WorldWideScience

Sample records for defined benefit pension

  1. 29 CFR 2520.101-4 - Annual funding notice for multiemployer defined benefit pension plans.

    Science.gov (United States)

    2010-07-01

    ... pension plans. 2520.101-4 Section 2520.101-4 Labor Regulations Relating to Labor (Continued) EMPLOYEE... pension plans. (a) In general. (1) Except as provided in paragraph (a)(2) of this section, pursuant to section 101(f) of the Act, the administrator of a defined benefit, multiemployer pension plan shall...

  2. Distinguish between Defined-benefit and Defined-contribution Pension Schemes

    Institute of Scientific and Technical Information of China (English)

    LI Xiao-nan

    2015-01-01

    According to the data from IFSL (International Financial Services, London), Pension funds increased rapidly in recent year. Pension funds always have different ways to build up. One form always from the institutional investment and the funds will build up during the working life by the worker’s company and then workers use the funds as the retirement income during workers retired. Alternatively some employees invest in a fund of their choosing and the money can be used to buy an annuity to obtain the pension funds. For this form, one of the important forms of stock market investments of pension funds is shares and bonds.

  3. Optimal asset allocation for aggregated defined benefit pension funds with stochastic interest rates

    OpenAIRE

    Rincón-Zapatero, Juan Pablo; Josa-Fombellida, Ricardo

    2008-01-01

    In this paper we study the optimal management of an aggregated pension fund of defined benefit type, in the presence of a stochastic interest rate. We suppose that the sponsor can invest in a savings account, in a risky stock and in a bond with the aim of minimizing deviations of the unfunded actuarial liability from zero along a finite time horizon. We solve the problem by means of optimal stochastic control techniques and analyze the influence on the optimal solution of some of the paramete...

  4. Effects of Gainsharing Provisions on the Selection of a Discount Rate for a Defined Benefit Pension Plan

    Directory of Open Access Journals (Sweden)

    Robert J. Rietz

    2017-06-01

    Full Text Available This paper examines the effect of gainsharing provisions on the selection of a discount rate for a defined benefit pension plan. The paper uses a traditional actuarial approach of discounting liabilities using the expected return of the associated pension fund. A stochastic Excel model was developed to simulate the effect of varying investment returns on a pension fund with four asset classes. Lognormal distributions were fitted to historical returns of two of the asset classes; large company stocks and long-term government bonds. A third lognormal distribution was designed to represent the investment returns of alternative investments, such as real estate and private equity. The fourth asset class represented short term cash investments and that return was held constant. The following variables were analyzed to determine their relative impact of gainsharing on the selection of a discount rate: hurdle rate, percentage of gainsharing, actuarial asset method smoothing period, and variations in asset allocation. A 50% gainsharing feature can reduce the discount rate for a defined benefit pension plan from 0.5% to more than 2.5%, depending on the gainsharing design and asset allocation.

  5. The shift from defined benefit pensions to 401(k) plans and the pension assets of the baby boom cohort.

    Science.gov (United States)

    Poterba, James; Venti, Steven; Wise, David A

    2007-08-14

    The rise of 401(k) plans and the decline of defined benefit plans will have an important effect on the wealth of future retirees. Changing demographic structure also will affect the aggregate stock of retirement wealth. We project the stock of assets held in retirement plans and the average retirement saving of retirees through 2040. Our projections show large increases in wealth at retirement, especially if the returns on corporate equities are comparable with historical returns. Retirement wealth will grow, however, even if equity returns fall substantially below their historical level.

  6. Measuring and explaining implicit risk sharing in defined benefit pension funds

    NARCIS (Netherlands)

    Bikker, J.A.; Knaap, T.; Romp, W.E.

    2014-01-01

    This article investigates responses to changes in solvency by occupational pension funds using a unique panel data set containing the balance sheets of all registered pension funds in the Netherlands over a period of 13 years (1993-2005). A fixed discount rate for liabilities in the supervisory fram

  7. A Critical Evaluation of UK Defined Benefit Pension Schemes Asset Allocation

    OpenAIRE

    Antha, Evelina

    2010-01-01

    Following the economic crisis which resulted in uncertainty of trustees to meet pension obligations, institutional investors are becoming more conscious of investment risks. They risk getting less return than previously forecasted as a result of falling prices in the equity market. In turn to mitigate the risk, the investment strategy of the schemes has been greatly influenced. Pension schemes currently have a tendency to shift their investment strategy from return-seeking to a liability driv...

  8. PENSION FUND BENEFITS SERVICE

    CERN Document Server

    Benefits Service

    2002-01-01

    Please note that from now on, our offices will be opened to members and beneficiaries on Tuesday, Wednesday and Thursday from 10 to 12 a.m. and from 3 to 5 p.m. We are otherwise available but by appointment only. Benefits Service 5-1-030 tel. 79194 / 72738

  9. PENSION FUND BENEFITS SERVICE

    CERN Multimedia

    Benefits Service

    2002-01-01

    Please note that from now on, our offices (5-1-030) will be opened to members and beneficiaries on Tuesday, Wednesday and Thursday from 10 to 12 a.m. and from 3 to 5 p.m. We are otherwise available but by appointment only. Benefits Service (tel. 79194 / 72738)

  10. 20 CFR 1002.260 - What pension benefit plans are covered under USERRA?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false What pension benefit plans are covered under... REEMPLOYMENT RIGHTS ACT OF 1994 Reemployment Rights and Benefits Pension Plan Benefits § 1002.260 What pension...) defines an employee pension benefit plan as a plan that provides retirement income to employees, or defers...

  11. A Review of Asset Allocation of UK Defined Benefit Private Pension Schemes And The Factors Determining Asset Allocations.

    OpenAIRE

    Antha, Evelina

    2011-01-01

    Following the economic crisis which resulted in uncertainty of trustees to meet pension obligations, institutional investors are becoming more conscious of investment risks. They risk getting less return than previously forecasted, as a result of falling prices in the equity market. In turn, to mitigate the risk the investment strategy of the schemes has been greatly influenced. Pension schemes currently have a tendency to shift their investment strategy from return-seeking to a liability dri...

  12. University Benefits Survey. Part I (All Benefits Excluding Pensions).

    Science.gov (United States)

    University of Western Ontario, London.

    Results of a 1984 survey of benefits, excluding pensions, for 17 Ontario, Canada, universities are presented. Information is provided on the following areas: questions on general benefits, such as insurance plans, communication of benefits, proposed changes in benefits, provision of life and dismemberment insurance, and maternity leave policy;…

  13. University Benefits Survey. Part 1 (All Benefits Excluding Pensions).

    Science.gov (United States)

    University of Western Ontario, London.

    Results of a 1983 survey of benefits, excluding pensions, for 17 Ontario, Canada, universities are presented. Information is provided on the following areas: whether the university self-administers insurance plans, communication of benefits, proposed changes in benefits, provision of life and dismemberment insurance, maternity leave policy,…

  14. Model of managing pension assets of the defined contribution mandatory state pension system

    Directory of Open Access Journals (Sweden)

    Rudensky Roman A.

    2014-01-01

    Full Text Available Introduction of the defined contribution mandatory state pension system in Ukraine actualises the issue of efficient management of its pension assets. The goals of the article are development of theoretical and methodical provisions and development of the economic and mathematical model of management of pension assets of the defined contribution pension system on the basis of the fuzzy set approach. The necessity to refer to the theory of fuzzy sets when modelling this process is caused by, firstly, absence of rather complete consistent “a priori” information, secondly, uncertainty of flows of insurance contributions and pension payments and, thirdly, significant influence of the instable market environment upon investment processes. The proposed fuzzy set economic and mathematical model of the task of optimal management of pension assets of the defined contribution system is a target function of minimisation of the investment risk as the risk of insufficiency of net pension assets and system of restrictions that reflect restriction of the investment activity with pension assets of the defined contribution pension system, determined by the current pension legislation.

  15. 29 CFR 2510.3-2 - Employee pension benefit plan.

    Science.gov (United States)

    2010-07-01

    ... pension plan. (f) Tax sheltered annuities. For the purpose of title I of the Act and this chapter, a..., with regard to a retiree, the amount of pension benefits payable, in the form of the annuity chosen by... participant has commenced to receive his or her pension benefits in the form of a straight-life annuity,...

  16. 17 CFR 256.926 - Employee pensions and benefits.

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Employee pensions and benefits... UTILITY HOLDING COMPANY ACT OF 1935 2. Expense § 256.926 Employee pensions and benefits. This account shall include pensions paid to or on behalf of retired employees, or payments for the purchase of...

  17. 47 CFR 1.788 - Reports regarding pensions and benefits.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 1 2010-10-01 2010-10-01 false Reports regarding pensions and benefits. 1.788 Section 1.788 Telecommunication FEDERAL COMMUNICATIONS COMMISSION GENERAL PRACTICE AND PROCEDURE... Requests § 1.788 Reports regarding pensions and benefits. Carriers shall file reports regarding pensions...

  18. 20 CFR 1002.264 - Is the employee allowed to repay a previous distribution from a pension benefits plan upon being...

    Science.gov (United States)

    2010-04-01

    ... distribution from a pension benefits plan upon being reemployed? 1002.264 Section 1002.264 Employees' Benefits... and Benefits Pension Plan Benefits § 1002.264 Is the employee allowed to repay a previous distribution from a pension benefits plan upon being reemployed? Yes, provided the plan is a defined benefit plan...

  19. 22 CFR 19.9 - Pension benefits for former spouses.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Pension benefits for former spouses. 19.9 Section 19.9 Foreign Relations DEPARTMENT OF STATE PERSONNEL BENEFITS FOR SPOUSES AND FORMER SPOUSES OF PARTICIPANTS IN THE FOREIGN SERVICE RETIREMENT AND DISABILITY SYSTEM § 19.9 Pension benefits for former spouses....

  20. Optimization of the Actuarial Model of Defined Contribution Pension Plan

    Directory of Open Access Journals (Sweden)

    Yan Li

    2014-01-01

    Full Text Available The paper focuses on the actuarial models of defined contribution pension plan. Through assumptions and calculations, the expected replacement ratios of three different defined contribution pension plans are compared. Specially, more significant considerable factors are put forward in the further cost and risk analyses. In order to get an assessment of current status, the paper finds a relationship between the replacement ratio and the pension investment rate using econometrics method. Based on an appropriate investment rate of 6%, an expected replacement ratio of 20% is reached.

  1. Who Benefits from Pension Enhancements? Working Paper 76

    Science.gov (United States)

    Koedel, Cory; Ni, Shawn; Podgursky, Michael

    2012-01-01

    During the late 1990s public pension funds across the United States accrued large actuarial surpluses. The seemingly flush conditions of the pension funds led legislators in most states to substantially improve retirement benefits for public workers, including teachers. In this study we examine the benefit enhancements to the teacher pension…

  2. Which Teachers Choose a Defined Contribution Pension Plan? Evidence from the Florida Retirement System

    Science.gov (United States)

    Chingos, Matthew M.; West, Martin R.

    2015-01-01

    Since 2002, public school teachers in Florida have been permitted to choose between a defined benefit (DB) and a defined contribution (DC) retirement plan. We exploit this unique policy environment to study new teachers' revealed preferences over pension plan structures. Roughly 30 percent of teachers hired between 2003 and 2008 selected the DC…

  3. Optimal savings management for individuals with defined contribution pension plans

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2015-01-01

    The paper provides some guidelines to individuals with defined contribution (DC) pension plans on how to manage pension savings both before and after retirement. We argue that decisions regarding investment, annuity payments, and the size of death sum should not only depend on the individual’s age...... characterizing the individual. The problem is solved via a model that combines two optimization approaches: stochastic optimal control and multi-stage stochastic programming. The first method is common in financial and actuarial literature, but produces theoretical results. However, the latter, which...

  4. 77 FR 74515 - Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Charter Renewal

    Science.gov (United States)

    2012-12-14

    ... Benefits Security Administration Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of... Welfare and Pension Benefit Plans is renewed. The Advisory Council on Employee Welfare and Pension Benefit... person representing those receiving benefits from a pension plan); and there shall be one representative...

  5. 75 FR 80072 - Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Charter Renewal

    Science.gov (United States)

    2010-12-21

    ... Employee Benefits Security Administration Advisory Council on Employee Welfare and Pension Benefit Plans... Employee Welfare and Pension Benefit Plans is renewed. The Advisory Council on Employee Welfare and Pension... shall be a person representing those receiving benefits from a pension plan); and there shall be one...

  6. Moving from payg pensions to defined-contribution plan in the Russian Federation

    Directory of Open Access Journals (Sweden)

    Arnautova Yulia Valerievna

    2016-03-01

    Full Text Available This article is devoted to the moving from PAYG Pensions to Defined-Contribution Plan. The special aspects of this reorganization are analyzed. Pen-sion models of OECD countries are compared. Inability of the Defined-Contribution Plan in Russia is being proved. The present paper provides modern ways to improve the Defined-Contribution pension schemes.

  7. 76 FR 44047 - Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies

    Science.gov (United States)

    2011-07-22

    ... Benefits Security Administration Advisory Council on Employee Welfare and Pension Benefit Plans... Pension Benefit Plans (the Council), which is to consist of 15 members to be appointed by the Secretary of... receiving benefits from a pension plan). No more than eight members of the Council shall be members of the...

  8. 75 FR 45166 - Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies

    Science.gov (United States)

    2010-08-02

    ... Benefits Security Administration Advisory Council on Employee Welfare and Pension Benefit Plans... Pension Benefit Plans (the Council), which is to consist of 15 members to be appointed by the Secretary of... receiving benefits from a pension plan). No more than eight members of the Council shall be members of the...

  9. 20 CFR 1002.259 - How does USERRA protect an employee's pension benefits?

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false How does USERRA protect an employee's pension... REEMPLOYMENT RIGHTS ACT OF 1994 Reemployment Rights and Benefits Pension Plan Benefits § 1002.259 How does USERRA protect an employee's pension benefits? On reemployment, the employee is treated as not having a...

  10. Ontario Universities Benefits Survey, 1990-91: Part I, Benefits Excluding Pensions.

    Science.gov (United States)

    Council of Ontario Universities, Toronto.

    The report details, in tabular form, non-pension benefits offered by each of 17 Ontario universities. These include: supplementary health insurance; long term disability; sick leave entitlement; sick leave-benefits continuance; long term disability-benefits continuance; life insurance; survivor benefit; dental plan; post-retirement benefits;…

  11. 20 CFR 422.122 - Information on deferred vested pension benefits.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Information on deferred vested pension... PROCEDURES General Procedures § 422.122 Information on deferred vested pension benefits. (a) Claimants for... electronic pension benefit record. This record contains information received from IRS on individuals for whom...

  12. Ontario University Benefits Survey. Part I (All Benefits Excluding Pensions). December 1, 1979.

    Science.gov (United States)

    University of Western Ontario, London.

    Results of a survey of benefits (excluding pensions) provided by Ontario universities are presented. Responses are presented by university concerning the following aspects of general benefits: administration and insurance plans, communication of benefits, proposed changes in benefits, provision of life and dismemberment insurance, and maternity…

  13. Ontario Universities Benefits Survey, 1987-88. Part I: Benefits Excluding Pensions.

    Science.gov (United States)

    University of Western Ontario, London.

    Results of the 1987-1988 survey of benefits, excluding pensions, for 17 Ontario, Canada, universities are presented. Information is provided on the following areas: administration and insurance plans, communication of benefits, proposed changes in benefits, provision of life and dismemberment insurance, maternity leave policy, Ontario health…

  14. Evaluating the UK and Dutch defined benefit policies using the holistic balance sheet framework

    NARCIS (Netherlands)

    Chen, Z.; Pelsser, A.; Ponds, E.H.M.

    2014-01-01

    This paper compares the UK and Dutch occupational defined-benefit pension policies using the holistic balance sheet (HBS) framework. The UK DB pension system differs from the Dutch one in terms of the steering tools and adjustment mechanisms. In addition to the sponsor guarantee, the UK system has t

  15. 20 CFR 1002.266 - What are the obligations of a multiemployer pension benefit plan under USERRA?

    Science.gov (United States)

    2010-04-01

    ... pension benefit plan under USERRA? 1002.266 Section 1002.266 Employees' Benefits OFFICE OF THE ASSISTANT... SERVICES EMPLOYMENT AND REEMPLOYMENT RIGHTS ACT OF 1994 Reemployment Rights and Benefits Pension Plan Benefits § 1002.266 What are the obligations of a multiemployer pension benefit plan under USERRA? A...

  16. 20 CFR 1002.261 - Who is responsible for funding any plan obligation to provide the employee with pension benefits?

    Science.gov (United States)

    2010-04-01

    ... obligation to provide the employee with pension benefits? 1002.261 Section 1002.261 Employees' Benefits... and Benefits Pension Plan Benefits § 1002.261 Who is responsible for funding any plan obligation to provide the employee with pension benefits? With the exception of multiemployer plans, which have separate...

  17. 18 CFR 367.9260 - Account 926, Employee pensions and benefits.

    Science.gov (United States)

    2010-04-01

    ... pension funds or to insurance companies for pension purposes. (3) Group and life insurance premiums..., hospital, and death benefits, or insurance related to this account. Include, also, expenses incurred in... benefits or insurance. (6) Payments to employees incapacitated for service or on leave of absence...

  18. 77 FR 59420 - 164th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2012-09-27

    ... Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 164th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  19. 48 CFR 52.215-18 - Reversion or Adjustment of Plans for Postretirement Benefits (PRB) Other Than Pensions.

    Science.gov (United States)

    2010-10-01

    ... Plans for Postretirement Benefits (PRB) Other Than Pensions. 52.215-18 Section 52.215-18 Federal... Postretirement Benefits (PRB) Other Than Pensions. As prescribed in 15.408(j), insert the following clause: Reversion or Adjustment of Plans for Postretirement Benefits (PRB) Other Than Pensions (JUL 2005) (a)...

  20. 78 FR 8953 - Designation of Officers of the Pension Benefit Guaranty Corporation To Act as Director of the...

    Science.gov (United States)

    2013-02-06

    ... Documents#0;#0; ] Memorandum of February 1, 2013 Designation of Officers of the Pension Benefit Guaranty Corporation To Act as Director of the Pension Benefit Guaranty Corporation Memorandum for the Director of the Pension Benefit Guaranty Corporation By the authority vested in me as President by the Constitution and...

  1. 29 CFR 4.175 - Meeting requirements for health, welfare, and/or pension benefits.

    Science.gov (United States)

    2010-07-01

    ... fringe benefit determinations containing health and welfare and/or pension requirements specify a fixed... vacation pay. (2) A fringe benefit determination calling for a specified benefit such as health insurance... benefits provided. Therefore, in determining compliance with an applicable fringe benefit...

  2. How Will Teachers Fare in Rhode Island's New Hybrid Pension Plan? Public Pension Project Brief 4

    Science.gov (United States)

    Johnson, Richard W.; Butrica, Barbara A.; Haaga, Owen; Southgate, Benjamin G.

    2014-01-01

    Hybrid retirement plans that combine defined benefit pensions with 401(k) type, defined contribution accounts can play important roles in the reform of public-sector pensions. Summarizing results from our longer report ["How Will Rhode Island's New Hybrid Pension Plan Affect Teachers? A Report of the Public Pension Project" (2014)], this…

  3. 78 FR 24235 - 166th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2013-04-24

    ... Benefits Security Administration 166th Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be... following issues: (1) Locating Missing and Lost Participants, (2) Private Sector Pension De-risking and...

  4. When Can Insurers Offer Products That Dominate Delayed Old-Age Pension Benefit Claiming?

    NARCIS (Netherlands)

    Sanders, E.A.T.; De Waegenaere, A.M.B.; Nijman, T.E.

    2010-01-01

    It is common practice for public pension schemes to offer individuals the option to delay benefit claiming until after the normal retirement age and adjust the annual benefit level as a result. This adjustment is often not actuarially neutral with respect to the age at which benefits are claimed. Th

  5. Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2008-01-01

    Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching, Germany (near Munich) on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in...

  6. Mean-variance portfolio selection for defined-contribution pension funds with stochastic salary.

    Science.gov (United States)

    Zhang, Chubing

    2014-01-01

    This paper focuses on a continuous-time dynamic mean-variance portfolio selection problem of defined-contribution pension funds with stochastic salary, whose risk comes from both financial market and nonfinancial market. By constructing a special Riccati equation as a continuous (actually a viscosity) solution to the HJB equation, we obtain an explicit closed form solution for the optimal investment portfolio as well as the efficient frontier.

  7. Mean-Variance Portfolio Selection for Defined-Contribution Pension Funds with Stochastic Salary

    Directory of Open Access Journals (Sweden)

    Chubing Zhang

    2014-01-01

    Full Text Available This paper focuses on a continuous-time dynamic mean-variance portfolio selection problem of defined-contribution pension funds with stochastic salary, whose risk comes from both financial market and nonfinancial market. By constructing a special Riccati equation as a continuous (actually a viscosity solution to the HJB equation, we obtain an explicit closed form solution for the optimal investment portfolio as well as the efficient frontier.

  8. Pension fund

    CERN Multimedia

    Staff Association

    2014-01-01

    Letter sent on Monday 8 December 2014 to the delegates of the Member States to CERN Council An item on the agenda of the CERN Council of Thursday 11 December concerned the CERN Pension Fund, namely a discussion of a document that proposes how to respond to the many questions concerning pensions that had been submitted by thirteen Member State delegations. That document lists all these questions and proposes, as a first step, to consider the legal feasibility and the actuarial cost to transform our current defined-benefit pension scheme into a defined-contribution scheme. Once again, several delegates show their determination to worsen our pension conditions. The Staff Association’s Pension Commission, in a special meeting on Thursday, 4 December, has decided to send an open letter to the delegates of the CERN Council. In this letter (shown below) the Staff Association and CERN-ESO Pensions’ Association express their opposition to these intentions. We underline, once more, that the 2010...

  9. 77 FR 28406 - 161st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2012-05-14

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee Benefits Security Administration 161st Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be...

  10. 75 FR 27002 - 151st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2010-05-13

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee Benefits Security Administration 151st Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans will be held on June 29-July 1, 2010. The three-day...

  11. 78 FR 5209 - 165th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2013-01-24

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee Benefits Security Administration 165th Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be...

  12. 76 FR 65211 - 159th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2011-10-20

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee Benefits Security Administration 159th Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be...

  13. 75 FR 11199 - 150th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2010-03-10

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee Benefits Security Administration 150th Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans will be held on March 22, 2010. The session will...

  14. 77 FR 11159 - 160th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2012-02-24

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee Benefits Security Administration 160th Meeting of the Advisory Council on Employee Welfare and Pension... Council on Employee Welfare and Pension Benefit Plans (also known as the ERISA Advisory Council) will be...

  15. Pension systems, intergenerational risk sharing and inflation

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    2006-01-01

    We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. We consider shocks in productivity, depreciation of capital and inflation. The funded pension pillar can be either defined contribution or defined benefit, with benefits defin

  16. Pension systems, intergenerational risk sharing and inflation

    NARCIS (Netherlands)

    Beetsma, R.M.W.J.; Bovenberg, A.L.

    2006-01-01

    We investigate intergenerational risk sharing in two-pillar pension systems with a pay-as-you-go pillar and a funded pillar. We consider shocks in productivity, depreciation of capital and inflation. The funded pension pillar can be either defined contribution or defined benefit, with benefits defin

  17. Audit of Sandia Corporation`s pension plans and other prefunded benefits

    Energy Technology Data Exchange (ETDEWEB)

    1994-04-06

    The audit disclosed that Sandia`s pension plans had $588.9 million in excess assets as of December 31, 1990, on a current value basis. If plan terminations and spin-offs occurred, at least $408.8 million of this amount could be returned to the Government without affecting the pension benefits that Sandia employees and retirees have earned. We recommended that Albuquerque take the necessary action to reduce the excess assets in the pension plans and recover the Government`s share. However, Albuquerque disagreed with the recommendation. Albuquerque justified leaving the excess assets in the pension plans to fund future plan amendments; to avoid future funding contributions; to avoid the costs and time-consuming administrative steps associated with taking action; and to prevent damaging effects on employee morale. We analyzed these points, and concluded that they should not prevent the Department from initiating action to return excess assets to the Government. Actuarial analysis of the pension plans showed that, even if certain plan adjustments were made, the plans were overfunded by $256 million as of December 31, 1991 (on an actuarial value basis).

  18. Mean-variance portfolio selection and efficient frontier for defined contribution pension schemes

    DEFF Research Database (Denmark)

    Højgaard, Bjarne; Vigna, Elena

    We solve a mean-variance portfolio selection problem in the accumulation phase of a defined contribution pension scheme. The efficient frontier, which is found for the 2 asset case as well as the n + 1 asset case, gives the member the possibility to decide his own risk/reward profile. The mean...... as a mean-variance optimization problem. It is shown that the corresponding mean and variance of the final fund belong to the efficient frontier and also the opposite, that each point on the efficient frontier corresponds to a target-based optimization problem. Furthermore, numerical results indicate...

  19. 26 CFR 301.6103(l)(2)-1 - Disclosure of returns and return information to Pension Benefit Guaranty Corporation for purposes...

    Science.gov (United States)

    2010-04-01

    ... Pension Benefit Guaranty Corporation for purposes of research and studies. 301.6103(l)(2)-1 Section 301....6103(l)(2)-1 Disclosure of returns and return information to Pension Benefit Guaranty Corporation for... 6103(b)) to officers and employees of the Pension Benefit Guaranty Corporation for purposes of, but...

  20. SNAP benefits: Can an adequate benefit be defined?

    Science.gov (United States)

    Yaktine, Ann L; Caswell, Julie A

    2014-01-01

    The Supplemental Nutrition Assistance Program (SNAP) increases the food purchasing power of participating households. A committee convened by the Institute of Medicine (IOM) examined the question of whether it is feasible to define SNAP allotment adequacy. Total resources; individual, household, and environmental factors; and SNAP program characteristics that affect allotment adequacy were identified from a framework developed by the IOM committee. The committee concluded that it is feasible to define SNAP allotment adequacy; however, such a definition must take into account the degree to which participants' total resources and individual, household, and environmental factors influence the purchasing power of SNAP benefits and the impact of SNAP program characteristics on the calculation of the dollar value of the SNAP allotment. The committee recommended that the USDA Food and Nutrition Service investigate ways to incorporate these factors and program characteristics into research aimed at defining allotment adequacy.

  1. 76 FR 18649 - Technical Revisions to Actuarial Information on Form 5500 Annual Return/Report for Pension Plans...

    Science.gov (United States)

    2011-04-05

    ... Form 5500 Annual Return/Report for Pension Plans Electing Funding Alternatives Under Pension Relief Act... defined benefit pension plans under the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (Pension Relief Act). The information that would be required either by way of...

  2. Multiemployer Pension Plans

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — This spreadsheet lists the active multiemployer pensions plans insured by PBGC. Plans are identified by name, employer identification number (EIN) and plan number...

  3. Who Benefits--Or Does not--From South Africa's Old Age Pension? Evidence from Characteristics of Rural Pensioners and Non-Pensioners.

    Science.gov (United States)

    Ralston, Margaret; Schatz, Enid; Menken, Jane; Gómez-Olivé, Francesc Xavier; Tollman, Stephen

    2015-12-25

    Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services--whether for child or old-age social grants--is likely to have beneficial and synergistic effects.

  4. ACCOUNTING FOR DEFINED BENEFIT PLANS WITHIN THE FRAMEWORK OF TURKISH ACCOUNTING STANDARD NO. 19 AND ITS ECONOMIC CONSEQUENCES

    Directory of Open Access Journals (Sweden)

    Mustafa OĞUZ

    2016-01-01

    Full Text Available Employees, who are working for entities, expect to derive various benefits in the future in exchange for service they render to the entities. Obligations of the company have arisen for future benefits derived by its employees. All forms of consideration given by the entities in exchange for service rendered by employees are defined as employee benefits. Calculations for employee benefits and their accounting is very important for companies. For this reason, the subject of employee benefits is discussed in many national and international accounting and financial reporting standards. In Turkey, this subject is discussed in TAS 19 Employee Benefits Standard. In this study, accounting for defined pension plans within the scope of TAS 19 and its economic con- sequences emerged by the use of fair value in accounting for these pension plans are discussed.

  5. Mean-Variance Portfolio Selection with Inflation Hedging Strategy: a Case of a Defined Contributory Pension Scheme

    Directory of Open Access Journals (Sweden)

    Charles I. Nkeki

    2012-11-01

    Full Text Available In this paper, we consider a mean-variance portfolio selection problem with inflation hedging strategy for a defined contributory pension scheme. We establish the optimal wealth which involves a cash account and two risky assets for the pension plan member (PPM. The ecient frontier is obtained for the three asset classes which gives the PPM the opportunity to decide his or her own risk and wealth. It was found that inflation-linked bond is a suitableasset for hedging inflation risks in an investment portfolio.

