Government retirement benefits (1 - 10 of 22 items)
State and Local Government Pension Plans: Governance Practices and Long-term Investment Strategies Have Evolved Gradually as Plans Take On Increased Investment Risk
GAO-10-754: Published: Aug 24, 2010. Publicly Released: Sep 20, 2010.
Recent market declines have significantly diminished the asset value of state and local pension plans. Reported unfunded liabilities for these plans are estimated in the hundreds of billions of dollars. As a result, in the long term, these governments may need to make significant fiscal adjustments such as modifying employee benefits, or increasing contributions to plans. They may also alter inves...
Defined Benefit Pensions: Survey Results of the Nation's Largest Private Defined Benefit Plan Sponsors
GAO-09-291: Published: Mar 30, 2009. Publicly Released: Mar 30, 2009.
The number of private defined benefit (DB) pension plans, an important source of retirement income for millions of Americans, has declined substantially over the past two decades. For example, about 92,000 single-employer DB plans existed in 1990, compared to just under 29,000 single-employer plans today. Although this decline has been concentrated among smaller plans, there is a widespread concer...
State and Local Government Pension Plans: Current Structure and Funded Status
GAO-08-983T: Published: Jul 10, 2008. Publicly Released: Jul 10, 2008.
Millions of state and local government employees are promised pension benefits when they retire. Although these benefits are not subject, for the most part, to federal laws governing private sector benefits, there is a federal interest in ensuring that all American have a secure retirement, as reflected in the special tax treatment provided for private and public pension funds. Recently, new accou...
State and Local Government Retiree Benefits: Current Funded Status of Pension and Health Benefits
GAO-08-223: Published: Jan 29, 2008. Publicly Released: Feb 28, 2008.
Pension and other retiree benefits for state and local government employees represent liabilities for state and local governments and ultimately a burden for state and local taxpayers. Since 1986, accounting standards have required state and local governments to report their unfunded pension liabilities. Recently, however, standards changed and now call for governments also to report retiree healt...
Retirement Decisions: Federal Policies Offer Mixed Signals about When to Retire
GAO-07-753: Published: Jul 11, 2007. Publicly Released: Jul 11, 2007.
While many factors influence workers' decisions to retire, Social Security, Medicare, and pension laws also play a role, offering incentives to retire earlier and later. Identifying these incentives and how workers respond can help policy makers address the demographic challenges facing the nation. GAO assessed (1) the incentives federal policies provide about when to retire, (2) recent retirement...
Social Security: Congress Should Consider Revising the Government Pension Offset 'Loophole'
GAO-03-498T: Published: Feb 27, 2003. Publicly Released: Feb 27, 2003.
The Government Pension Offset (GPO) exemption was enacted in 1977 to equalize the treatment of workers covered by Social Security and those with government pensions not covered by Social Security. Congress asked GAO to (1) assess the extent to which individuals retiring from jobs not covered by Social Security may be transferring briefly to covered jobs in order to avoid the GPO, and (2) estimate...
Military Retirement: Proposed Changes Warrant Careful Analysis
T-NSIAD-99-94: Published: Feb 25, 1999. Publicly Released: Feb 25, 1999.
Pursuant to a congressional request, GAO discussed military retirement, focusing on: (1) changes being proposed by the Department of Defense (DOD); (2) areas where GAO believes more information is needed; and (3) the opportunity to take a long-term strategic view of the military compensation system.GAO noted that: (1) there is no clear indication that the proposed change to the retirement system,...
Social Security: Better Payment Controls for Benefit Reduction Provisions Could Save Millions
HEHS-98-76: Published: Apr 30, 1998. Publicly Released: Apr 30, 1998.
Pursuant to a congressional request, GAO reviewed: (1) how well the Social Security Administration (SSA) administers the Government Pension Offset and the Windfall Elimination Provision (WEP) benefit payment provisions of the Social Security Act; and (2) the options to improve any administrative deficiencies.GAO noted that: (1) from several internal studies of SSA's administration of the Governmen...
Federal Pensions: Relationship Between Retiree Pensions and Final Salaries
GGD-97-156: Published: Aug 11, 1997. Publicly Released: Aug 11, 1997.
Pursuant to a congressional request, GAO responded to a series of questions about federal pension costs and retirement policy, focusing on: (1) the number of federal retirees, if any, whose pensions have come to exceed the final salaries that they earned while working; (2) why these retirees' pensions came to exceed their final salaries; (3) the difference, if any, in these retirees' pension amoun...
Military Retirement: Possible Changes Merit Further Evaluation
NSIAD-97-17: Published: Nov 15, 1996. Publicly Released: Nov 15, 1996.
Pursuant to a congressional request, GAO reviewed selected aspects of the military retirement system, focusing on: (1) military retirement costs; (2) the role of military retirement in shaping and managing U.S. forces; and (3) proposed changes to modernize the system and contribute to more efficient force management.GAO found that: (1) payments from the military retirement fund to military retiree...