Priving Sector Pensions: Federal Agencies Should Collect Data and Coordinate Oversight of Multiple Employer Plans |
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| Author:
| U.S. Government Accountability Office, |
| ISBN: | 978-1-4921-0746-0 |
| Publication Date: | Aug 2013 |
| Publisher: | CreateSpace Independent Publishing Platform
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| Book Format: | Paperback |
| List Price: | USD $15.99 |
Book Description:
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Under Title I of the Employee Retirement Income Security Act of 1974 (ERISA), employers are permitted to sponsor two broad categories of pension plans. They are (1) defined benefit plans-in which employers generally maintain a fund to provide a fixed level of monthly retirement income based on a formula specified in the plan-or (2) defined contribution plans-in which retirement income is based on employer and employee contributions and the performance of investments in individual...
More DescriptionUnder Title I of the Employee Retirement Income Security Act of 1974 (ERISA), employers are permitted to sponsor two broad categories of pension plans. They are (1) defined benefit plans-in which employers generally maintain a fund to provide a fixed level of monthly retirement income based on a formula specified in the plan-or (2) defined contribution plans-in which retirement income is based on employer and employee contributions and the performance of investments in individual employee accounts. 6 These experts included a representative of a pension consumer rights organization; a representative of a nonprofit, nonpartisan, retirement research organization; representatives of a private law firm specializing in employee benefits; representatives of a membership organization dedicated to retirement plan professionals; and the author of a book and journal article on multiple employer benefit arrangements. A MEP may be a defined benefit plan or a defined contribution plan.