Better Management Of Private Pension Plan Data Can Reduce Costs And Improve Erisa Administration V. HRD-82-12

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HRD-82-12 1 (1981-10-19)

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REPORT BY THE

Comptroller General

OF THE UNITED STATES

Better Management Of Private Pension

Plan Data Can Reduce Costs And

Improve ERISA Administration

The Employee Retirement Income Security Act
requires private pension plans to report information
to the Department of Labor, the Internal Revenue
Service, and the Pension Benefit Guaranty Corpora-
tion, the agencies responsible for administering and
enforcing the act. However, there is no assurance
that all plans are reporting as required and that all
insured plans are paying premiums. When plans do
report, data are often missing or inaccurate. Efforts
to correct the situation have been ineffective and
duplicative. Certain reports are seldom used.

Although actions have been taken, and more are
planned, to improve information reporting and ac-
curacy, these actions will not fully resolve the
problems GAO identified. Therefore, GAO recom-
mends that the Congress, the Departments of
Labor and the Treasury, and the Pension Benefit
Guaranty Corporation reduce reporting require-
ments, assure the collection of insurance premiums,
and improve efforts to obtain accurate and com-
plete data.

41COUN HRD-82-12
OCTOBER 19, 1981