About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

GAO-11-533R 1 (2011-05-12)

handle is hein.gao/gaobaanxy0001 and id is 1 raw text is: GA 0 A o bintabity I integrity I Rehability United States Government Accountability Office Washington, DC 20548 May 12, 2011 The Honorable Sander Levin Ranking Member Committee on Ways and Means House of Representatives The Honorable Richard Neal Ranking Member Subcommittee on Select Revenue Measures Committee on Ways and Means House of Representatives The Honorable Lloyd Doggett Member Committee on Ways and Means House of Representatives Subject: Private Pensions: Little Information Available on Qualified Supplemental Executive Retirement Plans On March 28, 2011, we briefed your staffs on the results of our work. This report formally conveys the information provided at that briefing. To raise private savings for workers' retirement, federal law provides tax incentives for contributions to pension plans. Company sponsors of private defined benefit (DB) pension plans can claim a tax deduction for their contribution amount to a tax-qualified pension plan, and employees' taxes on contributions and investment earnings are deferred until they retire and start receiving benefit payments.' In fiscal year 2011, tax expenditures for DB pension plans will total almost $52 billion in estimated federal income tax revenue losses according to the Joint Committee on Taxation.2 These tax incentives are structured to strike a balance between 'A DB plan is a qualified plan where the plan sponsor provides a guaranteed benefit generally expressed as a monthly benefit based on a formula that generally combines salary and years of service to the company. 2This estimate reflects tax laws in effect through December 15, 2010. The tax expenditure is measured as the income tax revenue that the government does not currently collect on contributions and earnings amounts, offset by the taxes paid on pensions by those who are currently receiving retirement benefits. GAO-11-533R Qualified Executive Pensions

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most