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    Subject Term: "Individual retirement accounts"

    6 publications with a total of 29 open recommendations including 2 priority recommendations
    Director: Charles Jeszeck
    Phone: (202) 512-7215

    6 open recommendations
    Recommendation: To ensure that current vesting policies appropriately balance plans' needs and interests with the needs of workers to have employment mobility while also saving for retirement, Treasury should evaluate the appropriateness of existing maximum vesting policies for account-based plans, considering today's mobile labor force, and seek legislative action to revise vesting schedules, if deemed necessary. The Department of Labor could provide assistance with such an evaluation.

    Agency: Department of the Treasury
    Status: Open

    Comments: Treasury did not provide formal comments for this recommendation. The Department of Labor's comments noted that Treasury and IRS will consult with them on subjects of joint interest and Labor will provide assistance as requested. We will monitor the agency's progress.
    Recommendation: To help participants better understand eligibility and vesting policies, the Department of Labor (DOL) should develop guidance for plan sponsors that identifies best practices for communicating information about eligibility and vesting policies in a clear manner in summary plan descriptions. For example, DOL could discourage plans from including in documents information about employer contributions or other provisions that are not actually being used by the plan sponsor.

    Agency: Department of Labor
    Status: Open

    Comments: The Department of Labor disagreed with this recommendation stating that it would not be appropriate at this time to reallocate resources from its existing priority projects to a new project to identify "best practices" for communicating information about eligibility and vesting policies in a clear manner in the summary plan descriptions. The agency noted that in FY17, it will review its existing outreach material on plan administration and compliance for opportunities to highlight the issues and recommendations in our report. It will also consider this recommendation in its ongoing development and prioritization of EBSA's agenda for regulations and sub-regulatory guidance.
    Recommendation: To help increase plan participation and individuals' retirement savings, Congress should consider updating ERISA's 401(k) plan eligibility provisions to extend plan eligibility to otherwise eligible workers at an age earlier than 21.

    Agency: Congress
    Status: Open

    Comments: As of August 2017, Congress has not yet taken action on this matter.
    Recommendation: To help increase plan participation and individuals' retirement savings, Congress should consider updating ERISA's 401(k) plan eligibility provisions to amend the definition of "year of service," given the prevalence of part-time workers in today's workforce.

    Agency: Congress
    Status: Open

    Comments: When we obtain information on actions taken by the Congress, we will a update.
    Recommendation: Congress should consider whether ERISA's provisions related to the timing of employer matching contributions need to be adjusted to reflect today's mobile workforce and workplace plans, which are predominantly 401(k) plans offering matching employer contributions.

    Agency: Congress
    Status: Open

    Comments: When we obtain information on actions taken by the Congress, we will a update.
    Recommendation: Congress should consider whether ERISA's provisions related to last day policies need to be adjusted to reflect today's mobile workforce and workplace plans, which are predominantly 401(k) plans offering matching employer contributions.

    Agency: Congress
    Status: Open

    Comments: When we obtain information on actions taken by the Congress, we will a update.
    Director: Jeszeck, Charles A
    Phone: (202) 512-7215

    7 open recommendations
    including 1 priority recommendation
    Recommendation: The Secretary of the Department of Labor (DOL) should help encourage plan sponsors to offer lifetime income options by clarifying the safe harbor from liability for selecting an annuity provider by providing sufficiently detailed criteria to better enable plan sponsors to comply with the safe harbor requirements related to assessing a provider's long-term solvency.

    Agency: Department of Labor
    Status: Open

    Comments: DOL stated that a clarification might erode consumer protections by degrading the oversight of fiduciaries making such selections and suggested that the plan fiduciaries outsource these decisions to a financial institution as an investment manager under Section 3(38) of ERISA. While we recognize the challenging process for plan sponsors prudently offering an in-plan annuity, we believe this strategy relies on a plan having access to something specific: a deferred annuity embedded in a target date fund and very few plans offer deferred annuities. It is not clear whether such a service would be available and affordable to the bulk of 401(k) plan sponsors.
    Recommendation: The Secretary of the DOL should help encourage plan sponsors to offer lifetime income options by considering providing legal relief for plan fiduciaries offering an appropriate mix of annuity and withdrawal options, upon adequately informing participants about the options, before participants choose to direct their investments into them.

