Retirement (51 - 60 of 76 items)
Private Pensions: Increased Reliance on 401(k) Plans Calls for Better Information on Fees
GAO-07-530T: Published: Mar 6, 2007. Publicly Released: Mar 6, 2007.
Over the past two decades there has been a noticeable shift in the types of plans employers are offering employees. Employers are increasingly moving away from traditional defined benefit plans to what has become the most dominant and fastest growing type of defined contribution plan, the 401(k). As more workers participate in 401(k) plans, they bear more of the responsibility for funding their re...
Private Pensions: Changes Needed to Provide 401(k) Plan Participants and the Department of Labor Better Information on Fees
GAO-07-21: Published: Nov 16, 2006. Publicly Released: Nov 30, 2006.
American workers are increasingly relying on 401(k) plans, which allow pre-tax contributions to individual accounts, for their retirement income. As workers accrue earnings on their investments, they also pay a number of fees that may significantly decrease their retirement savings. Because of concerns about the effects of fees on participants' retirement savings, GAO examined (1) the types of fee...
Baby Boom Generation: Retirement of Baby Boomers Is Unlikely to Precipitate Dramatic Decline in Market Returns, but Broader Risks Threaten Retirement Security
GAO-06-718: Published: Jul 28, 2006. Publicly Released: Jul 28, 2006.
The first wave of baby boomers(born between 1946 and 1964) will become eligible for Social Security early retirement benefits in 2008. In addition to concerns about how the boomers' retirement will strain the nation's retirement and health systems, concerns also have been raised about the possibility for boomers to sell off large amounts of financial assets in retirement, with relatively fewer you...
Older Workers: Labor Can Help Employers and Employees Plan Better for the Future
GAO-06-80: Published: Dec 5, 2005. Publicly Released: Dec 5, 2005.
Demographic changes pose serious challenges for employers, the economy, and older Americans. As the baby boomers near traditional retirement ages, the loss of experienced workers could have adverse effects on productivity and economic growth. Also, many older Americans face less-secure retirements due to rising health care costs, pension coverage changes, and fiscal pressures on the nation's retir...
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: Government Actions Could Improve the Timeliness and Content of Form 5500 Pension Information
GAO-05-491: Published: Jun 3, 2005. Publicly Released: Jun 3, 2005.
The Form 5500 is the primary source of information for both the federal government and the private sector regarding the operation, funding, assets, and investments of private pension and other employee benefit plans. Currently, the Department of Labor (Labor) requires about 3 years to provide certain usable Form 5500 information to the public, leading to complaints that the information is not time...
Highlights of a GAO Forum: The Future of the Defined Benefit System and the Pension Benefit Guaranty Corporation
GAO-05-578SP: Published: Jun 1, 2005. Publicly Released: Jun 1, 2005.
Employer-sponsored defined benefit pension plans face unprecedented challenges in the midst of significant changes in our nation's retirement landscape. Many defined benefit plans and the federal agency that insures them, the Pension Benefit Guaranty Corporation (PBGC), have accumulated large and growing deficits that threaten their survival. Meanwhile, the percentage of American workers covered b...
Federal Retirement: Retirement Data for Selected Agencies
GGD-86-123FS: Published: Aug 1, 1986. Publicly Released: Aug 1, 1986.
In response to a congressional request, GAO obtained information on the extent to which selected federal agencies' employees may be retiring to avoid the consequences of proposed legislation to change the taxation of annuities.GAO reviewed data from agencies with responsibilities for national security, public safety, space exploration, and basic research. GAO found that the number of voluntary ret...
Federal Retirement: Records Processing Is Better; Can Be Further Improved
GGD-86-47: Published: May 15, 1986. Publicly Released: May 15, 1986.
In response to a congressional request, GAO identified methods the Office of Personnel Management (OPM) could use to streamline the processing of civil service retirement documents and reduce the backlogs.GAO noted that OPM: (1) was not effectively using its automated equipment; and (2) did not assign and organize its personnel for maximum productivity. GAO found that OPM employees: (1) reviewed e...