  6. Longevity expectations in the pension fund, insurance, and employee benefits industries

    Directory of Open Access Journals (Sweden)

    Zhavoronkov A

    2015-01-01

    Full Text Available Alex Zhavoronkov Biogerontology Research Foundation, London, United Kingdom Abstract: Considerable progress has been made in many areas of biomedical science since the 1960s, suggesting likely increases in life expectancy and decreases in morbidity and mortality in the adult population. These changes may pose substantial risks to the pensions and benefits industries. While there is no significant statistical evidence demonstrating rapid decreases in mortality rates, there are conflicting opinions among demographers and biogerontologists on the biological limits of the human lifespan and trends in life expectancy. We administered a survey of the International Employee Benefits Association (IEBA, a large, international industry group. Industry professionals employed by consulting (35%, insurance (24%, pension (14%, and other (27% companies responded to 32 questions. Respondents showed reasonably conservative views on the future of longevity and retirement, including that for women. The respondents formed their personal longevity expectations based on their family history and, to a lesser degree, on the actuarial life tables. Most of the sample expressed no desire to life past age 100 years, even if the enabling technologies required to maintain a healthy youthful state were available, and only a few respondents in the sample expressed a desire to live for the maximum period (at least offered by the survey question. The majority of the respondents would not undergo any invasive procedures, and only 56% of the respondents would opt for noninvasive therapies to extend their healthy lifespans to 150 years of age if these were available. Keywords: life expectancy, gerontology, actuarial, retirement, beliefs

  7. Longevity expectations in the pension fund, insurance, and employee benefits industries.

    Science.gov (United States)

    Zhavoronkov, Alex

    2015-01-01

    Considerable progress has been made in many areas of biomedical science since the 1960s, suggesting likely increases in life expectancy and decreases in morbidity and mortality in the adult population. These changes may pose substantial risks to the pensions and benefits industries. While there is no significant statistical evidence demonstrating rapid decreases in mortality rates, there are conflicting opinions among demographers and biogerontologists on the biological limits of the human lifespan and trends in life expectancy. We administered a survey of the International Employee Benefits Association (IEBA), a large, international industry group. Industry professionals employed by consulting (35%), insurance (24%), pension (14%), and other (27%) companies responded to 32 questions. Respondents showed reasonably conservative views on the future of longevity and retirement, including that for women. The respondents formed their personal longevity expectations based on their family history and, to a lesser degree, on the actuarial life tables. Most of the sample expressed no desire to life past age 100 years, even if the enabling technologies required to maintain a healthy youthful state were available, and only a few respondents in the sample expressed a desire to live for the maximum period (at least) offered by the survey question. The majority of the respondents would not undergo any invasive procedures, and only 56% of the respondents would opt for noninvasive therapies to extend their healthy lifespans to 150 years of age if these were available.

  8. Lifetime earnings patterns, the distribution of future Social Security benefits, and the impact of pension reform.

    Science.gov (United States)

    Bosworth, B; Burtless, G; Steuerle, E

    2000-01-01

    In order to assess the effect of Social Security reform on current and future workers, it is essential to accurately characterize the initial situations of representative workers affected by reform. For the purpose of analyzing typical reforms, the most important characteristic of a worker is the level and pattern of his or her preretirement earnings. Under the current system, pensions are determined largely by the level of the workers' earnings averaged over their work life. However, several reform proposals would create individual retirement accounts for which the pension would depend on the investment accumulation within the account. Thus, the pension would also depend on the timing of the contributions into the account and hence on the exact shape of the worker's lifetime earnings profile. Most analysis of the distributional impact of reform has focused, however, on calculating benefit changes among a handful of hypothetical workers whose relative earnings are constant over their work life. The earnings levels are not necessarily chosen to represent the situations of workers who have typical or truly representative earnings patterns. Consequently, the results of such analysis can be misleading, especially if reform involves introducing a fundamentally new kind of pension formula. This article presents two broad approaches to creating representative earnings profiles for policy evaluation. First, we use standard econometric methods to predict future earnings for a representative sample of workers drawn from the Survey of Income and Program Participation (SIPP). Our statistical estimates are based on a simple representation of typical career earnings paths and a fixed-effect statistical specification. Because our estimation file contains information on each worker's annual earnings from 1951 through 1996 as reported in the Social Security Administration's earnings files, we have a record (though an incomplete one) of the actual earnings that will be used to

  9. Indexation of Dutch pension rights in multistage recourse ALM models

    NARCIS (Netherlands)

    Klein Haneveld, W.K.; Streutker, M.H.; van der Vlerk, M.H.

    2010-01-01

    Indexation (correction for inflation) of defined benefit pension rights is an important topic in the current pension debate fostered by the ageing of populations. In the Netherlands, pension funds need to formulate policies concerning indexation. We show how indexation decisions can be modelled adeq

  10. Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2008-01-01

    Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching (near Munich), Germany on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in Chile. The Director-General receiv...

  11. Mean-variance inefficiency of CRRA and CARA utility functions for portfolio selection in defined contribution pension schemes

    OpenAIRE

    Elena Vigna

    2009-01-01

    We consider the portfolio selection problem in the accumulation phase of a defined contribution pension scheme in continuous time, and compare the mean-variance and the expected utility maximization approaches. Using the embedding technique pioneered by Zhou and Li (2000) we first find the efficient frontier of portfolios in the Black-Scholes financial market. Then, using standard stochastic optimal control we find the optimal portfolios derived via expected utility for popular utility functi...

  12. Finding Common Ground in Pension Reform: Lessons from the Washington State Pension System

    Science.gov (United States)

    Goldhaber, Dan; Grout, Cyrus

    2014-01-01

    As states and localities across the nation consider the tradeoffs between defined benefit (DB) and defined contribution (DC) pension systems, it is important to gain insight into what implications pension reforms might have on workforce composition and teachers' retirement savings behavior. Moreover, it is also important to consider that…

  13. 78 FR 50112 - 168th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2013-08-16

    ... Benefits Security Administration 168th Meeting of the Advisory Council on Employee Welfare and Pension... pdf format transmitted to good.larry@dol.gov . It is requested that statements not be included in the... Administration. BILLING CODE 4510-29-P...

  14. Stochastic Funding of a Defined Contribution Pension Plan with Proportional Administrative Costs and Taxation under Mean-Variance Optimization Approach

    Directory of Open Access Journals (Sweden)

    Charles I Nkeki

    2014-11-01

    Full Text Available This paper aim at studying a mean-variance portfolio selection problem with stochastic salary, proportional administrative costs and taxation in the accumulation phase of a defined contribution (DC pension scheme. The fund process is subjected to taxation while the contribution of the pension plan member (PPM is tax exempt. It is assumed that the flow of contributions of a PPM are invested into a market that is characterized by a cash account and a stock. The optimal portfolio processes and expected wealth for the PPM are established. The efficient and parabolic frontiers of a PPM portfolios in mean-variance are obtained. It was found that capital market line can be attained when initial fund and the contribution rate are zero. It was also found that the optimal portfolio process involved an inter-temporal hedging term that will offset any shocks to the stochastic salary of the PPM.

  15. Meeting of the Pension Fund Governing Board

    CERN Document Server

    HR Department

    2009-01-01

    Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November...

  16. Pension Insurance Data Tables

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — Find out about retirement trends in PBGC's data tables. The tables include statistics on the people and pensions that PBGC protects, including how many Americans are...

  17. 20 CFR 725.511 - Use and benefit defined.

    Science.gov (United States)

    2010-04-01

    ... bearing account in a bank or trust company or in a savings and loan association if the account is either... in an interest or dividend bearing account in a bank or trust company or in a savings and loan... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Use and benefit defined. 725.511 Section...

  18. Icelandic Public Pensions: Why time is running out

    Directory of Open Access Journals (Sweden)

    Ólafur Ísleifsson

    2011-12-01

    Full Text Available The aim of this paper is to analyse the Icelandic public sector pension system enjoying a third party guarantee. Defined benefit funds fundamentally differ from defined contribution pension funds without a third party guarantee as is the case with the Icelandic general labour market pension funds. We probe the special nature of the public sector pension funds and make a comparison to the defined contribution pension funds of the general labour market. We explore the financial and economic effects of the third party guarantee of the funds, their investment performance and other relevant factors. We seek an answer to the question why time is running out for the country’s largest pension fund that currently faces the prospect of becoming empty by the year 2022.

  19. Intergenerational risk sharing and endogenous labour supply within funded pension schemes

    NARCIS (Netherlands)

    J. Bonenkamp; E. Westerhout

    2014-01-01

    Funded defined-benefit pensions add to welfare on account of providing intergenerational risk sharing, but lower it on account of inducing labour supply distortions. We show that a properly designed funded defined-benefit pension scheme involves a welfare improvement even if contributions are distor

  20. Improving pension product design

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2013-01-01

    Pension products characterized by linking an individual's savings directly to market returns represent the most popular, growing pension domain globally. These products are widely sold in contribution-defined pension schemes, labor market pensions, and individual schemes. However, available...... products are designed with a tendency to assume greater risk the longer it is until retirement, but are not adjusted to individual preferences and circumstances. This paper develops an optimal asset allocation strategy for a defined contribution plan by adjusting to individual needs, such that the expected...... of an optimal pension product design, we present the operations research methods, which have potential to stimulate new thinking and add to actuarial practice....

  1. A population based validation study of self-reported pensions and benefits: the Nord-Trøndelag health study (HUNT

    Directory of Open Access Journals (Sweden)

    Myrtveit Solbjørg Makalani

    2013-01-01

    Full Text Available Abstract Background Measures of disability pensions, sickness certification and long-term health related benefits are often self-reported in epidemiological studies. Few studies have examined these measures, and the validity is yet to be established. We aimed to estimate the validity of self-reported disability pension, rehabilitation benefit and retirement pension and to explore the benefit status and basic characteristics of those not responding to these items. A large health survey (HUNT2 containing self-reported questionnaire data on sickness benefits and pensions was linked to a national registry of pensions and benefits, used as “gold standard” for the analysis. We investigated two main sources of bias in self-reported data; misclassification - due to participants answering questions incorrectly, and systematic missing/selection bias - when participants do not respond to the questions. Sensitivity, specificity, positive (PPV and negative (NPV predicative value, agreement and Cohen’s Kappa were calculated for each benefit. Co-variables were compared between non-responders and responders. Results In the study-population of 40,633, 9.2% reported receiving disability pension, 1.4% rehabilitation benefits and 6.1% retirement pension. According to the registry, the corresponding numbers were 9.0%, 1.7% and 5.4%. Excluding non-responders, specificity, NPV and agreement were above 98% for all benefits. Sensitivity and PPV were lower. When including non-responders as non-receivers, specificity got higher, sensitivity dropped while the other measures changed less. Between 17.7% and 24.1% did not answer the questions on benefits. Non-responders were older and more likely to be female. They reported more anxiety, more depression, a higher number of somatic diagnoses, less physical activity and lower consumption of alcohol (p  Conclusions The validity of self-reported data on disability pension, rehabilitation benefits and retirement pension is

  2. Pension Fund - ELECTIONS - Irene SEIS

    CERN Multimedia

    2002-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: SEIS First Name : Irene Our Pension Fund (that of CERN and ESO personnel) is for most of us the only social protection when we retire. Its purpose is to give us a pension, which permits to maintain a certain standard of living for us, and for our dependants. I have worked in the Governing Board of the Pension Fund, as well as in numerous working groups on pension matters, since 11 years, either in my role as a Staff Association delegate, or as a member of the Governing Board. In both environments, I defend the principles of solidarity, which are part of our social security system, and I stand up for maintaining its primary principle, being a defined benefit scheme. Another of my preoccupations is the long-term future of the fund, including the gu...

  3. The False Promise of Public Pensions

    Science.gov (United States)

    Hess, Frederick M.; Squire, Juliet P.

    2010-01-01

    The vast majority of public employees--including teachers--are enrolled in defined-benefit pension plans. These plans are usually the product of state legislation that determines eligibility, benefit formulas, employer and employee contributions, and how payments will be calculated when an employee retires or leaves the system. Once an employee…

  4. 20 CFR 404.1362 - Treatment of social security benefits or payments where Veterans Administration pension or...

    Science.gov (United States)

    2010-04-01

    ... payments where Veterans Administration pension or compensation payable. 404.1362 Section 404.1362 Employees... Administration pension or compensation payable. (a) Before we receive notice from the Veterans Administration. If... status provisions in § 404.1350 before we receive notice from the Veterans Administration that a pension...

  5. 38 CFR 3.803 - Naval pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Naval pension. 3.803 Section 3.803 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Special Benefits § 3.803 Naval pension. (a) Payment of...

  6. Ontario University Benefits Survey. Part I. (All Benefits Excluding Pensions). December 1, 1978. Report No. 78-18.

    Science.gov (United States)

    McMaster Univ., Hamilton (Ontario).

    Presented are the results of a survey of university benefit programs. Information and data relating to the following areas are presented: administration and insurance plans, communication of benefits, proposed changes in benefits, provision of life and dismemberment insurance, maternity leave policy, Ontario health insurance, supplementary health…

  7. Single-employer Pension Plans

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — This spreadsheet lists the active single-employer pensions plans insured by PBGC. Plans are identified by name, employer identification number (EIN) and plan number...

  8. Labor Market Effects of Pensions and Implications for Teachers. Conference Paper 2009-06

    Science.gov (United States)

    Friedberg, Leora; Turner, Sarah

    2009-01-01

    While the pension plan landscape has changed remarkably over the last two decades, with most private-sector workers seeing a shift from defined benefit (DB) to defined contribution (DC) plans, DB pension plans remain the overwhelming norm for K-12 teachers employed by state and local governments. With DB plans, teachers typically receive minimal…

  9. Labor Market Effects of Pensions and Implications for Teachers. Conference Paper 2009-06

    Science.gov (United States)

    Friedberg, Leora; Turner, Sarah

    2009-01-01

    While the pension plan landscape has changed remarkably over the last two decades, with most private-sector workers seeing a shift from defined benefit (DB) to defined contribution (DC) plans, DB pension plans remain the overwhelming norm for K-12 teachers employed by state and local governments. With DB plans, teachers typically receive minimal…

  10. [Who benefits from stepwise occupational reintegration provided under the statutory pension insurance scheme?].

    Science.gov (United States)

    Bürger, W; Streibelt, M

    2011-06-01

    Stepwise occupational reintegration (SOR) - since law amendments in April 2004 also provided under the German pension insurance scheme (Deutsche Rentenversicherung, DRV) - is an instrument intended to support insurants on sick-leave in reintegrating into work step by step after long-term illness. In 2008, the effectiveness of SOR regarding return to work was affirmed for the first time in a comprehensive study. However, in view of the growing amount of SOR, the question of differential effects of SOR in special subgroups is raised. This paper presents a re-analysis of data collected in the 2008 study. A total of 696 patients after medical rehabilitation were included in the analyses, 348 with SOR provided by the DRV, and a control group of 348 patients without SOR matched on a multitude of different variables using the Propensity Scores. Successful outcome was measured using a combined criterion "Return to work in good health", that is, patients returning to gainful activity and with sick leave of under 6 weeks and no intention to retire within a one-year follow-period after medical rehabilitation. Differentiating criteria are age gender, rehab indication, periods of sick leave in the year before medical rehabilitation, kind of and access to medical rehabilitation. The data indicate especially good results of SOR for patients with mental disorders (OR=2.49), patients who were requested to participate in medical rehabilitation by a health insurance fund because of long-term sick leave (OR=2.71), and patients with longer periods of sick leave before medical rehabilitation (3 to successful reintegration. Hence, SOR opens up new options after medical rehabilitation in patients with especially severe impairments. © Georg Thieme Verlag KG Stuttgart · New York.

  11. Minimun Pension Insurance in the Chilean Pension System Minimun Pension Insurance in the Chilean Pension System

    Directory of Open Access Journals (Sweden)

    Salvador Zurita

    1994-03-01

    Full Text Available One of the "social" features of the Chilean individual capitalization pension system is the minimum pension scheme. which guarantees its members a minimum pension irrespective of the funds they accumulate, with the only requirement of twenty years of social security tax payments. The purpose of this paper is to estimate the implicit fiscal subsidy, using an option-based approach. We capture the risk associated to the returns on the pension fund account of a worker by modeling its value as a diffusion process and show the correspondence between the minimum pension insurance and a financial put option. Our results are the present value of the minimum pension benefit, equivalent to 3 percent of Chilean GDP for current active and non-active affiliated workers. These estimates are notoriously higher than previous results based on deterministic models, and strongly suggest the importance of explicitly considering the risk associated to pension assets when estimating the cost to the government of the insurance implied by the minimum pension benefit. One of the "social" features of the Chilean individual capitalization pension system is the minimum pension scheme. which guarantees its members a minimum pension irrespective of the funds they accumulate, with the only requirement of twenty years of social security tax payments. The purpose of this paper is to estimate the implicit fiscal subsidy, using an option-based approach. We capture the risk associated to the returns on the pension fund account of a worker by modeling its value as a diffusion process and show the correspondence between the minimum pension insurance and a financial put option. Our results are the present value of the minimum pension benefit, equivalent to 3 percent of Chilean GDP for current active and non-active affiliated workers. These estimates are notoriously higher than previous results based on deterministic models, and strongly suggest the importance of explicitly considering

  12. Una propuesta de reforma del sistema de pensiones español basada en un modelo de contribución definida nocional || A Proposal for Reforming the Spanish Pension System Based on a Notional Defined Contribution Model

    Directory of Open Access Journals (Sweden)

    García, Jaime

    2011-06-01

    pension fund reached by applying a notional defined contribution model (NDC; and thirdly, an occupational system based on an auto-enrollment system, which we have called the National Saving System (NSS. Projections have been done up to the year 2039 with conclusive results with regard to retirement pensions (indicating the suitability of the model as well as the GDP relative cost (indicating viability. We analyze how the Spanish Social Security system is an unbalanced one. Our work reveals its lack of sustainability in financial terms, both in the medium and long term. We demonstrate how the new model we are proposing is financially sustainable, and along with a transition period in which the current resources from the Reserve Fund would be used, it would be suitable for the needs of the population.

  13. Mean-Variance Portfolio Selection Problem with Stochastic Salary for a Defined Contribution Pension Scheme: A Stochastic Linear-Quadratic-Exponential Framework

    Directory of Open Access Journals (Sweden)

    Charles Nkeki

    2013-11-01

    Full Text Available This paper examines a mean-variance portfolio selection problem with stochastic salary and inflation protection strategy in the accumulation phase of a defined contribution (DC pension plan. The utility function is assumed to be quadratic. It was assumed that the flow of contributions made by the PPM are invested into a market that is characterized by a cash account, an inflation-linked bond and a stock. In this paper, inflationlinked bond is traded and used to hedge inflation risks associated with the investment. The aim of this paper is to maximize the expected final wealth and minimize its variance. Efficient frontier for the three classes of assets (under quadratic utility function that will enable pension plan members (PPMs to decide their own wealth and risk in their investment profile at retirement was obtained.

  14. Social Security Reform: Can It Secure The Rights To Your Pension Benefits?

    OpenAIRE

    Thomas R. Saving

    2005-01-01

    Social Security has been an extremely popular program over its 70 years of existence. It has provided retirement, life insurance and disability benefits to workers and their families. Through the years, benefits have been expanded and adjusted, new groups of workers have been covered, and taxes have been raised on workers and some retirees to pay for the program’s costs. As the program’s costs grew, so did its revenue base, as members of the Baby Boom generation matured and reached their peak...

  15. Pension risk management in a developing economy:lessons from the nigerian capital market

    Directory of Open Access Journals (Sweden)

    Onafalujo Akin k.

    2010-12-01

    Full Text Available The killer risk in any pension scheme is the failure of pension asset sufficiency to meet the promised benefits to retirees. A Pension Risk Management aims at ex ante arrangement to protect retirees’ standard of living. Nigeria introduced pension reforms in 2004 fatefully at the same time when extensive reforms were made in the banking sector. Prior to the Act being passed, there was a major proposition that pension funds should not be invested in Nigerian capital market. This paper reviews pension risks of the new DCS (Defined Contributory Scheme and the implications of investing pension fund in the capital market of a developing economy. A trend analysis was performed on market index and capitalization and a simulated pension asset was subjected to pension risks. Despite the asset allocation guideline on investments by the Pension Commission, there is certainly uncertainty concerning guaranteeing pension payments in future due to unmanaged pension risks. This paper suggests investment policy should accompany a DCS based on the risk appetite of workers, minimum guarantee of returns on investment of pension assets and a range of interest rates for actuarially determined annuities. Further studies may examine wither PFAs should operate as closed end or open end mutual funds.

  16. 78 FR 42027 - Proposed Amendment To Advance Notice of Proposed Rulemaking for Pension Benefit Statements

    Science.gov (United States)

    2013-07-15

    ... and can be retrieved by most Internet search engines. FOR FURTHER INFORMATION CONTACT: Suzanne Adelman... Benefits Security Administration 29 CFR Part 2520 RIN 1210-AB20 Proposed Amendment To Advance Notice of.... Department of Labor. ACTION: Notice of Extension of Comment Period for Advance Notice of Proposed Rulemaking...

  17. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

  18. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

  19. Future pension accounting changes: implications for hospitals.

    Science.gov (United States)

    Weld, Tim; Klein, Gina

    2011-05-01

    Proposed rules in accounting for defined benefit plans may affect hospitals' statement of operations and affect the time, effort, and cost to comply with periodic financial reporting requirements. The new standard would require immediate recognition of the full amount of plan amendments in determining operating income. Hospitals should consider the role of pension plans in their compensation programs.

  20. Meeting of the Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2009-01-01

    Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position." Meeting of the Pension Fund Governing Board (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November 2007 and a membe...

  1. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

  2. Pension Fund

    CERN Document Server

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  3. The Replacement Rate: An Imperfect Indicator of Pension Adequacy in Cross-Country Analyses.

    Science.gov (United States)

    Chybalski, Filip; Marcinkiewicz, Edyta

    Pension systems are usually evaluated from the perspective of two basic criteria: pension adequacy and financial sustainability. The first criterion concerns the level of pension benefits and protection of the elderly from poverty. The second criterion applies to financial liquidity. This paper is primarily of methodological nature. We discuss the problem of measuring pension adequacy, focusing mainly on the replacement rate, which, defined in a number of ways, is the most common measure of pension adequacy. However, as we argue in this paper, it covers only one of its dimensions, namely consumption smoothing. Meanwhile, an equally important dimension, often discussed in the literature and included in most definitions of pension adequacy, is protection of old-age pensioners from poverty. Accordingly, we have proved the thesis that the replacement rate is not a sufficient measure of broadly understood pension adequacy in cross-country studies. Consequently, we have proposed alternative (or possibly complementary) measures called the synthetic pension adequacy indicators (SPAI1-3), defined in basic form as a quotient of relative median income and the at-risk-of-poverty rate. These indicators provide for both the above-mentioned dimensions of adequacy and, according to statistical analysis, also represent them very well. Moreover, the indicators, calculated separately for men and for women, enables evaluation of the third dimension of pension adequacy, namely gender-related differences in pension adequacy.

  4. Reforming occupational pension schemes : The case of the Netherlands

    NARCIS (Netherlands)

    Bovenberg, Lans; Gradus, R.

    2015-01-01

    In many countries, occupational plans are being reformed away from defined-benefit (DB) to defined-contribution (DC) designs. This paper explores the case of the Netherlands, which features a particularly high ratio of occupational pension assets to GDP. Dutch occupational DB plans suffer from a num

  5. Reforming occupational pension schemes : The case of the Netherlands

    NARCIS (Netherlands)

    Bovenberg, Lans; Gradus, R.

    2015-01-01

    In many countries, occupational plans are being reformed away from defined-benefit (DB) to defined-contribution (DC) designs. This paper explores the case of the Netherlands, which features a particularly high ratio of occupational pension assets to GDP. Dutch occupational DB plans suffer from a num

  6. 75 FR 70625 - Annual Funding Notice for Defined Benefit Plans

    Science.gov (United States)

    2010-11-18

    ... liabilities or assets for the year, as well as a projection to the end of such plan year of the effect of the... difficult to find meaning in the phrase ``a projection to the end of such year'' if ``current plan year'' is... service; an offer by the plan for a temporary period to permit participants to retire at benefit...

  7. Pension Fund

    CERN Multimedia

    2006-01-01

    As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  8. Multiemployer Pension Plan Terminations, Mergers, and Insolvencies

    Data.gov (United States)

    Pension Benefit Guaranty Corporation — A listing of multiemployer pension plan terminations, mergers, and insolvencies reported to the PBGC for the current fiscal year. This data set will be updated...

  9. Régimen pensional y de asignación de retiro de la fuerza pública: Un régimen especial sin beneficios

    Directory of Open Access Journals (Sweden)

    John Jairo Suarez Salgado

    2011-09-01

    Full Text Available Given the perceived need to have clear references to make possible to socialize the complex Pension System and Retirement Allocation Scheme for the Public Forces in order to demonstrate its flaws, the pension system was compared with the Solidarity System with Defined Benefit Media Prima, explaining each and every one of its elements in detail, and specifically pointing out the requirements and amounts of retirement allowances, retirement pensions and disability benefits of these schemes

  10. Individual breakdown of pension rights

    CERN Multimedia

    2016-01-01

    You should have recently received, via email, your “Individual breakdown of pension rights”.   Please note that: the calculation was based on data as at 1st July 2016, as at 1st September 2016, CERN will introduce a new career structure; the salary position will now be expressed as a percentage of a midpoint of a grade.   We would like to draw your attention to the fact that your pension rights will remain unchanged. Benefits Service CERN Pension Fund

  11. PENSION FUND

    CERN Multimedia

    2007-01-01

    The 2006 Annual Report of the Pension Fund, which was approved by Council at its session of 22 June 2007, is now available from Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact the Administration of the Fund (tel. 004122 767 9194/8798), bldg 5, 1-030.

  12. Pension fund

    CERN Multimedia

    2006-01-01

    The 2005 Annual Report of the Pension Fund, which was approved by Council at its session of 23 June 2006, is now available from Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact the Administration of the Fund (tel. 00 41 22 767 91 94), bldg 5, 1-030.

  13. PENSION FUND

    CERN Multimedia

    2007-01-01

    The 2006 Annual Report of the Pension Fund, which was approved by Council at its Session of 22 June 2007, is now available from Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact the Administration of the Fund (tel. 004122 767 9194/8798), Bldg 5, 1-030.

  14. Pension Fund

    CERN Multimedia

    2005-01-01

    The 2004 Annual Report of the Pension Fund, which was approved by Council at its session of 17 June 2004, will be available as of beginning of July from Department secretariats. Pension beneficiaries who wish to obtain this document should contact the Administration of the Fund (tel. 004122 767 9194), bldg 5, 1-030.

  15. 待遇确定和缴费确定模式下的企业年金精算模型研究%Research on Enterprise Annuity Fund in Defined Benefit and Defined Contribution Payment Models

    Institute of Scientific and Technical Information of China (English)

    洪娟

    2012-01-01

    Since 1970s, there has been a great upsurge of reform around the world in endowment insurance system and retirement system. Each country around the world has put forward the idea of setting up enterprise pension system and has put it into effect. Our country is no exception. In the firm pension system employed in China, there are mainly two models defined benefit and defined contribution payment models. In this paper, we introduce two types of occupational pension systems from the point of view of risk management: defined benefit (DB) plan and defined contribution (DC) plan. The differences between the two plans are examined. We uses quantitative analysis to construct two econometrics models, derives a reasonable substitution rate of pension asset, contribution rate of pension security, and establishes pension financial management and life-long financial analysis mode. By empirical analysis, we try to work out the mutual influence among government, business, beneficiaries, pension managers. In playing game, we will maximize the overall and individual efficiency and balance efficiency.%自二十世纪七十年代以来,在世界范围之内兴起了一场养老保险制度、退休制度改革的热潮,各国纷纷推出了建立企业年金制度的政策主张并得以贯彻实施,我国的养老保险制度改革也同样显示出这样的趋势.中国实行的是企业自愿设立年金的制度,主要有收益确定型(DB)和缴费确定型(DC)两种企业年金制度,本文用模型对DB和DC两种制度下年金给付的不确定性做了比较,指出了不同具体情况下两种企业年金制度的优劣,通过探讨企业年金给付的不同确定方式,待遇确定型计划和缴费确定型计划,运用数量分析,建立两种确定方式的精算模型,得出养老资产合理替代率,养老保障分担率,建立养老理财及终生财务分析模型;通过实证分析方法,探讨政府、企业、受益人、年金管理者在相互影响,以

  16. Pension Fund

    CERN Multimedia

    Pension Fund

    2006-01-01

    Amendment No. 22 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force following the CERN Council's decisions of 16 December 2005, includes the following new articles: Art. II 5.08 : Non-entitlement to Pension for Surviving Spouse Art. II 5.09 : Procurement of an entitlement to Pension for Surviving Spouse Art. II 6.09 : Non-entitlement to Pension for Orphans Art. II 7.01 c) : Entitlement to Allowances Art. III 1.07 : Extension of the contract beyond the age limit of 65 as well as the following amended articles : Article II 1.07 - Contributions Annex B - Fixed sums and allowances

  17. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

  18. Pension Fund

    CERN Multimedia

    2005-01-01

    Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

  19. Pension Insurance Cohesive Testing System

    Directory of Open Access Journals (Sweden)

    Askarbek Arzybaev

    2015-01-01

    Full Text Available Many public pension systems worldwide are experiencing difficult economic period as its economy is in the period of financial crisis which affected to the social budget sustainability.Population aging and last decade economic circumstances are the factors the pension systems should overcome for maintaining either appropriate level of benefit amount for decent life in the developed countries or minimum subsistence allowances in developing and poor countries. The only prescription how to keep the pension system resistible is its periodical renovation by testing the system on (i soundness and effectiveness within national financial and economic system, (ii appropriateness of its organization and administration, (iii compliance of parameters with international standards. The article presents Cohesive Testing System – new method of national pension systems testing and indexing based on international standards of pension security and new CTS indices of the researched set of pension systems.

