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HRD-79-56 1 (1979-04-16)

handle is hein.gao/gaobaayyu0001 and id is 1 raw text is: I 0q qq BY THE C M'PTROLLER GENERAL ,qq Report To The Congress OF THE UNITED STATES Effects Of The Employee Retirement Income Security Act On Pension Plans With Fewer Than 100 Participants This report discusses effects of the Employee Retirement Income Security Act on about 471,000 pension plans of all types with fewer than 100 participants as of mid-1977. GAO estimates that about 18 percent of the plans terminated and 82 percent continued. The act was a major factor in the decision to terminate about 41 percent of the plans. Of these, many did not meet the act's minimum participation and vesting standards. Of the plans that continued, 89 percent had to be revised to comply with the act's employee protection requirements. Employers spent over $500 million in admin- istrative costs resulting from the act. How- ever, about 67 percent of these costs were one-time costs for revising the plans to meet the act's requirements; about 33 percent were increased annual administrative costs. Most sponsors considered these costs to be mod- erate or less though many considered the costs to be substantial. The plan revisions and changes in administra- tive procedures should help assure that mil- lions of American workers covered by private pension plans receive benefits. ,.F 1 109099 0o V10 HR D-79-56 U t APRIL 16, 1979

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