    Agency: Department of Labor
    Status: Open
    Priority recommendation

    Comments: DOL stated that it is open to considering alternative regulatory approaches, and will include the recommendations as part of its ongoing development and prioritization of its agenda. DOL commented that the statutory structure explicitly provided by section 404(c) of ERISA pertaining to "investments" may not extend to annuities, although annuities are included as qualified default investment alternatives already. They also expressed concern that it might move the responsibility for the selection of the annuity provider to the participant, although DOL officials told us they believe plan fiduciaries maintain investment selection responsibility currently under 404(c). DOL suggested an alternative outsourcing solution to put the evaluation of the annuity provider in the hands of fiduciaries with financial expertise without the need of a regulation to reduce the obligations fiduciaries have to protect participants' interests. However, we believe this focuses solely on annuities and does not address the need for the same broad array of alternatives and information about them that 404(c) creates in the accumulation phase. We will close this recommendation when DOL either determines internally that it lacks authority to expand 404(c) to the decumulation phase or shows an intent to solicit stakeholder views as to how a prudent mix of options might be incentivized while maintaining sufficient participant protections.
    Recommendation: To guide fiduciaries as they consider how the account balances of their participants will translate into financial security in retirement, DOL should modify its Meeting Your Fiduciary Responsibilities publication or issue new guidance to encourage plan sponsors to use a record keeper that includes annuities from multiple providers on their record keeping platform.

    Agency: Department of Labor
    Status: Open

    Comments: DOL stated that it reviewed its publications to explore ways to encourage use of products and arrangements designed to provide participants and beneficiaries a lifetime income stream after retirement, and it is working on ways to build on them to better educate participants and plan sponsors about the need to think of making retirement savings last throughout retirement.
    Recommendation: To guide fiduciaries as they consider how the account balances of their participants will translate into financial security in retirement, DOL should modify its Meeting Your Fiduciary Responsibilities publication or issue new guidance to encourage plan sponsors to offer participants the option to partially annuitize their account balance by allowing them the ability to purchase the amount of guaranteed lifetime income most appropriate for them.

    Agency: Department of Labor
    Status: Open

    Comments: DOL stated that it reviewed its publications to explore ways to encourage use of products and arrangements designed to provide participants and beneficiaries a lifetime income stream after retirement, and it is working on ways to build on them to better educate participants and plan sponsors about the need to think of making retirement savings last throughout retirement.
    Recommendation: To guide fiduciaries as they consider how the account balances of their participants will translate into financial security in retirement, DOL should modify its Meeting Your Fiduciary Responsibilities publication or issue new guidance to encourage plan sponsors to consider whether a contract with a service provider ensures future service provider changes do not cause participants to lose the value of their lifetime income guarantees.

    Agency: Department of Labor
    Status: Open

    Comments: DOL stated that it reviewed its publications to explore ways to encourage use of products and arrangements designed to provide participants and beneficiaries a lifetime income stream after retirement, and it is working on ways to build on them to better educate participants and plan sponsors about the need to think of making retirement savings last throughout retirement.
    Recommendation: To guide fiduciaries as they consider how the account balances of their participants will translate into financial security in retirement, DOL should modify its Meeting Your Fiduciary Responsibilities publication or issue new guidance to encourage plan sponsors to include participant access to advice on the plan's lifetime income options from an expert in retirement income strategies.

    Agency: Department of Labor
    Status: Open

    Comments: DOL stated that it reviewed its publications to explore ways to encourage use of products and arrangements designed to provide participants and beneficiaries a lifetime income stream after retirement, and it is working on ways to build on them to better educate participants and plan sponsors about the need to think of making retirement savings last throughout retirement.
    Recommendation: To guide fiduciaries as they consider how the account balances of their participants will translate into financial security in retirement, DOL should modify its Meeting Your Fiduciary Responsibilities publication or issue new guidance to encourage plan sponsors to consider providing RMD-based default income-plan distributions as a default stream of lifetime income based on the RMD methodology-beginning, unless they opt-out, when retirement-age participants separate from employment, rather than after age 70½.

