Pension plan cost control (11 - 20 of 86 items)
Defined Benefit Pension Plans: Guidance Needed to Better Inform Plans of the Challenges and Risks of Investing in Hedge Funds and Private Equity
GAO-08-692: Published: Aug 14, 2008. Publicly Released: Sep 10, 2008.
Millions of retired Americans rely on defined benefit pension plans for their financial well-being. Recent reports have noted that some plans are investing in 'alternative' investments such as hedge funds and private equity funds. This has raised concerns, given that these two types of investments have qualified for exemptions from federal regulations, and could present more risk to retirement ass...
PBGC Assets: Implementation of New Investment Policy Will Need Stronger Board Oversight
GAO-08-667: Published: Jul 17, 2008. Publicly Released: Aug 18, 2008.
The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of over 44 million people. As a federal guarantor of private defined benefit plans, PBGC finances its operations through insurance premiums, investment income, and funds from terminated pension plans. PBGC is governed by a board of directors comprised of the Secretaries of Commerce, Labor, and Treasury, who are responsib...
Defined Benefit Pensions: Plan Freezes Affect Millions of Participants and May Pose Retirement Income Challenges
GAO-08-817: Published: Jul 21, 2008. Publicly Released: Jul 21, 2008.
Private defined benefit (DB) pension plans are an important source of retirement income for millions of Americans. However, from 1990 to 2006, plan sponsors have voluntarily terminated over 61,000 sufficiently funded single-employer DB plans. An event preceding at least some of these terminations was a so-called plan "freeze"--an amendment to the plan to limit some or all future pension accruals f...
Defined Benefit Pensions: Survey of Sponsors of Large Defined Benefit Pension Plans (GAO-08-818SP, July 2008), an E-supplement to GAO-08-817
GAO-08-818SP: Published: Jul 21, 2008. Publicly Released: Jul 21, 2008.
Over the last five years, a number of large, high profile employers have announced their intention to freeze-- an amendment to the plan to limit some or all future pension accruals for some or all plan participants-- their larger defined benefit (DB) plans that represent a significant portion of plan liabilities and plan participants in the private DB system. To better understand the current plan...
State and Local Government Pension Plans: Current Structure and Funded Status
GAO-08-983T: Published: Jul 10, 2008. Publicly Released: Jul 10, 2008.
Millions of state and local government employees are promised pension benefits when they retire. Although these benefits are not subject, for the most part, to federal laws governing private sector benefits, there is a federal interest in ensuring that all American have a secure retirement, as reflected in the special tax treatment provided for private and public pension funds. Recently, new accou...
Department of Energy: Information on Its Management of Costs and Liabilities for Contractors' Pension and Postretirement Benefit Plans
GAO-08-642R: Published: Jun 19, 2008. Publicly Released: Jun 19, 2008.
For the past 60 years, the Department of Energy (DOE) and its predecessors have carried out their national security, environmental cleanup, and research and development missions through management and operating (M&O) contracts and other site contracts for operations at DOE-owned facilities. DOE currently has 43 such contracts with private companies and nonprofit organizations, including universiti...
State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits
GAO-08-223: Published: Jan 29, 2008. Publicly Released: Feb 28, 2008.
Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree healt...
Private Pensions: Information That Sponsors and Participants Need to Understand 401(k) Plan Fees
GAO-08-222T: Published: Oct 30, 2007. Publicly Released: Oct 30, 2007.
Employers are increasingly moving away from traditional pension plans to what has become the most dominant and fastest growing type of plan, the 401(k). For 401(k) plan sponsors, understanding the fees being charged helps fulfill their fiduciary responsibility to act in the best interest of plan participants. Participants should consider fees as well as the historical performance and investment ri...
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...
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...