  20. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

  1. A Discussion of a Risk-Sharing Pension Plan

    Directory of Open Access Journals (Sweden)

    Catherine Donnelly

    2017-02-01

    Full Text Available I show that risk-sharing pension plans can reduce some of the shortcomings of defined benefit and defined contributions plans. The risk-sharing pension plan presented aims to improve the stability of benefits paid to generations of members, while allowing them to enjoy the expected advantages of a risky investment strategy. The plan does this by adjusting the investment strategy and benefits in response to a changing funding level, motivated by the with-profits contract proposed by Goecke (2013. He suggests a mean-reverting log reserve (or funding ratio, where mean reversion occurs through adjustments to the investment strategy and declared bonuses. To measure the robustness of the plan to human factors, I introduce a measurement of disappointment, where disappointment is high when there are many consecutive years over which benefit payments are declining. Another measure introduced is devastation, where devastation occurs when benefit payments are zero. The motivation is that members of a pension plan who are easily disappointed or likely to get no benefit, are more likely to exit the plan. I find that the risk-sharing plan offers more disappointment than a defined contribution plan, but it eliminates the devastation possible in a plan that tries to accumulate contributions at a steadily increasing rate. The proposed risk-sharing plan can give a narrower range of benefits than in a defined contribution plan. Thus it can offer a stable benefit to members without the risk of running out of money.

  2. PENSION FUND

    CERN Document Server

    2001-01-01

    Amendment No 17 to the Rules and Regulations of the Pension Fund relating to the technical adjustment of the coefficients C made necessary by the integration of the members of the CERN personnel into the new career structure on 1.9.2001 can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030.

  3. Pension Fund

    CERN Multimedia

    2004-01-01

    Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

  4. Labor Market Effects of Pensions and Implications for Teachers

    Science.gov (United States)

    Friedberg, Leora; Turner, Sarah

    2010-01-01

    While the retirement security landscape has changed drastically for most workers over the last twenty years, traditional defined benefit (DB) pension plans remain the overwhelming norm for K-12 teachers. Because DB plans pay off fully with a fixed income after retirement only if a teacher stays in the profession for decades and yield little or…

  5. Labor Market Effects of Pensions and Implications for Teachers

    Science.gov (United States)

    Friedberg, Leora; Turner, Sarah

    2010-01-01

    While the retirement security landscape has changed drastically for most workers over the last twenty years, traditional defined benefit (DB) pension plans remain the overwhelming norm for K-12 teachers. Because DB plans pay off fully with a fixed income after retirement only if a teacher stays in the profession for decades and yield little or…

  6. RESOLUTION OF 10th September 2010 concerning the PENSION FUND

    CERN Multimedia

    GAC

    2010-01-01

    The members of the GAC-EPA committee, after having taken note of the proposals by the Direction with a view to restoring the full funding of the Fund,   Considering:   that the CERN pension scheme is a defined-benefit scheme, that since 2005, the indexation of pensions has become a defined benefit, that the payment by the Fund of pensions and their indexation is guaranteed by the Organization (see Article I 3.03 of the Rules of the Pension Fund), regardless of the financial situation of the Fund, that during the existence of the Organization, Council, according to Article VII of the Convention, must define the Member State contributions, so as to allow the Organization to honour its financial obligations, that two Council resolutions1 reaffirm that the Member States have the responsibility to ensure the uninterrupted payment of pensions until the extinguishment of the rights of the last beneficiary, that by no means do the Rules of the Fund impose full funding, and...

  7. Funded pensions - a remedy for an ageing society?

    Directory of Open Access Journals (Sweden)

    Mariusz Dybał

    2012-12-01

    Full Text Available In this article the author demonstrates that over the coming decades the EU, the OECD and many countries will face a significant acceleration of demographic ageing due to three main factors: the baby-boom generation reaching retirement age, continuing increases in life expectancy and decreased fertility since the 1970s. Eventually, all three factors mentioned will combine to produce a major financial challenge for pension systems in the coming years, when the number of pensioners will rapidly increase and the size of the working-age population will diminish. According to the data gathered, to prevent this situation, countries all over the world are reforming their pension systems. Most are reforming to decrease the fiscal costs of their existing systems. A few relatively young countries are establishing new systems or are increasing the generosity of their current systems. Nevertheless, the majority of the pension reforms are dealing with an existing pay-as-you-go defined benefit system, rather than reform of the overall system of pension provision. However, while these minor reforms alleviate some of the fiscal burden, fiscal problems will reappear in the long term. The only way to effectively solve the pension system issue on a permanent basis is to move toward the fully-funded defined contribution reforms currently underway in Latin America, Australia, Central and Eastern Europe and under consideration in a variety of other countries.

  8. 26 CFR 1.401-14 - Inclusion of medical benefits for retired employees in qualified pension or annuity plans.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 5 2010-04-01 2010-04-01 false Inclusion of medical benefits for retired...-Sharing, Stock Bonus Plans, Etc. § 1.401-14 Inclusion of medical benefits for retired employees in... employer providing such medical benefits by reason of permanent disability. For purposes of the...

  9. PENSION FUND

    CERN Multimedia

    2002-01-01

    Amendment No 18 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2002, concerns the articles which have been amended, in accordance with the Council's decision, to allow the award of a deferred retirement pension after five years of service (instead of ten previously) and the fixed sums and allowances adjusted at the same date (Annex B). It also contains a revised version of the table of contents of the Rules, as well as pages where the contents have not changed but where the page layout has had to be adjusted for technical reasons.

  10. 26 CFR 1.436-1 - Limits on benefits and benefit accruals under single employer defined benefit plans.

    Science.gov (United States)

    2010-04-01

    ...) Prior unpredictable contingent event. (c) Limitations on plan amendments increasing liability for... reduce funding balances. (b) Limitation on shutdown benefits and other unpredictable contingent event... regarding pre-existing plan provisions. (4) Exceptions. (5) Rule for determining when an amendment...

  11. Pension Fund

    CERN Multimedia

    2003-01-01

    Amendment No 19 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2003, concerns 1) the fixed sums and allowances adjusted at same date (Annex B) and 2) the articles which have been amended, in accordance with the Finance Committee's decision, regarding voting rules of the Governing Board and the role and composition of the Investment Committee.

  12. 38 CFR 3.711 - Improved pension elections.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension elections. 3.711 Section 3.711 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Concurrent Benefits and Elections...

  13. 38 CFR 3.701 - Elections of pension or compensation.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Elections of pension or compensation. 3.701 Section 3.701 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Concurrent Benefits and Elections...

  14. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

  15. Factors associated with receipt of pension and compensation benefits for homeless veterans in the VBA/VHA Homeless Outreach Initiative.

    Science.gov (United States)

    Chen, Joyce H; Rosenheck, Robert A; Greenberg, Greg A; Seibyl, Catherine

    2007-03-01

    Public support payments may facilitate exit from homelessness for persons with mental illness. We examined data from 10,641 homeless veterans contacted from October 1, 1995 to September 30, 2002 in a collaborative outreach program designed to facilitate access to Department of Veterans Affairs (VA) disability benefits. Those who were awarded benefits (22% of contacted veterans) were more likely to report disability, poor to fair self-rated health, and were more likely to have used VA services in the past. Thus, this program achieved only modest success and was most successful with veterans who were already receiving VA services and who might have received benefits even without the outreach effort.

  16. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 (Structure and Functions) of the Rules of the Fund entered into force on 1st November 2007 (Article I 2.05 – Composition of the Governing Board and Article I 2.06 – Chairman and Vice-Chairman of the Governing Board). The Rules, updated to include all the amendments introduced since 1st January 2007, may be downloaded in A4 format (PDF document) directly from the Pension Fund website or obtained from the Administration of the Fund (Tel. 022 767 2742, Sophia.Revol@cern.ch).

  17. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

  18. Una proposta di riforma per il sistema pensionistico italiano (A Proposal of Reform for the Italian Pension System

    Directory of Open Access Journals (Sweden)

    Francesco Marchionne

    2004-06-01

    Full Text Available In Italy, the ageing of the population is leading to an increase of the pension expenditures. Before Dini reform in 1995, the earning-related contributory system was financed on a pay-as-you-go basis. It was too much generous for the economic and demographic conditions of the country, therefore it was reformed. Now the benefits are calculated on a defined-contribution formula that penalizes the early retirement and assures lower benefits. However, some considerations put the sustainability of the pension system for future generations under discussion. A multipillar system with capitalisation elements (public defined-benefit component, occupational pension funds and individual pension funds could reach this goal. In this study, a simulation generates the replacement ratios for the multipillar system in different scenarios and shows that the passage forward this scheme is possible, necessary and, under some conditions, not too expensive.

  19. Pension Fund

    CERN Multimedia

    2003-01-01

    The Governing Board of the Pension Fund held its hundred and seventeenth meeting on 3 June 2003. On that occasion, it examined the recommendations made by the External Auditors in their report on their audit of the 2002 annual accounts and the replies by the Pension Fund's Administration. The Governing Board was gratified by the small number of remarks by the External Auditors. It also confirmed its agreement to the procedure followed by the Administration of the Pension Fund in the handling of transfer values. Under other items on the agenda, the Board once again examined ESO's request relating to the terms and conditions of membership by its staff members. In this regard, the Board wishes to receive from ESO a definitive request (following the necessary consultation procedures with the representatives of the personnel and discussions within ESO's governing bodies) so that the working group can continue its work on a clear basis and so that the Governing Board is in a position to take up a position in the m...

  20. PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

  1. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

  2. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

    The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or by writing to the Administration of the Fund. For those wishing to apply, the documents to be...

  3. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

    The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, provided that they are less than 70 years old and subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or contacting to the Administration of the Fun...

  4. Pension Fund

    CERN Document Server

    2004-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

  5. Pension fund

    CERN Multimedia

    2006-01-01

    At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

  6. THE APPROACH TO PENSION PLANS THROUGH THE ESTABLISHMENT OF ACCOUNTING POSTULATE

    OpenAIRE

    Iuliana Cenar

    2011-01-01

    To decipher the "threads" of various forms and elements of content that show the pension plans, public or private, we appealed to the principle of accounting entity. The plans of defined contributions and the plans of defined benefits were investigated in terms of the following entities: the state, the employer, the reporting different entity by the employers of plan participants.

  7. 75 FR 57063 - 153rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2010-09-17

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF LABOR Employee... Minorities in Retirement, and (3) Employee Benefit Plan Auditing and Financial Reporting Models. Descriptions... information (such as name, address, or other contact information) or confidential business information...

  8. 20 CFR 216.42 - How a private railroad pension affects a supplemental annuity.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false How a private railroad pension affects a... pension affects a supplemental annuity. (a) What is a private railroad pension. The Board determines whether a pension established by a railroad employer is a private pension that will cause a reduction in...

  9. 77 FR 66915 - Amendment of Prohibited Payment Option Under Single-Employer Defined Benefit Plan of Plan Sponsor...

    Science.gov (United States)

    2012-11-08

    ... eliminating or reducing accrued benefits, early retirement benefits, retirement-type subsidies, and optional... plan amendment that has the effect of eliminating or reducing an early retirement benefit or a...: (1) Benefits described in section 411(d)(6)(A); (2) early retirement benefits (as defined in Sec....

  10. Records Management Practices in the Zambian Pension Industry ...

    African Journals Online (AJOL)

    Records Management Practices in the Zambian Pension Industry. ... pension industry face numerous challenges in as far as records management is concerned. ... some benefits of records management such as reduced time and effort spent to ...

  11. PENSION FUND

    CERN Multimedia

    1999-01-01

    The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

  12. Pension Fund

    CERN Multimedia

    2003-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  13. 77 FR 74353 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-12-14

    ... plans covered by the pension insurance system administered by PBGC. As discussed below, PBGC will... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. ] SUMMARY: This...

  14. 78 FR 49682 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-08-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective September 1, 2013... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. ] SUMMARY: This...

  15. 78 FR 62426 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-10-22

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective November 1, 2013... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  16. 77 FR 68685 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-11-16

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective December 1, 2012... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  17. 76 FR 50413 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2011-08-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective September 1, 2011... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  18. 78 FR 2881 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-01-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective February 1, 2013... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  19. 78 FR 68739 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-11-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective December 1, 2013... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  20. 76 FR 63836 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2011-10-14

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective November 1, 2011... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  1. 77 FR 62433 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-10-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective November 1, 2012... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  2. 76 FR 70639 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2011-11-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective December 1, 2011... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  3. 77 FR 2015 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-01-13

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective February 1, 2012... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  4. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: MAURIN First Name: Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives. One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted i...

  5. PRIVATE OR PUBLIC PENSION INSURANCE?

    Directory of Open Access Journals (Sweden)

    Bogomil Manov

    2013-03-01

    Full Text Available The most recent trends in population dynamics and increased longevity risk have provoked a rigorous debate whether the private or the public pension insurance system should be predominant. The public pension insurance is dominated by the state that guarantees its stability, but is often compared to a pyramid or a Ponzi scheme. The private pension insurance provides personal retirement accounts and proper ownership of the accumulated funds, but its sustainability during prolonged market crises and inadequate risk sharing are often questioned. In order to address the issue, this study analyzes and compares a large set of arguments and popular opinions in favour and against both pension models. As a result of the study, a conclusion is drawn stating that both types of pension insurance, despite of their positive and negative features have their essential role nowadays. This study is part of a growing set of articles on the feasibility of using a proper combination of the two pension models and will contribute to future research on the topic and might benefit policymakers in taking an appropriate decision.

  6. Cost of malingering mild traumatic brain injury-related cognitive deficits during compensation and pension evaluations in the veterans benefits administration.

    Science.gov (United States)

    Denning, John H; Shura, Robert D

    2017-08-17

    Given the high rates of exaggeration in those claiming long-term cognitive deficits as a result of mild traumatic brain injury (mTBI), the aim of this study was to evaluate the rates of malingering in those seeking disability through the Veterans Benefits Administration and estimate the financial burden of disability payments for those receiving compensation despite exaggerated mTBI-related cognitive deficits. Retrospective review included 74 veterans seen for Compensation and Pension evaluations for mTBI. Rates of malingering were based on failure of the Medical Symptom Validity Test (MSVT) and/or the Test of Memory Malingering (TOMM) trial 1 ≤ 40. Total estimated compensation was based on the level of disability awarded and the number of individuals found to be malingering cognitive deficits. Overall, 33-52% of the sample was found to be malingering mTBI-related cognitive deficits. The malingering groups were receiving approximately $71,000-$121,000/year ($6,390-$7,063 per year, per veteran on average). Estimated nationwide disability payments for those possibly malingering mTBI-related cognitive deficits would be $136-$235 million/year (projected costs from 2015-2020 = $700 million-$1.2 billion). It is critical that providers and administrative officials identify those exaggerating disability claims attributed to mTBI. The cost of malingering impacts society in general as well as veterans themselves, as it diverts needed funds/resources away from those legitimately impaired by their military service.

  7. Gender and Public Pensions in China: Do Pensions Reduce the Gender Gap in Compensation?

    Directory of Open Access Journals (Sweden)

    Tianhong Chen

    2015-01-01

    Full Text Available This paper analyzes gender issues with respect to public pensions in China. Because provision of public pensions in China is highly fragmented, with different programs applying to different groups of people, we focus on the largest mandatory public pension program in urban China, the Urban Employees’ Pension Program. The paper uses data from the China Health and Retirement Longitudinal Study (CHARLS for 2011 to empirically analyze the causes of gender differences in benefit levels between men and women. We argue that raising the retirement age for women from its current age for most women of 50 would be a major step toward gender equality in public pension benefits. Women would have higher benefits than currently due to having longer working careers, and they may have higher wages as a result of their longer careers. They would also have higher benefits from the individual accounts pensions due to more years of contributions and investment earnings, and a more generous benefit conversion factor due to the older age when they started receiving benefits. Nonetheless, an important feature of the Chinese public pension system is that the gender gap in benefits is less than the gender gap in earnings. In many countries, the reverse is the situation, in part because women have fewer years of work, as well as lower earnings, than men. We explore reasons why the gender pension gap in China reduces the gender gap in compensation.

  8. Individual breakdown of pension rights and end of contract

    CERN Multimedia

    2015-01-01

    As in previous years, members of the CERN Pension Fund will shortly receive their “Individual breakdown of pension rights” by e-mail.   In this respect, we would like to remind members that according to Articles II 1.11 - II 1.12 (calculation and payment of the transfer value) and II 2.02 (retirement pension), several options are possible at the end of their contract (depending on their length of service in the Fund): payment of the transfer value into a personal bank account, payment of the transfer value into a new pension scheme, pension (deferred, anticipated or retirement). Benefits Service CERN Pension Fund

  9. Corporate Governance and Pension Fund Performance

    Directory of Open Access Journals (Sweden)

    Oskar Kowalewski

    2012-03-01

    Full Text Available This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation for this weakness is the potential conflict between the pension beneficiaries and the fund’s owner, which depends on who bears the investment risk in the pension plan. Hence, different governance factors are found to be important for pension fund return on invested assets and also for its economic performance. Consequently, the overall policy conclusion is that more focus should be put on the governance of the pension funds, taking into account the different interests of the beneficiaries and owners as it may determine their performance.

  10. A Value-Based Approach to the Redesign of US State Pension Plans

    NARCIS (Netherlands)

    Lekniute, Z.; Beetsma, R.M.W.J.; Ponds, E.H.M.

    2014-01-01

    This paper explores the financial sustainability of a typical U.S. state defined benefit pension fund under the continuation of current policies and under alternative policies, such as changes in contribution, indexation and investment allocation policies. We explore the "classic" asset-liability ma

  11. Adopting hybrid pension plans: financial and communication issues.

    Science.gov (United States)

    Clark, R L; Haley, J J; Schieber, S J

    2001-01-01

    This article provides a systematic framework for the evaluation of the movement toward hybrid pension plans by examining the reasons given by firms for converting their existing pension plans to hybrid plans, illustrating the impact of plan changes on expected pension benefits, and identifying winners and losers.

  12. Intergenerational risk-sharing through funded pensions and public debt

    NARCIS (Netherlands)

    Chen, D.H.J.; Beetsma, R.M.W.J.; Ponds, E.H.M.; Romp, W.E.

    We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generation model with a pay-as-you-go pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and

  13. 20 CFR 228.18 - Reduction for public pension.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Reduction for public pension. 228.18 Section... COMPUTATION OF SURVIVOR ANNUITIES The Tier I Annuity Component § 228.18 Reduction for public pension. (a) The... receipt of a public pension. (b) When reduction is required. Unless the survivor annuitant meets one of...

  14. 20 CFR 226.31 - Reduction for public pension.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Reduction for public pension. 226.31 Section... § 226.31 Reduction for public pension. (a) The tier I annuity component of a spouse/divorced spouse... in receipt of a public pension. (b) When reduction is required. Unless the spouse or divorced spouse...

  15. 20 CFR 227.4 - Reduction for employer pension.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 1 2010-04-01 2010-04-01 false Reduction for employer pension. 227.4 Section... COMPUTING SUPPLEMENTAL ANNUITIES § 227.4 Reduction for employer pension. (a) General. The supplemental annuity for each month is reduced by the amount of any private pension the employee is receiving for that...

  16. Intergenerational risk-sharing through funded pensions and public debt

    NARCIS (Netherlands)

    Chen, D.H.J.; Beetsma, R.M.W.J.; Ponds, E.H.M.; Romp, W.E.

    2016-01-01

    We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt. We use a multi-period overlapping generation model with a pay-as-you-go pension pillar, a funded pension pillar and a government. Shocks are smoothed via the public debt and variat

  17. Identification of contrast-defined letters benefits from perceptual learning in adults with amblyopia

    Science.gov (United States)

    Chung, Susana T.L.; Li, Roger W.; Levi, Dennis M.

    2006-01-01

    Amblyopes show specific deficits in processing second-order spatial information (e.g. Wong, Levi, & McGraw (2001). Is second-order spatial loss in amblyopia explained by the loss of first-order spatial input? Vision Research, 41, 2951–2960). Recent work suggests there is a significant degree of plasticity in the visual pathway that processes first-order spatial information in adults with amblyopia. In this study, we asked whether or not there is similar plasticity in the ability to process second-order spatial information in adults with amblyopia. Ten adult observers with amblyopia (five strabismic, four anisometropic and one mixed) were trained to identify contrast-defined (second-order) letters using their amblyopic eyes. Before and after training, we determined observers’ contrast thresholds for identifying luminance-defined (first-order) and contrast-defined letters, separately for the non-amblyopic and amblyopic eyes. Following training, eight of the 10 observers showed a significant reduction in contrast thresholds for identifying contrast-defined letters with the amblyopic eye. Five of these observers also showed a partial transfer of improvement to their fellow untrained non-amblyopic eye for identifying contrast-defined letters. There was a small but statistically significant transfer to the untrained task of identifying luminance-defined letters in the same trained eye. Similar to first-order spatial tasks, adults with amblyopia benefit from perceptual learning for identifying contrast-defined letters in their amblyopic eyes, suggesting a sizeable degree of plasticity in the visual pathway for processing second-order spatial information. PMID:16930666

  18. Pension Plan Types and Financial Literacy in Later Life.

    Science.gov (United States)

    Li, Yang; Burr, Jeffrey A; Miller, Edward Alan

    2017-09-09

    The ongoing shift from defined benefit (DB) to defined contribution (DC) pension plans means that middle-aged and older adults are increasingly being called upon to manage their own fiscal security in retirement. Yet, half of older Americans are financially illiterate, lacking the knowledge and skills to manage financial resources. This study investigates whether pension plan types are associated with varying levels of financial literacy among older Americans. Cross-sectional analyses of the 2010 Health and Retirement Study (HRS) (n = 1,281) using logistic and linear regression models were employed to investigate the association between different pension plans and multiple indicators of financial literacy. The potential moderating effect of gender was also examined. Respondents with DC plans, with or without additional DB plans, were more likely to correctly answer various financial literacy questions, in comparison with respondents with DB plans only. Men with both DC and DB plans scored significantly higher on the financial literacy index than women with both types of plans, relative to respondents with DB plans only. Middle-aged and older adults, who are incentivized by participation in DC plans to manage financial resources and decide where to invest pension funds, tend to self-educate to improve financial knowledge and skills, thereby resulting in greater financial literacy. This finding suggests that traditional financial education programs may not be the only means of achieving financial literacy. Further consideration should be given to providing older adults with continued, long-term exposure to financial decision-making opportunities.

  19. 42 CFR 435.608 - Applications for other benefits.

    Science.gov (United States)

    2010-10-01

    ... applicants and recipients to take all necessary steps to obtain any annuities, pensions, retirement, and...) Annuities, pensions, retirement and disability benefits include, but are not limited to, veterans' compensation and pensions, OASDI benefits, railroad retirement benefits, and unemployment compensation....

  20. 26 CFR 514.6 - Private pensions and life annuities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Private pensions and life annuities. 514.6...) REGULATIONS UNDER TAX CONVENTIONS FRANCE Withholding of Tax § 514.6 Private pensions and life annuities. (a) Exemption from tax. Private pensions and life annuities as defined in paragraph (d) of this section, derived...

  1. Una proposta di riforma per il sistema pensionistico italiano (A Proposal of Reform for the Italian Pension System

    Directory of Open Access Journals (Sweden)

    Francesco Marchionne

    2012-04-01

    Full Text Available In Italy, the ageing of the population is leading to an increase of the pension expenditures. Before Dini reform in 1995, the earning-related contributory system was financed on a pay-as-you-go basis. It was too much generous for the economic and demographic conditions of the country, therefore it was reformed. Now the benefits are calculated on a defined-contribution formula that penalizes the early retirement and assures lower benefits. However, some considerations put the sustainability of the pension system for future generations under discussion. A multipillar system with capitalisation elements (public defined-benefit component, occupational pension funds and individual pension funds could reach this goal. In this study, a simulation generates the replacement ratios for the multipillar system in different scenarios and shows that the passage forward this scheme is possible, necessary and, under some conditions, not too expensive. In Italia, l’invecchiamento della popolazione sta portando a un incremento della spesa pensionistica. Prima della riforma Dini del 1995, il sistema retributivo, finanziato col meccanismo a ripartizione, era troppo generoso per le condizioni economico-demografiche del paese, così è stato riformato. Ora i benefici sono calcolati con un metodo contributivo che penalizza il pensionamento anticipato e assicura prestazioni inferiori. Ad ogni modo, alcune considerazioni mettono in discussione la sostenibilità finanziaria futura del sistema. Un sistema misto con elementi a capitalizzazione (componente pubblica a benefici definiti, fondi pensione occupazionali e fondi pensione individuali potrebbe raggiungere questo obiettivo. In questo studio, una simulazione genera i tassi di sostituzione della prima pensione rispetto all’ultimo salario per un sistema misto sotto differenti scenari e mostra che il passaggio verso questo schema è possibile, necessario e, sotto certe condizioni, non troppo costoso. JEL Codes: H55

  2. (UBS Pensions series 8) UK Annuity Rates and Pension Replacement Ratios 1957 - 2002

    OpenAIRE

    Ian Tonks

    2003-01-01

    This paper constructs a time series of annuity rates in the UK for 1957-2002, and examines the pricing of UK annuities, and the relationship between the accumulation and decumulation phases of a defined contribution pension scheme by focusing on the properties of the pension replacement ratio. Using data on annuity returns and the returns on other financial assets, the paper simulates replacement ratios, to build up a frequency distribution of the pension replacement ratio for a UK individual...

  3. 76 FR 36176 - Fully Developed Claim (Fully Developed Claims-Applications for Compensation, Pension, DIC, Death...

    Science.gov (United States)

    2011-06-21

    ... From the Federal Register Online via the Government Publishing Office DEPARTMENT OF VETERANS AFFAIRS Fully Developed Claim (Fully Developed Claims--Applications for Compensation, Pension, DIC, Death Pension, and/or Accrued Benefits); Correction AGENCY: Veterans Benefits Administration, Department...

  4. Challenges for the Romanian Public Pensions System in the Current Economic and Financial Crisis

    Directory of Open Access Journals (Sweden)

    Anca Sava

    2010-12-01

    Full Text Available This paper aims to address the challenges for the Romanian public pensions system in the current economic and financial crisis. Firstly, are presented the defining indicators of the Romanian public pension system, such as number of pensioners, the number of taxpayers, the dependency ratio pensioners/contributors, public pension expenditure as a percentage of GDP, etc. The article illustrates the challenges regarding the sustainability of the pension system to the aging population and the main predictions of specialized financial institutions on public pension expenditure for the next period. It also presents the current abuses of public pension system and the measures taken by the Romanianauthorities to reform it.

  5. A comparison of three different pension savings products with special emphasis on the payout phase

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte; Linnemann, Per

    2012-01-01

    The purpose of this article is to illustrate how the pension benefits a pension saver will (expect to) receive will depend on the type of pension scheme chosen. We compare three widely different pension savings products: the ‘‘traditional’’ with-profits scheme involving bonus entitlement (average...

  6. 20 CFR 404.408a - Reduction where spouse is receiving a Government pension.

    Science.gov (United States)

    2010-04-01

    ... Government pension. 404.408a Section 404.408a Employees' Benefits SOCIAL SECURITY ADMINISTRATION FEDERAL OLD... § 404.408a Reduction where spouse is receiving a Government pension. (a) When reduction is required... a monthly pension from a Federal, State, or local government agency (Government pension) for which...

  7. Pension funds' herding

    NARCIS (Netherlands)

    Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

    2016-01-01

    This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react s

  8. The Influence of Trade Unions on Pension Reform in Romania and Hungary: The Role of Ideas, Interests and Institutions in Policy-Making

    Directory of Open Access Journals (Sweden)

    Monica BUCURENCIU

    2009-09-01

    Full Text Available Although both Romania and Hungary have inherited pay-as-you-go defined benefit (PAYG-DB pensions systems, they have both moved towards a three-pillar pensions system, in which PAYG-DB becomes just one of three pillars together with the mandatory and the voluntary private pension funds.Trade unions have had an important influence on pension reform in both countries. The analysis of pension reform in Hungary and Romania brings evidence that trade unions’ influence on policy-making is not uniform, but it is shaped by the international policy discourse, by the institutional setting, by their relationship with other policy actors, by their organisational culture and even material inheritance.