    Agency: Department of Labor
    Status: Open

    Comments: DOL stated that it reviewed its publications to explore ways to encourage use of products and arrangements designed to provide participants and beneficiaries a lifetime income stream after retirement, and it is working on ways to build on them to better educate participants and plan sponsors about the need to think of making retirement savings last throughout retirement.
    Director: Charles A. Jeszeck
    Phone: (202) 512-7215

    3 open recommendations
    Recommendation: To address the legal uncertainty stemming from ERISA preemption of state laws while maintaining the advantages of ERISA for both employers and workers, Congress should consider providing states limited flexibility to pursue efforts to increase coverage under workplace retirement savings programs. To do this, Congress could, for example, direct or authorize the Secretary of Labor, in consultation with the Secretary of the Treasury, to (1) promulgate regulations prescribing a limited safe harbor under which state workplace retirement savings programs with sufficient safeguards would not be preempted and would receive tax treatment comparable to that provided to private sector workplace retirement savings programs, or (2) create a pilot program under which DOL could select a limited number of states to establish workplace retirement savings programs subject to DOL and Treasury oversight. In either case, any such initiative should ensure that state programs include adequate participant protections and are subject to agency oversight, appropriate reporting requirements, and meaningful evaluation.

    Agency: Congress
    Status: Open

    Comments: No action taken to date.
    Recommendation: To facilitate state efforts to expand coverage in workplace retirement savings programs, the Secretary of Labor and Secretary of the Treasury should consider their authority and review and revise, if necessary, existing regulations and guidance causing uncertainty for state efforts. For example, the Secretary of Labor could direct the Employee Benefits Security Administration's (EBSA) Assistant Secretary to revise Interpretive Bulletin 99-1 to clarify whether states can offer payroll deduction Individual Retirement Accounts (IRAs) and, if so, whether features in relevant enacted state legislation--such as automatic enrollment and/or a requirement that employers offer a payroll deduction--would cause these programs to be treated as employee benefit plans.

    Agency: Department of Labor
    Status: Open

    Comments: DOL generally agreed with this recommendation. To address uncertainty facing state efforts, EBSA is initiating a regulatory agenda entitled ?Saving Arrangements Established by States for Non-Governmental Employees,? which will appear in the Fall 2015 Semi-Annual Regulatory Agenda. On November 18, 2015, DOL published a Notice of Proposed Rulemaking (NPRM) on state payroll deduction IRA programs. Under the proposed rule, employers complying with the state law requirements would not create a retirement plan subject to ERISA as long as the state and the employer follows certain rules. They also also published a companion Interpretive Bulletin on the same day that describes ways in which states can promote the creation of ERISA-covered plans, fully subject to ERISA?s rules and protections, without triggering ERISA preemption. The public comment period for the proposed rule closed on January 19, 2016. EBSA is evaluating the 67 public comments submitted (and posted on EBSA?s website) and working towards drafting and clearance of a final rule. EBSA has also been providing technical assistance to several states and other jurisdictions about the Interpretive Bulletin. The Administration?s 2017 Budget also included legislative proposals for piloting innovative, more portable approaches to provide retirement and other employment-based benefits.
    Recommendation: To facilitate state efforts to expand coverage in workplace retirement savings programs, the Secretary of Labor and Secretary of the Treasury should consider their authority and review and revise, if necessary, existing regulations and guidance causing uncertainty for state efforts. For example, the Secretary of Labor could direct the Employee Benefits Security Administration's (EBSA) Assistant Secretary to revise Interpretive Bulletin 99-1 to clarify whether states can offer payroll deduction Individual Retirement Accounts (IRAs) and, if so, whether features in relevant enacted state legislation--such as automatic enrollment and/or a requirement that employers offer a payroll deduction--would cause these programs to be treated as employee benefit plans.

    Agency: Department of the Treasury
    Status: Open

    Comments: The Department of the Treasury generally agreed with this recommendation and did not provide additional comments on actions to address it.
    Director: Charlie Jeszeck
    Phone: (202) 512-7215

    5 open recommendations
    including 1 priority recommendation
    Recommendation: To better protect the retirement savings of individuals who change jobs, while retaining policies that provide 401(k) plans relief from maintaining small, inactive accounts, Congress should consider amending current law to permit the Secretary of Labor and the Secretary of the Treasury to identify and designate alternative default destinations for forced transfers greater than $1,000, should they deem them more advantageous for participants.

    Agency: Congress
    Status: Open

    Comments: There has been no congressional action as of 2017.
    Recommendation: To better protect the retirement savings of individuals who change jobs, while retaining policies that provide 401(k) plans relief from maintaining small, inactive accounts, Congress should consider amending current law to repeal the provision that allows plans to disregard amounts attributable to rollovers when determining if a participant's plan balance is small enough to forcibly transfer it.

