Download or read book Report on Reform of the Federal Government s Pension Benefit Guarantee Program written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Administration s Proposals to Reform the Federal Government s Pension Benefit Guarantee Program written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight and published by . This book was released on 1994 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Administration s Proposals to Reform the Federal Government s Pension Benefit Guarantee Program written by U. S. Committee On Ways And Means and published by Forgotten Books. This book was released on 2018-02-28 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Administration's Proposals to Reform the Federal Government's Pension Benefit Guarantee Program: Hearing Before the Subcommittee on Oversight of the Committee on Ways and Means, House of Representatives, One Hundred Third Congress, First Session, October 4, 1993 I am pleased to appear before you today to discuss the Administration's Retirement Protection Act. This reform legislation is the product of months of intensive work on the part of a Task Force established last March by Secretary of Labor Robert Reich to examine the concerns that have been raised about pension protection and the Pension Benefit Guaranty Corporation (pbgc). About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Download or read book Pension Benefit Guaranty Corporation written by David Michael Walker and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Future of the Defined Benefit System and the Pension Benefit Guaranty Corporation written by Barbara D. Bovbjerg (au) and published by DIANE Publishing. This book was released on 2005-09 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: Employer-sponsored defined benefit pension plans (DBPP) face unprecedented challenges in the midst of significant changes in our nation's retirement landscape. Many DBPP & the fed. agency that insures them, the Pension Benefit Guaranty Corp. (PBGC), have accumulated large & growing deficits that threaten their survival. Meanwhile, the percentage of Amer. workers covered by DBPP has been declining for 30 years, reflecting a movement toward defined contribution plans (e.g., 401(k) plans). To address these issues, a diverse group of knowledgeable individuals was convened -- incl. gov't. officials, researchers, accounting experts, actuaries, plan sponsor & employee group rep., & members of the investment community. Charts & tables.

Download or read book Protecting Pensions and Ensuring the Solvency of PBGC written by United States. Congress. House. Committee on Government Reform. Subcommittee on Government Management, Finance, and Accountability and published by . This book was released on 2005 with total page 198 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Benefit Guaranty Corporation written by Barbara D. Bovbjerg and published by DIANE Publishing. This book was released on 2009-02 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corp. (PBGC) insures the pension benefits of 44 million private sector workers and retirees in over 30,000 employer-sponsored pension plans. It was reported that PBGC¿s governance structure needed improvements. Congress is considering expanding the board of dir. to include additional members. It was also recommended that the board develop policies and mechanisms consistent with corp. governance practices, and develop formal guidelines to clarify the roles and respon. of the board chair, members, and their rep. This report addresses: the steps PBGC has taken to improve policy direction and oversight; and (2) how Congress applies oversight to PBGC and what other oversight mechanisms exist for gov¿t. corps. Illus.

Download or read book Pension Benefit Guaranty Corporation written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.

Download or read book Can the Pension Benefit Guaranty Corporation Be Restored to Financial Health written by and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect the pensions of participants covered by most private sector, defined benefit pension plans. The primary source of revenues offsetting PBGC's claims is premiums paid by the sponsors of covered pension plans. These premiums are established by Congress. The PBGC receives no appropriated funds. The PBGC's single-employer program has posted growing deficits for the last three years. The deficit on September 30, 2004 was at an all-time high of $23 billion. Currently, the pension plans of major airlines present an enormous threat to the financial condition of the PBGC. Underfunded pension plans of sponsors with below-investment-gradebond ratings represented reasonably possible exposure of another $96.0 billion as of September 30, 2004 according to the PBGC. An independent organization has projected that without reform, the PBGC's single-employer program will run out of cash in 2020 or 2021. Because of the risks to its long-term financial viability, the Government Accountability Office (GAO) has placed the PBGC single-employer program on its high-risk list of agencies with significant vulnerabilities to the federal government. PBGC failure could require a tax-payer funded bailout. Major systemic issues include the PBGC's premium structure, funding requirements for defined benefit pension plans and PBGC's access to a bankrupt company's assets. Current PBGC premiums may be too low for the risks that PBGC underwrites. Furthermore, premiums do not vary based on the credit risk for the company, assetliability mismatch for the pension plan, participant demographics, or benefit design features such as whether or not the plan allows lump sum payouts. Sponsors that have made pension plan contributions in excess of the minimum required in the past may not be required to make contributions to the pension in the current year even when the pension plan is underfunded in the current year. Cyclical companies that wish to make higher contributions during profitable periods may find that maximum deductibility rules prevent them from making such contributions. Under current bankruptcy law, the PBGC cannot perfect a lien to force a company that has filed for bankruptcy to make minimum required pension plan contributions. In 2003, the Bush administration made a proposal for reform to strengthen pension plan funding and the financial condition of the PBGC. Various bills with the goal of reforming the PBGC were proposed in the 108th Congress but none were enacted into law. The doubling of the PBGC deficit from fiscal 2003 to fiscal 2004, has heightened awareness about the PBGC deficit situation. Congressional leaders from both parties have announced their intention to move aggressively on legislative solutions in the 109th Congress. This report will be updated upon major developments affecting the PBGC's financial condition.