  9. Defining the benefits and challenges of stakeholder engagement in systematic reviews

    Directory of Open Access Journals (Sweden)

    Cottrell EK

    2015-04-01

    Full Text Available Erika K Cottrell,1 Evelyn P Whitlock,2 Elisabeth Kato,3 Stacey Uhl,4 Suzanne Belinson,5 Christine Chang,3 Ties Hoomans,5,6 David O Meltzer,5,7 Hussein Noorani,5 Karen A Robinson,8 Makalapua Motu'apuaka,9 Johanna Anderson,9 Robin A Paynter,9 Jeanne-Marie Guise9 1Oregon Health and Sciences University, Portland, OR, USA; 2Kaiser Evidence-based Practice Center, Portland, OR, USA; 3Agency for Healthcare Research and Quality, Rockville, MD, USA; 4ECRI-Penn Evidence-based Practice Center, Plymouth Meeting, PA, USA; 5Office of Clinical Affairs, Blue Cross Blue Shield Association, Chicago, IL, USA; 6Institute of Health Policy and Management, Erasmus University Rotterdam, Rotterdam, the Netherlands; 7University of Chicago, Chicago, IL, USA; 8Johns Hopkins University Evidence-based Practice Center, Baltimore, MD, USA; 9Scientific Resource Center for the Agency for Healthcare Research and Quality (AHRQ Effective Health Care Program, Portland Veterans Affairs (VA Research Foundation, Portland VA Medical Center, Portland, OR, USA Background: Although there is a growing literature on the process of engaging stakeholders in medical research, there are a lack of clearly-defined measures for reporting and evaluation, which limits the ability to learn from past experience, understand the effectiveness of engagement, or identify which approaches work best. Clearly defining the benefits and challenges of engaging stakeholders in the systematic review process is an integral first step toward developing a set of criteria that can be used to evaluate the impact and effectiveness on the conduct, quality, and dissemination of systematic reviews. Methods: We utilized two complementary approaches to examine the benefits and challenges of engaging stakeholders in the systematic review process: 1 a literature scan to understand the overall state of the field; and 2 a series of key informant interviews with systematic reviewers, program/policy officials, and stakeholders

  10. 78 FR 4458 - Proposed Information Collection Request Submitted for Public Comment; Survey Regarding Pension...

    Science.gov (United States)

    2013-01-22

    ...; Survey Regarding Pension Benefit Statements AGENCY: Employee Benefits Security Administration, Department... pension benefit statements. Type of Review: New collection of information. OMB Number: 1210-NEW... pursuant to section 105(a) of the Employee Retirement Income Security Act of 1974 as amended by the Pension...

  11. 26 CFR 1.415(b)-1 - Limitations for defined benefit plans.

    Science.gov (United States)

    2010-04-01

    ... retirement benefits, such as preretirement disability benefits not in excess of the qualified disability... benefit that is paid in a form that is not a straight life annuity to take into account the inclusion...

  12. 78 FR 48506 - Approval of Amendment to Special Withdrawal Liability Rules the I.A.M. National Pension Fund...

    Science.gov (United States)

    2013-08-08

    ... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY CORPORATION Approval of Amendment to Special Withdrawal Liability Rules the I.A.M. National Pension Fund National Pension Plan AGENCY: Pension Benefit Guaranty Corporation. ACTION: Notice of approval. SUMMARY...

  13. CERN Pensions: A constructive proposal

    CERN Document Server

    Staff Association

    2014-01-01

      A new endangering of the Pension Fund   In 2010 and 2011 Council adopted a package of measures (see Echo 195 for background information) that commits staff, retirees and the Organization to all contribute to the balancing of the Pension Fund by 2041. In particular, CERN’s Member States agreed to pay a special contribution of 60 MCHF per year for 30 years or until full funding is achieved, if this arrives sooner. Today, less than four years later, some Member States already want to find ways to come back on their commitment. The fact that one of the parties that accepted the package wants to change its commitment unilaterally is in evident disagreement with the 2011 Council resolution(1)  and therefore unacceptable. Nevertheless to be helpful we put forward a constructive proposal. Special contribution or...   Currently the Fund has a yearly outflow of around 300 MCHF to pay pension benefits of which some 60 MCHF (approximately 20% of pensions received) a...

  14. Intergovernmental (Dis)incentives, Free-Riding, Teacher Salaries and Teacher Pensions. Upjohn Institute Working Paper No. 15-220

    Science.gov (United States)

    Fitzpatrick, Maria D.

    2015-01-01

    In this paper, I document evidence that intergovernmental incentives inherent in public sector defined benefit pension systems distort the amount and timing of income for public school teachers. This intergovernmental incentive stems from the fact that, in many states, local school districts are responsible for setting the compensation that…

  15. Los beneficios de la gestión activa de carteras. Una propuesta de reforma para la Dirección de Pensiones Civiles del Estado de Michoacán, México/The benefits of active portfolio management. A reform proposal to Michoacan State's Public Pension Fund Office

    National Research Council Canada - National Science Library

    Oscar V De La Torre Torres; Ma Isabel Martínez Torre-Enciso

    2015-01-01

    ..., como consecuencia, el periodo de suficiencia financiera del plan de pensiones. Abstract: The present paper studies one of the most politically relevant public pension funds in Mexico: the Michoacan State Public Pension Fund Office. As a result of this review, we propose an investment policy along with its related portfolio management struc...

  16. Pension Fund award

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

    The CERN Pension Fund won the Investments & Pensions Europe (IPE) 2013 Gold Award in the Medium Real-Estate Investor category. IPE is the leading European publication on the subject of pensions. The awards were judged by a panel of 22 members, which included leading European investment consultants and pension fund executives.     Théodore Economou (left), the CERN Pension Fund’s Chief Executive Officer, receives the IPE 2013 Gold Award.   The award recognised the “fresh thinking” behind the CERN Pension Fund’s updated real-estate strategy, which has brought it “focus” on “high-quality assets and diversification.” The jury also noted the Fund’s “streamlined and cost-efficient” management, and noted that CERN is “running a tight ship”. While the awards are given by a European institution, they have a worldwide scope, and winners in ot...

  17. DOS MODELOS DE SOSTENIBILIDAD EN EL SISTEMA DE REPARTO DE LAS PENSIONES DE JUBILACIÓN DE PRESTACIÓN DEFINIDA

    Directory of Open Access Journals (Sweden)

    Luis María Sáez de Jáuregui Sanz

    2013-05-01

    Full Text Available En este trabajo se formulan dos modelos de sostenibilidad de las pensiones de jubilación de prestación definida en el marco de un sistema público de pensiones. El primer modelo permite analizar aisladamente el efecto de la evolución de la esperanza de vida, cuantificando el impacto que el envejecimiento de la población tiene sobre las pensiones. En el segundo modelo se formulan y se hallan los parámetros de productividad en el sistema de reparto, para el caso español y para el periodo 1975-2048, en un contexto de sostenibilidad. In this paper there are two models of sustainability of the defined benefits old-age pensions in the framework of a public pension system. The first model allows us to analyze the effect of the evolution of the life expectancy, quantifying the impact that the aging of the population has on the old-age pensions. In the second model, we find out the parameters of productivity in the defined benefit pay-as-you-go (DB PAYG scheme with retirement benefits for the Spanish case for the period 1975-2048 in a context of sustainability.

  18. The Impact on Women of Proposed Changes in the Private Pension System: A Simulation.

    Science.gov (United States)

    Cohen, Cynthia Fryer

    1983-01-01

    This study estimates the effects on pension benefits received by women that would result from some of the changes recommended in 1981 by the President's Commission on Pension Policy. The author argues that the private pension system now presents several barriers to the attainment of benefits by women. (SSH)

  19. Electronic individual breakdown of pension rights and/or transfer value

    CERN Multimedia

    Pension Fund

    2011-01-01

    Commencing this year, members of the personnel will be notified by e-mail of their annual breakdown of pension rights and/or transfer value. Each person receiving the e-mail notification will be invited to consult this breakdown by clicking on a link protected by AISlogin and a password. Benefits Service of the Pension Fund pension-benefits@cern.ch  

  20. ELECTIONS PENSION FUND 2nd candidate

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : FRANDSEN First Name : Poul Kjaer  I have been member of the staff since 1974, and member of staff council for more than 12 years, and my main motivation has been to work for improving the social conditions of the CERN staff. A very important pillar of this is a sound and healthy pension fund. A capitalised scheme has been and still is the best choice for assuring the benefits for the CERN staff, present and future, this social system being part of the whole necessary to attract the best staff to the future High Energy Physics in Europe. However, even the hypothetic close down of the Organisation should allow the benefits to exi...

  1. ELECTIONS PENSION FUND CANDIDATE NR 2

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : FRANDSEN First Name : Poul Kjaer  I have been member of the staff since 1974, and member of staff council for more than 12 years, and my main motivation has been to work for improving the social conditions of the CERN staff. A very important pillar of this is a sound and healthy pension fund. A capitalised scheme has been and still is the best choice for assuring the benefits for the CERN staff, present and future, this social system being part of the whole necessary to attract the best staff to the future High Energy Physics in Europe. However, even the hypothetic close down of the Organisation should allow the benefits to exi...

  2. ELECTIONS PENSION FUND

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

  3. Research on the Replacement Ratio of Defined Contributed Occupational Pension Scheme under Stochastic Interest Rate%随机利率下缴费预定计划职业年金的替代率研究

    Institute of Scientific and Technical Information of China (English)

    吴忠; 王灵芝; 范君晖

    2011-01-01

    事业单位养老保险制度改革关系到我国基本养老保险制度的改革进程和可持续发展问题,而面对事业单位养老金替代率90%,企业单位替代率60%的差距,事业单位养老保险制度改革遇到了一定的阻力.本文考察了如果采用缴费预定计划(DC计划)建立职业年金,事业单位养老保险的替代率问题.养老金的投资收益率是影响替代率的关键因素,而这一因素受金融市场影响较大,这里假设它为随机变量.研究发现:(1)由于女性职工的法定退休年龄早,平均寿命又比较长,对于相同的缴费率,男性的养老金替代率明显高于女性的替代率;(2)缴费率是影响替代率的另一因素,为了保持较为合理的替代率,实现养老保险制度的平稳改革,我们建议合适的缴费率为11%.%The reformation of non-profit institution endowment insurance system relates to the basic endowment insurance 's reform process and its sustainable development. At present, the replacement ratio of non-profit institution is 90%, while the enterprise's is only 60%, the reformation encountered some resistance. This paper studied the replacement ratio of non-profit institution if there is a defined contribution plan to set up an occupational pension. The fund's return on investment is a key factor of the replacement ratio, and which is influenced a lot by the financial market, so we suppose it as a random variable. We found that: (1) Given the same payment, male's replacement is obviously higher than the female' s. For the female' s legal retirement age is lower and female's average lifetime is longer than the male' s. (2) The payment is another factor to influence the replacement ratio. Holding a reasonable replacement can help the reformation accomplished smoothly, we suggest the suitable payment of occupational pension is 11 %.

  4. DEVELOPMENT OF KOSOVO PENSION SAVING TRUST FUND

    Directory of Open Access Journals (Sweden)

    Ymer Havolli

    2016-11-01

    Full Text Available Pension system in Kosovo has experienced various developments in the last three decades. These changes have been driven by both, political and economic developments. The political developments were most important, especially that the previous system failed due to the lack of access to the fund in the post-war Kosovo. The newly established system in post-war Kosovo continues its operations with principles of modern pension fund, savings-based. KPST was established by Law in December 2001 as a not-for-profit institution. As such, the sole objective of KPST is to serve only the best interests of its contributors. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. Throughout this discussion paper, the implications of the crisis, management, asset management issues and most importantly, investment strategy are discussed and some potential solutions to these problems are proposed in order to increase the flexibility of the fund to improve performance in times of crisis.

  5. Report from the Pension Fund

    CERN Multimedia

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in July, the Fund has continued the implementation of its capital preservation approach with encouraging results. There have also been several communication events focusing, in particular, on the Fund’s governance and its investment processes. At the September sessions of the Finance Committee and Council, the Chairman of the Pension Fund Investment Committee, Dr Sigurd Lettow, gave comprehensive presentations on the governance and operations of the Fund’s Investment Committee. The Investment Committee is the subsidiary and expert body of the PFGB on investments. Its mandate is to define the process according to which the Fund’s assets - which amount to approximately 3.7 billion Swiss Francs - are invested, and to supervise the implem...

  6. 20 CFR 404.213 - Computation where you are eligible for a pension based on your noncovered employment.

    Science.gov (United States)

    2010-04-01

    ... pension based on your noncovered employment. 404.213 Section 404.213 Employees' Benefits SOCIAL SECURITY... you are eligible for a pension based on your noncovered employment. (a) When applicable. Except as... entitled to a monthly pension(s) for which you first became eligible after 1985 based in whole or part on...

  7. 26 CFR 54.4980F-1 - Notice requirements for certain pension plan amendments significantly reducing the rate of future...

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 17 2010-04-01 2010-04-01 false Notice requirements for certain pension plan... (CONTINUED) PENSION EXCISE TAXES § 54.4980F-1 Notice requirements for certain pension plan amendments... a plan amendment of an applicable pension plan that significantly reduces the rate of future benefit...

  8. Extrinsic Versus Intrinsic Benefits: Challenging Categories Used to Define the Value of Music in Schools

    Directory of Open Access Journals (Sweden)

    Alexander Hew Dale Crooke

    2016-07-01

    Full Text Available Increasing pressures to justify the value of music in schools over recent decades has led to the construction of three distinct areas of benefits: intrinsic (or musical benefits, extrinsic benefits related to academic and/or cognitive development, and extrinsic benefits related to psychosocial wellbeing. While some argue these categories have been useful for identifying specific areas of value and enabling targeted advocacy approaches, others have challenged this segmented approach to justification. While the most strident point of contention stems from the perception that categories which champion non-musical (extrinsic benefits have led to the devaluing of musical (intrinsic benefits, others dispute the categories themselves. Such arguments question the ability to separate what have been categorised as musical and non-musical elements, particularly in relation to social and political elements. This paper aims to tease out the practicality of these existing categories, and in doing so, challenge their robustness in both form and definition. The argument is made that current attempts to separate the value of school-based music into distinct categories is not only unclear, but also unhelpful in areas of advocacy. This argument rests on the premise that musical participation affords opportunities to enrich human experience in holistic and integrated ways, and that categorisation serves to preclude this unique value.

  9. Benefits and Dynamics of Learning Gained through Volunteering: A Qualitative Exploration Guided by Seniors' Self-Defined Successful Aging

    Science.gov (United States)

    Chen, Li-Kuang

    2016-01-01

    Social participation is an important strategy in promoting successful aging. Although participating in volunteering has been proven to benefit older adults' health and well-being, we often ignore its role as a process of learning while helping others. The purpose of this study was to use the self-defined successful aging concept of seniors to…

  10. 20 CFR 404.1577 - Disability defined for widows, widowers, and surviving divorced spouses for monthly benefits...

    Science.gov (United States)

    2010-04-01

    ... surviving divorced spouses for monthly benefits payable for months prior to January 1991. 404.1577 Section... INSURANCE (1950- ) Determining Disability and Blindness Widows, Widowers, and Surviving Divorced Spouses § 404.1577 Disability defined for widows, widowers, and surviving divorced spouses for monthly...

  11. UK annuity rates and pension replacement ratios 1957-2002

    OpenAIRE

    Cannon, Edmund; Tonks, Ian

    2003-01-01

    This paper constructs a time series of annuity rates in the UK for 1957-2002, and examines the pricing of UK annuities, and the relationship between the accumulation and decumulation phases of a defined contribution pension scheme by focusing on the properties of the pension replacement ratio. Using data on annuity returns and the returns on other financial assets, the paper simulates replacement ratios, to build up a frequency distribution of the pension replacement ratio for a UK individual...

  12. Employer-sponsored pension plans

    Directory of Open Access Journals (Sweden)

    Rakonjac-Antić Tatjana N.

    2004-01-01

    Full Text Available Apart from pension plans within social insurance, in developed pension systems there are also available to individuals schemes which may to a large extent ensure a significant part of their total pension. Among them are the following: employer-sponsored pension plans or individual pension plans. The most widely used employer-sponsored pension plan in the USA is 401(k, in which both the employer and the employee contribute to the financing of the pension. These contributions as well as the return to their investment have a preferential tax treatment, i.e. do not enter a tax base. The funds are taxed only when drawn from the account in the form of a pension. This paper aims to present the functioning of 401(k pension plan as the most widely used employer sponsored pension plan in the USA, which is likely, in a modified form, to have an important place within our future reformed pension insurance system.

  13. A comparison of three different pension savings products with special emphasis on the payout phase

    DEFF Research Database (Denmark)

    Jørgensen, Peter Løchte; Linnemann, Per

    2012-01-01

    of the allocation to shares in the underlying investment portfolios. TimePension involves the highest allocation to shares and therefore offers, on average, the highest pension benefits, followed by the Unit Link scheme. In the third and last place comes the traditional with-profits scheme, which has a relatively......The purpose of this article is to illustrate how the pension benefits a pension saver will (expect to) receive will depend on the type of pension scheme chosen. We compare three widely different pension savings products: the ‘‘traditional’’ with-profits scheme involving bonus entitlement (average...... in previous literature, but those comparisons were based almost entirely on the values of pension savings accounts at the expiry of the accumulation period. This article will include the payout phase (decumulation phase) in the analysis, enabling us to analyse the size of paid-out pension benefits themselves...

  14. A Systematic Review to Define the Speech and Language Benefit of Early (

    NARCIS (Netherlands)

    Bruijnzeel, Hanneke; Ziylan, Fuat; Stegeman, Inge; Topsakal, Vedat; Grolman, Wilko

    2016-01-01

    Objective: This review aimed to evaluate the additional benefit of pediatric cochlear implantation before 12 months of age considering improved speech and language development and auditory performance. Materials and Methods: We conducted a search in PubMed, EMBASE and CINAHL databases and included s

  15. 26 CFR 1.401(l)-3 - Permitted disparity for defined benefit plans.

    Science.gov (United States)

    2010-04-01

    ... offset percentage exceeds one-half of the gross benefit percentage (0.5 percent). Example 5. (a) Plan R... satisfies the requirements of this section (the “section 401(l) overlay”). The specified percentage of PIA...) overlay). (3) Examples. The following examples illustrate this paragraph (c). Unless otherwise provided...

  16. Pension scheme in Austria

    Directory of Open Access Journals (Sweden)

    Greta Alikaj

    2015-07-01

    Full Text Available Driven by unfavorable demographic developments and unsustainable, outdated or fragmented systems, pension reform has been at the top of political agendas across the globe for many years now (Prinz, Stanovnik & Stropnik, 2000. Over the last two decades, almost all western European countries have been trimming their public pension systems in an effort to strengthen pension sustainability. One main target of reform was to increase the retirement age. Other measures (e.g. changing the pension calculation, broadening the assessment base, changing the adjustment mechanism were designed to lower replacement rates. The reform process in the wide range of countries addressed by this survey differs considerably from country to country. This is why Allianz first introduced the Pension Sustainability Index (PSI, which combines the various characteristics of pension systems with the factors that influence them to help track and evaluate policy changes made in different countries around the world. In addressing the sustainability of a country’s public pension system, the PSI can give an indication of a country’s need for reforms to maintain long-term financial sustainability. This can be difficult to assess given the many country-specific institutional, technical and legal parameters. The PSI is able to evaluate the long-term sustainability of national pension systems and thus the pressure on governments to reform these (International pension Papers, 1.2014. The speed of reform, however, differs between countries. Those which recently introduced major reforms were able to improve in the PSI ranking because of active steps taken, while others were lost in comparison due to their passive policymaking.

  17. Risk, redistribution and retirement : The role of pension schemes

    NARCIS (Netherlands)

    Bonenkamp, J.

    2013-01-01

    One of the main conclusions of this thesis is that collective pension funds are potentially welfare improving, even if contributions are distortionary and even if individuals face positively correlated wage and equity risks. By disconnecting individual contributions and benefits, the pension fund is

  18. Pension system in a comparative analysis

    Directory of Open Access Journals (Sweden)

    Bora Angjele

    2017-07-01

    Full Text Available This article is about the reform of the pension system in Europe and Albania.The social security system in Albania has evolved. The system's initial format was comprehensive, covering third party risks, disabilities, head of household death, short-term illness, and maternity leave, unemployment, and health costs. These benefits were financed through payroll contributions and were assessed by both the employer and the employee, but at different rates for various benefits. However, our country as well as many other transition countries has experienced an increase. Level of labor informality has led to limited income from wage contributions, while facing the burden of supporting older generations, many of whom enjoy full pension rights. Albania has managed to avoid a financial crisis in the social security system. In the current model of the pension system there are major deficiencies. The article introduces systems and reforms and reflections on the elections.

  19. Costs and benefits of automatization in category learning of ill-defined rules

    NARCIS (Netherlands)

    Raijmakers, M.E.J.; Schmittmann, V.D.; Visser, I.

    2014-01-01

    Learning ill-defined categories (such as the structure of Medin & Schaffer, 1978) involves multiple learning systems and different corresponding category representations, which are difficult to detect. Application of latent Markov analysis allows detection and investigation of such multiple latent c

  20. PENSION FUNDS AND THE FINANCIAL CRISIS IN THE CEE COUNTRIES

    Directory of Open Access Journals (Sweden)

    Milos Laura Raisa

    2012-12-01

    Full Text Available In this paper, the authors analyze the influence of the international financial crisis on the current architecture of the CEE pension systems and their further reforms. As a consequence of the financial crisis, the very fragile pension reform has been subject of debate in the new member states of European Union, given their deep recession and registered fiscal deficits. In many of the CEE countries, which have adopted/developed later the second pillar, the financial crisis has raised questions in what concerns the benefit of moving to a mixed pension system, in comparison with the former one, which relied exclusively on public pay-as-you-go schemes. The current literature analyses the situation in each of the CEE countries, but does not make an overall analysis of the situation of the CEE countries, member of the European Union. The authors show the short-term negative effects of the financial crisis on the pension reform in these countries, but also the longer run effects, on the continuing deteriorating finances of these pension systems, in the context of the aging of population and unsustainable pension schemes. Alongside reviewing and commenting the national authorities’ responses to the financial crisis, we are proposing also some measures meant to enhance the further pension system reform and to improve the performance of the private pension funds. Pensions have a long-time horizon and it would be very wrong to produce a reversal of the past reforms since the main problems of adequacy and sustainability remain vivid (demographic challenge and population aging. It is also true though that, while shifting from an exclusively public pay-as-you-go system towards a mixed pension system, especially in times of financial crisis, authorities must pay increased attention to the management and supervision of the DC pension plans, to the risk management standards and regulations of the private pension funds, alongside other measures meant to

  1. Pension Fund governing board

    CERN Multimedia

    HR Department

    2008-01-01

    On 16 March and 7 May, the Pension Fund Governing Board (PFGB) held its fourth and fifth meetings The first of these meetings was primarily dedicated to the examination of the strategic asset allocation. The PFGB reaffirmed the main goal of the new strategic asset allocation: to improve the Pension Fund’s position with regard to risk by lowering overall portfolio volatility through suitable investments in less volatile asset classes such as real estate and absolute return strategies, where the return does not depend on market trends and negative growth is extremely unlikely. The finalised document will be presented to the Finance Committee and the Council at their June meetings for approval, in accordance with the provisions of the Levaux report. The PFGB also took note of the Internal Audit’s report on Pension Fund operations and decided to refer it to Working Group I as a working document for establishing a control and internal monitoring system for Pension Fund oper...

  2. Pension Fund governing board

    CERN Document Server

    HR Department

    2008-01-01

    On 16 March and 7 May, the Pension Fund Governing Board (PFGB) held its fourth and fifth meetings The first of these meetings was primarily dedicated to the examination of the strategic asset allocation. The PFGB reaffirmed the main goal of the new strategic asset allocation: to improve the Pension Fund’s position with regard to risk by lowering overall portfolio volatility through suitable investments in less volatile asset classes such as real estate and absolute return strategies, where the return does not depend on market trends and negative growth is extremely unlikely. The finalised document will be presented to the Finance Committee and the Council at their June meetings for approval, in accordance with the provisions of the Levaux report. The PFGB also took note of the Internal Audit’s report on Pension Fund operations and decided to refer it to Working Group I as a working document for establishing a control and internal monitoring system for Pension Fund oper...

  3. Legacy Waveforms on Software Defined Radios: Benefits of Advanced Digital Signal Processing

    Science.gov (United States)

    2010-09-01

    parts of signal processing are realized as software programms on programmable and/or reconfigurable hardware. Link-11/-16/-22 GSM ...PCs vs. Software Defined Radio  On first glance … GSM , UMTS, TETRA,… SEM-80/90/93 MAHRS SDR – Hardware Platform Operating Environment...and decoder exploit reliabilities using soft-input-soft-output (SISO) techniques  new: iterative feedback of extrinsic information Physical

  4. Annual Pension Fund Update

    CERN Multimedia

    Pension Fund

    2011-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Pension Fund Update to be held in the CERN Council Chamber on Tuesday 20 September 2011 from 10-00 to 12-00 a.m. Copies of the 2010 Financial Statements are available from departmental secretariats. Coffee and croissants will be served prior to the meeting as of 9-30 a.m.

  5. Costs and benefits of automatization in category learning of ill-defined rules.

    Science.gov (United States)

    Raijmakers, Maartje E J; Schmittmann, Verena D; Visser, Ingmar

    2014-03-01

    Learning ill-defined categories (such as the structure of Medin & Schaffer, 1978) involves multiple learning systems and different corresponding category representations, which are difficult to detect. Application of latent Markov analysis allows detection and investigation of such multiple latent category representations in a statistically robust way, isolating low performers and quantifying shifts between latent strategies. We reanalyzed data from three experiments presented in Johansen and Palmeri (2002), which comprised prolonged training of ill-defined categories, with the aim of studying the changing interactions between underlying learning systems. Our results broadly confirm the original conclusion that, in most participants, learning involved a shift from a rule-based to an exemplar-based strategy. Separate analyses of latent strategies revealed that (a) shifts from a rule-based to an exemplar-based strategy resulted in an initial decrease of speed and an increase of accuracy; (b) exemplar-based strategies followed a power law of learning, indicating automatization once an exemplar-based strategy was used; (c) rule-based strategies changed from using pure rules to rules-plus-exceptions, which appeared as a dual processes as indicated by the accuracy and response-time profiles. Results suggest an additional pathway of learning ill-defined categories, namely involving a shift from a simple rule to a complex rule after which this complex rule is automatized as an exemplar-based strategy.

  6. Pension Reforms in Countries with Developed and Transitional Economies

    Directory of Open Access Journals (Sweden)

    Sergey Anatolyevich Belozyorov

    2015-12-01

    Full Text Available The subject matter of the research is as follows: pension reforms conducted by some states define the transformation of pension systems. The choice of countries is stipulated by the fact that each of them has different types of pension systems and preconditions for reforms. The purpose is to develop an approach that allows comparing and evaluating changes in disparate systems. The hypothesis is that the ongoing pension reforms, regardless of initial conditions and their type lead to a similar trajectory of pension systems development in all countries. The methodology rests on the comparative analysis that was carried out on the basis of a single algorithm that allows to determine significant modifiable parameters and the overall direction of reform. The novelty is that the authors research the ongoing pension reform from the viewpoint of pension rights formation and distribution of risks. The results are a single trajectory of reforms implementation for the studied countries, which confirms the authors’ hypothesis. The specific features of the Russian pension system do not affect the reform trajectory, which is similar to all countries. The conclusions are the following: the reducing pressure on pension system requires increasing revenues and limiting the number of potential participants. This is achieved by expanding sources of financing, increasing the dependence of pension on an employee’s contributions, transferring the risks of old age into the individual level, and employment motivation during the retirement period. The principle of the intergenerational solidarity loses its value. The obtained results can be used for the pension reform modification in the Russian Federation, the development of voluntary pension insurance based on the experience of other countries and risks faced by the modern Russian pension system.

  7. Valuation and Hedging of Variable Annuities in Pension Schemes

    NARCIS (Netherlands)

    Bovenberg, A.L.; van Bilsen, S.; Laeven, R.J.A.

    2016-01-01

    This paper explores defined ambition pension schemes that provide (deferred) variable annuities. These pension schemes allocate various risks (i.e., real interest rate, expected inflation and stock market risk) to the policyholders on the basis of complete contracts. We show how these variable annui

  8. ELECTIONS - Pension Fund

    CERN Document Server

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

  9. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

  10. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

  11. 75 FR 9334 - Multiemployer Pension Plan Information Made Available on Request

    Science.gov (United States)

    2010-03-02

    ... Benefits Security Administration 29 CFR Part 2520 RIN 1210-AB21 Multiemployer Pension Plan Information Made... Security Act of 1974, as amended by the Pension Protection Act of 2006. Section 101(k) requires the... by section 502(a)(1) of the Pension Protection Act of 2006 (PPA),\\1\\ provides that the administrator...

  12. 26 CFR 1.501(c)(18)-1 - Certain funded pension trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 7 2010-04-01 2010-04-01 true Certain funded pension trusts. 1.501(c)(18)-1... pension trusts. (a) In general. Organizations described in section 501(c)(18) are trusts created before June 25, 1959, forming part of a plan for the payment of benefits under a pension plan funded only by...

  13. 20 CFR 404.1360 - Veterans Administration pension or compensation payable.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 2 2010-04-01 2010-04-01 false Veterans Administration pension or... Veterans Administration pension or compensation payable. (a) Before we determine and certify payment. If we are informed by the Veterans Administration that a pension or compensation is payable to you before we...

  14. 77 FR 56710 - Proposed Information Collection (Veteran's Application for Compensation and/or Pension) Activity...

    Science.gov (United States)

    2012-09-13

    ... Information Collection (Veteran's Application for Compensation and/or Pension) Activity: Comment Request... applicable, for compensation and/or pension benefit sought. DATES: Written comments and recommendations on... Compensation and/or Pension, VA Form 21-526. b. Veteran's Supplemental Claim Application, VA Form 21-526b. c...

