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.
Oct 1, 2018
Postal Retiree Health Benefits:
Unsustainable Finances Need to Be AddressedGAO-18-602: Published: Aug 31, 2018. Publicly Released: Oct 1, 2018.
Jun 4, 2018
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Central States Pension Fund:
Department of Labor Activities under the Consent Decree and Federal LawGAO-18-105: Published: Jun 4, 2018. Publicly Released: Jun 4, 2018. -
Central States Pension Fund:
Investment Policy Decisions and Challenges Facing the PlanGAO-18-106: Published: Jun 4, 2018. Publicly Released: Jun 4, 2018.
May 22, 2018
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Retirement Plan Investing:
Clearer Information on Consideration of Environmental Social and Governance Factors Would Be HelpfulGAO-18-398: Published: May 22, 2018. Publicly Released: May 22, 2018.
May 21, 2018
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Railroad Retirement Board:
Additional Controls and Oversight of Financial Interchange Transfers NeededGAO-18-323: Published: Apr 19, 2018. Publicly Released: May 21, 2018.
May 17, 2018
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Social Security Administration:
Observations on Use and Costs of Social Security CardsGAO-18-507T: Published: May 17, 2018. Publicly Released: May 17, 2018.
Mar 7, 2018
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Social Security Administration:
Continuing Leadership Focus Needed to Modernize How SSA Does BusinessGAO-18-432T: Published: Mar 7, 2018. Publicly Released: Mar 7, 2018.
Mar 5, 2018
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Workplace Retirement Accounts:
Better Guidance and Information Could Help Plan Participants at Home and Abroad Manage Their Retirement SavingsGAO-18-19: Published: Jan 31, 2018. Publicly Released: Mar 5, 2018.
Feb 21, 2018
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Railroad Retirement Board:
Actions Needed to Improve the Effectiveness and Oversight of Continuing Disability ReviewsGAO-18-287: Published: Feb 21, 2018. Publicly Released: Feb 21, 2018.
Jan 8, 2018
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Social Security Disability:
Additional Measures and Evaluation Needed to Enhance Accuracy and Consistency of Hearings DecisionsGAO-18-37: Published: Dec 7, 2017. Publicly Released: Jan 8, 2018.
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