Download or read book Private pensions the Pension Benefit Guaranty Corporation and longterm budgetary challenges testimony before the Committee on the Budget House of Representatives written by and published by DIANE Publishing. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Benefit Guaranty Corporation Improvements Needed to Strengthen Governance Structure and Strategic Management Testimony Before Committee on Health Education Labor and Pensions U S Senate written by and published by DIANE Publishing. This book was released on with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Guaranteed Trouble written by Jeffrey R. Brown and published by . This book was released on 2007 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the economic rationale for, historical experience of, and current pressures facing the Pension Benefit Guaranty Corporation (PBGC). The PBGC is the government entity which partially insures participants in private-sector defined benefit pension plans against the loss of pension benefits in the event that the plan sponsor experiences financial distress and has an under-funded pension plan. The paper discusses three major flaws of the PBGC, namely, that the PBGC has: 1) failed to properly price insurance and thus encouraged excessive risk-taking by plan sponsors; 2) failed to promote adequate funding of pension obligations; and 3) failed to promote sufficient information disclosure to market participants. The paper then discusses potential ways to reform the PBGC so that it operates more in concert with basic economic principles.

Download or read book Administration s Proposals to Reform the Federal Government s Pension Benefit Guarantee Program written by United States. Congress. House. Committee on Ways and Means. Subcommittee on Health and published by . This book was released on 1993 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Pension Benefit Guaranty Corporation written by U S Government Accountability Office (G and published by BiblioGov. This book was released on 2013-06 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. Government Accountability Office (GAO) is an independent agency that works for Congress. The GAO watches over Congress, and investigates how the federal government spends taxpayers dollars. The Comptroller General of the United States is the leader of the GAO, and is appointed to a 15-year term by the U.S. President. The GAO wants to support Congress, while at the same time doing right by the citizens of the United States. They audit, investigate, perform analyses, issue legal decisions and report anything that the government is doing. This is one of their reports.

Download or read book The Financial Health of the Pension Guaranty Benefit Corporation PBGC written by and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pension Benefit Guaranty Corporation (PBGC) is a federal government agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect the pensions of participants covered by most private sector, defined benefit pension plans. The PBGC receives no appropriated funds. The agency's costs are offset by the assets of the plans that the PBGC takes over and premiums paid by the sponsors of covered pension plans. The premiums are established by Congress. The PBGC's single-employer program posted an all-time high deficit of $23 billion in 2004; as of September 30, 2006, the deficit was $18 billion. The PBGC discloses an additional, off-balance sheet liability for reasonably possible terminations; as of September 30, 2006, it was $73 billion. Although the PBGC's net position (measured as assets minus liabilities) improved $5.2 billion since 2004, it fell $31.0 billion from 2001 to 2004. Many factors have contributed to the PBGC's worsening financial condition. Primary among them was the termination of several large underfunded pension plans between 2002 and 2005 in the steel and airline industries. Plan terminations by airlines continue to threaten the PBGC's finances. Poor stock market returns (in 2001 and 2002) and falling interest rates also contributed to the PBGC's recent problems. As the PBGC's condition worsened, Congress and the Bush Administration considered reforms to address the salient issues. On August 17, 2006, the President signed the Pension Protection Act as P.L. 109-280. It has been called the most comprehensive reform of the nation's pension laws since the enactment of ERISA. The law establishes new rules that strengthen funding requirements for most plans; however, it provides funding relief for plans sponsored by commercial airlines. It also includes reforms that affect cash balance plans, defined contribution plans, and other forms of deferred compensation. Although the PBGC currently receives no appropriations, many expect that because it insures the pensions of 44 million Americans, its failure could require a taxpayer funded bailout. The Government Accountability Office (GAO) added the PBGC's single-employer insurance program to its list of high-risk areas in July of 2003. As of January 2007, it remains on GAO's list because of its high deficit and because the ultimate impact of recent reforms on the PBGC's finances is unclear. This report focuses on the financial condition of the PBGC and the effects of the Pension Protection Act; it will be updated upon major developments affecting the PBGC's financial condition.

Download or read book Pension Benefit Guaranty Corporation written by U.s. Government Accountability Office and published by . This book was released on 2017-08-17 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Pension Benefit GuarantyCorporation (PBGC) insures thepension benefits of more than 44million U.S. workers and retirees inmore than 27,500 private definedbenefit plans. In response to growingworkloads over the last 20 years,PBGC has come to rely heavily oncontractors to perform its work. Withthe influx of plan terminations duringthe recent economic downturn, GAOwas asked to examine: (1) how PBGCdecides between contracting forservices and performing services inhouse; (2) the steps PBGC has takento strengthen its internal controlsover the contracting process; and (3)PBGC's implementation of aperformance-based approach in itsrecent contracts.To conduct this study, GAO reviewedfederal and PBGC contractingpolicies; interviewed PBGC officialsand selected contractors; examined asmall judgmental sample of eightrecent contracts selected based ontype, amount, and location; andassessed PBGC's actions in responseto past GAO and PBGC InspectorGeneral (IG) recommendations."

Download or read book Impact on contributions funded ratios and claims against the pension insurance program of the administration s pension reform proposal written by Pension Benefit Guaranty Corporation and published by . This book was released on 2005 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: