About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

HRD-93-9R 1 (1992-12-03)

handle is hein.gao/gaobackfd0001 and id is 1 raw text is: United States GAO General Accounting Office Washington, D.C. 20548 Human Resources Division B-249661 December 3, 1992liIlllllI 148293 The Honorable Edward R. Roybal Chairman, Select Committee on Aging House of Representatives Dear Mr. Chairman: This letter responds to your request for information on the pension-funding practices of state and local governments. We first addressed this issue in 1979 when we reported to the Congress that because billions of dollars in unfunded liabilities had accumulated in state and local government pension plans, these governments were threatened with severe future financial difficulties.' On October 2, 1992, we briefed you on the preliminary results of our recent work and reported that even after a long period of favorable earnings on their investments, many state and local pension plans remain underfunded. As you requested, we are providing additional details at this time. You were specifically concerned about the extent to which (1) state and local governments have failed to make appropriate contributions to their pension plans, (2) actuarial assumptions or funding methods have been changed in order to lower state and local governments' required contributions to their pension plans, or (3) these governments have used pension funds to pay government operating expenses. Our work shows that * pension plan contributions by some state and local governments frequently fall short of actuarially required amounts, * in some instances, actuarial assumptions have been changed to lower required plan contributions, and 'Funding of State and Local Government Pension Plans: A National Problem (HRD-79-66, Aug. 30, 1979) and related testimony, The Funding of State and Local Government Pension Plans and the Need to Closely Monitor Such Plans (Sept. 30, 1980). GAO/HRD-93-9R, Underfunded State and Local Pensions Plans

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most