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HRD-93-34R 1 (1993-09-30)

handle is hein.gao/gaobackkl0001 and id is 1 raw text is: United States (3 O AC General Accounting Office Washington, D.C. 20548 Human Resources Division j Jj II l B-254775 150014 September 30, 1993 The Honorable Olena Berg Assistant Secretary for Pension and Welfare Benefits Administration Department of Labor Dear Ms. Berg: We are evaluating certain aspects of the Department of Labor's enforcement of the Employee Retirement Income Security Act of 1974 (ERISA). As part of our evaluation, we are reviewing the methods the Pension and Welfare Benefits Administration (PWBA) uses to target pension and welfare benefit plans for investigation of possible violations of ERISA's fiduciary requirements.' PWBA can improve its computer targeting. This correspondence discusses weaknesses in PWBA's procedures for testing computer targeting programs and suggests that multivariate analysis may be a more effective and efficient way to target plans for investigation. We also provide alternatives for your consideration. We are presenting our views on this matter at this time because PWBA is considering revising its computer targeting programs. Additional comments will be presented in our final report on ERISA enforcement. BACKGROUND Computer targeting is one of several methods that PWBA uses to select plans for investigation of possible ERISA violations. PWBA developed computer targeting as a substitute for manual review of financial and other information in plans' form 5500 series reports;2 it is not 'Fiduciary requirements concern how plans are to be operated in the best interest of participants. For example, they require that anyone with control over a plan act with care, skill, prudence, and diligence. 2Most pension and some welfare plans annually file with the Internal Revenue Service a form 5500, 5500-C, or 5500-R report which contains financial and other plan information. GAO/HRD-93-34R ERISA Targeting Oss Aeo I /50QI-

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