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Pension Plans: Labor Should Not Ignore Some Small Plans That Report Violations

HRD-93-45 Published: Mar 26, 1993. Publicly Released: Apr 28, 1993.
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Highlights

Pursuant to a congressional request, GAO provided information on the Department of Labor's (DOL) corrective actions concerning prohibited pension plan asset use, focusing on: (1) whether DOL and the Internal Revenue Service (IRS) adequately identified and acted on reported information about possible violations; and (2) those agencies' procedures and practices for resolving apparent violations.

Recommendations

Recommendations for Executive Action

Agency Affected Recommendation Status
Department of Labor The Secretary of Labor should direct the Assistant Secretary for Pension and Welfare Benefits to eliminate the automatic exclusion of certain small plans by the targeting programs that address prohibited fund uses.
Closed – Implemented
The Pension and Welfare Benefits Administration eliminated, from its computerized targeting parameters, restrictions relating to the size of pension plans.

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Topics

Agency proceedingsFunds managementInformation systemsInvestigations by federal agenciesInvestmentsNoncompliancePension plan cost controlReporting requirementsPensionsRisk management