    Agency: Congress
    Status: Open

    Comments: There has been no congressional action as of 2017.
    Recommendation: To ensure that individuals have access to consolidated online information about their multiple 401(k) plan accounts, the Secretary of Labor should convene a taskforce to consider establishing a national pension registry. The taskforce could include industry professionals, plan sponsor representatives, consumer representatives, and relevant federal government stakeholders, such as representatives from Social Security Administration, Pension Benefit Guaranty Corporation, and Internal Revenue Service, who could identify areas to be addressed through the regulatory process, as well as those that may require legislative action.

    Agency: Department of Labor
    Status: Open
    Priority recommendation

    Comments: In April 2017, The Department of Labor (DOL) reported that it has not allocated any resources to this recommendation and, as previously stated, that it continues to believe that the Department should not undertake to convene a taskforce at this time, in light of the Pension Benefit Guaranty Corporation's (PBGC) initiative, the Department's limited authority, and resource constraints. In October 2016, DOL stated that it does not have regulatory authority to establish a pension registry and could not provide sufficient funding to operate a registry. GAO's recommendation is to convene a taskforce to look at what would be needed to create such a registry. Indeed, DOL's stated constraints are exactly the constructive input that would need to be first addressed by such a taskforce for a registry to be created. The agency further noted that the PBGC is in the process of looking at expanding its own registry of accounts left in closed defined benefit plans to include accounts in 401(k) plans. However, PBGC is only looking at expanding its program, as instructed by the Pension Protection Act, to include accounts left in terminated 401(k) plans. However, in June 2016, Congress proposed that a new national, online, lost and found for Americans' retirement accounts be created, in cooperation with the Commissioner of Social Security and the Secretary of the Treasury, using data that employers are already required to report. Until Congress' proposal becomes law, we continue to recommend that DOL facilitate a taskforce to discuss legal and other logistical questions that would need to be worked out to create a pension registry.
    Recommendation: To ensure that 401(k) plan participants have timely and adequate information to keep track of all their workplace retirement accounts, the Social Security Administration's Acting Commissioner should make information on potential vested plan benefits more accessible to individuals before retirement. For example, the agency could consolidate information on potential vested benefits, currently sent in the Potential Private Retirement Benefit Information notice, with the information provided in the Social Security earnings and benefits statement.

    Agency: Social Security Administration
    Status: Open

    Comments: SSA disagreed with this recommendation, but did seek legal guidance to determine if it is permissible to include a general statement encouraging potential beneficiaries to pursue any external pension benefits in its benefit Statement. SSA's Office of the General Counsel determined that it would be permissible as long as it includes information required by law and the information is accurate. However, SSA continues to believe that adding such information would place SSA in a position to respond to issues or questions about ERISA and private pension plans, which SSA considers to be outside its mission and about which the agency has no firsthand legal or operational knowledge. Also, SSA believes that the current benefit Statement adequately covers the fact that people need other savings, pensions, and investments. Also, SSA sends notices to people who it believes quality for other pensions. In FY17, SSA reported no change in status to this recommendation. We continue to agree with SSA's view about providing information or advice about private pension plans generally. However, SSA's Notice of Potential Private Retirement Benefit Information already directs recipients to contact DOL with any questions, and we would expect that any changes made to make information on potential vested plan benefits more accessible to individuals before retirement - such as including the information in Social Security earnings and benefit statements - would continue to direct recipients to contact DOL with questions about ERISA policy. Furthermore, we continue to believe that individuals should receive information on any potential vested plan benefits prior to retirement.
    Recommendation: To prevent forced-transfer IRA balances from decreasing due to the low returns of the investment options currently permitted under the Department of Labor's safe harbor regulation, the Secretary of Labor should expand the investment alternatives available. For example, the forced-transfer IRA safe harbor regulations could be revised to include investment options currently under the qualified default investment alternatives regulation applicable to automatic enrollment, and permit forced-transfer IRA providers to change the investments for IRAs already established.

