Private Pensions: Plan Features Provided By Employers That Sponsor Only Defined Contribution Plans

Pursuant to a congressional request, GAO reviewed the general features of defined contribution (DC) plans in the private sector, focusing on: (1) eligibility requirements for employee participation; (2) arrangements for employer and participant contributions; (3) eligibility requirements for employee rights to accrued benefits; (4) employee investment options; (5) loan and other provisions for participant access to plan assets while still employed; (6) options for withdrawal of benefits upon separation or retirement; (7) the six features for the Thrift Savings Plan; and (8) a summary of the explanations provided in retirement literature and by pension experts on why employers might decide to sponsor more than one pension plan for the same groups of employees.