United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 2002-04-09 monographic deposited born digital 52 p. GA 1.13:GAO-02-225 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-02-225 P0b002ee180378785 f:d02225 DGPO 2010-08-12 2011-03-28 GAOREPORTS-GAO-02-225 machine generated eng fdlp REPORT GAOREPORTS-GAO-02-225 GAO-02-225 Employee benefit plans Federal social security programs Income maintenance programs Retirement pensions Employee retirement plans Medicare Program Social Security Program Supplemental Security Income Program Earned Income Tax Credit Other Written Product A02893 Private pensions help assure that workers receive adequate incomes in retirement by supplementing Social Security. Although an important source of retirement income for many workers, millions of others have no individual pension coverage. Since the 1970s, only half of the nation's workers have been covered by private employer sponsored pensions, and currently, only 52 percent of retirees receive pension income. Traditional reforms to the voluntary, single-employer-based pension system have limited potential to expand pension coverage and improve benefits for workers who traditionally lack pensions. Reforms have focused mainly on improving tax incentives and reducing the burden of pension regulation on small employers. Many proposals attempt to affect pension coverage and benefits by modifying the framework of rules governing pensions. However, the intended modifications of some pension rules may be counteracted by employers and workers responses. Further, efforts to increase retirement saving by restricting workers' ability to receive and use lump sum distributions could limit participation and contributions to the plans. Three categories of reform--pooled employer reforms, universal access reforms, and universal participation reforms are outside the voluntary, single-employer-private pension system. Pooled employer reforms increase the number of firms offering pension coverage through centralized third-party administration and increase employee pension portability. Universal access reforms increase retirement savings by providing an opportunity to save through a payroll based account without mandating an employer contribution. Universal participation reforms ensure coverage and retirement income for all workers by mandating pension availability and participation, similar to the existing Social Security system. https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-225/html/GAOREPORTS-GAO-02-225.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-02-225/pdf/GAOREPORTS-GAO-02-225.pdf GAO-02-225 https://www.govinfo.gov/app/details/GAOREPORTS-GAO-02-225 Other Written Product GAO-02-225; Private Pensions: Improving Worker Coverage and Benefits; Employee benefit plans Federal social security programs Income maintenance programs Retirement pensions Employee retirement plans Medicare Program Social Security Program Supplemental Security Income Program Earned Income Tax Credit