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089646 1 (1975-12-10)

handle is hein.gao/gaobacvrv0001 and id is 1 raw text is: 1ou~. December 10, 1975 Lt. General W. L. Creech, USAF Commander, Electronics Systems Division Hanscom Air Force Base Bedford, Massachusetts 01730 Dear General Creech: The General Accounting Office recently completed a survey of pension costs at MITRE Corporation, Bedford, Massachusetts. The survey was made to determine the reasonableness of pension plan costs charged to Government contracts. Previously, we briefed your Contract Management Office and MITRE officials on the tentative results of our work. We are now reporting our findings and conclusions for your consideration. BACKGEDUND Contracts with MITRE are awarded and administered by the Elec- tronic Systems Division of the Air Force Systems Command. The Ad- ministrative Contracting Officer (ACO) in the Contract Management Office is responsible for evaluating pension costs to determine compliance with the Armed Services Procurement Regulation. The ACO relies upon the Defense Contract Audit Agency (DCAA) for assist- ance in evaluating pension costs. MITRE has two pension plans--a Trusteed Plan for its weekly salaried employees and the Teachers Insurance and Annuity Associa- tion and College Retirement Equities Fund (TIAA-CREF) for its mnthly salaried employees. FINDINGS In summary, we noted that: --the benefits and related cost under the TIAA-CREF plan are high when compared to other plans, 0 8769V4 UNITED STATES GENERAL ACCOUNTING OFFICE REGIONAL OFFICE ROOM 1903 JOHN F. KENNEDY FEDERAL BUILDING GOVERNMENT CENTER BOSTON, MASSACHUSETTs 02203 0 gq 696

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