Retirees (11 - 20 of 165 items)
Pension Advance Transactions: Questionable Business Practices Identified
GAO-14-420: Published: Jun 4, 2014. Publicly Released: Jul 7, 2014.
GAO identified at least 38 companies that offered individuals lump-sum payments or “advances” in exchange for receiving part or all of their pension payment streams. Eighteen of these companies were concentrated in one state, and 17 offered a range of other financial products in addition to pension advances. The 38 companies used multistep pension advance processes that included various other...
Private Pensions: Clarity of Required Reports and Disclosures Could Be Improved
GAO-14-92: Published: Nov 21, 2013. Publicly Released: Dec 17, 2013.
Sponsors of private sector pension plans are required to submit various reports to federal agencies and disclosures to participants depending on the plans' type, size, and circumstances. GAO identified more than 130 reports and disclosures stemming from provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA), and the Internal Revenue Code, as administered largely by t...
U.S. Postal Service: Health and Pension Benefits Proposals Involve Trade-offs
GAO-13-872T: Published: Sep 26, 2013. Publicly Released: Sep 26, 2013.
GAO has reported that Congress needs to modify the U.S. Postal Service's (USPS) retiree health benefit payments in a fiscally responsible manner. GAO also has reported that USPS should prefund any unfunded retiree health benefit liability to the maximum extent that its finances permit. Deferring funding for postal retiree health benefits could increase costs for future ratepayers and increase the...
Patient Protection and Affordable Care Act: Enrollment and Spending in the Early Retiree Reinsurance and Pre-existing Condition Insurance Plan Programs
GAO-13-391: Published: Apr 30, 2013. Publicly Released: May 30, 2013.
The Center for Consumer Information and Insurance Oversight (CCIIO) discontinued enrollment in the Early Retiree Reinsurance Program (ERRP) in early 2011 and stopped most program reimbursements the following year to keep spending within the $5 billion ERRP appropriation. Specifically, anticipating exhaustion of funds, CCIIO stopped ERRP enrollment in May 2011. According to CCIIO officials, CCIIO s...
Federal Retirement Processing: OPM Is Pursuing Incremental Information Technology Improvements after Canceling a Modernization Plagued by Management Weaknesses
GAO-13-580T: Published: May 9, 2013. Publicly Released: May 9, 2013.
In a series of reviews, GAO found that the Office of Personnel Management's (OPM) retirement modernization efforts were hindered by weaknesses in key management practices that are essential to successful information technology (IT) modernization projects. For example, in 2005, GAO made recommendations to address weaknesses in the following areas:Project management: While OPM had defined major comp...
Private Pensions: Timely Action Needed to Address Impending Multiemployer Plan Insolvencies
GAO-13-240: Published: Mar 28, 2013. Publicly Released: Apr 8, 2013.
The most severely distressed multiemployer plans have taken significant steps to address their funding problems and, while most plans expected improved financial health, some did not. A survey conducted by a large actuarial and consulting firm serving multiemployer plans suggests that the large majority of the most severely underfunded plans--those designated as being in critical status--either ha...
Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges
GAO-13-428T: Published: Mar 5, 2013. Publicly Released: Mar 5, 2013.
The most severely distressed multiemployer plans have taken significant steps to address their funding problems and, while most plans expected improved financial health, some did not. A survey conducted by a large actuarial and consulting firm serving multiemployer plans suggests that the majority of the most severely underfunded plans--those designated as being in critical status--developed plans...
U.S. Postal Service: Status, Financial Outlook, and Alternative Approaches to Fund Retiree Health Benefits
GAO-13-112: Published: Dec 4, 2012. Publicly Released: Dec 27, 2012.
The Postal Service Retiree Health Benefits Fund (PSRHBF) covered about 49 percent of the U.S. Postal Service's (USPS) $94 billion retiree health benefit liability at fiscal year-end 2012. USPS's deteriorating financial outlook, however, will make it difficult to continue the current prefunding schedule in the short term, and possibly to fully fund the remaining $48 billion unfunded liability over...
Pension Benefit Guaranty Corporation: Redesigned Premium Structure Could Better Align Rates with Risk from Plan Sponsors
GAO-13-58: Published: Nov 7, 2012. Publicly Released: Nov 8, 2012.
Various options are available to make the Pension Benefit Guaranty Corporation's (PBGC) premium structure more risk-based and better reflect the risk of future claims. Historically, PBGC's premiums have not fully reflected the risks PBGC insures against--chiefly that a plan sponsor with an underfunded plan will become bankrupt, forcing the termination of the plan and imposing a claim on PBGC. PBGC...
Reemployment of Retirees: Six Agencies' Use of Dual Compensation Waiver Authority is Limited
GAO-12-855R: Published: Sep 10, 2012. Publicly Released: Sep 10, 2012.
In summary, the six agencies we reviewed made very little use of the NDAA waiver authority in fiscal years 2010 and 2011. The Department of Treasury made the most, although still very little, use of the waiver authority in both fiscal years--167 waivers in fiscal year 2010 and 214 waivers in fiscal year 2011. Agency officials told us that their agencies used a combination of NDAA and other waiver...