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FPCD-79-49 1 (1979-04-11)

handle is hein.gao/gaobaayyl0001 and id is 1 raw text is: )0q013 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. D.C. 9054 B-179810 APRIL 11, 1979 The Honorable Edmund S. Muskie Chairman, Committee on Budget _,)D United States Senate S Ou iiii09083iiiiiiiiiiiii 109083 Dear Mr. Chairman: Last year, the Congress topk certain legislative actions to express its conce ' r the significant and growing financial liabili f Federal retirement sys- tems. On June 26, 1978, Senate adopted a resolution (S. Res. 244) _qiri the Secretary of the Treasurl conduct a complete study of certain Federal a .__D 1ct oT--C--*bia-retre-meE programs to determine their fi- nancing methods, the extent of their un un ed liabilities, a ny actions necessary to itnsure their solve-cy. In dIlL in, 1 i l0i n tio s- enract&lted-W Lzw-9 595, November 4, 1978), which subjected pension plans estab- lished or maintained by the Federal Government, its agen- cies and instrumentalities, to annual financial reporting requirements similar to those applicable to private pen- sion plans under the Employee Retirement Income Security Act of 1974. The General Accounting Office fully s portyl .hese actions. As you may know, we haveW e q i 4 f - ports since 1974 on Federal retireme ErM .Certain o these reports 1'have stressed the reed for recogni- .tion and f-mdLAg of the ful cost of retirement benefits for tAe Federal work forcei We reported that the Congress is not being provided realistic an consitent information on the costs ot Fed- eral retirement programs and, as a consequence, its abii- ity to make sound fiscal andlegislative decisions on l/Federal Retirement Systems: Unrecognized Costs, Inad- equate Funding, Inconsistent Benefits (FPCD-77-48, August 3, 1977). Need for Overall Policy and Coordinated Management of Federal Retirement Systems (FPCD-78-49, December 29, 1978). 6262CD-79-49

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