have been inadequate; (2) has infrequently issued and failed to follow up on past-due notices; (3) has not sent past-due n...
Premium Accounting System: Pension Benefit Guaranty Corporation System Must Be an Ongoing Priority
IMTEC-92-74: Published: Aug 11, 1992. Publicly Released: Aug 11, 1992.
Pursuant to a congressional request, GAO provided information on the Pension Benefit Guaranty Corporation's (PBGC) modifications to the automated premium accounting system and procurement of a replacement system.GAO found that: (1) the PBGC premium computerized accounting system has undergone a two-phase modification and restoration, and the first phase has restored partial system function, but th...
HRD-92-28R: Published: Mar 23, 1992. Publicly Released: Mar 30, 1992.
Pursuant to a congressional request, GAO provided information about the accuracy of premiums paid by pension plans to the Pension Benefit Guaranty Corporation (PBGC). GAO noted that: (1) 13 of the 24 plans it studied made premium calculation errors, with most errors involving the calculation of variable premiums; (2) the errors resulted in the plans underpaying their 1990 premiums by less than one...
Pension Plans: IRS Needs to Strengthen Its Enforcement Program
HRD-91-10: Published: Jul 2, 1991. Publicly Released: Aug 5, 1991.
Pursuant to a congressional request, GAO evaluated the effectiveness of the Internal Revenue Service's (IRS) Employee Retirement Income Security Act of 1974 (ERISA) enforcement program, focusing on recent changes that shifted resources from reviewing plan designs to examining plan activities.GAO found that: (1) in recent years, IRS spent most ERISA enforcement resources on reviewing and approving...
Cost Accounting: Department of Energy's Management of Contractor Pension and Health Benefit Costs
AFMD-90-13: Published: Aug 29, 1990. Publicly Released: Aug 29, 1990.
Pursuant to a congressional request, GAO reviewed Department of Energy (DOE) policies and practices regarding the reimbursement of contractors for the costs of their employees' pension and retiree health plans.GAO found that: (1) DOE allowed contractors to establish the amount of their contributions to employee plans, as long as the contributions fell within the minimum and maximum guidelines set...