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Author:
Publisher:
ISBN:
Category : Defined benefit pension plans
Languages : en
Pages : 84
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Book Description
Author:
Publisher:
ISBN:
Category : Defined benefit pension plans
Languages : en
Pages : 84
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Book Description
Author: U S Government Accountability Office (G
Publisher: BiblioGov
ISBN: 9781289130787
Category :
Languages : en
Pages : 24
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Book Description
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 held for benefit payments, and a decline in the expected recovery values of receivables caused operating losses for FY 1990; (3) PBGC faces significant risk from future plan terminations and reported some $20 billion to $30 billion in plan underfunding; (4) PBGC liability for future benefits totalled $4.8 billion, about 95 percent of its obligations; (5) due to weaknesses in supporting and controlling liability estimating techniques, GAO was unable to determine the reliability of PBGC estimated liability for future benefits; (6) weaknesses in processing and follow-up on premium payments inhibited PBGC premium collection efforts; and (7) system and control weaknesses contributed to PBGC inability to systematically reconcile either its accounting data or its investment and fund activity, control its accounts receivable, and promptly prepare and file external financial reports. GAO believes that PBGC needs to develop specific corrective action plans that will address its financial management weaknesses.
Author: Pension Benefit Guaranty Corporation
Publisher:
ISBN:
Category : Pension trusts
Languages : en
Pages : 40
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Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Pension trust guaranty insurance
Languages : en
Pages : 40
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Book Description
Author: United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 234
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Author: United States. Congress. Joint Committee on Taxation
Publisher:
ISBN:
Category : Law
Languages : en
Pages : 28
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 36
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Author: Barbara D. Bovbjerg
Publisher: DIANE Publishing
ISBN: 1437909701
Category : Law
Languages : en
Pages : 34
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Book Description
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.
Author:
Publisher:
ISBN:
Category : Pension trust guaranty insurance
Languages : en
Pages : 48
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Book Description
