401(k) Plans:
Participation and Deferral Rates by Plan Features and Other Information
PEMD-88-20FS: Published: Apr 29, 1988. Publicly Released: Apr 29, 1988.
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Pursuant to a congressional request, GAO provided information regarding so-called 401(k) retirement programs, focusing on the: (1) number of workers at firms which offered only a 401(k) plan; (2) kinds of plans firms converted or replaced when they set up 401(k) plans; and (3) differences in average employee participation rates and deferral percentage rates among plans with different provisions.
GAO found that: (1) about 4 percent of 3,500 firms responding to a survey offered 401(k) plans to their 9.9 million employees; (2) 31 percent of the sponsoring firms offered no other retirement plan to their 800,000 employees; and (3) virtually no firms with at least 500 employees offered only a 401(k) plan. GAO also found that: (1) 61 percent of 401(k) plans were new plans and not replacements or conversions of existing retirement plans; (2) firms with at least 100 employees tended to replace existing plans with 401(k) plans; (3) firms most commonly replaced profit-sharing plans with 401(k) plans; and (4) firms with at least 5,000 employees tended to replace thrift and savings plans with 401(k) plans. In addition, GAO found that employee participation and deferral rates: (1) were higher for plans offering employer matching contributions, unlimited opportunities to change the salary deduction amount, hardship withdrawal of employer contributions, and employee direction as to asset investment; (2) were lower for plans that allowed employees to borrow from plan assets and withdraw plan assets for hardship reasons; and (3) generally did not differ according to whether a plan allowed unlimited employee contributions.
Feb 24, 2021
Financial Services:
Fair Lending, Access, and Retirement SecurityGAO-21-399T: Published: Feb 24, 2021. Publicly Released: Feb 24, 2021.
Jan 19, 2021
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Elder Justice:
HHS Could Do More to Encourage State Reporting on the Costs of Financial ExploitationGAO-21-90: Published: Dec 18, 2020. Publicly Released: Jan 19, 2021.
Oct 30, 2020
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Retirement Security:
Other Countries' Experiences with Caregiver PoliciesGAO-20-623: Published: Sep 30, 2020. Publicly Released: Oct 30, 2020.
Sep 24, 2020
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Retirement Security:
Older Women Report Facing a Financially Uncertain FutureGAO-20-718T: Published: Sep 24, 2020. Publicly Released: Sep 24, 2020.
Aug 28, 2020
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Retirement Security:
DOL Could Better Inform Divorcing Parties About Dividing SavingsGAO-20-541: Published: Jul 31, 2020. Publicly Released: Aug 28, 2020.
Aug 13, 2020
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Retirement Security:
Older Women Report Facing a Financially Uncertain FutureGAO-20-435: Published: Jul 14, 2020. Publicly Released: Aug 13, 2020.
Jun 16, 2020
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Retirement Security:
BLS Should Explore Ways to Improve the Accuracy, Timeliness, and Relevance of Its Cost-of-Living MeasurementsGAO-20-422: Published: Jun 16, 2020. Publicly Released: Jun 16, 2020.
Feb 27, 2020
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Private Pensions:
IRS and DOL Should Strengthen Oversight of Executive Retirement PlansGAO-20-70: Published: Jan 28, 2020. Publicly Released: Feb 27, 2020.
Jan 9, 2020
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Social Security Disability:
Action Needed to Help Agency Staff Understand and Follow Policies Related to Prescription Opioid MisuseGAO-20-120: Published: Jan 9, 2020. Publicly Released: Jan 9, 2020.
Dec 18, 2019
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Capitol Police:
Potential Effects of Raising the Mandatory Retirement AgeGAO-20-137R: Published: Dec 18, 2019. Publicly Released: Dec 18, 2019.
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