Retirement benefits (21 - 30 of 345 items)
Retirement Security: Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States
GAO-13-75: Published: Dec 10, 2012. Publicly Released: Jan 9, 2013.
Annuities with guaranteed lifetime withdrawals can help older Americans ensure they do not outlive their assets, but do present some risks to consumers. Two such products, variable annuities with guaranteed lifetime withdrawal benefits (VA/GLWB) and contingent deferred annuities (CDA), share a number of features but have some important structural differences. For example, both provide consumers wi...
U.S. Postal Service: Status, Financial Outlook, and Alternative Approaches to Fund Retiree Health Benefits
GAO-13-112: Published: Dec 4, 2012. Publicly Released: Dec 27, 2012.
The Postal Service Retiree Health Benefits Fund (PSRHBF) covered about 49 percent of the U.S. Postal Service's (USPS) $94 billion retiree health benefit liability at fiscal year-end 2012. USPS's deteriorating financial outlook, however, will make it difficult to continue the current prefunding schedule in the short term, and possibly to fully fund the remaining $48 billion unfunded liability over...
Pension Benefit Guaranty Corporation: Redesigned Premium Structure Could Better Align Rates with Risk from Plan Sponsors
GAO-13-58: Published: Nov 7, 2012. Publicly Released: Nov 8, 2012.
Various options are available to make the Pension Benefit Guaranty Corporation's (PBGC) premium structure more risk-based and better reflect the risk of future claims. Historically, PBGC's premiums have not fully reflected the risks PBGC insures against--chiefly that a plan sponsor with an underfunded plan will become bankrupt, forcing the termination of the plan and imposing a claim on PBGC. PBGC...
Unemployed Older Workers: Many Face Long-Term Joblessness and Reduced Retirement Security
GAO-12-724T: Published: May 15, 2012. Publicly Released: May 15, 2012.
Unemployment rates for workers of all ages have risen dramatically since the start of the recent recession in December 2007, and workers age 55 and over have faced particularly long periods of unemployment. The seasonally unadjusted unemployment rate for older workers increased from 3.1 percent in December 2007 to a high of 7.6 percent in February 2010, before it decreased to 6.0 percent in April...
Private Pensions: Better Agency Coordination Could Help Small Employers Address Challenges to Plan Sponsorship
GAO-12-326: Published: Mar 5, 2012. Publicly Released: Mar 7, 2012.
Based on available data, about 14 percent of small employers sponsor some type of retirement plan. Overall, GAO found that the likelihood that a small employer will sponsor a retirement plan largely depends on the size of the employers workforce and the workers average wages more than on the industry in which the employer operates and the geographic region in which the employer is loca...
Capitol Police: Retirement Benefits, Pay, Duties, and Attrition Compared to Other Federal Police Forces
GAO-12-58: Published: Jan 24, 2012. Publicly Released: Jan 25, 2012.
USCP generally has enhanced retirement benefits, a higher minimum starting salary, and a wider variety of protective duties than other federal police forces in the DC metro area that GAO reviewed, but has similar employment requirements. Even though USCP, Park Police, Supreme Court Police, and Secret Service Uniformed Division are federal police forces, they provide enhanced retirement benefits si...
Delphi Corporation: Key Events Leading to Termination of the Delphi Defined Benefit Plans
GAO-12-234T: Published: Nov 14, 2011. Publicly Released: Nov 14, 2011.
The Delphi Corporation (Delphi) 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. Delphi filed for bankruptcy in 2005, and in July 2009, Delphi's six defined benefit pension plans were terminated and trusteed by the Pension Benefit Guaranty Corporation (PBGC). In March...
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)...
Federal Workers' Compensation: Questions to Consider in Changing Benefits for Older Beneficiaries
GAO-11-854T: Published: Jul 26, 2011. Publicly Released: Jul 26, 2011.
This testimony discusses issues related to possible changes to the Federal Employees' Compensation Act (FECA) program, a topic that we have reported on in the past. At the end of chargeback year 2010, the FECA program, administered by the Department of Labor (Labor) had paid more than $1.88 billion in wage-loss compensation, impairment, and death benefits, and another $898.1 million for medical an...
Social Security Statements: Observations on SSA's Plans for the Social Security Statement
GAO-11-787T: Published: Jul 8, 2011. Publicly Released: Jul 8, 2011.
The Social Security Statement (the statement) is the federal government's main document for communicating with more than 150 million workers about their Social Security benefits. Provided annually, it serves as a key financial literacy tool that can educate the public about Social Security Administration (SSA) program benefits, aid in financial planning, and ensure that workers' earnings records a...