Retirees (31 - 40 of 88 items)
Commercial Aviation: Preliminary Observations on Legacy Airlines' Financial Condition, Bankruptcy, and Pension Issues
GAO-05-835T: Published: Jun 22, 2005. Publicly Released: Jun 22, 2005.
Since 2001, the U.S. airline industry has confronted unprecedented financial losses. Two of the nation's largest airlines--United Airlines and US Airways--went into bankruptcy, terminating their pension plans and passing the unfunded liability to the Pension Benefit Guaranty Corporation (PBGC). PBGC's unfunded liability was $9.6 billion; plan participants lost $5.2 billion in benefits. Considerabl...
Social Security Reform: Preliminary Lessons from Other Countries' Experiences
GAO-05-810T: Published: Jun 16, 2005. Publicly Released: Jun 16, 2005.
Many countries, including the United States, are grappling with demographic change and its effect on their national pension systems. The number of workers for each retiree is falling in most developed countries, straining the finances of national pension programs, particularly where contributions from current workers fund payments to current beneficiaries--known as a "pay-as-you-go" (PAYG) system...
Private Pensions: The Pension Benefit Guaranty Corporation and Long-Term Budgetary Challenges
GAO-05-772T: Published: Jun 9, 2005. Publicly Released: Jun 9, 2005.
More than 34 million workers and retirees in over 29,000 single-employer defined benefit plans rely on a federal insurance program managed by the Pension Benefit Guaranty Corporation (PBGC) to protect their pension benefits. However, the single-employer insurance program's long-term viability is in doubt, and this may have significant implications for the federal budget. In fiscal year 2004, PBGC'...
Private Pensions: Revision of Defined Benefit Pension Plan Funding Rules Is an Essential Component of Comprehensive Pension Reform
GAO-05-794T: Published: Jun 7, 2005. Publicly Released: Jun 7, 2005.
This testimony discusses our recent report on the rules that govern the funding of defined benefit (DB) plans and the implications of those rules for the problems facing the Pension Benefit Guaranty Corporation (PBGC) and the DB pension system generally. In recent years, the PBGC has encountered serious financial difficulties. Prominent companies, such as Bethlehem Steel, U.S. Airways, and United...
Private Pensions: Multiemployer Plans Face Short- and Long-Term Challenges
GAO-04-423: Published: Mar 26, 2004. Publicly Released: Mar 26, 2004.
Multiemployer-defined benefit pension plans, which are created by collective bargaining agreements covering more than one employer and generally operated under the joint trusteeship of labor and management, provide coverage to over 9.7 million of the 44 million participants insured by the Pension Benefit Guaranty Corporation (PBGC). The recent termination of several large single-employer plans--pl...
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...
Private Pensions: Participants Need Information on Risks They Face in Managing Pension Assets at and during Retirement
GAO-03-810: Published: Jul 29, 2003. Publicly Released: Jul 29, 2003.
The decisions that retiring workers make about how and when to draw down their pension plan assets determine in part whether they will have pension income that lasts throughout retirement. Individuals will need pension and other retirement income to sustain them over a longer period of time than in the past. Moreover, the continuing trend towards pension plans with individual accounts has increase...
Retirement Income: Intergenerational Comparisons of Wealth and Future Income
GAO-03-429: Published: Apr 25, 2003. Publicly Released: Apr 25, 2003.
Today's workers will rely to a large extent on Social Security, private pensions, and personal wealth for their retirement income. But some analysts question whether these sources will provide sufficient retirement income to maintain workers' standards of living once they leave the labor force. Indeed, the Social Security trust funds are projected to become exhausted in 2042, at which time, unless...
Retirement Income Data: Improvements Could Better Support Analysis of Future Retirees' Prospects
GAO-03-337: Published: Mar 21, 2003. Publicly Released: Mar 21, 2003.
Future demographic trends include a doubling of the nation's retiree population and only modest labor force growth, leading to concerns about retirement income adequacy for future generations. Credible projections of the effects of policy proposals on federal spending and future retirees' income are necessary. Because adequate data is critical to the analysis of retirement income and wealth, GAO w...