Search the News Archive

GAO Report: Allocation of Responsibility for Pension Benefits between the U.S. Postal Service and the Federal Government

60 pages. "The current methodology used by OPM for allocating responsibility for CSRS benefits between USPS and the federal government is consistent with applicable law." [GAO-12-146, Oct. 13, 2011]

GAO Report: Improvements Needed at Office of Personnel Management to Ensure Successful Retirement Systems Modernization

68 pages. "GAO was asked to [1] determine whether OPM is effectively managing the RSM program to ensure that system components perform as intended and [2] evaluate the risks, cost, and progress of the RSM program. To meet these objectives, GAO analyzed program documentation against relevant plans, policies, and practices." [GAO-08-345, Jan. 31, 2008]

GAO Report: Strategic Framework Would Promote Accountability and Enhance Efforts to Enforce Prohibitions on Personal Importation of Prescription Drugs

76 pages. "This report addresses [1] available data about the volume and safety of personal prescription drug imports, [2] the procedures and practices used to inspect and interdict prescription drugs unapproved for import, [3] factors affecting federal efforts to enforce the laws governing prescription drugs imported for personal use, and [4] efforts federal agencies have taken to coordinate enforcement efforts." [GAO-05-372, published Sept. 8, 2005, released Nov. 10, 2005]

GAO Testimony: The Federal Government's Role in Empowering Americans to Make Sound Financial Choices

16 pages. "This testimony discusses [1] the state of the federal government's approach to financial literacy, [2] observations on overall strategies for addressing financial literacy, and [3] the role GAO can play in addressing and raising awareness on this issue. This testimony is based largely on prior and ongoing work, for which GAO conducted a literature review; interviewed representatives of organizations that address financial literacy within the federal, state, private, nonprofit, and academic sectors; and reviewed materials of the Financial Literacy and Education Commission.... The multiagency Financial Literacy and Education Commission, which coordinates federal efforts, has acted on recommendations GAO made in 2006 related to public-private partnerships, studies of duplication and effectiveness, and the Commission's MyMoney.gov Web site." [GAO-11-504T, published Apr. 12, 2011, released Apr. 12, 2011]

GAO Report: Current Funded Status of Pension and Retiree Health Benefits of State and Local Government Employees

32 pages. "[T]he GAO was asked to examine: [1] the key measures of the funded status of retiree benefits and [2] the current funded status of retiree benefits. GAO analyzed data on public pensions, reviewed current literature, and interviewed a range of experts on public retiree benefits, actuarial science, and accounting." [GAO-08-223, published Jan. 29, 2008, released Feb. 28, 2008]

GAO Report: Current Status of State and Local Government Retiree Benefit Structures, Protections, and Fiscal Outlook for Funding Future Costs

76 pages. "A model GAO developed to simulate the fiscal outlook for state and local governments indicates that, for the sector as a whole, [1] estimated future pension costs (currently about 9 percent of employee pay) would require an increase in annual government contribution rates of less than a half percent, and [2] estimated future retiree health care costs (currently about 2 percent of employee pay) would more than double by the year 2050 if they continue to be funded on a pay-as-you-go basis. Because the estimates are very sensitive to the assumed rates of return and projected rates of health care inflation, the model also indicates that if rates were to fall below historical averages, the funding requirements necessary to meet future pension and health care costs could become much higher." [GAO-07-1156, published Sept. 24, 2007, released Oct. 24, 2007]

GAO Report: Survivor Benefits for Military Servicemembers and Federal, State, and City Government Employees

128 pages. "GAO was asked to address two questions: [1] To what extent are the survivor benefits provided to servicemembers different from those provided to federal, state, and city government employees in general and [2] To what extent do federal, state, and city governments supplement their general survivor benefits for employees in high-risk occupations?" [GAO-04-814, Jul. 15, 2004]

GAO Testimony: Congress Should Consider Revising the Government Pension Offset 'Loophole'

10 pages. "The Government Pension Offset (GPO) exemption was enacted in 1977 to equalize the treatment of workers covered by Social Security and those with government pensions not covered by Social Security. Congress asked GAO to [1] assess the extent to which individuals retiring from jobs not covered by Social Security may be transferring briefly to covered jobs in order to avoid the GPO, and [2] estimate the impact of such transfers on the Social Security Trust Fund....Considering the potential for abuse, our report presented options for revising the GPO exemption, such as changing the last-day provision to a longer minimum time period or using a proportional approach based on the number of working years spent in covered and noncovered employment for determining the extent to which the GPO applies." [GAO-03-498T, Feb. 27, 2003]

GAO Report: Governance Practices and Long-term Investment Strategies by State and Local Government Pension Plans Have Evolved Gradually as Plans Take On Increased Investment Risk

48 pages. "Reported unfunded liabilities for these plans are estimated in the hundreds of billions of dollars.... Plans have devised various approaches to attempt to address governance, investment, and funding challenges. These include pooling assets to pursue lower fees and higher quality managers, consolidating the governance structures of multiple plans to improve accountability and transparency, and issuing pension obligation bonds to overcome funding shortfalls." [GAO-10-754, published Aug. 20, 2010, released Sept. 20, 2010]

GAO Report: DOL Oversight and Thrift Savings Plan Accountability

22 pages. "To strengthen DOL oversight and to increase accountability of the TSP Board, Congress should consider amending FERSA to require DOL to establish a formal process by which the Secretary of Labor can report to the Congress issues of critical concern associated with the actions of the Executive Director and TSP Board members." [GAO-03-400, published Apr. 23, 2003, released May. 15, 2003]