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 for the Department of Labor, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation, 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 accuracy, these actions will not fully resolve the problems GAO identified. Therefore, GAO recommends that the Congress, the Departments of Labor and the Treasury, and the Pension Benefit Guaranty Corporation reduce reporting requirements, assure the collection of insurance premiums, and improve efforts to obtain accurate and complete data. Author