  15. Improving of the pension provision in Uzbekistan during the modernization of national economy

    Directory of Open Access Journals (Sweden)

    Bakhodir Khamidovich Umurzakov

    2011-03-01

    Full Text Available The questions of theoretical understanding of "pension system" category are reviewed in this paper, its functions and characteristics are defined. The features of pension schemes of the Republic of Uzbekistan and the prospects for its development in the context of improving the market economy are described. In particular, shortcomings of centralized state pension insurance system, inherited from Soviet Uzbekistan, such as the removal of policyholders to participate in the management of funds, the gap formation mechanism of pensions and employee work outcomes etc. are highlighted. Three categories of pension recipients are named and studied. The authors compare two approaches to the distribution of pensions, according to their abilities and needs. In conclusion, the authors analyze the three-level pension system used in developed countries. It is confirmed that in Uzbekistan the principle of level of pension contributions and payments of pensions of employee attachment is widely applied.

  16. Better Safe than Sorry - Individual Risk-free Pension Schemes in the European Union

    Directory of Open Access Journals (Sweden)

    Marga Peeters

    2012-09-01

    Full Text Available Variations among the diverse pension systems in the member states of the European Union (EU hamper labor market mobility across national borders and also among firms within the countries of the EU. From a macroeconomic perspective, and in the light of demographic pressure, this paper argues that allowing individual pension accounts instead of collective pension plans would greatly improve labor market flexibility and would thus enhance the functioning of the monetary union. I argue that working citizens would benefit by having their pension funds accumulating in individual pension savings accounts for three reasons. First, citizens would have a clear picture of the accumulation of their own pension savings throughout their working lives. Second, they would pay minimal extra costs, and third, they would not be subject to the whims of governments or other pension fund managers after they retired. This paper investigates the feasibility of individual pension accumulation plans under various parameter settings by calculating the value of the pension saved during a working life and the amount of the pension dis-saved after retirement. The findings show that there are no reasons why the EU and the individual member states should not allow individual pension savings accounts. This approach, as an alternative to forcing workers to participate in one of the various mandatory collective pension schemes that exist in different countries in the EU, would have macroeconomic benefits and would also provide a solid pension program that can enhance mobility.

  17. CONTRADICTIONS OF THE DEVELOPMENT OF PRIVATE PENSION PROVISION IN UKRAINE

    Directory of Open Access Journals (Sweden)

    D. Tretiak

    2014-01-01

    Full Text Available The pension system of Ukraine is working at the maximum financial stress, without providing sufficient to meet the needs of retirees. Pension benefits can play an important role in ensuring a decent standard of living after retirement. And also, to promote economic development, as funds generated through contributions of depositors is a stable source of investment. Investigated, that the development of private pension provision is determined by the following factors: demographic – strengthening of demographic aging; social – economic slowdown working population, largescale labor migration, proliferation of illegal employment, low wages, etc. Proposed the following main areas for improvement of the system of private pension provision: the development of comprehensive measures to ensure an adequate level of state support for the pension system in Ukraine as a whole, as well as the scope of private pension provision, improvement of regulatory – legal framework in the field of regulation of the activity of non-state pension funds, to inform citizens about the development private pension provision, operation of private pension funds and the range of services they provide, as well as prospects for their development.

  18. Defining immunological impact and therapeutic benefit of mild heating in a murine model of arthritis.

    Directory of Open Access Journals (Sweden)

    Chen-Ting Lee

    Full Text Available Traditional treatments, including a variety of thermal therapies have been known since ancient times to provide relief from rheumatoid arthritis (RA symptoms. However, a general absence of information on how heating affects molecular or immunological targets relevant to RA has limited heat treatment (HT to the category of treatments known as "alternative therapies". In this study, we evaluated the effectiveness of mild HT in a collagen-induced arthritis (CIA model which has been used in many previous studies to evaluate newer pharmacological approaches for the treatment of RA, and tested whether inflammatory immune activity was altered. We also compared the effect of HT to methotrexate, a well characterized pharmacological treatment for RA. CIA mice were treated with either a single HT for several hours or daily 30 minute HT. Disease progression and macrophage infiltration were evaluated. We found that both HT regimens significantly reduced arthritis disease severity and macrophage infiltration into inflamed joints. Surprisingly, HT was as efficient as methotrexate in controlling disease progression. At the molecular level, HT suppressed TNF-α while increasing production of IL-10. We also observed an induction of HSP70 and a reduction in both NF-κB and HIF-1α in inflamed tissues. Additionally, using activated macrophages in vitro, we found that HT reduced production of pro-inflammatory cytokines, an effect which is correlated to induction of HSF-1 and HSP70 and inhibition of NF-κB and STAT activation. Our findings demonstrate a significant therapeutic benefit of HT in controlling arthritis progression in a clinically relevant mouse model, with an efficacy similar to methotrexate. Mechanistically, HT targets highly relevant anti-inflammatory pathways which strongly support its increased study for use in clinical trials for RA.

  19. Lectures for CERN pensioners

    CERN Multimedia

    GS Department

    2009-01-01

    The CERN Medical Service and the Pensioners Association are pleased to invite CERN pensioners to a series of lectures given by professors and specialists from the Teaching Hospitals and the Faculty of Medicine of the University of Geneva on the following topic: PROMOTION OF OPTIMUM BRAIN AGEING The lectures will take place in the Main CERN Auditorium (Building 60) from 2.30 p.m. to 4.30 p.m. on the following dates: Thursday 15 January 2009: Diagnosing and treating Alzheimer’s disease Pr Gabriel GOLD Wednesday 25 February 2009: What is the brain reserve? Speaker’s name to be announced at a later date. The lectures will be given in French, with transparencies in English, and will be followed by a wide-ranging debate with the participants. CERN Medical Service - Pensioners Association - CERN-ESO (GAC-EPA)

  20. Welfare and Generational Equity in Sustainable Unfunded Pension Systems.

    Science.gov (United States)

    Auerbach, Alan J; Lee, Ronald

    2011-02-01

    Using stochastic simulations we analyze how public pension structures spread the risks arising from demographic and economic shocks across generations. We consider several actual and hypothetical sustainable PAYGO pension structures, including: (1) versions of the US Social Security system with annual adjustments of taxes or benefits to maintain fiscal balance; (2) Sweden's Notional Defined Contribution system and several variants developed to improve fiscal stability; and (3) the German system, which also includes annual adjustments to maintain fiscal balance. For each system, we present descriptive measures of uncertainty in representative outcomes for a typical generation and across generations. We then estimate expected utility for generations based on simplifying assumptions and incorporate these expected utility calculations in an overall social welfare measure. Using a horizontal equity index, we also compare the different systems' performance in terms of how neighboring generations are treated.While the actual Swedish system smoothes stochastic fluctuations more than any other and produces the highest degree of horizontal equity, it does so by accumulating a buffer stock of assets that alleviates the need for frequent adjustments. In terms of social welfare, this accumulation of assets leads to a lower average rate of return that more than offsets the benefits of risk reduction, leaving systems with more frequent adjustments that spread risks broadly among generations as those most preferred.

  1. PENSIONES, PENSIONISTAS Y AFILIADOS

    Directory of Open Access Journals (Sweden)

    Alicia de las Heras Camino

    2012-07-01

    Full Text Available En este artículo se hace una breve exposición de los datos a disposición de los ciudadanos en referencia a las pensiones del Sistema de Seguridad Social, y de la información facilitada por la Tesorería General de la Seguridad Social en relación a cotización y afiliación, atendiendo a la estructura que ha estado presente en el actual Ministerio de Empleo y Seguridad Social durante el periodo de tiempo objeto de análisis. Se intenta matizar las diferencias entre los conceptos de pensión y pensionista así como la de afiliados y cotizantes, de tal manera que se puedan establecer relaciones con rigor científico, y que puedan ser consideradas en una futura Agencia Única de Seguridad Social que englobe todas las actividades relacionadas con la gestión de las pensiones y relaciones de afiliación, objeto de análisis de este estudio. In this article shows a brief summary of the data available to citizens in reference to pensions of The Spanish Social Security System, and information provided by the General Treasury of Social Security in relation to the members of the labor market who contribute in favor of the Social Security System, based on the structure that has been present in the current Ministry of Employment and Social Security during the period under review. It tries to refine the differences between the concepts of pension and pensioner and the members of the labor market and contributors, so as to establish relations with scientific rigor, and that would be considered at a future Social Security Agency encompassing all activities related to the management of pensions and affiliate relationships, analyzed in this study.

  2. Improving pension product design

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    to individual needs. We argue that the asset allocation, the payout prole and the insured sum should not only depend on the plan member's age (or time left to retirement), nor only on her risk preferences, but should capture personal and economical characteristics. Among other factors, we include current wealth......, expected lifetime salary progression, mandatory and voluntary pension contributions, expected state retirement pension, choice of assets, subjective lifetime expectancy and bequest motive. Specically, the asset allocation strategy, the payout prole and the level of insured sum dening the new product...

  3. Behavioral economics perspectives on public sector pension plans

    Science.gov (United States)

    BESHEARS, JOHN; CHOI, JAMES J.; LAIBSON, DAVID; MADRIAN, BRIGITTE C.

    2011-01-01

    We describe the pension plan features of the states and the largest cities and counties in the U.S. Unlike in the private sector, defined benefit (DB) pensions are still the norm in the public sector. However, a few jurisdictions have shifted toward defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate more movement in this direction. Holding fixed a public employee’s work and salary history, we show that DB retirement income replacement ratios vary greatly across jurisdictions. This creates large variation in workers’ need to save for retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC plans because of differences in the level of mandatory employer and employee contributions. One notable difference between public and private sector DC plans is that public sector primary DC plans are characterized by required employee or employer contributions (or both), whereas private sector plans largely feature voluntary employee contributions that are supplemented by an employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public sector plans. PMID:21789032

  4. Reforming Dutch Occupational Pension Schemes

    NARCIS (Netherlands)

    Bovenberg, A.L.; Gradus, R.H.J.M.

    2014-01-01

    Dutch occupational defined-benefit plans suffer from a number of serious weaknesses, including ambiguous ownership of the surplus, back-loading of benefits, and lack of tailor-made risk management. To address these weaknesses, we propose collective individual defined-contribution plans that are actu

  5. Reforming Dutch Occupational Pension Schemes

    NARCIS (Netherlands)

    Bovenberg, A.L.; Gradus, R.H.J.M.

    2014-01-01

    Dutch occupational defined-benefit plans suffer from a number of serious weaknesses, including ambiguous ownership of the surplus, back-loading of benefits, and lack of tailor-made risk management. To address these weaknesses, we propose collective individual defined-contribution plans that are actu

  6. Retirement, pensions, and ageing

    NARCIS (Netherlands)

    Heijdra, Ben J.; Romp, Ward E.

    2009-01-01

    We study the effects of demographic shocks and changes in the pension system on the Macroeconomic performance of an advanced small open economy facing a given world interest rate. We construct an overlapping-generations model which includes a realistic description of The mortality process. Individua

  7. Private pensions for Europe

    NARCIS (Netherlands)

    Bovenberg, L.; van Ewijk, C.

    2011-01-01

    There is a large variety of pension systems across EU members. This column argues for more private retirement saving as it is necessary to maintain old-age incomes and as it may also contribute to the stability of markets for government debt. But, it adds, governments should retain important

  8. 38 CFR 3.460 - Death pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Death pension. 3.460 Section 3.460 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Apportionments § 3.460 Death pension. Death pension...

  9. 38 CFR 3.3 - Pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Pension. 3.3 Section 3.3 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.3 Pension. (a) Pension for veterans—(1) Service...

  10. 77 FR 22215 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-04-13

    ... covered by the pension insurance system administered by PBGC. DATES: Effective May 1, 2012. FOR FURTHER... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  11. 78 FR 42009 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-07-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective August 1, 2013. FOR... From the Federal Register Online via the Government Publishing Office ] PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  12. 78 FR 28490 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-05-15

    ... covered by the pension insurance system administered by PBGC. DATES: Effective June 1, 2013. FOR FURTHER... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  13. 76 FR 41689 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2011-07-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective August 1, 2011. FOR... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  14. 76 FR 27889 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2011-05-13

    ... covered by the pension insurance system administered by PBGC. DATES: Effective June 1, 2011. FOR FURTHER... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  15. 77 FR 41270 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-07-13

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective August 1, 2012. FOR... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  16. 78 FR 22192 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-04-15

    ... covered by the pension insurance system administered by PBGC. DATES: Effective May 1, 2013. FOR FURTHER... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  17. 77 FR 28477 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-05-15

    ... covered by the pension insurance system administered by PBGC. DATES: Effective June 1, 2012. FOR FURTHER... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  18. 78 FR 11093 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2013-02-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective March 1, 2013. FOR... From the Federal Register Online via the Government Publishing Office ] PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  19. 77 FR 8730 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-02-15

    ... plans covered by the pension insurance system administered by PBGC. DATES: Effective March 1, 2012. FOR... From the Federal Register Online via the Government Publishing Office PENSION BENEFIT GUARANTY... Paying Benefits AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This...

  20. The Theoretical Aspect of Pension Reforms, Labor Market and Financial Sector Reforms

    Directory of Open Access Journals (Sweden)

    Vjollca Sulejmani

    2015-10-01

    Full Text Available AbstractThe Republic of Macedonia has a good pension system for disability insurance, which is similar in some european countries with more traditional pension system, but this system works in the defined pension regime. The pension system has functioned and functions based on generational solidarity which means that insured persons who are employed pay the pensions for current pensioners hoping that in the future individuals or employees insured and registered in the Invalidity Pension Fund of Republic of Macedonia will pay also for their pensions. The pension system in Macedonia has been applied for almost 50 years but has had some legislative changes and especially in labor legislative, always bearing in mind that these changes have not been created random but they have been created for efficiency in the area of disability pension reforms. Socio-economic changes have affected the system not to be effective and also efficient and adaptable to the population. In early transition the capital market has significantly affected the number of enterprises that have worked with loss and in the end policyholders have finished as redundancy and enterprises have been led to the bankruptcy stage, in the time of transition this was the reason for stagnation because the number of insured people and employees was greater than the number of retirees. All these problems has happened in 1993 and also at same time there were changes in pension and disability insurance law of RM. In early 1997, the new legal changes brought positive effect for the new reform, but what is the main problem of disability pension is that their life expectancy is very short, because of many new laws and obligations that never have foreseen potential risks that may arise in the future. With all these destabilization of the pension system is expected that in 2020 the financial situation of pensions to be stabilized , because an employee who has a pension insurance will fund a pensioner

  1. VIABILIDAD FINANCIERA Y REFORMAS DE LOS SISTEMAS DE PENSIONES EN LA UNIÓN EUROPEA

    Directory of Open Access Journals (Sweden)

    Antonio Javier Ramos Llanos

    2011-12-01

    Full Text Available Most European Union Member States are developing reforms of their public systems in order to respond to the aging of their populations and the pressure of financial markets to assure their long-term financial viability.This article explores the financial viability of the pension systems, and their impact on public finance, the pensions policy in the European Union, the public systems of pensions in the European Union Countries and the main components of the different reforms (changes in legal retirement age, pension benefits, sustainability factor and so on in recent decades aimed at strengthening the future sustainability of the pensions systems.

  2. Statistical Measurement of Pension Entitlements

    Directory of Open Access Journals (Sweden)

    Jaroslav Sixta

    2016-06-01

    Full Text Available The paper deals with macroeconomic estimates of the impact of population ageing. It shows that the optimal choice of pension system is not a crucial issue. The main emphasis should be put on demographic and economic parameters influencing significantly the share of retirement pensions in our society. Presented approach is based on so-called pension schemes expressing discounted pension entitlements to 2014. It shows the liabilities to current and future pensioners for both men and women aged over 20 years. We present this model in three variants and illustrate its sensitivity to input parameters. This approach allows us to estimate the share of pension liabilities in gross domestic product that accounts for about 230% according to generally recommended approach. Pension entitlements represent a modern topic to be implemented in 2017 in national accounts. Pros and cons of this modern approach are discussed within our paper.

  3. ELECTIONS PENSION FUND CANDIDATE NO 2

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARDFirst Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you...

  4. 77 FR 37349 - Amendment of Prohibited Payment Option Under Single-Employer Defined Benefit Plan of Plan Sponsor...

    Science.gov (United States)

    2012-06-21

    ... accrued benefits, early retirement benefits, retirement-type subsidies, and optional forms of benefit... amendment that has the effect of eliminating or reducing an early retirement benefit or a retirement-type... eliminating or reducing an early retirement benefit or a retirement-type subsidy). Section 436(d)(2)...

  5. 78 FR 26727 - Pension Benefit Statements

    Science.gov (United States)

    2013-05-08

    ... actuarial or other assumptions (e.g., mortality, interest, etc.) would be needed in order to state accrued... Consensus Estimate for the Equity Premium by Academic Financial Economists in December 2008, Social Sciences...

  6. Lectures for CERN pensioners

    CERN Multimedia

    SC Unit

    2008-01-01

    The CERN Medical Service and the Pensioners Association are pleased to invite CERN pensioners to a series of lectures given by professors and specialists from the Teaching Hospitals and the Faculty of Medicine of the University of Geneva on the following topic: PROMOTION OF OPTIMUM BRAIN AGEING The lectures will take place in the Main CERN Auditorium (Building 60) from 2.30 p.m. to 4.30 p.m. on the following dates: Wednesday 12 November 2008: Assessing the extent of brain ageing Dr Dina ZEKRY Friday 12 December 2008: Can memory decline be prevented? Pr Jean-Pierre MICHEL Thursday 15 January 2009: Diagnosing and treating Alzheimer’s disease Pr Gabriel GOLD Wednesday 25 February 2009: What is the brain reserve? Speaker’s name to be announced at a later date The lectures will be given in French, with transparencies in English, and will be followed by a wide-ranging debate with the participants. CERN Medical Service - Pensioners Association - CERN-ESO (GAC-EPA)

  7. pensiones del ISSSTE

    Directory of Open Access Journals (Sweden)

    Alejandro Villagómez Amezcua

    2005-01-01

    Full Text Available El análisis en este estudio ofrece una valoración sobre el problema de viabilidad financiera del programa de pensiones del ISSSTE y la urgente necesidad de modificarlo, no sólo por el costo fiscal que implica, sino porque este costo será creciente. Actualmente las aportaciones no son suficientes para cubrir las pensiones vigentes por lo que se recibe una transferencia de recursos del ramo XIX que en 2001 superó 0.20% del PIB. Utilizando supuestos moderados para el comportamiento futuro de la economía y de este programa, estimamos que de no reformarse el costo fiscal oscilará entre 22 y 39% del PIB. Si se realiza una reforma menor que sólo afecte algunos de los parámetros del esquema actual como contribuciones y edad de retiro, este costo puede reducirse en casi 50%. Sin embargo, no deben descartarse alternativas mixtas que permitan mitigar este costo aún más al tiempo que el programa cumpla con su objetivo final que es el de garantizar pensiones a los trabajadores.

  8. Lectures for CERN pensioners

    CERN Multimedia

    SC Unit

    2008-01-01

    The CERN Medical Service and the Pensioners Association are pleased to invite CERN pensioners to a series of lectures given by professors and specialists from the Teaching Hospitals and the Faculty of Medicine of the University of Geneva on the following topic: PROMOTION OF OPTIMUM BRAIN AGEING The lectures will take place in the Main CERN Auditorium (Building 60) from 2.30 p.m. to 4.30 p.m. on the following dates: Wednesday 12 November 2008: Assessing the extent of brain ageing Dr Dina ZEKRY Friday 12 December 2008: Can memory decline be prevented? Pr Jean-Pierre MICHEL Thursday 15 January 2009: Diagnosing and treating Alzheimer’s disease Pr Gabriel GOLD Wednesday 25 February 2009: What is the brain reserve? Speaker’s name to be announced at a later date The lectures will be given in French, with transparencies in English, and will be followed by a wide-ranging debate with the participants. CERN Medical Service - Pensioners Association - CERN-ESO (GAC-EPA)

  9. 20 CFR 404.288 - Recomputing when you are entitled to a monthly pension based on noncovered employment.

    Science.gov (United States)

    2010-04-01

    ... monthly pension based on noncovered employment. 404.288 Section 404.288 Employees' Benefits SOCIAL... monthly pension based on noncovered employment. (a) After entitlement to old-age or disability insurance... later become entitled to a monthly pension based on noncovered employment, we may recompute your primary...

  10. 29 CFR 2520.104-27 - Alternative method of compliance for certain unfunded dues financed pension plans maintained by...

    Science.gov (United States)

    2010-07-01

    ... financed pension plans maintained by employee organizations. 2520.104-27 Section 2520.104-27 Labor... Alternative method of compliance for certain unfunded dues financed pension plans maintained by employee organizations. (a) Scope. Under the authority of section 110 of the Act, a pension benefit plan that meets the...

  11. 20 CFR 404.243 - Computation where you are eligible for a pension based on noncovered employment.

    Science.gov (United States)

    2010-04-01

    ... pension based on noncovered employment. 404.243 Section 404.243 Employees' Benefits SOCIAL SECURITY... for a pension based on noncovered employment. The provisions of § 404.213 are applicable to... of living amount), minus one-half the portion of your monthly pension which is due to noncovered work...

  12. Pension System Related Public Politics

    Directory of Open Access Journals (Sweden)

    LIVIU RADU

    2015-05-01

    Full Text Available This paper aims to find some answers regarding the long term sustainability of the pension system. Romania’s pension system originates from the invalidity insurances and pension system designed by the German cancellor Otto Eduard Leopold von Bismark in 1889. From a European perspective, Romania has to fill an obvious gap regarding the reformation of the national public pension system. International experience, particularly of the last 130 years, indicates that, in actuality, multiple pension systems have been put into function in most of the world’s countries and which are diferenciated by some elements (organizing and managing the system, defyning pension rights, method of forming the resources, the pension’s level rapported to the average income etc. and after the eficacity degree dependent on internal influences, social, economic and demographic environment, and last but not least by the political factor.

  13. Vacillations around a Pension Reform Trajectory: time for a change?

    OpenAIRE

    Platon Tinios

    2010-01-01

    Discussion of pensions in Greece displays a paradox: reform is universally acknowledged to be important, urgent and mature, yet the political class avoid and postpone all discussion. This results in a syncopated reform path. A historical overview indicates that reforms are best understood as interrupted and unsuccessful attempts to complete the original blueprint for the pension system which was formulated in the 1930s. These define a reform trajectory around which there exist centrifugal for...

  14. 38 CFR 3.16 - Service pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Service pension. 3.16 Section 3.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.16 Service pension. In computing the 70 or...

  15. Reform of China's Pension System

    Institute of Scientific and Technical Information of China (English)

    YanzhongWang

    2005-01-01

    This paper mainly analyzes development and reform of China's pension system. It introduces the evolution of China's pension system reform and discusses its strengths and problems.The paper then proposes some suggestions on the direction of China's pension reform. The last section is devoted to a discussion of China's corporate occupational pension, which is a fast-developing area of the pension system.

  16. 77 FR 48855 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-08-15

    ... pension insurance system administered by PBGC. DATES: Effective September 1, 2012. FOR FURTHER INFORMATION... / Wednesday, August 15, 2012 / Rules and Regulations#0;#0; ] PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part... AGENCY: Pension Benefit Guaranty Corporation. ACTION: Final rule. SUMMARY: This final rule amends...

  17. South African pension fund conversions: Dealing with environmental change

    Directory of Open Access Journals (Sweden)

    D. T. George

    2007-12-01

    Full Text Available Purpose: The purpose of this paper is to analyse South African pension fund conversions from defined benefit to defined contribution structures and to develop a model for dealing with environmental change. Design/Methodology/Approach: Qualitative research methodology was used. Industry experts were interviewed to obtain a macro view of the phenomenon and specific manifestations of the phenomenon were also considered in case studies.Feedback from semi-structured interviews was categorised into several emergent themes. Within-case and cross-case analyses were conducted. Findings: Results indicated that an environmental shock exerted a substantial influence on the course of events. Under these: Various factors combined to drive organisational evolution (i.e. adaptation to the environment. Adaptation speed was inappropriate and exceeded that which was required for sufficient thought. Uncertainty and vacuum circumstances arose leading to consequences that require redress. The relative power of the stakeholders changed and influenced the strategic outcome. An imbalance in stakeholder interests arose and ethical factors became consequential. Business acted to restore certainty for itself.Implications: This paper provides insight into organisational behaviour during periods of environmental shock. Environmental shock can be defined as "a condition that arises where business or societal rules are inadequate, or do not exist, to deal with unfolding events". An environmental shock has greater magnitude than a competitive shock, and can include several competitive shocks.Originality/Value: Analysis of pension fund conversions revealed organisational behaviour during periods of environmental shock and the emerging model can be applied in other instances of environmental shock, such as broad-based black economic empowerment (B-B BEE, land redistribution, sanctions and constitutional development.

  18. Trouble Brewing: The Disaster of California State Pensions. State Research

    Science.gov (United States)

    Buck, Stuart

    2010-01-01

    California has promised its public employees lavish pensions and retiree health benefits without setting aside nearly enough money to pay for those benefits. As a result, California already admits to a $75.5 billion shortfall in paying for these promises to public employees--$40.5 billion for the teachers' retirement plan (California State…

  19. Closing the Pension Gap

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    China’s rapidly aging society has made providing security for the elderly a government priority The Ministry of Labor and Social Security has announced an"ambi- tious"goal to provide all of the coun- try’s senior citizens with a pension by 2020."This goal is achievable,"stressed Yuan Xinli,Deputy Director of the China National Committee on Aging(CNCA),an agency dedicated to promoting the well- being of the elderly,"but it must be pointed out that such a widespread safety net can only guarantee the minimum living standard of senior citizens."

  20. CONFERENCE FOR CERN PENSIONERS

    CERN Multimedia

    GS Department

    2010-01-01

    Wednesday 9 June 2010 from 2.30 p.m. to 5.00 p.m. Auditorium in Building 30 7-018 RESEARCH PROJECT “OPTIMUM BRAIN AGEING” Initial results of the study of the population of CERN pensioners Dr François HERRMANN, Geneva Technology and cognitive decline: prevention and compensation Professor Alain FRANCO, Nice, Vice-President of the IAGG (lnternational Association of Gerontology and Geriatrics) Discussion with the participants Admission free. The presentations will be in French.

  1. Conference for CERN pensioners

    CERN Multimedia

    GS Department

    2010-01-01

    Wednesday 9 June 2010 from 2.30 p.m. to 5.00 p.m. Auditorium in Building 30 7-018 RESEARCH PROJECT “OPTIMUM BRAIN AGEING” Initial results of the study of the population of CERN pensioners Dr François HERRMANN, Geneva Technology and cognitive decline: prevention and compensation Professor Alain FRANCO, Nice, Vice-President of the IAGG (lnternational Association of Gerontology and Geriatrics) Discussion with the participants Admission free. The presentations will be in French.

  2. A Critique of Pension Reform Act, 2004 In Nigeria

    Directory of Open Access Journals (Sweden)

    FRANCIS C. ANYIM

    2014-08-01

    Full Text Available Pension is benefit paid to an employee after attaining the statutory required age of retirement or if the employee leaves employment for other reasons. The benefit is meant to guarantee comfortable life after active years of service and also assist in the maintenance of living standard previously enjoyed during the beneficiaries’ active productive years. However, previous attempts by successive governments in Nigeria at instituting a hitch-free workable Pension Scheme have been hampered by inadequate and untimely funding, improper records, endemic fraud and corruption leading to avoidable pains and misery for the retirees and beneficiaries. It was on the account of these challenges in pension administration that the government of the Federal Republic of Nigeria, as part of its reform agenda established a new scheme referred to as Pension Reform Act, 2004. The study based on the qualitative research method and employing review of relevant literature takes a critical examination of the Act and concedes that although some inherent defects exist in the operations of the new Pension Scheme, these pitfalls are not fundamental or substantial to compromise or undermine the overall objectives of the Act. The paper therefore calls for an urgent review of some portions of the Pension Act, to check fraud, corruption and abuses currently inherent in the system. To treat these shortcomings with levity the paper contends may be tantamount to the State not playing its dutiful role in taking care of its senior citizens after active and meritorious years of service to the nation and fatherland.

  3. 42 CFR 436.608 - Applications for other benefits.

    Science.gov (United States)

    2010-10-01

    ... obtain any annuities, pensions, and retirement and disability benefits to which they are entitled, unless they can show good cause for not doing so. (b) Annuities, pensions, and retirement and disability benefits include, but are not limited to, veterans' compensation and pensions, OASDI benefits,...

  4. 东亚三国的公共养老金制度改革:名义账户制的应用前景评析%Public Pension Reform in Three East Asian Countries: Assessing the Potential Utility of the Notional Defined Contribution (NDC) Model

    Institute of Scientific and Technical Information of China (English)

    John B. Williamson; 申策; 房连泉

    2011-01-01

    在人口老龄化形势下,东亚国家的老年人口赡养率迅速攀升。如何改革公共养老金制度,建立与人口、经济社会形势相适应的养老保障体系,是摆在这些国家面前的一个难题。本文将比较中国、韩国和新加坡的公共养老制度,探讨名义账户制(NDC)在三国的应用前景。通过分析名义账户制化解各国现实问题的潜在能力,作者认为中国适用名义账户制的可行性最强,新加坡较低,而韩国介于二者之间。%In East Asia the rate of increase in the major factor behind old-age dependency ratio is particularly rapid and is a search by pension policy experts in many of these nations for new ideas about how to reform their existing public pension schemes so as to make them more suitable for the demographic and economic pressures they are facing. In this article we ask whether or not the notional defined contribution (NDC) model has potential utility and deserves greater attention than it has been getting in current public pension policy debates in three countries in East and South East Asia. We conclude that the NDC model has a great deal to offer China, but much less to offer to Singapore with South Korea located between the other two.

