Employee benefit plans (21 - 30 of 38 items)
Private Pensions: Key Issues to Consider Following the Enron Collapse
GAO-02-480T: Published: Feb 27, 2002. Publicly Released: Feb 27, 2002.
The collapse of the Enron Corporation and the resulting loss of employee retirement savings highlighted several key vulnerabilities in the nation's private pension system. Asset diversification was a crucial lesson, especially for defined contribution plans, in which employees bear the investment risk. The Enron case underscores the importance of encouraging employees to diversify. Workers need cl...
Cash Balance Plans: Implications for Retirement Income
HEHS-00-207: Published: Sep 29, 2000. Publicly Released: Sep 29, 2000.
Pursuant to a congressional request, GAO provided information on the implications of using cash balance plans for retirement income, focusing on the: (1) prevalence and features of cash balance plans; (2) factors employers considered in making a decision about whether or not to use a cash balance formula; (3) effects of using cash balance formulas on the adequacy of individual workers' retirement...
Improving Financial Condition of the Pension Benefit Guaranty Corporation and Insured Pension Plans
HEHS-99-37R: Published: Dec 18, 1998. Publicly Released: Dec 18, 1998.
Pursuant to a congressional request, GAO provided information on: (1) the Pension Benefit Guaranty Corporation's (PBGC) projections of its financial condition and assumptions used to prepare these projections; and (2) the funding status of the plans it insures and its strategy for investing its assets.GAO noted that: (1) PBGC uses different methodologies to forecast the financial condition of its...
401(k) Pension Plans: Many Take Advantage of Opportunity to Ensure Adequate Retirement Income
HEHS-96-176: Published: Aug 2, 1996. Publicly Released: Aug 2, 1996.
Pursuant to a congressional request, GAO provided information on 401(k) pension plans, focusing on: (1) the proportion of workers covered by 401(k) pension plans; (2) workers' contributions to their 401(k) pension plans; and (3) how workers invest their pension account balances.GAO found that: (1) half of all workers and nearly two-thirds of workers nearing retirement age are covered by a pension...
Small Pension Plans: Concerns About the IRS Actuarial Audit Program
HRD-93-64: Published: Jun 30, 1993. Publicly Released: Jun 30, 1993.
Pursuant to a congressional request, GAO analyzed the impact of the Internal Revenue Service's (IRS) Actuarial Audit Program on small business sponsors of defined benefit pension plans.GAO found that: (1) IRS initiated its small pension plan audit program to identify abusive tax practices; (2) IRS did not address issues and questions needing immediate resolution when it initiated the program or pr...
Improving the Financial Condition of the Pension Benefit Guaranty Corporation
T-HRD-92-60: Published: Sep 25, 1992. Publicly Released: Sep 25, 1992.
GAO discussed the Pension Benefit Guaranty Corporation's (PBGC) financial condition. GAO noted that: (1) the PBGC deficit, which has grown significantly in recent years, totalled $2.3 billion at the end of fiscal year 1991; (2) large unfunded liabilities in the plans it currently insures present the greatest threat to PBGC, which estimates that its deficit could grow to $17.9 billion by 2001; (3)...
Pension Plans: Benefits Lost When Plans Terminate
T-HRD-92-58: Published: Sep 24, 1992. Publicly Released: Sep 24, 1992.
GAO discussed how pension plan termination affects plan participants. GAO noted that: (1) despite federal insurance protections, participants in underfunded plans that terminate risk losing promised benefits; (2) although the Pension Benefit Guaranty Corporation (PBGC) guarantees certain basic pension benefits, it does not guarantee all benefits that plans promise; (3) PBGC will pay benefits that...
Pension Plans: IRS Needs to Strengthen Its Enforcement Program
HRD-91-10: Published: Jul 2, 1991. Publicly Released: Aug 5, 1991.
Pursuant to a congressional request, GAO evaluated the effectiveness of the Internal Revenue Service's (IRS) Employee Retirement Income Security Act of 1974 (ERISA) enforcement program, focusing on recent changes that shifted resources from reviewing plan designs to examining plan activities.GAO found that: (1) in recent years, IRS spent most ERISA enforcement resources on reviewing and approving...
Pension Plans: Terminations, Asset Reversions, and Replacements Following Leveraged Buyouts
HRD-91-21: Published: Mar 4, 1991. Publicly Released: Mar 4, 1991.
Pursuant to a congressional request, GAO reviewed what happened to the 558 defined pension plans of 121 public companies acquired in leveraged buyouts (LBO).GAO found that: (1) 20 percent of the defined benefit plans sponsored by the companies were terminated after LBO; (2) the most common reasons for plan terminations included adopting a new plan and the sale of a plant or division; (3) 99 percen...
Private Pensions: Impact of New Vesting Rules Similar for Women and Men
HRD-90-101: Published: Aug 21, 1990. Publicly Released: Aug 21, 1990.
Pursuant to a legislative requirement, GAO reviewed the impact of the Tax Reform Act of 1986 provisions that changed vesting requirements for participants in private pension plans, focusing on the: (1) proportion of women and men vested under the old and new rules; and (2) changes in vested benefits due to the act.GAO found that: (1) the provisions improved employees' vesting status and had a simi...