Retirement benefits (51 - 60 of 344 items)
Pension Benefit Guaranty Corporation: Financial Challenges Highlight Need for Improved Governance and Management
GAO-09-702T: Published: May 20, 2009. Publicly Released: May 20, 2009.
The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of nearly 44 million people in over 29,000 private-sector defined benefit pension plans. In July 2003, GAO designated PBGC's single-employer pension insurance program--its largest insurance program--as "high risk," including it on GAO's list of major programs that need urgent Congressional attention and agency action. Th...
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...
Defined Benefit Pensions: Survey Results of the Nation's Largest Private Defined Benefit Plan Sponsors
GAO-09-291: Published: Mar 30, 2009. Publicly Released: Mar 30, 2009.
The number of private defined benefit (DB) pension plans, an important source of retirement income for millions of Americans, has declined substantially over the past two decades. For example, about 92,000 single-employer DB plans existed in 1990, compared to just under 29,000 single-employer plans today. Although this decline has been concentrated among smaller plans, there is a widespread concer...
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....
Social Security Administration: Service Delivery Plan Needed to Address Baby Boom Retirement Challenges
GAO-09-24: Published: Jan 9, 2009. Publicly Released: Feb 9, 2009.
Millions of people rely on the services of Social Security Administration (SSA) field offices. In fiscal year 2008, SSA's approximately 1,300 field offices provided service to about 44 million customers. People visit field offices to apply for Social Security cards, apply for retirement and disability benefits, establish direct deposit, and a host of other services. Over the last several years, st...
Pension Benefit Guaranty Corporation: Improvements Needed to Address Financial and Management Challenges
GAO-08-1162T: Published: Sep 24, 2008. Publicly Released: Sep 24, 2008.
The Pension Benefit Guaranty Corporation (PBGC) insures the retirement future of nearly 44 million people in more than 30,000 private-sector defined benefit pension plans. In July 2003, GAO designated PBGC's single-employer pension insurance program--its largest insurance program--as "high risk," including it on GAO's list of major programs that need urgent attention and transformation. The progra...
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...
Private Pensions: Fulfilling Fiduciary Obligations Can Present Challenges for 401(k) Plan Sponsors
GAO-08-774: Published: Jul 16, 2008. Publicly Released: Aug 15, 2008.
American workers increasingly rely on 401(k) plans for their retirement security, and sponsors of 401(k) plans--typically employers--have critical obligations under the Employee Retirement Income Security Act of 1974 (ERISA). When acting as fiduciaries, they must act prudently and solely in the interest of plan participants and beneficiaries. The Department of Labor (Labor) is responsible for prot...
Defined Benefit Pensions: Plan Freezes Affect Millions of Participants and May Pose Retirement Income Challenges
GAO-08-817: Published: Jul 21, 2008. Publicly Released: Jul 21, 2008.
Private defined benefit (DB) pension plans are an important source of retirement income for millions of Americans. However, from 1990 to 2006, plan sponsors have voluntarily terminated over 61,000 sufficiently funded single-employer DB plans. An event preceding at least some of these terminations was a so-called plan "freeze"--an amendment to the plan to limit some or all future pension accruals f...