  5. Lectures for CERN pensioners

    CERN Multimedia

    GS Department

    2009-01-01

    The Medical Service and the CERN and ESO Pensioners Association invite CERN pensioners to a series of presentations given by professors and specialists at the University Teaching Hospitals and the Faculty of Medicine at the University of Geneva on the subject of: PROMOTION OF OPTIMUM BRAIN AGEING The final series of presentations will be held in CERN’s Main Auditorium (Building 500) on: Wednesday, 25 February 2009, from 2:30 p.m. to 4:30 p.m. What is cerebral reserve ? Historique et importance de la notion de «réserve cérébrale» Prof. Ezio GIACOBINI Intervention de la réserve cérébrale sur les troubles de la cognition Prof. Jean-Pierre MICHEL Comment est-il possible d’évaluer la réserve cérébrale ? Prof. Gabriel GOLD Projet de recherche «Optimum Brain Ageing» -\tAspects méthodologiques - Dr François HERRMANN -\tAspects pratiques - Dr Dina ZEKRY The presentations will be given in French with overheads in English and will be followed by a wide-rangi...

  6. Lectures for CERN pensioners

    CERN Multimedia

    GS Department

    2009-01-01

    The Medical Service and the CERN and ESO Pensioners Association invite CERN pensioners to a series of presentations given by professors and specialists at the University Teaching Hospitals and the Faculty of Medicine at the University of Geneva on the subject of: PROMOTION OF OPTIMUM BRAIN AGEING The final series of presentations will be held in CERN’s Main Auditorium (Building 500) on: Wednesday, 25 February 2009, from 2:30 p.m. to 4:30 p.m. What is cerebral reserve ? Historique et importance de la notion de «réserve cérébrale» Prof. Ezio GIACOBINI Intervention de la réserve cérébrale sur les troubles de la cognition Prof. Jean-Pierre MICHEL Comment est-il possible d’évaluer la réserve cérébrale? Prof. Gabriel GOLD Projet de recherche «Optimum Brain Ageing» - Aspects méthodologiques - Dr François HERRMANN -\tAspects pratiques - Dr Dina ZEKRY The presentations will be given in French with overheads in English and will be followed by a wide-rangin...

  7. Lectures for CERN pensioners

    CERN Multimedia

    GS Department

    2009-01-01

    The Medical Service and the CERN and ESO Pensioners Association invite CERN pensioners to a series of presentations given by professors and specialists at the University Teaching Hospitals and the Faculty of Medicine at the University of Geneva on the subject of: PROMOTION OF OPTIMUM BRAIN AGEING The final presentation will be given in CERN’s Main Auditorium (Building 500) on: Wednesday, 25 February 2009, from 2:30 p.m. to 4:30 p.m. What is cerebral reserve ? Historique et importance de la notion de «réserve cérébrale» - Prof. Ezio GIACOBINI Intervention de la réserve cérébrale sur les troubles de la cognition - Prof. Jean-Pierre MICHEL Comment est-il possible d’évaluer la réserve cérébrale? - Prof. Gabriel GOLD Projet de recherche «Optimum Brain Ageing» - Aspects méthodologiques - Dr François HERRMANN - Aspects pratiques - Dr Dina ZEKRY The presentations will be given in French with overheads in English and will be followed by a wide-ranging disc...

  8. Annual Report of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    The 2008 Annual Report and Accounts of the Pension Fund, which were approved by theCouncil at its session of 19 June 2009, are now available from Departmental secretariats. The document is also available on the Pension Fund website: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain the document from Emilie Clerc (tel. + 41 22 767 87 98), Building 5-5/017. Secretariat of the Pension Fund 72742

  9. On improving pension product design

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2014-01-01

    The paper provides some guidelines to individuals with de_ned contribution (DC) pension plans on how to manage pension savings both before and after retirement. We argue that decisions regarding investment, annuity payments, and the size of death sum should not only depend on the individual’s age...

  10. Ageing-Driven Pension Reforms

    NARCIS (Netherlands)

    Bonenkamp, J.; Meijdam, Lex; Ponds, Eduard; Westerhout, Ed

    2016-01-01

    This paper stems from the observation that there are two world-wide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteri

  11. Ageing-driven pension reform

    NARCIS (Netherlands)

    Bonenkamp, J.; Meijdam, Lex; Ponds, Eduard; Westerhout, Ed

    2017-01-01

    This paper stems from the observation that there are two world-wide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteri

  12. The Mexican Pension Annuity Market

    OpenAIRE

    Impavido, Gregorio

    2007-01-01

    This paper analyzes the performance and development of the Mexican pension annuity market established as a consequence of the 1997 pension reform. The Mexican experience displays interesting characteristics providing lessons for other countries that still need to design the decumulation phase of their newly established second pillars. At the same, time it raises some technical and policy c...

  13. Three essays in pension finance

    NARCIS (Netherlands)

    Shi, Z.

    2009-01-01

    This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the worl

  14. Occupational pensions and industrial relations

    NARCIS (Netherlands)

    van het Kaar, R.H.; Grünell, M.

    2004-01-01

    Pensions have become one of the key issues on the industrial relations agenda across Europe. Many national governments have recently reformed their public pensions systems, often in consultation with the social partners, though in some cases in the face of major trade union opposition. Governments

  15. Vulnerability of pension fund balances

    Directory of Open Access Journals (Sweden)

    Ólafur Ísleifsson

    2012-12-01

    Full Text Available Although the Icelandic general labour market pension funds are built on the proviso that pension schemes are fully funded these funds are still grappling with the devastating financial effects of the 2008 economic collapse that rendered most of them in a significant actuarial deficit. The public sector pension funds are based on an employer guarantee that makes up for any lack of funding that historically has been quite significant. We identify the relatively high actuarial discount rate and increasing longevity as two factors that add to the vulnerability of the Icelandic pension system. We present a stochastic model in order to obtain reasonably sound estimates of the effect of revising such key parameters of the actuarial assessments of the pension funds and thus obtain a view of the viability of the Icelandic pension system when confronted with the potential necessity of such parameter shifts. We present results of stochastic simulations of this models made to assess effects of changes in these major financial and demographic assumptions in actuarial evaluations of pension fund balances. Our results suggest that the Icelandic pension funds may be significantly less well funded than is generally perceived.

  16. Three essays in pension finance

    NARCIS (Netherlands)

    Shi, Z.

    2009-01-01

    This thesis focuses on the three major participants in pension finance, namely, pension funds, individuals, and sponsoring companies. In the light of the fragile financial market performance, prudential regulatory rules, including Value-at-Risk (VaR) constraints, are imposed widely all over the worl

  17. Actuarial modeling of cost of voluntary pension insurance of the population of the region

    Directory of Open Access Journals (Sweden)

    Mikhailova Svetlana Sergeevna

    2013-06-01

    Full Text Available In article approach to determination of net value of the contract of pension insurance for the man's and female population, considering regional demographic features is offered. Results of actuarial calculation of the size pure net - rates of individual pension insurance are presented, "sensitivity" of cost of insurance is defined by methods of statistical modeling to key parameters of a pension product for the region population.

  18. Actuarial Evaluation of Pension Risks of Russia: from Theory to Practice

    Directory of Open Access Journals (Sweden)

    Aleksandr Anatolyevich Kuklin

    2017-09-01

    Full Text Available The article discusses the origins of the development of pension systems in the world, shows the causes of the emergence of various models of public pension provision. We pay a particular attention to the history of the formation of the Russian pension system, and analyse the stages and causes of modern reform. From the position of modern legislation, we systemise the forms, types of pension provision and pension insurance in the Russian Federation from the point of view of the sources of financing and subjects of pension relations. The authors have defined the concept of “actuarial evaluation” from the point of view of the process and system approach. We have revealed the content of the pension risk category, as well as classified the pension risks by the spheres of origin. The authors have developed the methodology of actuarial estimation of the risks of the pension system classified by different criteria: demographic, economic, financial, labor risks. The proposed methodological approach to the evaluation of pension risks is based on the comprehensive assessment of socio-economic indicators and the identification of dependencies between socio-demographic and economic processes in the pension system and economy of the country. The authors have tested the developed tools on the actuarial estimation of the pension risks of the Russian Federation. The article presents the results of calculations and identifies critical risks for the Russian pension system. We have proved that stagnation processes in the economy and a high share of the shadow economy represent the greatest threat to the Russian pension system in the short term, whereas, the aging of the population and the increase in life expectancy — in the long term.

  19. Private pensions. A less taxing alternative.

    Science.gov (United States)

    Schalkle, B L; Dyrhaug, K J

    1992-07-01

    The results of the Joneses' coordinated retirement income and estate planning strategies are as follows: 1. The Joneses maximized their estate assets by converting an inefficient estate asset (the qualified retirement plan) into an efficient estate asset (the income-tax-free death benefit) without jeopardizing their current or future standard of living or the value passed on to their heirs. This allows them to satisfy their conflicting objectives. 2. They added flexibility to their future family gifting plans by providing themselves a secure income for the rest of their lives. 3. They fulfilled their desire to protect their family against government confiscation of retirement plan assets in the event they both die before using all their qualified retirement assets. This private pension plan strategy is obviously not available to everyone, nor is it appropriate for everyone. This solution worked well for this client, but everyone's situation is unique. Before creating such a plan, it is important to review all the factors in an individual's financial picture, including financial and retirement objectives and investment risk tolerance. Although this is an innovative idea that may solve a pension dilemma, it should not be used in place of qualified retirement plans but, rather, used in conjunction with such a plan. The private pension plan does not work with all insurance products or all insurance companies. Choosing the right company and product for each client requires care and expertise.

  20. ELECTIONS PENSION FUND CANDIDATE NO 1

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name: MAURINFirst Name:Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives.One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted...

  1. Rehabilitation time before disability pension

    Directory of Open Access Journals (Sweden)

    Støver Morten

    2012-10-01

    Full Text Available Abstract Background The decision to grant a disability pension is usually the end of a long process of medical examinations, treatment and rehabilitation attempts. This study investigates to what extent the time spent on rehabilitation time prior to disability pension is associated with characteristics of the individual or the local employment and welfare office, measured as municipality variance. Methods A study of 2,533 40 to 42 year olds who received disability pension over a period of 18 years. The logarithm of the rehabilitation time before granting a disability pension was analysed with multilevel regression. Results The rehabilitation time before a disability pension was granted ranged from 30 to 5,508 days. Baseline health characteristics were only moderately associated with rehabilitation time. Younger people and people with unemployment periods had longer rehabilitation time before a disability pension was granted. There were only minor differences in rehabilitation time between men and women and between different levels of education. Approximately 2% of the total variance in rehabilitation time could be attributed to the municipality of residence. Conclusions There is a higher threshold for granting a disability pension to younger persons and those who are expecting periods of unemployment, which is reflected in the extended rehabilitation requirements for these groups. The longer rehabilitation period for persons with psychiatric disorders might reflect a lack of common knowledge on the working capacity of and the fitted rehabilitation programs for people with psychiatric disorders.

  2. Rethinking Pension Reform in China

    Institute of Scientific and Technical Information of China (English)

    ZhigangYuan; JinFeng

    2005-01-01

    In line with advice from international financial institutions, China introduced a three-pillar pension system in 1997. However, it performs badly, with high contribution levels, the ‘funded' contributions being used for current expenditures, and delays in pension payments. The problems are often ascribed to the remaining elements of pay-as-you-go (PAYG) present in the system. This paper, however, argues that the advantages of a fully-funded system (FF) have been exaggerated. The higher relative return of the PAYG system in China justifies a PAYG pension system for China. It is argued that the problems of the Chinese pension system are not caused by the use of PAYG but by the need to finance transition costs and conditions particular to the pension system in China, notably incomplete contribution coverage, a low pension age, and a high replacement rate. It is these factors, and the rate of growth of output, which determine the viability of the Chinese pension system.

  3. Reforming pension fund governance in the Netherlands: finding a collective voice

    NARCIS (Netherlands)

    N. van der Zwan

    2013-01-01

    As in other European countries, the introduction of more freedom of choice in the pension system has been hotly debated in the Netherlands. Much of the debate has focused on the contents of pension plans, such as flexibility in retirement age, benefits levels and investment options. A second dimensi

  4. Should Public Pensions be Funded?

    OpenAIRE

    Richard Hemming

    1998-01-01

    This paper outlines some of the arguments for and against the funding of public pensions, with a view to establishing whether there is an economic basis for judging funding to be superior to pay-as-you-go (PAYG). It is argued that funding does not have a clear advantage, and the case for a shift from PAYG to funding is thus an uneasy one. There is nonetheless growing advocacy of funded public pensions as part of an ideal pension system, which raises more general issues about the role of the p...

  5. 26 CFR 1.61-11 - Pensions.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Pensions. 1.61-11 Section 1.61-11 Internal... Pensions. (a) In general. Pensions and retirement allowances paid either by the Government or by private... the cost of a pension and was not taxable on his employer's contributions, the full amount of the...

  6. Amendments to the rules of the Pension Fund concerning family composition

    CERN Multimedia

    2006-01-01

    The following amendments to the Rules and Regulations of the Pension Fund were approved by the Council on 16 December 2005: II 5.08 Non-entitlement to Pension for Surviving Spouse Notwithstanding any other provision of these Rules, a marriage to a beneficiary of a retirement pension taking place on or after 1st August 2006 shall not give rise to entitlement to a surviving spouse's pension. II 5.09 Procurement of an entitlement to Pension for Surviving Spouse Where, pursuant to Article II 5.08, there is no entitlement to a surviving spouse's pension, the beneficiary may acquire an entitlement to a surviving spouse's pension for his spouse by submitting a request within 180 days of the date of marriage. The corresponding premium for the surviving spouse's pension shall be deducted from his retirement pension, under conditions defined by the Administrator of the Fund in the light of the Consulting Actuary's calculations. II 6.09 Non-entitlement to Pension for Orphans Notwithstanding any other provision of...

  7. Evaluating Pension System Reform in Uruguay

    Directory of Open Access Journals (Sweden)

    Gonzalo Garmendia

    2010-01-01

    Full Text Available This article evaluates the reform to the system of pensions in Uruguay through these variables: coverage, fiscal impact, accumulation of funds, yield, and costs associated to the operation of the Administradoras de Fondos de Ahorro Previsional (AFAPS. The reform is evaluated positively, even though elements are identified, that must be considered in the future: to extend the reform to the rest of the system that was not included before, generate the correct structure to regulate and supervise the system, fit the age of retirement to accede to benefits, and offer alternatives for investments of the AFAPS.

  8. Relevancia de las Bases de Cotización en la valoración de los Planes de Pensiones del Sistema de Empleo integrados con la Seguridad Social

    Directory of Open Access Journals (Sweden)

    García González, Ana

    2009-01-01

    Full Text Available RESUMEN Este trabajo trata de analizar la repercusiones que tiene la consideración de distintas Bases de Cotización en el cálculo de las prestaciones de jubilación cubiertas por un plan de pensiones de prestación definida y del Sistema de Empleo integrado con el sistema público de la Seguridad Social. Para este objetivo de integración de ambos sistemas se utilizará el método Excess. Este tipo de planes de pensiones que definen las prestaciones que garantizan teniendo en cuenta las concedidas por el sistema público de pensiones, tratan de subsanar la pérdida de poder adquisitivo que experimenta el trabajador cuando se retira o cesa en su actividad. Son, por tanto, un instrumento financiero bastante adecuado para actuar de forma eficaz ante este problema. Se utilizarán los denominados Ratios de Sustitución para comprobar el nivel de equidad ofrecido por el sistema de la Seguridad Social a los trabajadores, a fin de comprobar el grado de discriminación que soportan aquéllos con niveles salariales más elevados. ABSTRACT The aim of this paper is to analyze how the quotation bases used to compute retirement benefits may affect these pension benefits. We focus on a private defined benefit pension plan integrated with the Social Security system. Social Security integration is implemented using the Excess method. For an integrated pension plan, private benefits are calculated taking into account the benefits granted by the public pension system. Integrated plans try to correct for the loss of purchasing power that a worker experiences when he retires or stops in his activity and receives a public pension. This loss in purchasing power is stronger the higher the worker’s wage, which makes Social Security integration an adequate financial tool to solve this problem. We will use the so called Replacement Rates to verify the equity level of the Social Security, and the employer-sponsored retirement pensions.

  9. Pan-European pension funds

    DEFF Research Database (Denmark)

    Guardiancich, Igor

    2011-01-01

    components within the occupational pension domain did not occur, slowing down the development of pan-European pension plans. Nonetheless the road towards a single occupational pension market is still open, with first positive results emerging from the greater involvement of corporate and supranational actors...... spaces. At the trans-national level, the European Commission's 2003 Institutions for Occupational Retirement Provision (IORP) Directive created the illusion that a single market for occupational pensions would shortly be within reach. This did not happen, however, as IORPs - being at one and the same...... time financial vehicles and social insurance institutions - embody the constitutional asymmetry between policies promoting market efficiency and policies promoting social protection. Whereas the elimination of financial and tax barriers has proceeded smoothly, harmonization of the social and labour...

  10. Good governance for pension schemes

    CERN Document Server

    Thornton, Paul

    2011-01-01

    Regulatory and market developments have transformed the way in which UK private sector pension schemes operate. This has increased demands on trustees and advisors and the trusteeship governance model must evolve in order to remain fit for purpose. This volume brings together leading practitioners to provide an overview of what today constitutes good governance for pension schemes, from both a legal and a practical perspective. It provides the reader with an appreciation of the distinctive characteristics of UK occupational pension schemes, how they sit within the capital markets and their social and fiduciary responsibilities. Providing a holistic analysis of pension risk, both from the trustee and the corporate perspective, the essays cover the crucial role of the employer covenant, financing and investment risk, developments in longevity risk hedging and insurance de-risking, and best practice scheme administration.

  11. CERN Pensioners Association

    CERN Multimedia

    The GAC Committee

    2004-01-01

    Open Day To all CERN retired staff As part of the celebrations organised for the 50th anniversary of CERN, an Open Day will be held on Saturday 16 October 2004. Anyone willing to act as a guide, either to help and inform visitors at the reception points or to guide groups of visitors, sharing your knowledge with them, is invited to fill in the attached form. A preparatory meeting will be arranged for those who left CERN some time ago and whose knowledge of the site may no longer be quite up-to-date. The Open Day organisers need your help, which will be very much appreciated. We hope that many pensioners will participate. People with internet access may enrol directly without coming to CERN, http://www.cern.ch/CERN50/openday The GAC Committee OPEN DAY : CALL FOR VOLUNTEERS 16th October 2004 So now you are excited about the Open Day, how can you participate? As you can imagine, for such a large number of activities, we need many volunteers. Please return the following form to Elena Battis...

  12. European Ruling on Pensions: A Second Warning for the Netherlands

    NARCIS (Netherlands)

    van Meerten, H.

    2016-01-01

    The Hogan Judgment of the ECJ found that each EU state is liable for a minimum level of pension benefit commitments. The claimants in this case found that Ireland had not properly transposed Article 8 of Directive 2008/94 into national law. This Directive protects employees when their employer becom

  13. Fixing Teacher Pensions: Is It Enough to Adjust Existing Plans?

    Science.gov (United States)

    Costrell, Robert M.; Podgursky, Michael; Weller, Christian

    2011-01-01

    Teacher benefits, once a sleepy question primarily of interest to actuaries, have become a flash point in the education debate. With individual states on the hook for tens or hundreds of millions in unfunded pension and health insurance obligations, state leaders are trying to determine the severity of the situation and the appropriate response.…

  14. 26 CFR 1.401(a)(9)-6 - Required minimum distributions for defined benefit plans and annuity contracts.

    Science.gov (United States)

    2010-04-01

    ... expiration of the period certain. (e) Deemed satisfaction of incidental benefit rule. Except in the case of... section. See A-1 of § 1.401(a)(9)-5 for rules relating to the satisfaction of section 401(a)(9) in the... this A-14. (2) A consumer price index that is based on prices of all items (or all items excluding...

  15. Governance and Investment of Public Pension Assets : Practitioners' Perspectives

    OpenAIRE

    2011-01-01

    The impact of good governance on investment management and performance is immense. Several key factors contribute to good governance within pension funds, appropriate governance structures; well-defined accountabilities, policies, and procedures; and suitable processes for the selection and operation of governing bodies and managing institutions. Not surprisingly, good governance requires ...

  16. Risk analysis of the proxy life-cycle investments in the second pillar pension scheme in Croatia

    Directory of Open Access Journals (Sweden)

    Renata Kovačević

    2015-03-01

    Full Text Available In this article we analyze the expected risk of pension funds with different risk profiles in the proxy life-cycle model of investments for the 2nd pillar pension scheme in Croatia. The benefits of implementing proxy life-cycle investments, compared to the previous model of mandatory pension funds investments, are clearly visible in the total expected amount of accumulated savings from the risk/return perspective. However, those benefits are partially diminished by the fact that the expected risk of a pension fund with the lowest risk profile is not substantially different from the expected risk of a pension fund with a medium risk profile, due to the lack of diversification. Additionally, we analyze the robustness of the proxy life-cycle model to a sudden and severe market shock, where we determine the presence of risk for those members who choose to switch to a pension fund with a lower risk profile at an unfavorable moment.

  17. A Non-Member Spouse's Entitlement To The Member's Pension Interest

    Directory of Open Access Journals (Sweden)

    Motseotsile Clement Marumoagae

    2014-12-01

    Full Text Available It is important that married couples seek legal advice with regard to the assets falling within their joint estate, more particularly their retirement benefits. This article reflects on the entitlement (if any of non-member spouses to their spouses' retirement fund benefits. Pension benefits can be due before, during or after divorce, and parties to the marriage should be aware of their rights with regard to the accruing pension benefits of their spouses. While it is settled law that non-member spouses are entitled to receive a portion of their member spouses' pension benefits (known as "pension interest" immediately on divorce, it is not particularly clear whether non-member spouses are also entitled to receive the same before or sometime after divorce. In this article I provide a contextual understanding of the entitlements (if any which spouses or former spouses of members of pension funds have on such member spouses' retirement benefits. Furthermore, it shown in this article that various divisions of South African High Courts have been inconsistent in how they have approached the issue of the pension interest between divorcing spouses or divorced ex-spouses.

  18. Curious about how the Pension Fund is securing your future?

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

    Transparency, accuracy and proximity to its members: in recent years the CERN Pension Fund has put a huge effort into creating clear procedures, defining and sharing its strategies, and making its information public. The latest addition is the publication of the Annual Investment Report on the Pension Fund website.   Are you curious about the investments made by the CERN and ESO Pension Fund? Do you want to locate the buildings belonging to the Fund? Or see how the Fund controls its risk level? Help is at hand: the Pension Fund has just released the Annual Investment Report (AIR) on its website. “The online AIR will be updated quarterly to include the latest investment performance of the Fund, shortly after the end of every quarter,” says Théodore Economou, the Pension Fund’s Chief Executive Officer. “This is a significant improvement in the frequency of distribution of information regarding investments. Until now, stakeholders had to wait for the...

  19. The Impact of Public Pension on Household Consumption: Evidence from China’s Survey Data

    Directory of Open Access Journals (Sweden)

    Qing Zhao

    2016-09-01

    Full Text Available It is of vital importance to examine the relationship between pensions and household consumption/saving because this forms a link between social policy and economic development. Based on theories of absolute income, permanent income, and the life-cycle hypothesis, this paper constructs panel data models to investigate the effect of public pension participation and benefit level on household consumption. Evidence from the China Health and Retirement Longitudinal Study (CHARLS 2011 and 2013 survey data shows that, compared with those not covered by any public pension program, individuals enrolled in the public pension system tend to consume more within respective income-quantile groups. Moreover, for the retired population, we found lower income groups have a higher marginal propensity to consume than higher income groups. In other words, lower income groups are likely to spend a higher proportion of any increase in pension benefit on consumption than higher income groups. To achieve a virtuous cycle between public pension, household consumption, and economic growth and, thus, a social-economically sustainable development, we suggest that China’s pension system should be extended to cover all in the lowest income group, and the benefit level should be increased gradually to secure a stable expectation for the future and motivate current consumption.

  20. THE PUBLIC PENSION POINT - A GOVERNMENT BUSINESS

    Directory of Open Access Journals (Sweden)

    MĂDĂLINA TOMESCU

    2013-05-01

    Full Text Available Each of us pays every month a percentage of his/her salary for receiving a public pension after a certain age. As a percentage, this amount of money varies depending of salary. But retirement means a number of pension points. Where is the business? Pension point is determined by the Government as a percent of medium salary. This article aims to make an analysis of pension point as a government business.

  1. Governing Board of the Pension Fund

    CERN Multimedia

    2004-01-01

    The Governing Board of the Pension Fund held its one-hundred-and twenty-sixth meeting on 7th September 2004. The first main item on the agenda was a report by the Chairman, J. Bezemer, on the June meetings of the CERN Council and its committees. Dr Bezemer reported that, at its June session, the Council had unanimously approved the 2003 annual report and accounts of the Pension Fund. and had appointed himself and Mr P. Levaux members of the Governing Board for periods of 18 months1 and 3 years respectively, with J.-P. Ruder and F. Bello as their respective alternates. On the basis of a recommendation first made by the Governing Board in October 2002 and confirmed at its June 2004 meeting, the Council had also re-appointed Dr Bezemer Chairman of the Governing Board for a period of 18 months*. A further item on the Governing Board's agenda was the examination of the half-yearly accounts, namely the profit and loss account, the contributions and benefits account and the balance sheet. J. Steel and the Administ...

  2. Pension Systems in Europe. Case of Sweden

    Directory of Open Access Journals (Sweden)

    Jarosław Poteraj

    2008-04-01

    Full Text Available The author's goal was to present both past and present solutions employed by the Swedishs pension system, in search for ideas worth consideration in international comparisons. Author analysis Swedish pension system evolution and presents strengths and weaknesses of present Swedish pension system.

  3. 12 CFR 563.47 - Pension plans.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Pension plans. 563.47 Section 563.47 Banks and... and Structure § 563.47 Pension plans. (a) General. No savings association or service corporation thereof shall sponsor an employee pension plan which, because of unreasonable costs or any other reason...

  4. Pensioner - vsem primer / Jaroslav Tolstikov

    Index Scriptorium Estoniae

    Tolstikov, Jaroslav

    2002-01-01

    Pensionäride ühenduse esimees Sven Pärn pensioniea tõstmisest, Eesti keskmisest pensionist, pensionide suurendamisest 2002. ja 2003. a. Keskmise pensioni ja keskmise palga tõusu võrdlus. Sotsiaalminister Siiri Oviiri esinemisest Berliinis konverentsil

  5. Pensioner - vsem primer / Jaroslav Tolstikov

    Index Scriptorium Estoniae

    Tolstikov, Jaroslav

    2002-01-01

    Pensionäride ühenduse esimees Sven Pärn pensioniea tõstmisest, Eesti keskmisest pensionist, pensionide suurendamisest 2002. ja 2003. a. Keskmise pensioni ja keskmise palga tõusu võrdlus. Sotsiaalminister Siiri Oviiri esinemisest Berliinis konverentsil

  6. 29 CFR 4022.23 - Computation of maximum guaranteeable benefits.

    Science.gov (United States)

    2010-07-01

    ... means an annuity under which if the participant dies prior to the time when he has received pension... means an annuity under which if the participant dies prior to the time he has received pension payments... Section 4022.23 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY...

  7. DEDUCTIBILITY OF CONTRIBUTIONS TO VOLUNTARY PRIVATE PENSIONS

    Directory of Open Access Journals (Sweden)

    LILIANA MUNTEAN

    2011-01-01

    Full Text Available The present paper approaches the notion of public and private pension in Romania. Pension can be seen in terms of a replacement income to individuals whose age no longer affords to operate in the labour market. Pension reform in Romania has allowed besides the public pension system, called Pillar I, which is a distributive system based on solidarity between generations also a private pension system that records the contributions of participants in individual accounts, based on capitalization, investment and accumulation of these contributions.

  8. One Step Closer to Full Pension Coverage

    Institute of Scientific and Technical Information of China (English)

    2011-01-01

    Pension program for unemployed urban residents becomes an indispensable part of the country’s pension system Every citizen is entitled to enjoy equal access to pension programs.It is a basic right endowed by the Constitution.For the Chinese Government,covering every citizen with the pension scheme is a solemn promiset o everyone.On July 1,2011,the pension programf or unemployed urban residents was implemented,which would provide much needed support for urban residents without jobs and

  9. ELECTIONS PENSION FUND 3rd candidate

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : Hauviller First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

  10. ELECTIONS PENSION FUND CANDIDATE NR 3

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : HAUVILLER First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

  11. 78 FR 75897 - Allocation of Assets in Single-Employer Plans; Benefits Payable in Terminated Single-Employer...

    Science.gov (United States)

    2013-12-13

    ... terminating single-employer plans covered by the pension insurance system administered by PBGC. DATES... / Friday, December 13, 2013 / Rules and Regulations#0;#0; ] PENSION BENEFIT GUARANTY CORPORATION 29 CFR...-Employer Plans; Interest Assumptions for Valuing and Paying Benefits AGENCY: Pension Benefit...

