Can the Pension Benefit Guaranty Corporation Be Restored to Financial Health?

In 2003, the Bush administration made a proposal for reform to strengthen pension plan funding and the financial condition of the Pension Benefit Guaranty Corporation (PBGC). Various bills with the goal of reforming the PBGC were proposed in the 108th Congress but none were enacted into law. The doubling of the PBGC deficit from fiscal 2003 to fiscal 2004, has heightened awareness about the PBGC deficit situation. Congressional leaders from both parties have announced their intention to move aggressively on legislative solutions in the 109th Congress

Social Security Reform

President Bush has highlighted Social Security reform as a top priority during his second term. The President has not presented a detailed plan for reform. Rather, he has put forth guidelines for Congress to consider in the development of legislation to create personal accounts within a program in need of “wise and effective reform.” The President has acknowledged that other changes would be needed to address the system’s projected long-range funding shortfall. In recent years, reform ideas have ranged from relatively minor changes to the current pay-as-you-go social insurance system to a redesigned program based on personal savings and investments modeled after IRAs and 401(k)s

Current Economic Conditions and Selected Forecasts

This report contains information regarding the Current Economic Conditions, Recent Macroeconomic Developments, Posture of Monetary and Fiscal Policy, Summary of Current Developments, Sources of GDP Growth, Economic Forecasts 2001, and Promotion of Economic Growth. The report also presents statistics regarding the Growth Rate of Real GDP v. Final Sales, Civilian Unemployment Rate, Rate of Change in the Consumer Price Index, Rate of Change in the GDP Deflators, Rate of Change in Labor Costs, U.S. Foreign Trade Deficit, Alternative Measures of Fiscal Policy, The Growth Rates of the Monetary Aggregates, etc

Compensatory Time vs. Cash Wages: Amending the Fair Labor Standards Act?

In the 108th Congress, two work hours flexibility bills have been introduced: S. 317 by Senator Gregg and H.R. 1119 by Representative Biggert. Both bills deal with a compensatory time off option (comp time) — though the Gregg proposal is somewhat broader, projecting other changes in the overtime provisions of the Fair Labor Standards Act (FLSA) as well. This report is limited to consideration of the issue of comp time

Retirement Savings and Household Wealth: A Summary of Recent Data

Pension analysts refer to Social Security, employer-sponsored retirement plans, and personal savings as the “three-legged stool ” of retirement income, but for some workers at least one of the legs is missing. Many workers fail to save adequately for retirement and many are not covered by an employer-sponsored retirement plan. Data from the Federal Reserve Board’s Survey of Consumer Finances (SCF) indicate that only 58 % of households with an employed head or spouse between the ages of 21 and 64 included at least one worker who participated in an employer-sponsored retirement plan in 2001. Most of them participated in savings and thrift plans, in which the worker must decide whether to contribute to the plan, and how to invest the funds. Only 25 % of households included at least one worker who was covered by a defined benefit pension plan that guarantees a fixed monthly payment for life. The Federal Reserve Board collects data on household assets and liabilities through its SCF. The most recent data from this survey were collected in 2001. According to the SCF, 47.8 million households with at least one worker between the ages of 21 and 64 — (63%) — owned one or more retirement accounts in 2001. A

Affirmative Action and Diversity in Public Education — Legal Developments

The first part of this report briefly reviews the judicial evolution of race-based affirmative action, particularly in relation to public education. Recent rulings challenging the use of racial admissions and hiring practices by public educational institutions are then considered for their implications on the future development of affirmative action law

The Individuals with Disabilities Education Act (IDEA): Comparison and Analysis of Selected Provisions in H.R. 1350 as Passed by the House and by the Senate, 108th Congress

CRS ReportCRSIDEACompare.pdf: 489 downloads, before Oct. 1, 2020

Social Security Programs Throughout the World: Asia and the Pacific, 2002

[Excerpt] This issue marks a significant change in Social Security Programs Throughout the World, which the Social Security Administration (SSA) first published 65 years ago. The report is now divided into a four-volume series and will be published in 6-month intervals. Each volume will be dedicated to one of four geographic regions: Europe, Asia and the Pacific, Africa, and the Americas

Social Security Programs Throughout the World: Asia and the Pacific, 2004

[Excerpt] This second issue in the current four-volume series of Social Security Programs Throughout the World reports on the countries of Asia and the Pacific. The combined findings of this series, which also includes volumes on Europe, Africa, and the Americas, are published at 6-month intervals over a 2-year period. Each volume highlights features of social security programs in the particular region