Multiemployer Pension Plan Data Are Inaccurate and Incomplete

GAO examined the adequacy of the data reported annually to the Internal Revenue Service (IRS) and the Pension Benefit Guaranty Corporation (PBGC) on multiemployer plans.

Accurate and complete data are necessary to effectively administer and enforce the Employee Retirement Income Security Act. Neither the IRS nor the PBGC files individually or collectively identify accurately the number of plans or provide accurate information for determining whether those identified are reporting as required. Further, the annual report data contained in the files for a large number of plans were incomplete, reports did not contain a substantial amount of the information necessary, and data were often missing or inaccurate. In a previous report, GAO pointed out that the same conditions generally existed for all types of pension plans. IRS has taken some actions to improve the identification of plans not reporting as required and has restarted its program to obtain reports from plans not filing them. In addition, PBGC has taken some action and planned to do more to improve premium collection. However, both IRS and PBGC need to continue data improvement efforts and need to implement recommendations which GAO made in its earlier report.