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Report On Reform Of The Federal Government S Pension Benefit Guarantee Program

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Report On Reform Of The Federal Government S Pension Benefit Guarantee Program

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Author : United States. Congress. House. Committee on Ways and Means. Subcommittee on Oversight
language : en
Publisher:
Release Date : 1993

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 has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Business & Economics categories.

Administration S Proposals To Reform The Federal Government S Pension Benefit Guarantee Program

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Author : U. S. Committee On Ways And Means
language : en
Publisher: Forgotten Books
Release Date : 2018-02-28

Administration S Proposals To Reform The Federal Government S Pension Benefit Guarantee Program written by U. S. Committee On Ways And Means and has been published by Forgotten Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-02-28 with Reference categories.

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.

Administration S Proposals To Reform The Federal Government S Pension Benefit Guarantee Program

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 has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Business & Economics categories.

Pension Benefit Guaranty Corporation

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Author : David Michael Walker
language : en
Publisher:
Release Date : 2005

Pension Benefit Guaranty Corporation written by David Michael Walker and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Pension Benefit Guaranty Corporation

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Author : U S Government Accountability Office (G
language : en
Publisher: BiblioGov
Release Date : 2013-06

Pension Benefit Guaranty Corporation written by U S Government Accountability Office (G and has been published by BiblioGov this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06 with categories.

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.

Can The Pension Benefit Guaranty Corporation Be Restored To Financial Health

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Author :
language : en
Publisher:
Release Date : 2004

Can The Pension Benefit Guaranty Corporation Be Restored To Financial Health written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

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.

Administration S Proposals To Reform The Federal Government S Pension Benefit Guarantee Program

Pension Reform And The Development Of Pension Systems

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Author : Emily S. Andrews
language : en
Publisher: World Bank Publications
Release Date : 2006

Pension Reform And The Development Of Pension Systems written by Emily S. Andrews and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Business & Economics categories.

"Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."

Restructuring Retirement Risks

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Author : David Blitzstein
language : en
Publisher: OUP Oxford
Release Date : 2006-08-03

Restructuring Retirement Risks written by David Blitzstein and has been published by OUP Oxford this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-08-03 with Business & Economics categories.

This book posits that retirement security is the central policy concern of our time. A generation of 'Baby Boomers' is on the verge of retirement, yet pension systems confront crushing challenges, and governments often appear confused about which direction they should move in.Contributors to this volume clarify the discussion by addressing the question: 'What are the new risks and rewards in pensions, and what paths can stakeholders chose to solve these problems?'. The chapters set their sights on employees' needs and expectations, employers' intentions and realizations, and policymakers' efforts to resolve the many challenges. Despite the fact that retirement systems face deep stresses exacerbated by volatile capital markets, poor corporate earning streams, weakmacroeconomic performance, and international turmoil, nevertheless, contributors in this volume show courage and creativity in plotting the course over uneven terrain.In the book, three aspects of the evolution of risk and reward-sharing in retirement are evaluated, to offer guidance to pension fiduciaries, plan participants, and policymakers. First, it formulates new perspectives for assessing retirement risks and rewards. Second, it evaluates efforts to insure retirement plans. Third, it proposes several new strategies for managing retirement system risk. The volume represents an invaluable addition to the Pension Research Council/Oxford University Pressseries. It will be especially useful for managers working toward more efficient pension plans; to scholars and policymakers seeking to maximize pension design effectiveness; and to actuaries and tax specialists concerned with pension regulation.The Pension Research Council at the Wharton School of the University of Pennsylvania was founded 50 years ago to encourage research and teaching on pensions and retirement security. Council projects address the long-term issues that underlie contemporary concerns and seek to broaden public understanding of these complex arrangements through research into their social, economic, legal, actuarial, and financial foundations of privately and publicly-provided benefits.

Assessing Chile S Pension System Challenges And Reform Options

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Author : Samuel Pienknagura
language : en
Publisher: International Monetary Fund
Release Date : 2021-09-10

Assessing Chile S Pension System Challenges And Reform Options written by Samuel Pienknagura and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-10 with Business & Economics categories.

Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Report On Reform Of The Federal Government S Pension Benefit Guarantee Program

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