Retirement (21 - 30 of 141 items)
Income Security: Older Adults and the 2007-2009 Recession
GAO-12-76: Published: Oct 17, 2011. Publicly Released: Oct 18, 2011.
The recession of 2007 to 2009 has been the most severe in this country since the 1930s. After adjusting for inflation, gross domestic product declined by 5.1 percent and the national unemployment rate peaked at 9.5 percent. While the recession officially ended in June 2009, our economy has experienced a weak recovery, with unemployment still above 9 percent. While the recession has affected all ag...
Income Security: The Effect of the 2007-2009 Recession on Older Adults
GAO-12-172T: Published: Oct 18, 2011. Publicly Released: Oct 18, 2011.
This testimony discusses the effects of the recent recession on older adults. While the recession officially ended in June 2009, our economy has experienced a weak recovery, with unemployment still above 9 percent. Older adults--particularly those close to or in retirement--may not have the same opportunities as younger adults to recover from the recession's effects. For example, older adults--gen...
Defined Benefit Pension Plans: Plans Face Challenges When Investing in Hedge Funds and Private Equity
GAO-11-901SP: Published: Aug 31, 2011. Publicly Released: Aug 31, 2011.
Millions of Americans rely on retirement savings plans for their financial well-being in retirement. Plan sponsors are increasingly investing in assets such as hedge funds (privately administered pooled investment vehicles that typically engage in active trading strategies) and private equity funds (privately managed investment pools that typically make long-term investments in private companies)...
Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices
GAO-11-400: Published: Jun 7, 2011. Publicly Released: Jul 1, 2011.
As life expectancy increases, the risk that retirees will outlive their assets is a growing challenge. The shift from defined benefit (DB) pension plans to defined contribution (DC) plans also increases the responsibility for workers and retirees to make difficult decisions and manage their pension and other financial assets so that they have income throughout retirement. GAO was asked to review (...
Department of State Overseas Comparability Pay
GAO-11-772R: Published: Jun 30, 2011. Publicly Released: Jun 30, 2011.
The Federal Employees Pay Comparability Act (FEPCA) of 1990 established locality pay to achieve pay comparability between federal and nonfederal jobs within the United States. Because FEPCA established pay localities only for areas within the United States, federal employees permanently stationed overseas, including members of the Foreign Service, did not receive locality pay. As the Washington, D...
Private Pensions: Little Information Available on Qualified Supplemental Executive Retirement Plans
GAO-11-533R: Published: May 12, 2011. Publicly Released: Jun 13, 2011.
To raise private savings for workers' retirement, federal law provides tax incentives for contributions to pension plans. Company sponsors of private defined benefit (DB) pension plans can claim a tax deduction for their contribution amount to a tax-qualified pension plan, and employees' taxes on contributions and investment earnings are deferred until they retire and start receiving benefit payme...
Private Pensions: Some Key Features Lead to an Uneven Distribution of Benefits
GAO-11-333: Published: Mar 30, 2011. Publicly Released: Apr 29, 2011.
Despite sizeable tax incentives, private pension participation has remained at about 50 percent of the workforce. For those in a pension plan, there is concern that these incentives accrue primarily to higher income employees and do relatively little to help lower income workers save for retirement. The financial crisis and labor-market downturn may have exacerbated these difficulties. Therefore,...
Key Events Leading to the Termination of the Delphi Defined Benefit Plans
GAO-11-373R: Published: Mar 30, 2011. Publicly Released: Mar 30, 2011.
The Delphi Corporation was a global supplier of mobile electronics and transportation systems that began as part of the General Motors Corporation (GM) and was spun off as an independent company in 1999. Following bankruptcy in 2005, Delphi's six qualified defined benefit (DB) plans were terminated and trusteed by the Pension Benefit Guaranty Corporation (PBGC) in July 2009. These terminations cul...
401(k) Plans: Issues Involving Securities Lending in Plan Investments
GAO-11-359T: Published: Mar 16, 2011. Publicly Released: Mar 16, 2011.
Securities lending can be a relatively straightforward way for plan sponsors and participants to increase their return on 401(k) investments. However, securities lending can also present a number of challenges to plan participants and plan sponsors. GAO was asked to explain how securities lending with cash collateral reinvestment works in relation to 401(k) plan investments, who bears the risks, a...
401(K) Plans: Certain Investment Options and Practices That May Restrict Withdrawals Not Widely Understood
GAO-11-291: Published: Mar 10, 2011. Publicly Released: Mar 16, 2011.
401(k) plan sponsors are responsible for offering an array of appropriate investment options, and participants are responsible for directing their investments among those options. While participants expect to be able to switch investment options or withdraw money from their accounts, during the recent economic downturn, some 401(k) plan sponsors and participants found that they were restricted fro...