Comparison of Retirement Benefits for W. R. Grace & Company and Civil Service Employees
OCG-84-1: Published: Jun 12, 1984. Publicly Released: Jul 2, 1984.
- Full Report:
In response to a congressional request, GAO compared the retirement benefits offered by W. R. Grace & Company with the benefits available from the Federal civil service retirement system (CSRS).
GAO obtained information from the firm on the age, length of service, and retirement benefits for the firm's employees who retired in 1983 and similar data from the Office of Personnel Management for civil service retirees. In addition, GAO analyzed provisions of the firm's salaried employees' pension and savings plans as well as CSRS provisions. GAO found that the firm's retirement program offers potentially greater benefits than CSRS for most civil service employees while others could receive greater benefits from CSRS. However, GAO stated that these comparisons should not be the basis for reaching conclusions about the overall generosity of CSRS or private sector programs. GAO indicated that prior recommendations to CSRS were adopted with substantial savings to the Government but noted its continuing concern about CSRS costs and the appropriateness of some CSRS benefit provisions.