    Agency: Department of Labor
    Status: Open

    Comments: As of July 2017, DOL declines to adopt this recommendation. DOL noted if GAO?s comments are interpreted to mean that the recommended safe harbor revisions would free plan fiduciaries from an obligation to make a prudent selection among such a broader range of investment alternatives, then it raises significant policy issues regarding the administration of ERISA?s fiduciary duty provisions. DOL also noted that if, on the other hand, GAO's recommendation would have the safe harbor require the responsible plan fiduciary be responsible for prudently deciding whether to use a higher risk investment alternative, employers and other plan sponsors may oppose such a change. Our recommendation does not comment on or suggest changes to the obligations of plan fiduciaries as part of a change to the safe harbor. Further, GAO has made prior recommendations that DOL clarify the definition of fiduciary for purposes of investment, including a requirement that plan service providers, when assisting participants with distribution options, disclose any financial interests they may have in the outcome of those decisions in a clear, consistent, and prominent manner; the conditions under which they are subject to any regulatory standards (such as ERISA fiduciary standards, SEC standards, or others); and what those standards mean for the participant. Our recommendation is to "expand the investment options available" and we have noted that qualified default investment alternatives could be one option. Previously, DOL has stated that the limited investments under the safe harbor are appropriate because Congress' intent for the safe harbor was to preserve principal transferred out of plans. DOL noted that given the small balances and the inability of absent participants to monitor investments, the current conservative investment options are a more appropriate way to preserve principal. However, the current forced-transfer IRA investment options like money market funds can protect principal from investment risk, but not from the risk that fees (no matter how reasonable) and inflation can result in decreased account balances due to returns on these small balance accounts not keeping pace with fees. The reality has been that many forced-transfer IRAs have experienced very large and even complete declines in principal. Our recommendation did not aim to eliminate any investment alternatives covered by the safe harbor, rather it aims to expand the alternatives available so that plans and providers that want to operate under the safe harbor have the opportunity to choose the most suitable investment. We continue to encourage DOL to expand the safe harbor to include investment alternatives more likely to preserve principal and even increase it over time.
    Director: James R. McTigue, Jr.
    Phone: (202) 512-9110

    4 open recommendations
    Recommendation: To promote retirement savings without creating permanent tax-favored accounts for a small segment of the population, Congress should consider revisiting the use of IRAs to accumulate large balances and consider ways to improve the equity of the existing tax expenditure on IRAs. Options could include limits on (1) the types of assets permitted in IRAs, (2) the minimum valuation for an asset purchased by an IRA, or (3) the amount of assets that can be accumulated in IRAs and employersponsored plans that get preferential tax treatment.

    Agency: Congress
    Status: Open

    Comments: In its October 2014 report, GAO found that individuals with limited, occupationally related opportunities could engage in sophisticated investment strategies and accumulate considerable tax-preferred wealth in IRAs and subsequently suggested to Congress legislative options. As of March 2017, legislation had not been introduced on any aspect of this suggestion, although the Senate Finance Committee held a hearing on IRA policy in September 2014 for which GAO provided a statement for the record.
    Recommendation: To improve IRS's ability to detect and pursue noncompliance associated with undervalued assets sheltered in IRAs and prohibited transactions, the Commissioner of Internal Revenue should conduct research using the new Form 5498 data to identify IRAs holding nonpublic asset types, such as profits interests in private equity firms and hedge funds, and use that information for an IRSwide strategy to target enforcement efforts.

    Agency: Department of the Treasury: Internal Revenue Service
    Status: Open

    Comments: As of March 2017, IRS had taken some action to develop a research plan using the new information on types of nonpublic IRA assets reported on Form 5498. Previously, IRS searched terms in Form 5498 filings to identify IRAs holding assets with the greatest risk of noncompliance. In January 2016, IRS started a research project to examine a sample of tax returns based on certain nonpublic IRA asset types. IRS plans to use the research results due in June 2018 to develop an IRS-wide strategy to target enforcement efforts to those IRAs where the beneficiary of the IRA has caused his or her IRA to engage in a prohibited transaction. Once IRS completes electronically compiling the new Form 5498 information for tax year 2016 that is filed in 2017, IRS researchers plan to use the asset type data to streamline the process of identifying those IRAs. As of March 2017, IRS examination officials did not have a date on when the new IRA asset type data will be available for further analysis.
    Recommendation: To improve IRS's ability to detect and pursue noncompliance associated with undervalued assets sheltered in IRAs and prohibited transactions, the Commissioner of Internal Revenue should work in consultation with the Department of the Treasury on a legislative proposal to expand the statute of limitations on IRA noncompliance to help IRS pursue valuation-related misreporting and prohibited transactions that may have originated outside the current statute's 3-year window.

