Federal Retirement Systems:
Unrecognized Costs, Inadequate Funding, Inconsistent Benefits
FPCD-77-48: Published: Aug 3, 1977. Publicly Released: Aug 3, 1977.
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The cost and liabilities of federal retirement programs are much greater than recognized by current costing and funding procedures.
In 1976, seven of the government's retirement systems paid over $15.6 billion to retirees and the survivors of deceased employees and retirees, an increase of $10 billion since 1970. The systems also reported liabilities exceeding $320 billion for which less than $44 billion had been set aside in federal trust funds. Federal retirement systems' funding requirements vary, but in most cases are less stringent than those imposed by law on private pension plans. Usually, little or no consideration is given to the effect of future general pay increases and annuity adjustments on ultimate benefit payments, resulting in considerable understatement of benefit costs accruing each year.
Matter for Congressional Consideration
Status: Closed
Comments: Please call 202/512-6100 for additional information.
Matter: Congress should enact legislation requiring that the full cost of federal retirement systems be recognized and funded and that the difference between currently accruing cost and employee contributions be charged to agency operations. In addition, Congress should establish an overall federal retirement policy to guide retirement system development. Centralization of committee jurisdiction over all federal employee retirement systems would facilitate the establishment and implementation of such a policy.
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Sep 14, 2016
Social Security:
Improvements to Claims Process Could Help People Make Better Informed Decisions about Retirement BenefitsGAO-16-786: Published: Sep 14, 2016. Publicly Released: Sep 14, 2016.-
Social Security:
Providing More Information During Claims Process Would Help Individuals Making Decisions About Retirement BenefitsGAO-16-865T: Published: Sep 14, 2016. Publicly Released: Sep 14, 2016.
Sep 8, 2016
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401(K) PLANS:
DOL Could Take Steps to Improve Retirement Income Options for Plan ParticipantsGAO-16-433: Published: Aug 9, 2016. Publicly Released: Sep 8, 2016.
May 5, 2016
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Retirement Security:
Low Defined Contribution Savings May Pose ChallengesGAO-16-408: Published: May 5, 2016. Publicly Released: May 5, 2016.
Apr 13, 2016
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Disability Insurance:
SSA Needs to Better Track Efforts and Evaluate Options to Recover Debt and Deter Potential FraudGAO-16-331: Published: Apr 13, 2016. Publicly Released: Apr 13, 2016.
Apr 4, 2016
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Retirement Security:
Shorter Life Expectancy Reduces Projected Lifetime Benefits for Lower EarnersGAO-16-354: Published: Mar 25, 2016. Publicly Released: Apr 4, 2016.
Mar 1, 2016
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Retirement Security:
Better Information on Income Replacement Rates Needed to Help Workers Plan for RetirementGAO-16-242: Published: Mar 1, 2016. Publicly Released: Mar 1, 2016.
Oct 29, 2015
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Disability Insurance:
SSA Could Do More to Prevent Overpayments or Incorrect Waivers to BeneficiariesGAO-16-34: Published: Oct 29, 2015. Publicly Released: Oct 29, 2015.
Oct 27, 2015
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Social Security's Future:
Answers to Key QuestionsGAO-16-75SP: Published: Oct 27, 2015. Publicly Released: Oct 27, 2015.
Sep 30, 2015
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Pension Advance Transactions:
Questionable Business Practices and the Federal ResponseGAO-15-846T: Published: Sep 30, 2015. Publicly Released: Sep 30, 2015.
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