Department of Labor, Executive (1 - 10 of 51 items)
Workers' Compensation: Health Benefit Programs for Returned Peace Corps Volunteers and for Employees of U.S. Agency for International Development Contractors
GAO-16-28R: Published: Oct 30, 2015. Publicly Released: Oct 30, 2015.
Peace Corps and the U.S. Agency for International Development (USAID) both provide health benefits through workers' compensation programs. Peace Corps provides benefits to returned Peace Corps volunteers who sustain illnesses or injuries connected to their Peace Corps service under the Federal Employees' Compensation Act (FECA) program administered by the Department of Labor (DOL). USAID provides...
Private Pensions: Participants Need Better Information When Offered Lump Sums That Replace Their Lifetime Benefits
GAO-15-74: Published: Jan 27, 2015. Publicly Released: Feb 26, 2015.
Little public data are available to assess the extent to which sponsors of defined benefit plans are offering participants immediate lump sums to replace their lifetime annuities, but certain laws and regulations provide incentives for use of this practice. Although the U.S. Department of Labor (DOL) has primary responsibility for overseeing pension sponsors' reporting requirements, it does not re...
Veterans' Reemployment Rights: Department of Labor and Office of Special Counsel Need to Take Additional Steps to Ensure Demonstration Project Data Integrity
GAO-12-860R: Published: Sep 10, 2012. Publicly Released: Sep 10, 2012.
DOL and OSC began the USERRA demonstration project on August 9, 2011, meeting the time frame (within 60 days of our report on the project's design) required by the VBA. From August 9, 2011, to May 9, 2012, DOL has received 87 USERRA demonstration project cases and OSC has received 123 cases. The data reported in this study cover only 9 months of the demonstration project and do not represent the o...
Thrift Savings Plan: Adding a Socially Responsible Index Fund Presents Challenges
GAO-12-664: Published: Jun 26, 2012. Publicly Released: Jul 26, 2012.
Officials at the Thrift Savings Plan (TSP) and the other public retirement plans that had considered socially responsible investment (SRI) associated a number of common challenges with SRI adoption. While none of these plans were identical to TSP in scope or demographics, many plan officials shared similar challenges and concerns with TSP. For example, they identified participant demand, SRI scree...
Defined Benefit Pension Plans: Recent Developments Highlight Challenges of Hedge Fund and Private Equity Investing
GAO-12-324: Published: Feb 16, 2012. Publicly Released: Mar 19, 2012.
While plan representatives GAO contacted generally stated that their hedge fund and private equity investments met expectations in recent years, a number of plans experienced losses and other challenges, such as limited liquidity and transparency. National data indicated that hedge fund and private equity investments were significantly affected by the 2008-2009 financial crisis, and plans and expe...
Pension Benefit Guaranty Corporation: Asset Management Needs Better Stewardship
GAO-11-271: Published: Jun 30, 2011. Publicly Released: Aug 1, 2011.
The Pension Benefit Guaranty Corporation's (PBGC) insures the pension benefits of more than 44 million people. Since its inception in 1974, PBGC's assets have grown from about $34 million to almost $80 billion in 2010, largely through assets received in plan terminations. Despite significant swings in PBGC's investment history, there has been little focus on the extent to which it has met its inve...
Private Pensions: Some Key Features Lead to an Uneven Distribution of Benefits
GAO-11-333: Published: Mar 30, 2011. Publicly Released: Apr 29, 2011.
Despite sizeable tax incentives, private pension participation has remained at about 50 percent of the workforce. For those in a pension plan, there is concern that these incentives accrue primarily to higher income employees and do relatively little to help lower income workers save for retirement. The financial crisis and labor-market downturn may have exacerbated these difficulties. Therefore,...
Retirement Income: Challenges for Ensuring Income throughout Retirement
GAO-10-632R: Published: Apr 28, 2010. Publicly Released: May 4, 2010.
As the life expectancy of Americans continues to increase, the risk that retirees will outlive their assets is a growing challenge. Today, couples both aged 62 have a 47 percent chance that at least one of them will live to their 90th birthday. In addition to the risk of outliving ones' assets, the sharp declines in financial markets and home equity during the last few years and the continued incr...
Private Pensions: Alternative Approaches Could Address Retirement Risks Faced by Workers but Pose Trade-offs
GAO-09-642: Published: Jul 24, 2009. Publicly Released: Aug 24, 2009.
Recent losses in the stock market and poor economic conditions underscore that many U.S. workers are at risk of not having an adequate income in retirement from pension plans. The dramatic decline in the stock market has diminished pension savings and reportedly led to low levels in older Americans' confidence in their ability to retire. Even before the current economic recession, research indicat...
Defined Benefit Pensions: Survey Results of the Nation's Largest Private Defined Benefit Plan Sponsors
GAO-09-291: Published: Mar 30, 2009. Publicly Released: Mar 30, 2009.
The number of private defined benefit (DB) pension plans, an important source of retirement income for millions of Americans, has declined substantially over the past two decades. For example, about 92,000 single-employer DB plans existed in 1990, compared to just under 29,000 single-employer plans today. Although this decline has been concentrated among smaller plans, there is a widespread concer...