Financial management (71 - 80 of 126 items)
Pension Plans: Hidden Liabilities Increase Claims Against Government Insurance Program
HRD-93-7: Published: Dec 30, 1992. Publicly Released: Dec 30, 1992.
Pursuant to a congressional request, GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) pension plans and its vulnerability to unfunded liabilities, focusing on: (1) factors which cause hidden liabilities; (2) the impact on recent claims against the pension insurance program; and (3) PBGC ability to control these factors.GAO found that: (1) PBGC exposure to private pension unfunded lia...
OCG-93-19TR: Published: Dec 1, 1992. Publicly Released: Dec 1, 1992.
Pursuant to a congressional request, GAO summarized information on federal labor issues facing Congress and the new administration.GAO noted that: (1) the Department of Labor needs to foster competition and assist workers to adapt to the changing environment of the workplace; (2) Labor faces significant challenges because of an inadequate education system, an increasing unskilled workforce, and a...
Pension Plans: Pension Benefit Guaranty Corporation Needs to Improve Premium Collections
HRD-92-103: Published: Jun 30, 1992. Publicly Released: Aug 11, 1992.
Pursuant to a congressional request, GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) efforts to collect pension plan premiums.GAO found that PBGC: (1) efforts to identify and collect delinquent premiums and underpaid premiums, interest, and penalties on premiums have been inadequate; (2) has infrequently issued and failed to follow up on past-due notices; (3) has not sent past-due n...
Pension Plans: Investments in Affordable Housing Possible With Government Assistance
HRD-92-55: Published: Jun 12, 1992. Publicly Released: Jun 12, 1992.
Pursuant to a congressional request, GAO reviewed how pension funds are used to help finance affordable housing for low-and moderate-income families, focusing on: (1) the features and common elements of 15 affordable housing arrangements financed by pension funds; and (2) the expected rates of return on such housing investments.GAO found that: (1) the nature and extent of pension fund involvement...
Financial Audit: Pension Benefit Guaranty Corporation's 1991 and 1990 Financial Statements
AFMD-92-35: Published: Mar 2, 1992. Publicly Released: Mar 2, 1992.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) financial statements for the fiscal years ended September 30, 1991 and 1990.GAO found that: (1) PBGC made a major commitment to correct internal control weaknesses GAO identified during its attempt to audit fiscal year (FY) 1990 financial statements, but did not make sufficient progress for GAO to complete a financial audit of FY 1991...
Financial Audit: System and Control Problems Further Weaken the Pension Benefit Guaranty Fund
AFMD-92-1: Published: Nov 13, 1991. Publicly Released: Nov 13, 1991.
GAO reviewed the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements in accordance with the Government Corporation Control Act.GAO found that: (1) serious financial system deficiencies and internal control weaknesses prevent PBGC from preparing reliable financial statements and affect Congress' ability to assess whether PBGC premium levels are adequate to meet...
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.
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 underfu...
Debt Management: More Aggressive Actions Needed to Reduce Billions in Overpayments
HRD-91-46: Published: Jul 9, 1991. Publicly Released: Aug 8, 1991.
Pursuant to a congressional request, GAO provided information on debt management practices at the Social Security Administration (SSA), Railroad Retirement Board (RRB), Office of Personnel Management (OPM), and Department of Veterans Affairs (VA).GAO found that: (1) SSA has made little progress in controlling and collecting benefit overpayments, with its collection rate remaining at about 28 perce...
Pension Benefit Guaranty Corporation: Weak Financial Condition Worsened by Serious Internal Control Weaknesses
T-AFMD-91-9: Published: Aug 1, 1991. Publicly Released: Aug 1, 1991.
GAO discussed its attempt to audit the Pension Benefit Guaranty Corporation's (PBGC) fiscal year (FY) 1990 financial statements. GAO noted that: (1) PBGC reported an operating loss of more than $780 million, increasing its accumulated deficit by more than 75 percent to $1.8 billion for FY 1990; (2) a significant increase in losses from future pension plan terminations, investment losses on assets...
Insurance Company Failures Threaten Retirement Income
T-HRD-91-41: Published: Jun 27, 1991. Publicly Released: Jun 27, 1991.
GAO discussed the impact of insurance company failures on pension plan incomes, focusing on what happens when pension plans purchase insurance annuities and invest funds through insurance companies. GAO noted that: (1) pension plans have purchased annuities for 3 million to 4 million retirees and have invested about a third of all pension assets with insurance companies; (2) between January 1975 a...