    Agency: Department of the Treasury: Internal Revenue Service
    Status: Open

    Comments: IRS agreed with GAO's October 2014 recommendation on IRAs with large balances and said it had discussed the recommendation with Treasury's Office of Tax Policy and Benefits Tax Counsel. Consequently, IRS said Treasury is aware of IRS's willingness to support legislative efforts in this area. However, Treasury and IRS have not drafted a legislative proposal as of March 2017.
    Recommendation: To help taxpayers better understand compliance risks associated with certain IRA choices and improve compliance, the Commissioner of Revenue should, building on research data on IRAs holding nonpublic assets, identify options to provide outreach targeting taxpayers with nonpublic IRA assets and their custodians, such as reminder notices that engaging in prohibited transactions can result in loss of the IRA's tax-favored status.

    Agency: Department of the Treasury: Internal Revenue Service
    Status: Open

    Comments: IRS has taken some action to provide general outreach but has not yet compiled data to target outreach to taxpayers with nonmarketable IRA assets at greater risk of noncompliance, as GAO recommended in October 2014. In June 2016, IRS published information on IRS.gov outlining the new information to be reported for nonmarketable IRA assets and included a general caution that IRAs with nonmarketable investments or assets under direct taxpayer control may be subject to a heightened risk of committing prohibited transactions. This caution, similar to those that IRS added to its publications about IRA contributions and distributions, is a step toward helping taxpayers better understand which investments pose greater risks. IRS said results from an ongoing compliance research project may help in targeting outreach to taxpayers holding certain IRA assets at greater risk of noncompliance. IRS said it could refine its outreach to those taxpayers with nonpublic IRA assets using the new asset type data once compiled electronically. As of March 2017, IRS was compiling the IRA assets data for tax year 2016 that is filed in 2017, but IRS had not provided a date on when the new IRA asset type data will be available for further analysis.
    Director: Jeszeck, Charles A
    Phone: (202) 512-7215

    4 open recommendations
    Recommendation: To enhance understanding and better inform debate on the possible effects of moving to a more risk-based premium structure, during consideration of various redesign options and after a redesign may be authorized, the Director of PBGC should continue to develop PBGC's hypothetical model, analyzing various premium redesign options and their impacts on sponsors, and report the results to Congress. As part of these analyses, PBGC should evaluate the potential effects on sponsors of incorporating additional risk factors, such as company financial health and plan investment mix, and include an assessment to identify any potentially disproportional hardships on smaller companies that may result from the redistribution of higher rates to riskier sponsors.

    Agency: Pension Benefit Guaranty Corporation
    Status: Open

    Comments: PBGC agreed with this recommendation. The agency is committed to continued development of the databases, models, and analyses of various premium redesign options and their impacts on sponsors, and to report the results of these analyses to Congress. In April 2014, PBGC noted that its efforts are still in process. As of August 2015, PBGC had provided no additional updates on actions taken on this recommendation.
    Recommendation: To help strengthen the PBGC insurance program, Congress should authorize redesign of PBGC's premium structure to more fully reflect the risk posed by plans and sponsors to the agency, such as by providing for the incorporation of additional risk factors.

    Agency: Congress
    Status: Open

    Comments: In July 2012 and December 2013, Congress passed premium increases (P.L. No. 112-141 and P.L. 113-67, respectively) to better reflect the risk posed to the Pension Benefit Guaranty Corporation by certain defined benefit pension plans and plan sponsors. Nevertheless, As of September 2015, Congress had yet to authorize a redesign of PBGC's premium structure.
    Recommendation: In addition, to improve PBGC's ability to collect key information that may be necessary to help the agency estimate its risk exposure to future claims and strengthen implementation of any changes to the premium structure, Congress should provide PBGC with access to additional information needed to assess risk and assist in setting premiums, such as by expanding the criteria requiring plan sponsors to report under section 4010 of ERISA.

    Agency: Congress
    Status: Open

    Comments: As of September 2015, Congress has taken no action related to this matter.
    Recommendation: Moreover, to better understand the mechanics of how best to incorporate additional risk factors, improve transparency, and help inform the evaluation of the various redesign options, Congress should establish an independent premiums advisory committee reflecting a range of perspectives--including, for example, representatives from federal agencies, sponsors, actuaries, private insurers, and labor groups--to assist with such activities as developing the mechanics for incorporating additional risk factors and implementing new rates, as well as delineating a variety of alternative methods to address PBGC's deficit.

    Agency: Congress
    Status: Open

    Comments: As of September 2015, Congress has taken no action related to this matter.