Retirement (61 - 70 of 141 items)
Department of Energy: Information on Its Management of Costs and Liabilities for Contractors' Pension and Postretirement Benefit Plans
GAO-08-642R: Published: Jun 19, 2008. Publicly Released: Jun 19, 2008.
For the past 60 years, the Department of Energy (DOE) and its predecessors have carried out their national security, environmental cleanup, and research and development missions through management and operating (M&O) contracts and other site contracts for operations at DOE-owned facilities. DOE currently has 43 such contracts with private companies and nonprofit organizations, including universiti...
Individual Retirement Accounts: Government Actions Could Encourage More Employers to Offer IRAs to Employees
GAO-08-590: Published: Jun 4, 2008. Publicly Released: Jun 4, 2008.
Congress created individual retirement accounts (IRAs) with two goals: (1) to provide a retirement savings vehicle for workers without employer-sponsored retirement plans, and (2) to preserve individuals' savings in employer-sponsored retirement plans. However, questions remain about IRAs' effectiveness in facilitating new, or additional, retirement savings. GAO was asked to report on (1) how IRA...
Social Security Administration Field Offices: Reduced Workforce Faces Challenges as Baby Boomers Retire
GAO-08-737T: Published: May 8, 2008. Publicly Released: May 8, 2008.
Millions of people rely on the services of Social Security Administration (SSA) field offices. In fiscal year 2007, SSA's approximately 1,300 field offices provided service to about 42 million customers. People use these offices to apply for Social Security cards, apply for retirement and disability benefits, establish direct deposit, and a host of other services. While customers may conduct their...
Older Workers: Federal Agencies Face Challenges, but Have Opportunities to Hire and Retain Experienced Employees
GAO-08-630T: Published: Apr 30, 2008. Publicly Released: Apr 30, 2008.
The federal workforce, like the nation's workforce as a whole, is aging. As experienced employees retire, they leave behind critical gaps in leadership and institutional knowledge, increasing the challenges government agencies face in maintaining a skilled workforce. We and others have emphasized the need to hire and retain older workers as one part of a comprehensive strategy to address expected...
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...
Office of Personnel Management: Improvements Needed to Ensure Successful Retirement Systems Modernization
GAO-08-345: Published: Jan 31, 2008. Publicly Released: Jan 31, 2008.
Through its Retirement Systems Modernization (RSM) program, the Office of Personnel Management (OPM) is modernizing the paper intensive processes and antiquated information systems it uses to support the retirement of civilian federal employees. RSM is intended to deploy new or modified systems beginning in February 2008 to improve the efficiency and effectiveness of the agency's retirement progra...
Private Pensions: Low Defined Contribution Plan Savings May Pose Challenges to Retirement Security, Especially for Many Low-Income Workers
GAO-08-8: Published: Nov 29, 2007. Publicly Released: Dec 11, 2007.
Over the last 25 years, pension coverage has shifted primarily from "traditional" defined benefit (DB) plans, in which workers accrue benefits based on years of service and earnings, toward defined contribution (DC) plans, in which participants accumulate retirement balances in individual accounts. DC plans provide greater portability of benefits, but shift the responsibility of saving for retirem...
Social Security Reform: Issues for Disability and Dependent Benefits
GAO-08-26: Published: Oct 26, 2007. Publicly Released: Nov 26, 2007.
Many recent Social Security reform proposals to improve program solvency include elements that would reduce benefits currently scheduled for future recipients. To date, debate has focused primarily on the potential impact on retirees, with less attention to the effects on other Social Security recipients, such as disabled workers and dependents. As these beneficiaries may have fewer alternative so...
Social Security: Issues Regarding the Coverage of Public Employees
GAO-08-248T: Published: Nov 6, 2007. Publicly Released: Nov 6, 2007.
Social Security covers about 96 percent of all U.S. workers; the vast majority of the remaining 4 percent are public employees. Although these noncovered workers do not pay Social Security taxes on their government earnings, they may still be eligible for Social Security benefits through their spouses' or their own earnings from other covered employment. Social Security has provisions--the Governm...
Private Pensions: 401(k) Plan Participants and Sponsors Need Better Information on Fees
GAO-08-95T: Published: Oct 24, 2007. Publicly Released: Oct 24, 2007.
According to Labor's most recent data, there are an estimated 44 million active participants in 401(k) plans. As participants accrue earnings on their investments, they also pay a number of fees, associated with 401(k) plans. Over the course of the employee's career, fees may significantly decrease retirement account balances. For plan sponsors, understanding the fees they are being charged helps...