Pensions (11 - 20 of 151 items)
Private Pensions: Multiemployer Plans and PBGC Face Urgent Challenges
GAO-13-428T: Published: Mar 5, 2013. Publicly Released: Mar 5, 2013.
The most severely distressed multiemployer plans have taken significant steps to address their funding problems and, while most plans expected improved financial health, some did not. A survey conducted by a large actuarial and consulting firm serving multiemployer plans suggests that the majority of the most severely underfunded plans--those designated as being in critical status--developed plans...
Pension Costs on DOD Contracts: Additional Guidance Needed to Ensure Costs Are Consistent and Reasonable
GAO-13-158: Published: Jan 22, 2013. Publicly Released: Jan 22, 2013.
Labor costs are included in the prices contractors negotiate with the Department of Defense (DOD), and include pension costs as these are a normal element of employee compensation. Contractors make two sets of calculations for their defined benefit pension plans, following two sets of standards: (1) Cost Accounting Standards (CAS), which determine how pension costs are allocated to government cont...
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...
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...
Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices
GAO-11-400: Published: Jun 7, 2011. Publicly Released: Jul 1, 2011.
As life expectancy increases, the risk that retirees will outlive their assets is a growing challenge. The shift from defined benefit (DB) pension plans to defined contribution (DC) plans also increases the responsibility for workers and retirees to make difficult decisions and manage their pension and other financial assets so that they have income throughout retirement. GAO was asked to review (...
Pension Benefit Guaranty Corporation: More Strategic Approach to Contracting Still Needed
GAO-11-588: Published: Jun 29, 2011. Publicly Released: Jun 29, 2011.
The Pension Benefit Guaranty Corporation (PBGC) insures the pension benefits of more than 44 million U.S. workers and retirees in more than 27,500 private defined benefit plans. In response to growing workloads over the last 20 years, PBGC has come to rely heavily on contractors to perform its work. With the influx of plan terminations during the recent economic downturn, GAO was asked to examine:...
Private Pensions: Little Information Available on Qualified Supplemental Executive Retirement Plans
GAO-11-533R: Published: May 12, 2011. Publicly Released: Jun 13, 2011.
To raise private savings for workers' retirement, federal law provides tax incentives for contributions to pension plans. Company sponsors of private defined benefit (DB) pension plans can claim a tax deduction for their contribution amount to a tax-qualified pension plan, and employees' taxes on contributions and investment earnings are deferred until they retire and start receiving benefit payme...
Federal Workers' Compensation: Issues Associated With Changing Benefits for Older Beneficiaries
GAO-11-655T: Published: May 12, 2011. Publicly Released: May 12, 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) paid more than $1.88 billion in wage-loss compensation, impairment, and death benefits, and another $898.1 million for medical and re...