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HRD-79-66 1 (1979-08-30)

handle is hein.gao/gaobaazpu0001 and id is 1 raw text is: LM110257 BY THE COMPTROLLER' GENERAL Report To The Congress OF THE UNITED STATES Funding Of State And Local Government Pension Plans: A National Problem Many State and local government pension plans are not funded on a sound actuarial basis because they are not setting aside suffi- cient funds to provide for estimated future benefits. Billions of dollars in unfunded liabilities have accumulated, and unless reme- dial steps are taken, these liabilities will increase. GAO reviewed 72 State and local govern- ment pension plans. Of these, 53 did not receive large enough contributions to satisfy the funding standard imposed on private plans by the Employee Retirement Income Security Act of 1974. To meet the standard of the act, which specifically excluded State and local government plans pending further study, many of the plans would have to increase annual contributions by more than 100 percent. Sound funding of the plans is a national problem which may eventually require con- gressional action. The Congress should close- ly monitor actions taken by State and local governments to improve their plan funding to determine whether congressional action may be necessary and, if so, at what point. 006400 HRD-796 AUGUST 30, 1979

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