Allocation of an Air Force Contractor's Pension Fund Assets May be Inequitable.

Abstract

During our review of contractor's compliance with cost accounting standards relating to pension costs, we found that the pension plan for Pan American World Airways, Inc. (Pan Am), had experienced significant actuarial gains from unanticipated job terminations of employees working on an Air Force contract. At the time of our fieldwork in 1979, Pan Am had initiated actions to establish separate pension plans which would ensure that the Government received proper credit for these termination gains. However, as of July 1981, these actions had not been completed and it appears that the method proposed by Pan Am for allocating pension plan assets may not be equitable to the Government. We believe that you should act to ensure that the pension plan established for employees working on Government projects receives an equitable share of assets. (Author)

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Document Details

Document Type
Technical Report
Publication Date
Sep 23, 1981
Accession Number
ADA107375

Entities

Organizations

  • United States Government Accountability Office

Tags

Communities of Interest

  • Human Systems
  • Weapons Technologies

DTIC Thesaurus Topics

  • Accounting
  • Air Force
  • Air Force Facilities
  • Business Administration
  • Contractors
  • Contracts
  • Employment
  • Governments
  • Management Personnel
  • Organizational Structure
  • Personnel Management
  • Standards
  • Tracking Stations
  • United States

Readers

  • Aerospace logistics and air mobility.
  • Government Contracting/Procurement.
  • Reinforced Composite Materials