The General Accountability Office hopes to publish a report on cash balance plans before lawmakers complete work on a pension package being debated in Congress, which is expected in autumn. The report, requested by Sen. Tom Harkin, D-Iowa, and Reps. George Miller, D-Calif., and Bernie Sanders, I-Vt., is examining the "transition" benefits offered by employers to middle-age and older workers when sponsors convert from a traditional defined benefit plan to a hybrid, cash balance plan, said Charles Jeszeck, assistant director at the GAO, who is working on the report.
Mr. Jeszeck has also developed a mathematical model to look at different benefit scenarios under traditional and cash balance plans.
