Pension Plans: Labor Should Not Ignore Some Small Plans That Report Violations
HRD-93-45
Published: Mar 26, 1993. Publicly Released: Apr 28, 1993.
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Highlights
Pursuant to a congressional request, GAO provided information on the Department of Labor's (DOL) corrective actions concerning prohibited pension plan asset use, focusing on: (1) whether DOL and the Internal Revenue Service (IRS) adequately identified and acted on reported information about possible violations; and (2) those agencies' procedures and practices for resolving apparent violations.
Recommendations
Recommendations for Executive Action
Agency Affected | Recommendation | Status Sort descending |
---|---|---|
Department of Labor | 1. The Secretary of Labor should direct the Assistant Secretary for Pension and Welfare Benefits to eliminate the automatic exclusion of certain small plans by the targeting programs that address prohibited fund uses. |
The Pension and Welfare Benefits Administration eliminated, from its computerized targeting parameters, restrictions relating to the size of pension plans.
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Topics
Agency proceedingsFunds managementInformation systemsInvestigations by federal agenciesInvestmentsNoncompliancePension plan cost controlReporting requirementsPensionsRisk management