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HRD-77-7 1 (1976-10-21)

handle is hein.gao/gaobaaccj0001 and id is 1 raw text is: CPMPTrROLLER GENERAL. OF THE UNITED SrATSfI//i~lIIlIII~~lIfIIIIII - ~~~~ WASHIGTON. D.C- ZOU tqjj4 RESTRECTI.0 - re .. B-164292 Akcount'ng Ofc c_ ... -OCT 2 1197- by the Office of appaQX1 The Honorable Alan Steelman House of Representatives ( Dear Mr. Steelman: ,. In-response to your July 16, 1975, request, we reviewed the Department of Labor's practices and procedures for responding to public inquiries on pension plan requirements imposed by the Employee Retirement 'ncome Security Act of 1974 (29 U.S.C. 1001). We also compared the actual and approved staffing levels for the Department's pension activities. You said a number of business firms maintaining pension plans were concerned that the Department was apparently reluc- tant and slow to respond to their inquiries with sufficient information for them to assess the impact on their ongoing pension plans of certain of the act's provisions. You asked us to. find out --whether there have been any significant delays by the Department in responding to inquiries received from employers on the act's requirements, and --to what extent the Department has staffed its pension activity with respect to approved staffing levels. The Employee Retirement Income Security Act is designed to protect the interests of workers who are participants and bene- ficiaries of private employee benefit plans. At the end of 1975, about 30 million employees were covered by about 500,000 pension plans sponsored by private corporations and 400,000 pension plans for the self-employed. In addition, there were an estimated 1 million employee welfare benefit plans. The Department is primarily responsible for insuring compliance with the act's fiduciary, reporting, and disclosure standards. Those responsi- bilities are carried out by the Office of Employee Benefits Security, established for this-purpose in December 1974. Our review was performed at the Office's national office headquarters in Washington, D.C., because the national office is responsible for responding to inquiries requiring interpre- tational or policy considerations. The national office also controls the transfer and allocation of personnel. HRD-77-7

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