Defined Benefit Pensions:
Hidden Liabilities From Underfunded Plans and Potential New Obligations Confront PBGC
T-HRD-92-6: Published: Oct 31, 1991. Publicly Released: Oct 31, 1991.
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GAO discussed some of the financial problems facing the Pension Benefit Guaranty Corporation (PBGC), focusing on how hidden liabilities affect PBGC. GAO noted that: (1) the current threat to PBGC comes from a few seriously underfunded plans in industries experiencing financial troubles; (2) it is difficult to estimate future PBGC liabilities because of difficulties in predicting if or when underfunded plans will terminate and what a plan's financial position might be at termination; (3) bankruptcy court decisions on PBGC recovery claims and proposed legislation to extend coverage to new beneficiaries raise the prospect of increased obligations for PBGC to pay in the future; and (4) PBGC should have sufficient assets to cover its benefit payments. GAO also noted that, to lessen the size or impact of future claims, Congress could: (1) reduce the level of benefit currently afforded plan participants; (2) strengthen pension funding requirements for underfunded plans again to increase pressure on plan sponsors to honor their pension promises; (3) raise premium; and (4) clarify the law to give PBGC claims a better standing in bankruptcy courts.
Sep 24, 2020
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. -
Millennial Generation:
Information on the Economic Status of Millennial Households Compared to Previous GenerationsGAO-20-194: Published: Dec 13, 2019. Publicly Released: Dec 18, 2019.
Oct 21, 2019
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Military Pensions:
Servicemembers Need Better Information to Support Retirement Savings DecisionsGAO-19-631: Published: Sep 19, 2019. Publicly Released: Oct 21, 2019.
Oct 4, 2019
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Social Security Benefits:
SSA Needs to Improve Oversight of Organizations that Manage Money for Vulnerable BeneficiariesGAO-19-688: Published: Sep 26, 2019. Publicly Released: Oct 4, 2019.
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