Retirement benefits (21 - 30 of 151 items)
Private Pensions: Some Key Features Lead to an Uneven Distribution of Benefits
GAO-11-333: Published: Mar 30, 2011. Publicly Released: Apr 29, 2011.
Despite sizeable tax incentives, private pension participation has remained at about 50 percent of the workforce. For those in a pension plan, there is concern that these incentives accrue primarily to higher income employees and do relatively little to help lower income workers save for retirement. The financial crisis and labor-market downturn may have exacerbated these difficulties. Therefore,...
Key Events Leading to the Termination of the Delphi Defined Benefit Plans
GAO-11-373R: Published: Mar 30, 2011. Publicly Released: Mar 30, 2011.
The Delphi Corporation was a global supplier of mobile electronics and transportation systems that began as part of the General Motors Corporation (GM) and was spun off as an independent company in 1999. Following bankruptcy in 2005, Delphi's six qualified defined benefit (DB) plans were terminated and trusteed by the Pension Benefit Guaranty Corporation (PBGC) in July 2009. These terminations cul...
Retirement Income: Challenges for Ensuring Income throughout Retirement
GAO-10-632R: Published: Apr 28, 2010. Publicly Released: May 4, 2010.
As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge. Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90th birthday. In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued incr...
Social Security: Options to Protect Benefits for Vulnerable Groups When Addressing Program Solvency
GAO-10-101R: Published: Dec 7, 2009. Publicly Released: Dec 7, 2009.
For over 70 years, Social Security has been the foundation of retirement income for American workers and their families and has been instrumental in reducing poverty among the elderly. The Congressional Research Service estimates that if Social Security benefits did not exist, an estimated 44 percent of all elderly people would be poor today. Still, some people who receive Social Security retireme...
Private Pensions: Sponsors of 10 Underfunded Plans Paid Executives Approximately $350 Million in Compensation Shortly Before Termination
GAO-10-77: Published: Oct 21, 2009. Publicly Released: Nov 19, 2009.
When sponsors terminate underfunded plans during bankruptcy, it can deplete resources of the Pension Benefit Guaranty Corporation (PBGC), which protects the pensions of almost 44 million American workers and retirees who participate in over 29,000 defined benefit pension plans. In 2009, PBGC reported an estimated deficit of over $30 billion. GAO was asked to determine what pay and other compensati...
Pension Benefit Guaranty Corporation: Workers and Retirees Experience Delays and Uncertainty when Underfunded Plans Are Terminated
GAO-10-181T: Published: Oct 29, 2009. Publicly Released: Oct 29, 2009.
Under the single-employer insurance program, the Pension Benefit Guaranty Corporation (PBGC) may become the trustee of underfunded plans that are terminated and assume responsibility for paying benefits to participants as they become due, up to certain legal limits. From its inception in 1974 through the end of fiscal year 2008, PBGC has terminated and trusteed a total of 3,860 single-employer pla...
Retirement Savings: Automatic Enrollment Shows Promise for Some Workers, but Proposals to Broaden Retirement Savings for Other Workers Could Face Challenges
GAO-10-31: Published: Oct 23, 2009. Publicly Released: Oct 26, 2009.
Although employer-sponsored retirement plans can be an important component of income security after retirement, only about half of all workers participate in such plans. To foster greater participation among workers who have access to such plans, Congress included provisions that facilitate plan sponsors' adoption of automatic enrollment policies in the Pension Protection Act of 2006. To foster gr...
Pension Benefit Guaranty Corporation: More Strategic Approach Needed for Processing Complex Plans Prone to Delays and Overpayments
GAO-09-716: Published: Aug 17, 2009. Publicly Released: Sep 16, 2009.
As the insurer of over 29,000 private sector defined benefit plans, the Pension Benefit Guaranty Corporation (PBGC) may be required to assume responsibility for the plans of a growing number of companies filing bankruptcy due to the recession. Concerns about PBGC's benefit determination process, reductions in benefits due to guarantee limits, and workers' retirement security overall led the chairm...
Private Pensions: Alternative Approaches Could Address Retirement Risks Faced by Workers but Pose Trade-offs
GAO-09-642: Published: Jul 24, 2009. Publicly Released: Aug 24, 2009.
Recent losses in the stock market and poor economic conditions underscore that many U.S. workers are at risk of not having an adequate income in retirement from pension plans. The dramatic decline in the stock market has diminished pension savings and reportedly led to low levels in older Americans' confidence in their ability to retire. Even before the current economic recession, research indicat...
Federal Law Enforcement Retirement: Information on Enhanced Retirement Benefits for Law Enforcement Personnel
GAO-09-727: Published: Jul 30, 2009. Publicly Released: Jul 30, 2009.
From fiscal years 2000 through 2008, the number of persons employed by federal agencies who perform various law enforcement functions and receive either special pay or enhanced retirement benefits, in the form of a faster-accruing pension, has increased by 55 percent. In addition, as of September 2008, approximately 51,000 personnel were employed in law enforcement-related occupations that could s...