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FPCD-77-48 1 (1977-08-03)

handle is hein.gao/gaobaacpa0001 and id is 1 raw text is: DOCUMENT RESUM? 03168 - [A21732861 Federal Retirement Systems: Unrecognized Costs, Inadequate Funding, Inconsistent Benefits, FPCD-77-48; B-179810. August 3, 1977. 33 pp. + 16 appendices (41 pp.). Report to the Congress; by Elmer B. Staats, Comptroller General. Issue Area: Personnel Management and Compensation (300); Personnel Management and Compensation: Compensation (305). Contact: Federal Personnel and Compensation Div. Bddget Function: Income Security: Federal Employee Retirement and Disability (602). Organization Concerned: Administrative Office of the United States Courts; Civil Service Commission; Department of Defense; Department of State; Federal Reserve System; Tennessee Valley Authority; United States Tax Court. Congressional Relevance: House Committee on Aried Services; Senate Committee on Armed Services: Congress. Authority: Employee Retirement Inccme Security Act of 1974 (88 Stat. 829). (P.1. 94-350; 90 Stat. 823).. tP.L. 94-554; 90 Stat. 2611). (P.L. 91-93; 83 Stat. 136). OMB Circular A-76. The cost and liabilities of Federal retirement programs are much greater than recognized by current costing, and funling procedures. Findings/Conclusions: In 1976, seven of the Government's retirement systems paid over $15.6 billion to retirees and the survivors of decease3 employees and retrees--an increase of $10 billion since 1970. The systems also reported liabilit s exceeding $320 billion for which less than t44 billion had been set aside ia Federal trust funds. Federal retirement systems' funding requirements vary, but in most cases are less stringent than those imposed by law on rrivate pension plans. ,sually, little or no consideration is given to the effect of future general pay increases and annuity adjustments an ultimate benefit payments, resulting in considerable understatement of benefit costs accruing each year. Recommendations: The Congress should enact legislation requiring that the full cost of Federal retirement systems be recognized and funded and that the difference between currently accruing cost and employee contributions be charged to agency operations. In addition, Congress sbould establish an overall Federal retirement policy to guide retirement system development. Centralization of committee jurisdiction over all rederal employee retirement systems would facilitate the establishment and implementation of such a policy. (Author/SC)

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