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110489 1 (1979-09-27)

handle is hein.gao/gaobacupj0001 and id is 1 raw text is: REMARKS OF HARRY F. COFFMAN GROUP DIRECTOR, HUMAN RESOURCES DIVISION U.S. GENERAL ACCOUNTING OFFICE AT THE NATIONAL SYMPOSIUM ON PUBLIC RETIREMENT SYSTEMS SEPTEMBER 27, 1979 I am pleased to be here today to discuss with you the recently issued General Accounting Office report entitled Funding of State and Local Government Pension Plans: A National Problem. My remarks today will center around why the General Accounting Office undertook this study; how we carried out the study; and a summary of the study results, conclusions and recommendation. WHY THE GENERAL ACCOUNTING OFFICE UNDERTOOK A1STUDY OF THE FUNDING OF STATE AND LOCAL GOVERNMENT RETIREMENT SYSTEMS The origin of this study evolved from a June 1976.request of the then Senate Committee on Labor and Public Welfare that GAG conduct a series of case studies of fiduciary standards of public employee pension systems maintained by State and local governments. The studies were to assist the Committee in meeting its responsibilities under section 33 of th Employee.Retirement Income Security Act of .1974 (ERISA). ERISA mandated that the congressional committees involved in the promulgation of the act study public employee pension systems. From November 1976 through February 1977, GAO issued a series of seven reports in response to the Committee request. Each report presented case studies of a State and a local government-sponsored employee retirement plan. The plans

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