Retirement (31 - 40 of 141 items)
Private Pensions: Changes Needed to Better Protect Multiemployer Pension Benefits
GAO-11-79: Published: Oct 18, 2010. Publicly Released: Nov 16, 2010.
Thirty years ago Congress enacted protections to ensure that participants in multiemployer pension plans received their promised benefits. These defined benefit plans are created by collective bargaining agreements covering more than one employer. Today, these plans provide pension coverage to over 10.4 million participants in approximately 1,500 multiemployer plans insured by the Pension Benefit...
Defined Benefit Pension Plans: Plans Face Valuation and Other Challenges When Investing in Hedge Funds and Private Equity
GAO-10-915T: Published: Jul 20, 2010. Publicly Released: Jul 20, 2010.
Millions of Americans rely on private or public defined benefit pension plans, which promise to pay retirement benefits that are generally based on an employee's salary and years of service. Plan sponsors are increasingly investing in "alternative" assets such as hedge funds and private equity. This has raised concerns, given that these two types of investments have qualified for exemptions from s...
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...
Nuclear Security: DOE Needs to Fully Address Issues Affecting Protective Forces' Personnel Systems
GAO-10-485T: Published: Mar 3, 2010. Publicly Released: Mar 3, 2010.
The September 11, 2001, terrorist attacks raised concerns about the security of Department of Energy (DOE) sites with weapons-grade nuclear material, known as Category I special nuclear material (SNM). To better protect these sites against attacks, DOE has sought to transform its protective forces protecting SNM into a Tactical Response Force (TRF) with training and capabilities similar to the U.S...
Nuclear Security: DOE Needs to Address Protective Forces' Personnel System Issues
GAO-10-275: Published: Jan 29, 2010. Publicly Released: Jan 29, 2010.
The September 11, 2001, terrorist attacks raised concerns about the security of Department of Energy's (DOE) sites with weapons-grade nuclear material, known as Category I Special Nuclear Material (SNM). To better protect these sites against attacks, DOE has sought to transform its protective forces protecting SNM into a Tactical Response Force (TRF) with training and capabilities similar to the U...
Private Pensions: Additional Changes Could Improve Employee Benefit Plan Financial Reporting
GAO-10-54: Published: Nov 5, 2009. Publicly Released: Dec 7, 2009.
The Department of Labor (Labor) collects information on fees charged to 401(k) plans primarily through its Form 5500. Labor issued final regulations in November 2007, making changes to, among other things, Schedule C of the Form 5500. Labor put emphasis on reporting the indirect compensation paid to service providers and between service providers, in an effort to capture all of the costs that plan...
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...
401(k) Plans: Several Factors Can Diminish Retirement Savings, but Automatic Enrollment Shows Promise for Increasing Participation and Savings
GAO-10-153T: Published: Oct 28, 2009. Publicly Released: Oct 28, 2009.
Over the past 25 years, the number of defined benefit (DB) plans has declined while the number of defined contribution (DC) plans has increased. Today, DC plans are the dominant type of employer-sponsored retirement plans, with more than 49 million U.S. workers participating in them. 401(k) plans currently cover over 85 percent of active DC plan participants and are the fastest growing type of emp...
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...
Railroad Retirement Board: Review of Commuter Railroad Occupational Disability Claims Reveals Potential Program Vulnerabilities
GAO-09-821R: Published: Sep 9, 2009. Publicly Released: Oct 8, 2009.
In fall 2008, a series of news reports revealed the relatively high number of workers at one commuter railroad--the Long Island Rail Road (LIRR)-- who have applied for and been approved for occupational disability benefits by the U.S. Railroad Retirement Board (RRB). According to RRB officials, a number of federal agencies, including the Federal Bureau of Investigation, Social Security Administrat...