**GAO-08-890T**                      Published: Jun 26, 2008. Publicly Released: Jun 26, 2008.                  

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## Highlights

Congress created individual retirement accounts (IRAs) with two goals: (1) to provide a retirement savings vehicle for workers without employer-sponsored retirement plans, and (2) to preserve individuals' savings in employer-sponsored retirement plans when they change jobs or retire. Questions remain about IRAs' effectiveness as a vehicle to facilitate new, or additional, retirement savings. GAO was asked to report on (1) the role of IRAs in retirement savings, (2) the prevalence of employer-sponsored and payroll-deduction IRAs and barriers discouraging employers from offering these IRAs, and (3) changes that are needed to improve IRA information and oversight. GAO reviewed published reports from government and financial industry sources and interviewed retirement and savings experts, small business representatives, IRA providers, and federal agency officials.

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## Topics

Retirement Security

401(k) plansAssetsCost analysisEmployee incentivesEmployee retirement plansEmployeesFinancial management systemsGovernment employeesGovernment retirement benefitsIncome statisticsIndividual retirement accountsPensionsPerformance appraisalReporting requirementsRetirementRetirement benefitsRetirement incomeGovernment agency oversight