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Pension Plans: Hidden Liabilities Increase Claims Against Government Insurance Program

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Report Type Reports and Testimonies
Report Date Dec. 30, 1992
Report No. HRD-93-7
Subject
Summary:

The federal government's exposure to unfunded liabilities in private pension plans is much larger than the plans have indicated on their annual reports to the Internal Revenue Service. When a pension plan terminates with insufficient assets, the Pension Benefit Guaranty Corporation (PBGC) is likely to absorb unfunded liabilities considerably greater than the plan reported. PBGC has few tools to control its exposure from hidden liabilities. Plan sponsors with financial difficulties know that PBGC will protect the guaranteed pensions of their workers no matter how large the unfunded liabilities in their plans. Financially troubled sponsors sometimes take actions that increase the burden on PBGC, such as raising benefits in lieu of increasing wages or failing to contribute to their plans. Although PBGC could benefit from additional tools to control its hidden liabilities, such tools impose costs on plan participants, plan sponsors, or the federal government.

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