Retirement (1 - 10 of 49 items) in Custom Date Range
Social Security: Providing More Information During Claims Process Would Help Individuals Making Decisions About Retirement Benefits
GAO-16-865T: Published: Sep 14, 2016. Publicly Released: Sep 14, 2016.
GAO's review of nine surveys and academic studies, and interviews with retirement experts, suggest that many individuals do not fully understand key details of Social Security rules that can potentially affect their retirement benefits. For example, while some people understand that delaying claiming leads to higher monthly benefits, many are unclear about the actual amount that benefits increase...
401(K) PLANS: DOL Could Take Steps to Improve Retirement Income Options for Plan Participants
GAO-16-433: Published: Aug 9, 2016. Publicly Released: Sep 8, 2016.
Workers relying in large part on their 401(k) plan in retirement may not always have a feasible way to make their savings last throughout retirement. Responses to GAO’s non-generalizable questionnaire from 11 401(k) plan record keepers—entities that manage participant account data and transactions for plans—showed that most plans covered by the questionnaire had not adopted products and serv...
Federal Retirement Processing: Applying Information Technology Acquisition Best Practices Could Help OPM Overcome a Long History of Unsuccessful Modernization Efforts
GAO-15-277T: Published: Dec 10, 2014. Publicly Released: Dec 10, 2014.
In a series of reviews, GAO found that the Office of Personnel Management's (OPM) efforts over two decades to modernize its processing of federal employee retirement applications were fraught with information technology (IT) management weaknesses. Specifically, in 2005, GAO made recommendations to address weaknesses in project, risk, and organizational change management. In 2008, as OPM was on the...
Private Pensions: Pension Tax Incentives Update
GAO-14-334R: Published: Mar 20, 2014. Publicly Released: Apr 21, 2014.
To encourage private-sector employers to sponsor new pension plans and U.S. workers to save for retirement, federal law authorizes a variety of tax incentives, such as the ability to defer taxes on contributions to qualified plans until the funds are distributed, up to certain limits. Since 2000, the dollar amount of these limits has increased over time. However, from 2009 through 2011, the number...
Automatic IRAS: Lower-Earning Households Could Realize Increases in Retirement Income
GAO-13-699: Published: Aug 23, 2013. Publicly Released: Sep 23, 2013.
Households without employer-sponsored defined contribution (DC) pension plans or individual retirement accounts (IRA) had lower incomes and tax rates than households with those plans, and are also likely to have limited additional resources to draw upon in retirement, according to GAO estimates. The median adjusted gross income for households without DC plans or IRAs was $32,000, compared to $75,0...
Retirement Security: Challenges and Prospects for Employees of Small Businesses
GAO-13-748T: Published: Jul 16, 2013. Publicly Released: Jul 16, 2013.
About 14 percent of small employers sponsor some type of plan for their employees to save for retirement and these employers in general can face numerous challenges establishing and maintaining a plan. GAO's March 2012 report found that many of the small employers who were contacted said they felt overwhelmed by the number of plan options, plan administration requirements, and fiduciary responsibi...
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)...
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 (...