  12. Pension Systems after the Storm: France and the United Kingdom in a Comparative Analysis

    Directory of Open Access Journals (Sweden)

    Christine Lagoutte

    2012-08-01

    Full Text Available All pension systems have been affected by the financial and economic crisis, although in different ways. This paper analyses the effects of the crisis on pension systems and the resulting responses and changes, and offers a theoretical interpretation of these responses. This interpretation focuses on the relationships between pension systems and broader socioeconomic institutional configurations, and between pension systems and other core, formative economic institutions, in order to explain the effects of the crisis, the nature of the reforms adopted by governments and the future outlook for pension systems. From this perspective, a comparative analysis of two pension systems with different approaches, the French system that relies heavily on social insurance and the primarily market-based British system, appears relevant in the interest of assessing how similar pressures and disruptions can produce different impacts and responses. The analysis shows that these pension systems' responses to the crisis have preserved the main institutional features of each configuration, and even reinforce some of them. Nevertheless, it appears that both systems are converging toward an institutionalization of a twofold social welfare system. The French system attempts to preserve the pension rights of core-workers on a mandatory social insurance basis, while non-standard workers benefit from tax-funded social solidarity measures. In the British system, the State intervenes to both extend secure pension fund enrolment to low income groups and to reinforce safety nets for lower income retirees. Finally, the recent changes have not called into question the fundamental logic of either pension system, although concerns are on the rise in respect of their future adequacy and sustainability

  13. Pension Reform and Demographic Uncertainty : The Case of Germany

    OpenAIRE

    2003-01-01

    The present paper compares the distributional and risk-sharing consequences of two pension reform proposals in Germany which both aim to improve the sustainability of the current system by introducing demographic variables to the benefit calculation. While the first reform proposes a so-called "sustainability factor" which measures the changes in the dependency ratio, the second reform proposes a so-called "demographic factor" which takes into account the changes in life expectancy. Our simul...

  14. Shrouded costs of government: The political economy of state and local public pensions

    OpenAIRE

    Glaeser, Edward L.; Giacomo A.M. Ponzetto

    2012-01-01

    Why are public-sector workers so heavily compensated with pensions and other non-pecuniary benefits? In this paper, we present a political economy model of shrouded compensation in which politicians compete for taxpayers' and public employees' votes by promising compensation packages, but some voters cannot evaluate every aspect of compensation. If pension packages are "shrouded," meaning that public-sector workers better understand their value than ordinary taxpayers, then compensation will ...

  15. Shrouded Costs of Government: Political Economy of State and Local Public Pensions Data

    OpenAIRE

    Glaeser, Edward L.; Giacomo A.M. Ponzetto

    2013-01-01

    Why do public-sector workers receive so much of their compensation in the form of pensions and other benefits? This paper presents a political economy model in which politicians compete for taxpayers' 'and government employees' votes by promising compensation packages, but some voters cannot evaluate every aspect of promised compensation. If pension packages are "shrouded," so that public-sector workers better understand their value than ordinary taxpayers, then compensation will be highly ba...

  16. A quantitative model for the asset liability management of a Pension Fund

    OpenAIRE

    Cannas, Giuseppina

    2011-01-01

    The key objective of pension plans is the delivery of retirement benefits, typically payable for life or a set period of time, to the specified group of recipients. The management of such funds entails therefore a constant monitoring of the risks exposure and a regular rebalancing of assets. This thesis is directly related to these topics and proposes a quantitative method (mainly based on stochastic optimal control theory) to determine the optimal investment policy of a pension fund’s wea...

  17. Population Ageing and Capital Accumulation: A Simple OLG Model with PAYGO Pensions

    OpenAIRE

    Thøgersen, Joachim

    2015-01-01

    Population in developed countries has dramatically aged in recent years. At the same time, most of these countries finance their old - age public pension benefits on a pay - as - you - go (PAYGO) basis. Such a pension scheme combined with an ageing population, represent a financial challenge for t he governmental budgets. Accordingly, several studies ha ve been done on the effects of pop u l a - tion ageing. In the present paper ...

  18. A comparison of early retirement pensions in the United States and Russia: the pensions of musicians.

    Science.gov (United States)

    Turner, John; Guenther, Roy

    2005-01-01

    Early retirement pensions for particular occupations free national policy to establish the social security early retirement age at a later age that is more appropriate for the population as a whole. This paper focuses on early retirement pensions in the United States and the Russian Federation. While comparing early retirement pensions generally, the paper provides a more detailed discussion of the pensions for musicians. While this is an unconventional group to choose for the study of pensions, study of their pensions yields insights into the principles underlying retirement age policy in the two countries.

  19. ELECTIONS PENSION FUND 5th candidate

    CERN Document Server

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

  20. ELECTIONS PENSION FUND CANDIDATE NR 5

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

  1. The effect of pension rules on retirement monetary incentives with an application to pension reforms in Spain

    OpenAIRE

    Sergi Jiménez-Martín; Sánchez Martín, Alfonso R.

    2001-01-01

    In this work we theoretically disentangle the effects of pension provisions on a variety of financial incentives to retirement, trying to reconcile them with some key Spanish retirement patterns. We find that the "average" individual, who is never affected by any cap of contributions or benefits, has weak incentives to retire early and strong incentives to retire at the normal retirement age. Alternatively, individuals at the bottom of the wage distribution have strong incentives to retire as...

  2. PUBLIC POLITICS REGARDING THE PENSION SYSTEM

    Directory of Open Access Journals (Sweden)

    Liviu RADU

    2014-05-01

    Full Text Available The said paper proposes to seak some answers regarding the long term sustainability of the pension system. Romania’s pension system originates from the invalidity insurances and pension system designed by the German cancellor Otto Eduard Leopold von Bismark in 1889. From a European perspective, Romania has to fill an obvious gap regarding the reformation of the national public pension system. International experience, particularly of the last 130 years, indicates that, in actuality, multiple pension systems have been put into function in most of the world’s countries and which are diferenciated by some elements (organizing and managing the system, defyning pension rights, method of forming the resources, the pension’s level rapported to the average income etc. and after the eficacity degree dependent on internal influences, social, economic and demographic environment, and last but not least by the political factor.

  3. Notional accounts as a pension reform strategy : an evaluation

    OpenAIRE

    Disney, Richard

    1999-01-01

    This paper considers the implementation of, and rationale for, pension reforms based on notional accounts (sometimes known as notional defined contribution plans or NDCs). The distinguishing feature of such reforms is that a structure of individual accounts is established, in which contributions notionally accrue. No fund as such is established and the implicit"return"on such accounts is determined by a formula linked to some underlying index of long-run fiscal sustainability. the author cont...

  4. On efficiency of mean-variance based portfolio selection in DC pension schemes

    OpenAIRE

    Elena Vigna

    2010-01-01

    We consider the portfolio selection problem in the accumulation phase of a defined contribution (DC) pension scheme. We solve the mean-variance portfolio selection problem using the embedding technique pioneered by Zhou and Li (2000) and show that it is equivalent to a target-based optimization problem, consisting in the minimization of a quadratic loss function. We support the use of the target-based approach in DC pension funds for three reasons. Firstly, it transforms the difficult problem...

  5. Pension Systems in Europe. Case of Portugal

    Directory of Open Access Journals (Sweden)

    Jarosław Poteraj

    2009-03-01

    Full Text Available The article presents an insight into the old age pension system in Portugal. The author’s goal was to present both past and present solutions employed by the Portuguese’s pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Portuguese approach, on the background of other countries, the fact of using in Portugal definite part of VAT income for pension system financing.

  6. The Private Value of Public Pensions

    OpenAIRE

    Konstantin Petrichev; Susan Thorp

    2007-01-01

    Individual retirement savings accounts are replacing or supplementing public basic pensions. However at decumulation, replacing the public pension with an equivalent private sector income stream may be costly. We value the Australian basic pension by calculating the wealth needed to generate an equivalent payment stream using commercial annuities or phased withdrawals, but still accounting for investment and longevity risks. At age 65, a retiree needs an accumulation of about 8.5 years earnin...

  7. Pension Funding in the Public Sector

    OpenAIRE

    Olivia S. Mitchell; Smith, Robert S.

    1991-01-01

    This paper explores the determinants of pension funding in the public sector. We formulate and test several hypotheses about the determinants of public employer pension funding practices, using a new data set describing financial and other characteristics of state, local, and teacher plans. The data show that, on average, public sector pension plans were relatively well-funded during the late 1980s. There were, however, wide variations in funding practices in our sample. Our analysis of these...

  8. Pension Systems in Europe. Case of Spain

    Directory of Open Access Journals (Sweden)

    Jarosław Poteraj

    2007-10-01

    Full Text Available The article presents an insight into the old age pension system in Spain. The introduction is followed by such a topic paragraphs as: the general information about the country, the historical development of its pension system, the present situation and challenges, and foreseen changes. There, the authors goal was to present both past and present solutions employed by the Spanishs pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Spanish approach, on the background of other countries, the fact of existing in the Spanish reality the special old age pension system for domestic servants.

  9. Consequences for welfare and pension buffers of alternative methods of discounting future pensions

    NARCIS (Netherlands)

    A. Bucciol; R.M.W.J. Beetsma

    2011-01-01

    We explore the implications of alternative methods of discounting future pension outlays for the valuation of funded pension liabilities. Measured liabilities affect the asset-liability ratio of pension funds and, thereby, their policies. Our framework for analysis is an applied many-generation OLG

  10. Undertreatment before the award of a disability pension for mental illness: the HUNT Study.

    Science.gov (United States)

    Overland, Simon; Glozier, Nicholas; Krokstad, Steinar; Mykletun, Arnstein

    2007-11-01

    Mental illnesses are consistently underrecognized and undertreated, leading to underestimations of the societal burden of mental illness as a contributor to disability benefit expenditures. This study examined the extent of undertreatment before disability pensions for mental illness were awarded. Norwegian National Insurance Administration data were linked to data from the HUNT-2 study, a population-based health survey, and 403 persons awarded a disability pension for mental illness in the five years before the health survey were identified. The extent of help seeking for any mental illness before the pension was awarded was examined. Of the 403 adults who were pensioned out of the workforce for a disability involving mental illness, 128 (32%, 95% confidence interval=27%-36%) reported never having sought help for any mental health problem. Although self-report of receipt of treatment is a limitation of the study, the results suggest a potential for preventing permanent work-related disability through improved access to effective treatment.

  11. Pension

    DEFF Research Database (Denmark)

    Hougaard Jensen, Svend E.; Hansen, Jan V.

    2013-01-01

    Analyse. Det danske system med arbejdsmarkedspensioner er under pres - anført af politikerne og ' tidsånden'.......Analyse. Det danske system med arbejdsmarkedspensioner er under pres - anført af politikerne og ' tidsånden'....

  12. Portability, Salary and Asset Price Risk: A Continuous-Time Expected Utility Comparison of DB and DC Pension Plans

    Directory of Open Access Journals (Sweden)

    An Chen

    2015-03-01

    Full Text Available This paper compares two different types of private retirement plans from the perspective of a representative beneficiary: a defined benefit (DB and a defined contribution (DC plan. While salary risk is the main common risk factor in DB and DC pension plans, one of the key differences is that DB plans carry portability risks, whereas DC plans bear asset price risk. We model these tradeoffs explicitly in this paper and compare these two plans in a utility-based framework. Our numerical analysis focuses on answering the question of when the beneficiary is indifferent between the DB and DC plan. Most of our results confirm the findings in the existing literature, among which, e.g., portability losses considerably reduce the relative attractiveness of the DB plan. However, we also find that the attractiveness of the DB plan can decrease in the level of risk aversion, which is inconsistent with the existing literature.

  13. What pensions at CERN tomorrow?

    CERN Multimedia

    Staff Association

    2011-01-01

    By approving last December a first package of measures aiming to restore the balance of our Pension Fund, CERN Council has clearly taken its responsibilities seriously in the face of a now enormous deficit: 1.7 thousand million Swiss francs at the end of 2010. Even if not everything can be resolved with a wave of a magic wand – this package will need to be applied for 30 years to restore the balance of our Fund – we must recognize that a major step has at last been taken after many years of beating about the bush by our decision-makers. Another achievement, and an important one at that, is that a consensus has been reached, after a long search, between the different parties in this package: Member States, Management, current retired and active staff members. They have also agreed that a second package should be presented in June 2011 concerning the new conditions for future staff members1 and the transitory measures - concerning the annual adjustment of pension only – for future...

  14. Generational Accounting, Solidarity and Pension Losses

    NARCIS (Netherlands)

    C.N. Teulings (Coen); C.G. de Vries (Casper)

    2003-01-01

    textabstractThe creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of

  15. ELECTIONS PENSION FUND CANDIDATE NR 1

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

  16. The political origin of pension funding

    NARCIS (Netherlands)

    Perotti, E.; Schwienbacher, A.

    2009-01-01

    The paper seeks to explain the huge cross country variation in private pension funding, shaped by historical choice made when universal pension systems were created after the Great Depression. According to Perotti and von Thadden [Perotti, E., von Thadden, E.-L., 2006. The political economy of corpo

  17. Generational Accounting, Solidarity and Pension Losses

    NARCIS (Netherlands)

    C.N. Teulings (Coen); C.G. de Vries (Casper)

    2003-01-01

    textabstractThe creeping stock market collapse eroded the wealth of funded pension systems. This led to political tensions between generations due to the fuzzy definition of property rights on the pension funds wealth. We argue that this problem can best be resolved by the introduction of generation

  18. Preferences and design in insurance and pensions

    DEFF Research Database (Denmark)

    Bruhn, Kenneth

    Life insurance and pension decisions are of the more important fnancial settlements to be decided in a household. In this thesis we investigate dfferent aspects of relevance for decision making within a household, especially focusing on life insurance and pension decisions. The focus...

  19. Pension saving responses to anticipated tax changes

    DEFF Research Database (Denmark)

    Kreiner, Claus Thustrup; Leth-Petersen, Søren; Skov, Peer

    2017-01-01

    A Danish tax reform, passed in May 2009 and taking effect from the beginning of 2010, lowered the marginal tax rate on top bracket taxable income from 63% to 56%. Because contributions to pension accounts are tax deductible, the reform provided an incentive to increase pension contributions before...

  20. Performance Evaluation of Balanced Pension Plans

    NARCIS (Netherlands)

    L. Andreu (Laura); L.A.P. Swinkels (Laurens)

    2009-01-01

    textabstractThis paper examines the ability of balanced pension plan managers to successfully time the equity and bond market and select the appropriate assets within these markets. In order to evaluate both market timing abilities in these balanced pension plans, we extend the traditional equity ma

  1. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, Ronald

    2010-01-01

    This paper studies the investment performance of pension funds with a focus on their ability in implementing the investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score. The z-score

  2. Procyclicality of pension fund regulation and behaviour

    NARCIS (Netherlands)

    W.E. Romp

    2013-01-01

    This paper studies the labour market effects of pension fund restoration plans at a business cycle frequency. During a recession, pension funds’ funding ratios typically drop significantly and regulations force funds to restore their buffers by increasing their contributions, lower future indexation

  3. Assessing the Financial Sustainability of China’s Rural Pension System

    Directory of Open Access Journals (Sweden)

    Lijian Wang

    2014-05-01

    Full Text Available Considering the rapid growth of China’s elderly rural population, establishing both an adequate and a financially sustainable rural pension system is a major challenge. Focusing on financial sustainability, this article defines this concept of financial sustainability before constructing sound actuarial models for China’s rural pension system. Based on these models and statistical data, the analysis finds that the rural pension funding gap should rise from 97.80 billion Yuan in 2014 to 3062.31 billion Yuan in 2049, which represents an annual growth rate of 10.34%. This implies that, as it stands, the rural pension system in China is not financially sustainable. Finally, the article explains how this problem could be fixed through policy recommendations based on recent international experiences.

  4. ELECTIONS PENSION FUND CANDIDATE NR 4

    CERN Document Server

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : MYERS First Name : Stephen I have been at CERN since 1972, and was elected member of the Governing Board for the first time in 1998. The Governing Board then nominated me to the Investments Committee where I have been a member since the beginning of 1999. Since then I have actively participated in redefining and transforming the investment portfolio in order to improve the overall return and where possible reduce the risk. The portfolio has recently been greatly improved and now allows much simpler more transparent monitoring of our investment. I have also actively participated and hopefully made useful contributions in discussions conc...

  5. ELECTIONS PENSION FUND 4th candidate

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : MYERS First Name : Stephen I have been at CERN since 1972, and was elected member of the Governing Board for the first time in 1998. The Governing Board then nominated me to the Investments Committee where I have been a member since the beginning of 1999. Since then I have actively participated in redefining and transforming the investment portfolio in order to improve the overall return and where possible reduce the risk. The portfolio has recently been greatly improved and now allows much simpler more transparent monitoring of our investment. I have also actively participated and hopefully made useful contributions in discussions conc...

  6. The association of mobility disability and weight status with risk of disability pension: A prospective cohort study.

    Science.gov (United States)

    Norrbäck, Mattias; de Munter, Jeroen; Tynelius, Per; Ahlström, Gerd; Rasmussen, Finn

    2017-06-01

    Mobility disability (MD) and obesity are conditions which have been associated with weaker labour market attachment. This study investigates whether the combined burden of MD and obesity increase the risk of disability pension compared with having only one of these conditions (the reference group). A nationwide cohort study, based on national surveys made between 1996 and 2011, was conducted including 50,015 individuals aged 19-64 years who were followed-up in a large database in terms of attainment of disability pension until 31 December 2012 (at the latest). Proportional hazards regression models were used to analyse the risk of all-cause and diagnosis-specific disability pension with six exposure groups, established by mobility and weight status (BMI) obtained through self-reports. A total of 2296 participants had received disability pension after a mean follow-up period of 7.2 years (SD 4.6). People with MD, regardless of weight, had 4-8 times higher risk of disability pension (for any reason) compared with the reference group (individuals with normal weight and no MD). No evidence of a double burden of MD and obesity with disability pension was observed in this study. MD seemed to contribute more to the risk of disability pension than weight status. In a long-term perspective, society and also people at risk of these disabling conditions would benefit from reallocation of resources from disability pensions to health-promoting and preventive policies, not least targeting MD.

  7. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2000-01-01

    Since the last report, the Governing Board has held three meetings, on the 5 September, 4 October and 9 November. At its September meeting, the Board took note of the results of the half-year closure of the accounts on 30 June and examined the expenditure of the Fund's Administration to the end of July and its operating budget for 2001, which it approved. The Chairman of the Investment Committee, G. Maurin, reported on the Committee's activities in regard to the monitoring of the fund managers and their results. After an exchange of views, the Governing Board proposed to the Finance Committee and the Council an adjustment of pensions of 1.4% with effect from 1.1.2001. It took note with satisfaction of the decision of the French tax authorities to consider that CERN's investments in France on behalf of its social security scheme formed part of the official activities of the Organization and as such benefited from exemption from direct local taxes in addition to its exemption from national taxation. The Governi...

  8. Governing Board of the Pension Fund

    CERN Multimedia

    2005-01-01

    The Governing Board of the Pension Fund held its one hundred-and-twenty-eighth and one hundred and-twenty-ninth meetings on 2 November and 7 December 2004 respectively. At the first of these two meetings, the Governing Board was requested to deal with an urgent request relating to the procedure for the election of two members and two alternates to the Board. The members of the Board decided to cancel the voting procedure under way at that time on the grounds that one of the candidates had benefited from special publicity from the Staff Association that ran counter to the spirit of the Rules and Regulations of the Fund and could potentially influence the outcome of the elections. It was decided that a new round of voting should be organised to ensure a fair procedure. As announced in the Weekly Bulletin of 6 December 2004, the new vote was deferred to January 2005. The Governing Board then took note of a document setting out the large number of proposals from its members concerning possible measures to impr...

  9. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    Most of the discussions at the meetings of the Governing Board of the Pension Fund on 20 September, 13 October and 15 November 2005 led to decisions by the Council at its Session on 15 and 16 December 2005 that will shape the future of the Pension Fund in more ways than one. The summary of these three most recent meetings of the Governing Board therefore focuses on the Council's decisions concerning: a package of equilibration measures for the CERN Pension Fund, consisting of proposals by the Governing Board and by the CERN Management; amendments to the Rules of the Pension Fund concerning family composition; an amendment to the Rules of the Pension Fund introducing a new Article III 1.06, 'The extension of the contract of a staff member beyond the age limit of 65'; the payment of compensation to the Pension Fund for the reduction observed in staff numbers between 2001 and 2004; the indexation of pensions for 2006. Regarding the first point above, the following measures were approved: The use of more r...

  10. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Marius Liutvinavičius

    2013-08-01

    Full Text Available Currently Lithuania has an old-age pension system of three pillars. Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios. The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors. The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless. Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient  attention to potential risks. This article analyzes both good and bad investment scenarios.

  11. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Virgilijus Sakalauskas

    2011-12-01

    Full Text Available Currently Lithuania has an old-age pension system of three pillars.Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios.The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors.The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless.Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient attention to potential risks. This article analyzes both good and bad investment scenarios.

  12. The Duty to effect an appropriate Mode of Payment to Minor Pension Beneficiaries under Scrutiny in Death Claims

    Directory of Open Access Journals (Sweden)

    N Dyani

    2009-07-01

    Full Text Available This note focuses on the payment into a trust arrangement in favour of a minor beneficiary as contemplated in terms of section 37C (2 of the Pension Funds Act 24 of 1956. The aim is to examine the criteria under which the boards of management of pension funds may deprive a guardian the right to administer benefits on behalf of minor beneficiaries. This examination is conducted within the context of the approach adopted by the Pension Funds Adjudicator in four specific determinations decided prior, but relevant, to the amendments to the Pension Funds Act, where the board in each case unlawfully deprived a guardian of the right to administer death benefits in favour of a minor beneficiary. Therefore, the note will discuss four specific determinations and thereafter comment about the criteria to be used by practitioners. The note argues that these determinations should be welcomed because of their progressive interpretation of the Pension Funds Act and for setting an important precedent for pension fund practitioners and boards. In each case, the Pension Funds Adjudicator found a violation of section 37C. The note also criticises the remedy granted in two of the determinations, namely Moralo v Holcim South African Provident Fund, and Mafe v Barloworld (SA Retirement Fund Respondent, and argues that the Pension Funds Adjudicator’s ruling on these matters was arbitrary and capricious because it disregarded its own precedent in Lebepe v Premier Foods Provident Fund & Others. We therefore submit that the Pension Funds Adjudicator should have ordered the boards in Moralo v Holcim South African Provident Fund, and Mafe v Barloworld (SA Retirement Fund Respondent to pay all of the benefits directly to the complainants and guardians in those determinations.

  13. Pension Systems in Europe. Case of Croatia

    Directory of Open Access Journals (Sweden)

    Jarosław Poteraj

    2009-09-01

    Full Text Available The article presents an insight into the old age pension system in Croatia. The introduction is followed by four topic paragraphs: the general information about the country, the historical development of its pension system, the present situation, and challenges and foreseen changes. There, the author’s goal was to present both past and present solutions employed by the Croatian’s pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights that Croatia is a country with great potential but at present it is difficult to identify solutions worth copying in other states.

  14. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2014-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting.   Annual Information Meeting to be held in the CERN Council Chamber on Tuesday, 16 September 2014 from 9.00 a.m. to 10.30 a.m. Copies of the 2013 Pension Fund Financial Statements are already available in accessible PDF on the Pension Fund website and will also be distributed at this session. Coffee and croissants will be served prior to the meeting as of 8:30 a.m. N.B. Date change: 16 September 2014

  15. Pension Systems in Europe. Case of Greece

    Directory of Open Access Journals (Sweden)

    Jarosław Poteraj

    2007-09-01

    Full Text Available The article presents an insight into the old age pension system in Greece. The introduction is followed by four topic paragraphs: 1. the general information about the country, 2. the historical development of its pension system, 3. the present situation, and 4. challenges and foreseen changes. There, the authorís goal was to present both past and present solutions employed by the Greeceís pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular Greek approach, on the background of other countries, the fact of existing in the Greek reality The National Actuary.

  16. Rivalry of Advocacy Coalitions in the Czech Pension Reform

    Directory of Open Access Journals (Sweden)

    Potůček Martin

    2016-06-01

    Full Text Available The Czech Republic, as many other countries of Central and Eastern Europe, faced and is still facing a pension-reform challenge. The diversification of pension pillars led to the massive displacements of participant contributions from the public PAYG pension pillars to the newly constructed private, defined-contribution, fully-funded pillars. In the Czech Republic, the adoption of the relevant law was preceded by serious political conflict between supporters and opponents of this step (both among different political actors and among professionals. In an analysis of the conflict we critically apply the Advocacy Coalition Framework. We work mainly with the analysis of policy documents, public statements of the individual actors and an analysis of voting on the relevant law in both chambers of the Czech Parliament towards the identification of the crystallization process of two clear-cut coalitions between actors from both sides of the spectrum. The Advocacy Coalition Framework in exploring the dynamics of the public-policy process proved to be able to explain situations where there is sharp political conflict. Through the lens of the devil-shift of both camps (advocacy coalitions with different beliefs, each fell into extreme positions within the coalition to affirm the correctness of their arguments and positions.

  17. Governing Board of the Pension Fund

    CERN Multimedia

    2005-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-thirty-fifth and one-hundred-and-thirty-sixth meetings on 9 June and 7 July 2005 respectively. At the first of these two meetings, the members of the Board were informed of the outcome of the meeting of the Investment Committee, which had been held on the previous day. The Investment Committee had reviewed the performance of the Far East equity mandate (excluding Japan) managed by Edmond de Rothschild Asset Management and had welcomed the good results achieved by the portfolio manager. The Committee had also decided to propose to the Governing Board that it approve a new table defining the split between active and passive management for each of the major geographical zones for its investments. The Governing Board followed the Committee's recommendation and approved the following allocations to passive management: 2/3 of assets in the United States, 1/2 of assets in Japan and 1/3 of assets in Europe. This increase in the use of passive managemen...

  18. The Rules of an Occupational Retirement Fund and the Problem of Defaulting Employers: A Reconsideration of Orion Money Purchase Pension Fund (SA v Pension Funds Adjudicator

    Directory of Open Access Journals (Sweden)

    Thulani Nkosi

    2016-12-01

    Full Text Available This paper reflects on the ongoing challenges presented by certain employers who, whilst deducting occupational retirement fund contributions from their employees' salaries, fail to pay over those contributions to the relevant occupational retirement funds. These employers also often fail to register themselves or their employees as participating members of occupational retirement funds when they are supposed to. Such failures to register with the relevant occupational retirement funds and to pay over fund contributions have disastrous effects on the employees who are at the receiving end of these unlawful practices. This is the case because employees lose the value and use of their salaries through the deductions, and also the benefits of their occupational retirement funds. Although the Pension Funds Act 24 of 1956 is sufficiently responsive and provides adequate mechanisms to guide against this scourge, it is this paper's argument that occupational retirement funds themselves have not done their bit in enforcing the Pension Funds Act. The failure on the part of the funds to enforce the Pension Funds Act by ensuring that fund contributions are collected from participating employers has resulted in, and continues to result in, untold losses on the part of the employees. Properly considered, the paper submits that the failure by occupational retirement funds to enforce the Pension Funds Act has the potential of unjustifiably limiting several of the employee members' constitutional rights. It is not good enough, so argues the paper, for occupational retirement funds to have rules that prohibit them from paying retirement fund benefits where no contributions have been received. It is also not good enough for courts and the office of the PFA to blindly enforce the rules of occupational retirement funds without consistently subjecting them to the Pension Funds Act and the Constitution for validity and legality. It is on this basis that the case of

  19. A comparison of modern investment-linked pension savings products

    DEFF Research Database (Denmark)

    Linneman, Per; Bruhn, Kenneth; Steffensen, Mogens

    2015-01-01

    This paper is a continuation of and a supplement to the paper by Jørgensen & Linnemann. Both papers deal with TimePension – a (formula-based) smoothed investment-linked annuity pension scheme. Both papers compare TimePension with other pension savings products using stochastic financial simulatio...

  20. 26 CFR 513.6 - Pensions and life annuities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Pensions and life annuities. 513.6 Section 513... UNDER TAX CONVENTIONS IRELAND Withholding of Tax § 513.6 Pensions and life annuities. (a) Pensions, other than pensions paid by the Government of the United States to individuals in respect of services...

  1. 38 CFR 3.314 - Basic pension determinations.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Basic pension determinations. 3.314 Section 3.314 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Ratings and Evaluations; Service...

  2. 38 CFR 3.454 - Veterans disability pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Veterans disability pension. 3.454 Section 3.454 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Apportionments § 3.454 Veterans...

  3. Why don’t Latvian pension funds diversify more internationally?

    NARCIS (Netherlands)

    L.A.P. Swinkels (Laurens); D. Vejina; R. Vilans

    2005-01-01

    textabstractLatvian employees have to choose a pension fund for the second-pillar of the Latvian pension system. These pension funds invest about 85% in domestic assets. In this paper, we address the question why this strong home bias might exist. Firstly, we conclude that the Latvian pension law is

  4. FINANCIAL STABILITY OF THE UKRAINE NATIONAL SYSTEM OF PENSION INSURANCE

    Directory of Open Access Journals (Sweden)

    A. Khemii

    2014-03-01

    Full Text Available The system of pension insurance is a combination of created by the state legal, economic and organizational institutions and norms, providing financial support to citizens in the form of pensions. In the article analyzing the demographic situation and the condition of pension payments in the country today. In the terms of economic and social reforms, the level of financial stability the pension system is low. Therefore important is the analysis and exploring new methods to ensure financial stability of the Ukraine national system of pension insurance. The main institution of the national pension insurance is the National Pension Fund of Ukraine.

