Funds management (31 - 40 of 87 items)
Postal Pension Funding Reform: Review of Military Service Funding Proposals
GAO-04-281: Published: Nov 26, 2003. Publicly Released: Nov 26, 2003.
The Postal Civil Service Retirement System Funding Reform Act of 2003 (the Act) required the United States Postal Service, Department of the Treasury, and Office of Personnel Management (OPM) to prepare proposals detailing whether and to what extent the Treasury and Postal Service should fund the benefits attributable to the military service of the Postal Service's current and former Civil Service...
Private Pensions: Changing Funding Rules and Enhancing Incentives Can Improve Plan Funding
GAO-04-176T: Published: Oct 29, 2003. Publicly Released: Oct 29, 2003.
Over the last few years, the total underfunding in the defined-benefit pension system has deteriorated to the point where the Pension Benefit Guaranty Corporation (PBGC), the federal agency responsible for protecting private sector defined benefit plan benefits, estimates that total plan underfunding grew to more than $400 billion as of December 31, 2002, and still exceeded $350 billion as of Sept...
Pension Benefit Guaranty Corporation: Long-Term Financing Risks to Single-Employer Insurance Program Highlight Need for Comprehensive Reform
GAO-04-150T: Published: Oct 14, 2003. Publicly Released: Oct 14, 2003.
More than 34 million workers and retirees in 30,000 single-employer defined benefit pension plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits, and the program's long-term financial viability is in doubt. Over the last decade, the program swung from a $3.6 billion accumulated deficit (liabilities exceeded assets),...
Social Security: Actuarial Projections of the Trust Funds
AIMD-00-53R: Published: Jan 14, 2000. Publicly Released: Jan 14, 2000.
Pursuant to a congressional request, GAO reviewed the Pricewaterhouse Coopers (PwC) report on the actuarial projections for the trust funds of the Old Age, Survivors, and Disability Insurance programs, focusing on whether the Social Security Administration's (SSA) Board of Trustees': (1) 1999 long-range intermediate actuarial projections--their best estimates--as presented in the Trustees' 1999 re...
Pension Benefit Guaranty Corporation: Financial Condition Improving, but Long-Term Risks Remain
HEHS-99-5: Published: Oct 16, 1998. Publicly Released: Nov 16, 1998.
Pursuant to a congressional request, GAO reviewed the long-term financial viability of the pension insurance programs, focusing on: (1) the financial condition of the insurance programs and trends in the plans they insure; (2) the impact the Retirement Protection Act of 1994 has had on the financial condition of the Pension Benefit Guaranty Corporation (PBGC) and insured plans; (3) risks to PBGC's...
401(k) Pension Plans: Extent of Plans' Investments in Employer Securities and Real Property
HEHS-98-28: Published: Nov 28, 1997. Publicly Released: Dec 29, 1997.
Pursuant to a congressional request, GAO provided information on: (1) the extent to which 401(k) plan assets are invested in employer securities and real property; (2) the protection and any possible problems associated with the recent amendments to title I of the Employee Retirement Income Security Act of 1974 (ERISA); and (3) alternate mechanisms that might safeguard the retirement benefits of p...
401(k) Pension Plans: Many Take Advantage of Opportunity to Ensure Adequate Retirement Income
HEHS-96-176: Published: Aug 2, 1996. Publicly Released: Aug 2, 1996.
Pursuant to a congressional request, GAO provided information on 401(k) pension plans, focusing on: (1) the proportion of workers covered by 401(k) pension plans; (2) workers' contributions to their 401(k) pension plans; and (3) how workers invest their pension account balances.GAO found that: (1) half of all workers and nearly two-thirds of workers nearing retirement age are covered by a pension...
[Comments on Due Date and Amount of District of Columbia's Contributions to Special Employee Retirement Funds]
B-271304: Published: Mar 19, 1996. Publicly Released: Mar 19, 1996.
The District of Columbia Chief Financial Officer requested a decision on when the first and second quarter contributions to the Police Officers and Fire Fighters Retirement Fund, the Teachers Retirement Fund, and the Judges Retirement Fund are due and the amount of these contributions. GAO held that the: (1) District of Columbia's first and second quarter payments were due no later than October 31...
Public Pensions: Summary of Federal Pension Plan Data
AIMD-96-6: Published: Feb 16, 1996. Publicly Released: Mar 18, 1996.
Pursuant to a congressional request, GAO reviewed the status of public pension plan funding, focusing on federally sponsored defined benefit and contribution plans subject to reporting requirements legislation.GAO found that: (1) 34 federal government defined benefit plans have over 10 million participants and 17 defined contribution plans have 2.2 million participants; (2) the 34 defined benefit...
AIMD-95-225R: Published: Aug 24, 1995. Publicly Released: Aug 24, 1995.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) accounting procedures and internal controls that warranted management's attention as of September 30, 1994. GAO noted that PBGC: (1) used evidence about significant transactions that occurred after year-end in assessing its year-end contingent liabilities; (2) misclassified several pension plans based on their prior year classification...