United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Health, Education, and Human Services Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1994-10-05 monographic deposited born digital GA 1.13:HEHS-95-5 https://www.govinfo.gov/app/details/GAOREPORTS-HEHS-95-5 P0b002ee18039e279 f:he95005 DGPO 2010-08-12 2011-03-23 GAOREPORTS-HEHS-95-5 machine generated eng fdlp REPORT GAOREPORTS-HEHS-95-5 HEHS-95-5 Pension plan cost control Employee benefit plans Financial institutions Offsetting collections Retirement pensions Liability (legal) Funds management Financial management systems Proposed legislation Pension Fund Improvement Act of 1993 Retirement Protection Act of 1993 GAO High Risk Program Letter Report HEHS In 1990, GAO flagged 17 federal programs areas as "high risk," including the Pension Benefit Guaranty Corporation (PBGC), which is plagued by a large and growing deficit and a large exposure to potential claims from underfunded plans. PBGC recently reported that underfunding in the single-employer defined-benefit plans it insures grew from $38 billion in 1991 to $53 billion in 1992--this despite more stringent funding requirements that the Pension Protection Act mandated for underfunded plans in 1987. GAO concludes that the current funding rules for underfunded plans are not working well. Despite the act's intent that funding in underfunding plans be improved, most sponsors of underfunded plans made no additional contributions to reduce underfunding in 1990. This is partly due to an unanticipated design flaw that yields offsets that are too large for many plans. In addition to describing the act's weaknesses in reducing underfunding, this report describes the potential impact of the proposed Pension Funding Improvement Act of 1993 and the Administration's proposed Retirement Protection Act of 1993 on improving plan funding. https://www.govinfo.gov/content/pkg/GAOREPORTS-HEHS-95-5/html/GAOREPORTS-HEHS-95-5.htm GAO/HEHS-95-5 https://www.govinfo.gov/app/details/GAOREPORTS-HEHS-95-5 Letter Report GAO/HEHS-95-5; Private Pensions: Funding Rule Change Needed to Reduce PBGC's Multibillion Dollar Exposure; Pension plan cost control Employee benefit plans Financial institutions Offsetting collections Retirement pensions Liability (legal) Funds management Financial management systems Proposed legislation Pension Fund Improvement Act of 1993 Retirement Protection Act of 1993 GAO High Risk Program