Pension Plans: Possible Effects of Requiring Employers To Make Contributions Sooner

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Report Type	Reports and Testimonies
Report Date	Oct. 30, 1987
Report No.	HRD-88-28
Subject	Administrative costs Fringe benefit costs Insurance premiums Pension plan cost control Retirement benefits Pensions PBGC Single Employer Pension Insurance Program

Summary:

In response to a congressional request, GAO determined the effects of the administration's proposal to change the timing of employers' contributions to their single-employer pension benefit plans.

GAO found that: (1) 64 percent of the 6,100 employers would have to change their contribution practices to meet the proposed requirements; (2) 50 percent said that the proposal would have a negative effect on their business; (3) the most frequently cited concern was that the proposal would increase administrative costs and require changes in cash management; and (4) 70 percent of the plans were overfunded by 10 percent or more, the level of funding the administration suggested was adequate to provide security for participants and the insurance program in case of plan termination.

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Pension Plans: Possible Effects of Requiring Employers To Make Contributions Sooner