Retirement (71 - 80 of 141 items)
Retirement Security: Women Face Challenges in Ensuring Financial Security in Retirement
GAO-08-105: Published: Oct 11, 2007. Publicly Released: Oct 11, 2007.
Women aged 65 and over will account for a growing segment of the U.S. population over the next several decades. Despite increases in women's workforce behavior in the past 65 years, elderly women have persistently high rates of poverty. Thus, it is important to understand the differences between men's and women's retirement income, and how women may fare given future reforms to Social Security and...
Federal Retirement Thrift Investment Board: Many Responsibilities and Investment Policies Set by Congress
GAO-07-611: Published: Jun 21, 2007. Publicly Released: Jul 23, 2007.
The Thrift Savings Plan (TSP), a retirement savings and investment plan for federal workers, held approximately $210 billion in retirement assets for 3.7 million participants, as of February 2007. TSP is managed by the Federal Retirement Thrift Investment Board (FRTIB). In light of questions about TSP oversight, we examined (1) the current structure for overseeing FRTIB, (2) how the statutorily de...
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...
Defined Benefit Pensions: Conflicts of Interest Involving High Risk or Terminated Plans Pose Enforcement Challenges
GAO-07-703: Published: Jun 28, 2007. Publicly Released: Jun 28, 2007.
To protect workers' retirement security, the requesters asked GAO to assess: 1) What is known about conflicts of interest affecting private sector defined benefit (DB) plans? 2) What procedures does the Pension Benefit Guaranty Corporation (PBGC) have to identify and recover losses attributable to conflicts? 3) What procedures does Employee Benefits Security Administration (EBSA) have to detect co...
Federal Retirement Thrift Investment Board: Due Diligence Over Administrative Expenses Should Continue and Be Broadened
GAO-07-541: Published: May 14, 2007. Publicly Released: Jun 13, 2007.
The Federal Retirement Thrift Investment Board (FRTIB) is charged with managing the Thrift Savings Plan (TSP)--a key component of retirement savings for many federal employees--in the interest of its participants and beneficiaries. As part of a broader request on oversight of FRTIB, GAO reviewed (1) the administrative expenses of FRTIB and key components of these expenses, (2) whether the administ...
Armed Forces Retirement Home: Health Care Oversight Should Be Strengthened
GAO-07-790R: Published: May 30, 2007. Publicly Released: May 30, 2007.
The Armed Forces Retirement Home (AFRH), an independent executive branch entity, operates two continuing care retirement communities (CCRC). It provides care in three settings--independent living, assisted living, and a nursing home--and also operates a health and dental clinic for residents. The responsibilities of a CCRC generally include (1) appropriately transitioning residents from independen...
Private Pensions: Increased Reliance on 401(k) Plans Calls for Better Information on Fees
GAO-07-530T: Published: Mar 6, 2007. Publicly Released: Mar 6, 2007.
Over the past two decades there has been a noticeable shift in the types of plans employers are offering employees. Employers are increasingly moving away from traditional defined benefit plans to what has become the most dominant and fastest growing type of defined contribution plan, the 401(k). As more workers participate in 401(k) plans, they bear more of the responsibility for funding their re...
Older Workers: Some Best Practices and Strategies for Engaging and Retaining Older Workers
GAO-07-433T: Published: Feb 28, 2007. Publicly Released: Feb 28, 2007.
More Americans remaining in the workforce at older ages could lead to benefits at several levels. First, working longer will allow older workers to bolster their retirement savings. Second, hiring and retaining older workers will help employers deal with projected labor shortages. Third, older workers will contribute to economic growth and increase federal revenues, helping to defray some of the a...
Private Pensions: Changes Needed to Provide 401(k) Plan Participants and the Department of Labor Better Information on Fees
GAO-07-21: Published: Nov 16, 2006. Publicly Released: Nov 30, 2006.
American workers are increasingly relying on 401(k) plans, which allow pre-tax contributions to individual accounts, for their retirement income. As workers accrue earnings on their investments, they also pay a number of fees that may significantly decrease their retirement savings. Because of concerns about the effects of fees on participants' retirement savings, GAO examined (1) the types of fee...
Baby Boom Generation: Retirement of Baby Boomers Is Unlikely to Precipitate Dramatic Decline in Market Returns, but Broader Risks Threaten Retirement Security
GAO-06-718: Published: Jul 28, 2006. Publicly Released: Jul 28, 2006.
The first wave of baby boomers(born between 1946 and 1964) will become eligible for Social Security early retirement benefits in 2008. In addition to concerns about how the boomers' retirement will strain the nation's retirement and health systems, concerns also have been raised about the possibility for boomers to sell off large amounts of financial assets in retirement, with relatively fewer you...