Contractor Pension Plan Costs:

More Control Could Save Department of Defense Millions

PSAD-77-100: Published: May 19, 1977. Publicly Released: May 19, 1977.

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The government incurred pension plan costs that were inequitable and too high because the Department of Defense (DOD) permitted actuarial assumptions or unjustified changes in actuarial cost methods.

Government controls and surveillance over contractors' pension plan practices were not adequate considering the costs involved. Establishing effective controls and surveillance over these practices could save the government millions of dollars. DOD auditing and contracting activities also lacked personnel with actuarial skills to evaluate pension plan costs. Properly implementing the existing requirements of the Cost Accounting Standards Board and the proposed standard on pension plan costs should prevent the increased costs.

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