Program evaluation (1 - 10 of 26 items)
Federal Employees' Group Life Insurance: Retirement Benefit and Retained Asset Account Disclosures Could Be Improved
GAO-12-94: Published: Nov 10, 2011. Publicly Released: Dec 12, 2011.
The Federal Employees' Group Life Insurance program (FEGLI), administered by the Office of Personnel Management (OPM), insures over 4 million federal employees and annuitants in the event of an enrollee's death. As a result, it is important that the program is clearly explained and properly overseen. However, some aspects of FEGLI, such as program disclosures and the use of retained asset accounts...
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...
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...
Office of Personnel Management: Retirement Modernization Planning and Management Shortcomings Need to Be Addressed
GAO-09-529: Published: Apr 21, 2009. Publicly Released: Apr 21, 2009.
For the past two decades, the Office of Personnel Management (OPM) has been working to modernize the paper-intensive processes and antiquated systems used to support the retirement of federal employees. By moving to an automated system, OPM intends to improve the program's efficiency and effectiveness. In January 2008, GAO recommended that the agency address risks to successful system deployment....
Military Disability Retirement: Closer Monitoring Would Improve the Temporary Retirement Process
GAO-09-289: Published: Apr 13, 2009. Publicly Released: Apr 13, 2009.
Service members found unfit for duty due to a service-related illness or injury may be eligible for military disability retirement. When their disability is not stable, however, they may be placed on the military's Temporary Disability Retired List (TDRL) and granted temporary benefits for as long as 5 years. GAO was asked to respond to concerns about TDRL caseloads, management, and impact on serv...
Private Pensions: Conflicts of Interest Can Affect Defined Benefit and Defined Contribution Plans
GAO-09-503T: Published: Mar 24, 2009. Publicly Released: Mar 24, 2009.
Conflicts of interest typically exist when someone in a position of trust, such as a pension consultant, has competing professional or personal issues. Such competing interests can make it difficult for pension plan fiduciaries and others, in general, to fulfill their duties impartially and could cause them to breach their duty to act solely in the interest of plan participants and beneficiaries....
Individual Retirement Accounts: Additional IRS Actions Could Help Taxpayers Facing Challenges in Complying with Key Tax Rules
GAO-08-654: Published: Aug 14, 2008. Publicly Released: Sep 15, 2008.
Individual retirement accounts (IRA) allow individuals to save for retirement in a tax-preferred way. Traditional IRA contributions, subject to certain limitations, can be deducted from taxable earnings and taxes on earnings are deferred until distribution. In contrast, Roth IRA contributions are made after tax and distributions are tax-free. Faced with a myriad of rules covering IRA contributions...
Defined Benefit Pension Plans: Guidance Needed to Better Inform Plans of the Challenges and Risks of Investing in Hedge Funds and Private Equity
GAO-08-692: Published: Aug 14, 2008. Publicly Released: Sep 10, 2008.
Millions of retired Americans rely on defined benefit pension plans for their financial well-being. Recent reports have noted that some plans are investing in 'alternative' investments such as hedge funds and private equity funds. This has raised concerns, given that these two types of investments have qualified for exemptions from federal regulations, and could present more risk to retirement ass...
Pension Benefit Guaranty Corporation: Need for Improved Oversight Persists
GAO-08-1062: Published: Sep 10, 2008. Publicly Released: Sep 10, 2008.
The Pension Benefit Guaranty Corporation (PBGC) insures the pension benefits of 44 million private sector workers and retirees in over 30,000 employer-sponsored pension plans. In July 2007, GAO reported that PBGC's governance structure needed improvements, and asked Congress to consider expanding the board of directors to include additional members. GAO also recommended that the board develop poli...
PBGC Assets: Implementation of New Investment Policy Will Need Stronger Board Oversight
GAO-08-667: Published: Jul 17, 2008. Publicly Released: Aug 18, 2008.
The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of over 44 million people. As a federal guarantor of private defined benefit plans, PBGC finances its operations through insurance premiums, investment income, and funds from terminated pension plans. PBGC is governed by a board of directors comprised of the Secretaries of Commerce, Labor, and Treasury, who are responsib...