Retirement benefits (51 - 60 of 151 items)
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...
Private Pensions: Information on Cash Balance Pension Plans
GAO-06-42: Published: Nov 3, 2005. Publicly Released: Nov 3, 2005.
The nation's private defined benefit (DB) pension system, a key contributor to the financial security of millions of Americans, is in long-term decline. Since 1980, the number of active participants in Pension Benefit Guaranty Corporation (PBGC) insured single employer DB plans has dropped from 27.3 percent of all national private wage and salary workers in 1980, to about 15 percent in 2002, and m...
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...
Social Security: Coverage of Public Employees and Implications for Reform
GAO-05-786T: Published: Jun 9, 2005. Publicly Released: Jun 9, 2005.
Social Security covers about 96 percent of all U.S. workers; the vast majority of the rest are state, local, and federal government employees. While these noncovered workers do not pay Social Security taxes on their government earnings, they may still be eligible for Social Security benefits. This poses difficult issues of fairness, and Social Security has provisions that attempt to address those...
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...
Federal Thrift Savings Plan: Customer Service Practices Adopted by Private Sector Plan Managers Should Be Considered
GAO-05-38: Published: Jan 18, 2005. Publicly Released: Feb 18, 2005.
Intended to resemble private sector 401(k) pension plans, the federal government's Thrift Savings Plan (TSP) held more than $128 billion in retirement assets for over 3 million participants at the end of 2003. Customer service-related difficulties during the Federal Retirement Thrift Investment Board's (TSP's governing body) record-keeping system conversion in 2003 led the Chairman of a Senate Com...
Military Personnel: DOD Needs More Data Before It Can Determine if Costly Changes to the Reserve Retirement System Are Warranted
GAO-04-1005: Published: Sep 15, 2004. Publicly Released: Sep 15, 2004.
Since September 11, 2001, National Guard and Reserve personnel have served, and will continue to serve, a critical role in the Global War on Terrorism. As a consequence, Congress has focused attention on the fair treatment of reservists and directed GAO to review, among other things, the Department of Defense's (DOD) reserve retirement system. Currently, five legislative proposals exist that would...
Private Pensions: Timely and Accurate Information Is Needed to Identify and Track Frozen Defined Benefit Plans
GAO-04-200R: Published: Dec 17, 2003. Publicly Released: Dec 17, 2003.
While private-sector pensions help millions of Americans achieve retirement income security, the number of private defined benefit (DB) plans1 has declined substantially over the past two decades. Recently, those concerned with the viability of the private defined benefit pension system point to significant increases in pension contributions plan sponsors must make and to the fact that most plans...
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),...
Options to Encourage the Preservation of Pension and Retirement Savings: Phase 2, an E-supplement to GAO-03-810
GAO-03-990SP: Published: Jul 29, 2003. Publicly Released: Jul 29, 2003.
This document presents the results from a survey of a panel of experts in the area of pensions and retirement to a questionnaire on options to encourage the preservation of pension and retirement plan savings. We developed a web-based questionnaire to obtain the data. The items in the questionnaire were compiled from a list of factors these experts identified in an earlier data collection effort....