Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Private Pensions: Protections for Retirees' Insurance Annuities Can Be Strengthened

  Premium   Download PDF Now (78 pages)
Report Type Reports and Testimonies
Report Date March 31, 1993
Report No. HRD-93-29
Subject
Summary:

Insurance regulators seized control of several large life insurance companies in 1991 because of solvency problems. These events have raised concerns about the adequacy of protection for the 3 million to 4 million retirees and beneficiaries receiving annuities. In the wake of the seizure of the Executive Life Insurance Company, for example, 44,000 retirees received only 70 percent of their monthly annuities for more than a year. This report assesses (1) state guarantee coverage of insurance annuities received by retirees from private pension plans and (2) federal regulation and oversight of the selection of private pension plans of insurers to provide annuity benefits. GAO also discusses options to improve protection for retirees' insurance annuities.

« Return to search Government Accountability Office reports