  5. The CERN Pension Fund: an eternal challenge

    CERN Multimedia

    Staff Association

    2014-01-01

      Introduction By virtue of its status as an international organization, CERN and its employees do not operate under the labour laws and social security systems of the Host or Member States. Thus, the Organization has to establish its own social security scheme, including pension insurance, for the adequate protection of its employed personnel. This scheme must also be designed to allow the recruitment and retention of highly qualified personnel from all Member States. It are the Organization’s pension obligations that certain Member States want to reconsider. This is the first in a series of articles where we explain that reneging on their commitments regarding the pension Fund the Member States would create a great social injustice, very detrimental to the Organization, its staff and not compliant with international law. Principles and responsibilities The CERN Pension Fund (hereafter called the “Fund”) was set up by the CERN Council in December 1955. Its lega...

  6. Optimizing the aging, retirement, and pensions dilemma

    CERN Document Server

    Bertocchi, Marida; Ziemba, William T.

    2010-01-01

    A straightforward guide focused on life cycle investing-namely aging, retirement, and pensions Life cycle investing and the implications of aging, retirement, and pensions continues to grow in importance. With people living longer, the relative and absolute number of retirees is growing while the number of workers contributing to pension funds is declining. This reliable resource develops a detailed economic analysis-at the micro (individual) and macro (economy wide) levels-which addresses issues regarding the economics of an aging population. Topics touched upon include retirement and the associated health care funding of the aged as well as social security and the asset classes that are considered asset-liability choices over time. The probability of achieving adequate return patterns from various investment strategies and asset classes is reviewed Shares rich insights on the aging, retirement, and pensions dilemma An assessment of the resources the real economy will be able to commit to non-workers is prov...

  7. Pension fund excellence creating value for stakeholders

    CERN Document Server

    Ambachtsheer, Keith P.

    1998-01-01

    Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

  8. Pension Systems in Europe. Case of Germany

    Directory of Open Access Journals (Sweden)

    Jarosław Poteraj

    2008-01-01

    Full Text Available The article presents an insight into the old age pensionsystem in Germany. The authors goal was to present both, past and present solutions employed by the Germans pension system, in search for ideas worth consideration in international comparisons. In the summary, the author highlights as a particular German approach, on the background of other countries, the fact of implementing in the German reality the special smart card system for pensioners.

  9. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2013-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the   Annual Information Meeting to be held in the CERN Council Chamber on  Wednesday, 11 September 2013 from 10.00 a.m. to 12.00 midday. Copies of the 2012 Pension Fund Financial Statements can be obtained from departmental secretariats and will also be available at the meeting.

  10. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2013-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the   Annual Information Meeting to be held in the CERN Council Chamber on  Wednesday, 11 September 2013 from 10.00 a.m. to 12.00 midday. Copies of the 2012 Pension Fund Financial Statements can be obtained from departmental secretariats and will also be available at the meeting.

  11. The Occupational Pension Schemes Survey 2006

    OpenAIRE

    Sarah Levy; David Miller

    2008-01-01

    Presents findings on the number of schemes, their membership and contributions to schemes by employers and employeesThis article presents findings on the number of occupational pension schemes in 2006, their membership and contributions to schemes by employers and employees. It is based on the Occupational Pension Schemes Annual Report (2006 edition). The findings distinguish between public and private sector schemes and include breakdowns by scheme status (open, closed, frozen or winding up)...

  12. Governing Board of the Pension Fund

    CERN Multimedia

    2004-01-01

    At its one-hundred-and-twenty-fifth meeting on 1st June 2004, the Governing Board of the Pension Fund heard a report by J.-P. Matheys, Chairman of the working group responsible for examining the consequences of the death of a beneficiary of a deferred pension and of changes to the composition of a beneficiary's family, on the group's second meeting which had taken place that morning. The group had concluded that the Pension Fund Rules and Regulations clearly established the right of a surviving spouse to a pension in the event of the death of a beneficiary of a deferred pension. In such a case, entitlement to a surviving spouse's pension takes effect immediately after the death of the beneficiary and no actuarial reduction is applicable. This conclusion, which has been confirmed by the Legal Service, derives clearly and unambiguously from the current Rules and Regulations, which therefore do not require amendment. The Board indicated its formal agreement with this interpretation. Concerning the second subj...

  13. Popular Criteria for the Welfare Deservingness of Disability Pensioners: The Influence of Structural and Cultural Factors

    Science.gov (United States)

    Jeene, Marjolein; van Oorschot, Wim; Uunk, Wilfred

    2013-01-01

    Research has shown that several criteria underlie people's opinions about the welfare deservingness of benefit recipients. However, it remains unknown which factors are associated with the emphasis that people place on such criteria. Using a 2006 Dutch national survey on the welfare deservingness of disability pension recipients, we study the…

  14. Pension Enhancements and the Retention of Public Employees: Evidence from Teaching. Working Paper 123

    Science.gov (United States)

    Koedel, Cory; Xiang, P. Brett

    2015-01-01

    We use data from workers in the largest public-sector occupation in the United States -- teaching -- to examine the effect of pension enhancements on employee retention. Specifically, we study a 1999 enhancement to the benefit formula for public school teachers in St. Louis that resulted in an immediate and dramatic increase in their incentives to…

  15. Popular Criteria for the Welfare Deservingness of Disability Pensioners: The Influence of Structural and Cultural Factors

    Science.gov (United States)

    Jeene, Marjolein; van Oorschot, Wim; Uunk, Wilfred

    2013-01-01

    Research has shown that several criteria underlie people's opinions about the welfare deservingness of benefit recipients. However, it remains unknown which factors are associated with the emphasis that people place on such criteria. Using a 2006 Dutch national survey on the welfare deservingness of disability pension recipients, we study the…

  16. Pension regulation and the market value of pension liabilities - A contingent claims analysis using Parisian options

    NARCIS (Netherlands)

    Broeders, D.; Chen, A.

    2008-01-01

    We analyze the market-consistent valuation of pension liabilities in a contingent claim framework whereby a knock-out barrier feature is applied to capture early regulatory closure of a pension plan. We investigate two cases which we call "immediate closure procedure" and "delayed closure

  17. 76 FR 4152 - Proposed Information Collection (Veterans Benefits Administration (VBA) Voice of the Veteran (VOV...

    Science.gov (United States)

    2011-01-24

    ...: Veterans Benefits Administration (VBA) Voice of the Veteran (VOV) Pilot Surveys. a. Compensation and... a decision on a compensation or pension benefit claim within 30 days prior to the fielding period. The sample will be stratified as follows: (1) Type of benefit (i.e., Compensation, Pension), (2...

  18. 76 FR 20823 - Agency Information Collection (Veterans Benefits Administration (VBA) Voice of the Veteran (VOV...

    Science.gov (United States)

    2011-04-13

    ... questionnaire will include individuals who have received a decision on a compensation or pension benefit claim... benefit (i.e., Compensation, Pension) (2) claimants who were found eligible (3) claimants who were found... questionnaire will include individuals who have been receiving compensation benefits for at least 6 months or...

  19. 78 FR 59769 - Agency Information Collection (Veterans Benefits Administration (VBA) Voice of the Veteran (VOV...

    Science.gov (United States)

    2013-09-27

    ... questionnaire will include individuals who have received a decision on a compensation or pension benefit claim... benefit (i.e., Compensation, Pension) (2) claimants who were found eligible (3) claimants who were found... will include individuals who received a decision and have been receiving compensation benefits. The...

  20. Public Pensions as the Great Equalizer? Decomposition of Old-Age Income Inequality in South Korea, 1998-2010.

    Science.gov (United States)

    Hwang, Sun-Jae

    2016-01-01

    This study examines the redistributive effects of public pensions on old-age income inequality, testing whether public pensions function as the "great equalizer." Unlike the well-known alleviating effect of public pensions on old-age poverty, the effects of public pensions on old-age income inequality more generally have been less examined, particularly outside Western countries. Using repeated cross-sectional data of elderly Koreans between 1998 and 2010, we applied Gini coefficient decomposition to measure the impact of various income sources on old-age inequality, particularly focusing on public pensions. Our findings show that, contrary to expectations, public pension benefits have inequality-intensifying effects on old-age income in Korea, even countervailing the alleviating effects of public assistance. This rather surprising result is due to the specific institutional context of the Korean public pension system and suggests that the "structuring" of welfare policies could be as important as their expansion for the elderly, particularly for developing welfare states.

  1. Interrelation of GDP and pension capital: Mathematical and econometrical analysis

    Science.gov (United States)

    Nepp, A. N.; Dolgodvorov, A. D.

    2016-12-01

    This article is a mathematicalanalysis of the relationship between GDP and the development of funded pension systems. For this purpose, a mathematical formula was derived from the macro-economic GDP, proportional to the level of income and consumption for the dependence of GDP on the level of pension payments, the value of pension savings and the structure of compulsory contributions to the pension fund allocated to the distribution and accumulative pension system. A derivation of the equation proves the linear relationship of GDP and the share of pension contributions channeled to the funded pension system. Thus, the macroeconomic indicator with the larger negative impact on GDP was proven to be the elimination of the compulsory funded pension system. Based on the econometric analysis, the positive effect of the distributive pension system was proven on macroeconomic parameters.

  2. The economic burden of musculoskeletal disorders on the Italian social security pension system estimated by a Monte Carlo simulation.

    Science.gov (United States)

    Russo, S; Mariani, T T; Migliorini, R; Marcellusi, A; Mennini, F S

    2015-09-16

    The aim of the study is to estimate the pension costs incurred for patients with musculoskeletal disorders (MDs) and specifically with rheumatoid arthritis (RA) and ankylosing spondylitis (AS) in Italy between 2009 and 2012. We analyzed the database of the Italian National Social Security Institute (Istituto Nazionale Previdenza Sociale i.e. INPS) to estimate the total costs of three types of social security benefits granted to patients with MDs, RA and AS: disability benefits (for people with reduced working ability), disability pensions (for people who cannot qualify as workers) and incapacity pensions (for people without working ability). We developed a probabilistic model with a Monte Carlo simulation to estimate the total costs for each type of benefit associated with MDs, RA and AS. We also estimated the productivity loss resulting from RA in 2013. From 2009 to 2012 about 393 thousand treatments were paid for a total of approximately €2.7 billion. The annual number of treatments was on average 98 thousand and cost in total €674 million per year. In particular, the total pension burden was about €99 million for RA and €26 million for AS. The productivity loss for AR in 2013 was equal to €707,425,191 due to 9,174,221 working days lost. Our study is the fi rst to estimate the burden of social security pensions for MDs based on data of both approved claims and benefits paid by the national security system. From 2009 to 2012, in Italy, the highest indirect costs were associated with disability pensions (54% of the total indirect cost), followed by disability benefits (44.1% of cost) and incapacity pensions (1.8% of cost). In conclusion, MDs are chronic and highly debilitating diseases with a strong female predominance and very significant economic and social costs that are set to increase due to the aging of the population.

  3. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    2002-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: de la FUENTE First Name : Guillermo  As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order...

  4. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    2002-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: de la FUENTE First Name : Guillermo As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order to maximize Fund's y...

  5. PRIVATE PENSION FUND: ESSENCE, CHARACTERISTICS AND FUNCTIONS

    Directory of Open Access Journals (Sweden)

    Mamiy E. A.

    2016-02-01

    Full Text Available In developed and developing countries around the world, social security is beginning to gain a more important role, directly or indirectly affecting one of any economy priorities - maintaining and increasing the welfare of society. At the same time, constantly evolving and developing economic processes derive the task of the social security system regulating on a more complex level. There is a need for constant optimization and bringing the above-mentioned mechanism to such a state that would be able to meet modern criteria. The provided by the state and non-state pension institutes system acts as a basic element of social security whose responsibility area is to create a comfortable financial situation of old age people. Today the effectiveness of the non-state provision system and private pension funds lends itself to wide criticism that entails the actualization and possible rethinking of the existing theoretical framework. This article describes the theoretical aspects of the private pension funds essence. Here is the systematization of the many approaches to the definition of the investigated institute. In addition, the authors identify a number of private pension funds features and functions. The article gives the authors understanding of the private pension funds essence

  6. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2003-01-01

    The Governing Board of the Pension Fund held its one hundred and twelfth and one hundred and thirteenth meetings on 5 November and 3 December 2002 respectively. At the first of these meetings, the Governing Board firstly took note of the favourable stance adopted by TREF with respect to a pension adjustment of 0.6% for 2003. TREF had also examined the proposed technical amendments to the Pension Fund's Rules and Regulations, as reported in Weekly Bulletin N° 44/2002, relating to a) clarification of the roles of the Governing Board and the Administrator, b) the procedure for appointing the Chairman, Vice-Chairmen and Administrator of the Fund, c) the Governing Board's voting rules and d) the role and composition of the Investment Committee. These amendments were to be submitted to the CERN Council for approval at its December meeting*. The Governing Board then considered a request submitted by the CERN Pensioners' Association (GAC) for an extraordinary adjustment of pensions. The request entailed making an ...

  7. The Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its 151st meeting on 7 March at which the Legal Service reported on the ILOAT's judgment concerning an appeal lodged by a beneficiary against the CERN Council's decision to index his pension by 0% for 2005. The Governing Board noted with satisfaction that the appeal had been rejected. The ILOAT recognised that the CERN Council, which had followed the Governing Board's recommendation, had been entitled to take this decision as an 'urgent protective measure' in respect of the Fund's financial position. At the same meeting, the members of the Governing Board expressed their opinions on the report by the consultancy firm Mercer which had been entrusted with the task of comparing the CERN Pension Fund with a sample of similar European funds. It endorsed the CERN Management's opinion that Mercer had not been in a position to make a pertinent comparison between the CERN Pension Fund and other pension funds, and concurred with the conclusions presented by the Management....

  8. A new award for the CERN Pension Fund

    CERN Multimedia

    CERN Bulletin

    2013-01-01

    Recently, the CERN Pension Fund was awarded the 2013 Investment and Pensions Europe (IPE) Award for “Best Use of Equities”. IPE is the leading European Pension Fund industry publication.   The award recognized CERN’s implementation of capital preservation principles in equities, referring in particular to CERN’s innovation with the development of “asymmetric” equity strategies. The awards were judged by a panel of 65 European pension fund executives, experts and consultants. In addition, CERN was selected by the judges as a finalist for “Best Public Pension Fund” in Europe.  This award was won by the UK government’s Pension Protection Fund.

  9. General meeting of the Pension Fund

    CERN Multimedia

    CERN Pension Fund

    2010-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Monday 6 September 2010 from 14:00 to 16:30 p.m. The Agenda comprises: Opening Remarks - F. Ferrini Presentation of the 2009 Financial Statements - T. Economou Copies of the 2009 Financial Statements are available from Departmental Secretariats. Management Update - T. Economou Report by the Chairman of the Pension Fund Governing Board - F. Ferrini Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. Conclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2009 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail Barbara.Brugger@cern.ch)

  10. The Pension Fund passes important milestones

    CERN Multimedia

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in October, the PFGB has passed several milestones in actuarial, technical and investment matters. The PFGB has completed an analysis of a request by the European Organisation for Astronomical Research in the Southern Hemisphere (ESO) to reduce the increased cost of pension insurance for new ESO recruits that has been caused by the increased CHF/€ exchange ratio. Currently the staff of ESO are admitted to the CERN Pension Fund, pursuant to a co-operation agreement between CERN and ESO dating back to 1968. This analysis assessed the actuarial, financial, administrative and legal implications, and is scheduled to be presented to the CERN Council and the Finance Committee in December. After an open tendering process the PFGB has selected Buck Consultants Limited...

  11. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch)

  12. Portability of supplementary pension rights in Europe

    DEFF Research Database (Denmark)

    Guardiancich, Igor

    2015-01-01

    In its effort to guarantee the free movement of workers, the European Union devised an advanced system of coordination of social security rights. Since 1958, statutory pensions are being aggregated for workers moving across the Member States. However, until mid-2014, the portability of supplement......In its effort to guarantee the free movement of workers, the European Union devised an advanced system of coordination of social security rights. Since 1958, statutory pensions are being aggregated for workers moving across the Member States. However, until mid-2014, the portability...... a slowly recovering Europe. After nine years of negotiations, the EU has finally passed a Portability Directive, which is, however, a watered down version of the 2005 original proposal. Given such state of affairs, this study has three aims. First, it explains why portability of supplementary pensions...

  13. 38 CFR 3.27 - Automatic adjustment of benefit rates.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Automatic adjustment of benefit rates. 3.27 Section 3.27 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS... dates such increases become effective, increase by the same percentage each maximum annual rate...

  14. Preferences and design in insurance and pensions

    DEFF Research Database (Denmark)

    Bruhn, Kenneth

    Life insurance and pension decisions are of the more important fnancial settlements to be decided in a household. In this thesis we investigate dfferent aspects of relevance for decision making within a household, especially focusing on life insurance and pension decisions. The focus......-effects. The focus is on the consumption, investment and life insurance demands. In another modeling framework, we modify the utility measurement and propose a combination of forward and backward looking preferences. At last, a model with very explicit preferences for stability in consumption is investigated and we...

  15. Performance appraisal of Croatian mandatory pension funds

    Directory of Open Access Journals (Sweden)

    Pierre Matek

    2016-03-01

    Full Text Available The goal of this paper is to determine whether managers of Croatian mandatory pension funds have displayed investment skill on a risk-adjusted basis during the 2005-2014 period. We have calculated various risk-adjusted investment performance measures and have then used a number of statistical tools to test the significance of the results. Evidence from our analysis suggests that Croatian mandatory pension funds have reached their investment targets in terms of risk-free rates or benchmarks. Evidence of investment skill was found in some of the funds analysed.

  16. PENSIONS MANAGEMENT IN THE RURAL AREAS

    Directory of Open Access Journals (Sweden)

    Angela BOTEZATU

    2015-04-01

    Full Text Available Local boarding houses tourism has found its best expression represented by tourist areas, because the natural landscapes and authentic rural customs already exist and thrive. Rural tourism and tourism business initiation at the hostel comes with solutions for rural development. Moreover, the rural areas represent about 92% of the total area of the country. In this context, the author comes to treat the aspects of tourism activities in rural areas in this article, focusing on practical research in the field. There are described pensions performance factors, complexity of administrator's functions from pension, the importance of cooperation and the networking in the field and examples of good practice.

  17. Unfunded pensions and endogenous labor supply

    DEFF Research Database (Denmark)

    Andersen, Torben M.; Bhattacharya, Joydeep

    A classic result in dynamic public economics, dating back to Aaron (1966) and Samuelson (1975), states that there is no welfare rationale for PAYG pensions in a dynamically-efficient neoclassical economy with exogenous labor supply. This paper argues that this result, under the fairly-mild restri......A classic result in dynamic public economics, dating back to Aaron (1966) and Samuelson (1975), states that there is no welfare rationale for PAYG pensions in a dynamically-efficient neoclassical economy with exogenous labor supply. This paper argues that this result, under the fairly...

  18. A sunny spell at the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

    It is always nice to receive good news, especially at this time. That of the disappearance of the Organization's debt to the Pension Fund, by a Council decision in June, was a relief to us. That of the very good return in 2005 (+12.4%) on the Fund's investments only partly reassured us after carefully reading the last report by the actuary. In his last editorial (CERN Bulletin 27/28), the Director-General considers that "the news from the Pension Fund is good". We are not so optimistic.

  19. 29 CFR 4022.5 - Determination of nonforfeitable benefits.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Determination of nonforfeitable benefits. 4022.5 Section 4022.5 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION COVERAGE... Benefits § 4022.5 Determination of nonforfeitable benefits. (a) A guaranteed benefit payable to a...

  20. INVESTMENT PORTFOLIO MANAGEMENT PECULIARITIES OF NON-STATE PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2015-07-01

    Full Text Available Non-state pension fund is a institution of social security, the primary purpose of which is the payment of pensions to members of the system of private pension provision. The insurance and pension funds in Republic of Moldova is just beginning. In this regard, a study was conducted in different countries on experience with non-state pension insurance. The results, being generalized, can be used in Republic of Moldova. Non-state pension fund has a multiple core: financial institution, fund, social institution, insurer and institutional investor. Non-governmental pension funds were highly integrated in public policy in most countries around the world aimed at expanding the supplementary pension insurance. Therefore, it becomes very important to solve the issue of formation and investment portfolio management in these financial institutions.

  1. China's Pension Reform and Capital Market Development

    Institute of Scientific and Technical Information of China (English)

    XinWang

    2004-01-01

    The paper analyzes the interaction between the pension system and capital market development, especially the case of China. A funded pension system is most likely to boost the capital market, but in the absence of a supportive financial infrastructure and effective financial regulation, a funded system will not be successful. China's determination to establish a partially funded system is afirst step in the right direction, but without the separation of individual accounts from the social pooling and their replenishment, the working out of the implicit pension debt, and improvements in pension fund management and regulation, the pension system will not be sustainable. The key to capital market development in the process of the pension reform is to enact laws to protect the interests of pensioners, to contract out pension fund management to professional asset managers, and to accelerate the financial opening.

  2. Optimization-based guidelines to retirement planning and pension product design

    DEFF Research Database (Denmark)

    Konicz Bell, Agnieszka Karolina

    's degree of risk aversion or time left to retirement, but also characteristics such as current wealth, expected income before and after retirement, expected pension contributions, impatience factor, lifetime expectancy, and preferences regarding portfolio composition and the level of death benefit......, how to invest the savings, which annuity to purchase, and which level of death benefit to choose. In most of the papers we follow a classical approach and maximize the expected CRRA utility of either the final wealth, or the consumption and bequest amount. Scholars refer to the aforementioned....... Consequently, pension providers should offer variable life annuities that are tailored to the individuals' needs in terms of the underlying asset allocation, the payout profile, and the level of death benefit. The next three chapters discuss the purchase of the right annuity. We start with investigating...

  3. The future of multi-pillar pension systems

    NARCIS (Netherlands)

    L. Bovenberg; C. van Ewijk

    2011-01-01

    This paper takes stock of the evolution in pension systems and the challenges that remain for the future. It derives a typology of pension systems and uses this to discuss the strengths and weaknesses of alternative systems. After describing how pension systems in the industrial world have been faci

  4. 26 CFR 509.114 - Private pensions and life annuities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Private pensions and life annuities. 509.114...) REGULATIONS UNDER TAX CONVENTIONS SWITZERLAND General Income Tax § 509.114 Private pensions and life annuities. (a) General. Private pensions and life annuities derived from sources within the United States and...

  5. 26 CFR 509.113 - Government wages, salaries, and pensions.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Government wages, salaries, and pensions. 509... pensions. (a) General. Under Article XI of the convention any wage, salary, or similar compensation, or any pension, paid by Switzerland or any agency or instrumentality thereof, or by any political subdivisions or...

  6. 26 CFR 521.111 - Pensions and life annuities.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Pensions and life annuities. 521.111 Section... Denmark and of Danish Corporations § 521.111 Pensions and life annuities. Under the provisions of Article X(2) of the convention, private pensions and life annuities derived from sources within the United...

  7. Open Pension Funds in Poland: The Efects of the Pension Privatization Process

    Directory of Open Access Journals (Sweden)

    Oręziak Leokadia

    2014-10-01

    Full Text Available Since their establishment in 1999, the Open Pension Funds (OPFs have comprised a mandatory capital pillar in the pension system of Poland. The paper`s objective is to analyze the principles under which the OPFs function and assess their past and anticipated future impact on the state of the country's public fnances, particularly on the public debt. The analysis also considers the past and potential effects of the OPFs existence from the point of view of future levels of old-age pension. The studies are targeted at determining the threats connected with further maintenance of the OPFs from the point of view of both public fnance stability and pension system security.

  8. 48 CFR 1837.170 - Pension portability.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pension portability. 1837.170 Section 1837.170 Federal Acquisition Regulations System NATIONAL AERONAUTICS AND SPACE ADMINISTRATION SPECIAL CATEGORIES OF CONTRACTING SERVICE CONTRACTING Service Contracts-General 1837.170...

  9. Generational Accounting, Solidarity and Pension Losses

    NARCIS (Netherlands)

    Teulings, C.N.; Vries, C.G.

    2006-01-01

    The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds' wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger

  10. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2000-01-01

    The Governing Board of the Pension Fund held its ninety-first meeting on 1st February 2000. A special morning session was devoted to questions concerning the asset allocation of pension funds. This subject was presented by J.-F. Boulier, research and management director at Sinopia in Paris, a subsidiary of the Crédit Commercial de France. Mr Boulier first presented the general context surrounding pension funds in Europe. He underlined the significant differences between the various European countries in the development of pension funds and their effects on the financial markets. He also addressed the long-term profitability of the different types of investment and, in the same connection, the essential role played by the time horizon inequity investments in not only achieving a positive real return but also exceeding the results of the other forms of investment. The last part of his presentation covered management strategies and the impact of an improvement in performance on the technical balance o...

  11. About the debt to the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

    At the Finance Committee meeting on 15 March 2006, the Management tabled a document for the Delegations' attention concerning CERN's debt to the Pension Fund. In view of the interest rates currently on the market, the Management proposes to reimburse this debt by taking out a bank loan.

  12. Eestlaste pension kinnisvaraturu meelevallas / Anne Oja

    Index Scriptorium Estoniae

    Oja, Anne, 1970-

    2007-01-01

    Ilmunud ka: Delovõje Vedomosti 22. aug. lk. 6. Eesti pensionifondid on kinnisvarasse paigutanud umbes miljard krooni. Kinnisvarafirmade võlakirjade hind võib kujuneda madalaks. Pankade kommentaarid. Vt. samas: Tulevased pensionärid magavad rahulikult. Tabel: Pensionifondide investeeringud kinnisvarasse. Kommenteerivad: Ingmar Mattus, Kalle Palling, Karoli Hindriks, Pertti Rahnel, Andre Nõmm, Urmas Laur, Kristjan Lepik. Kommentaarid ainult eestikeelse art. juures

  13. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    The Governing Board of the Pension Fund held its 143rd meeting on 11 April 2006. The Chairman of the Governing Board, Professor F. Ferrini, reported on the meetings of the CERN Finance Committee and Council on 15 and 16 March. On the recommendation of the Finance Committee, the CERN Council had approved the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund. The new provisions will enter into force on 1st July 2006. Professor Ferrini also underlined that the Finance Committee had taken note of a document prepared by the CERN Management regarding the Organization's debt to the Pension Fund. Given that the Organization's debt to the Pension Fund has grown constantly over the last twenty years, and that it represents a burden on the Laboratory's future budgets, the Management wishes to reimburse the debt as rapidly as possible...

  14. Market-consistent valuation of pension liabilities

    NARCIS (Netherlands)

    Pelsser, A.; Vlaar, P.

    2008-01-01

    The European Union is currently preparing a new set of rules for the supervision of insurance companies, and is considering implementing these rules for pension funds as well. This framework is known as Solvency II. Similar to the Basle II framework for banking supervision, Solvency II is based on m

  15. Generational Accounting, Solidarity and Pension Losses

    NARCIS (Netherlands)

    Teulings, C.N.; Vries, C.G.

    2006-01-01

    The stock market collapse led to political tensions between generations due to the fuzzy definition of the property rights over the pension funds' wealth. The problem is best resolved by the introduction of generational accounts. Modern consumption and portfolio theory shows that the younger generat

  16. Optimal design of funded pension schemes

    NARCIS (Netherlands)

    Bovenberg, A.L.; Mehlkopf, R.J.

    2014-01-01

    This article reviews the literature on the optimal design and regulation of funded pension schemes. We first characterize optimal saving and investment over an individual’s life cycle. Within a stylized modeling framework, we explore optimal individual saving and investing behavior. Subsequently, va

  17. Pensiones: en busca de la equidad

    Directory of Open Access Journals (Sweden)

    Bonilla González Ricardo

    2001-08-01

    Full Text Available El artículo comienza con los requisitos que deberìa tener un régimen pensional de carácter universal y sostenible financieramente para luego exponer algunas de las consecuencias de la competencia entre el ISS y las AFPs, introducida por la Ley 100/93 en el sistema colombiano

  18. Personal Pensions with Risk Sharing : Various Approaches

    NARCIS (Netherlands)

    van Bilsen, Servaas; Bovenberg, Lans

    2016-01-01

    This paper models a Personal Pension with Risk sharing (PPR). We derive several relationships between the parameters of a PPR. For instance, we show how the Assumed Interest Rate affects the median growth rate of retirement income. Policyholders can adopt (at least) two approaches to a PPR – the inv

  19. Annual General Meeting of the Pension Fund

    CERN Multimedia

    CERN Pension Fund

    2011-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Chamber on Tuesday 20 September 2011 from 10:00 a.m. to 12:00 p.m. Coffee and croissants will be served prior to the meeting as of 9:30 a.m.  

  20. The real risk in pension forecasting

    DEFF Research Database (Denmark)

    Slipsager, Søren Kærgaard

    2017-01-01

    of the pension saver’s investment portfolio at retirement is highly dependent on the inflation scheme. As the deterministic scheme does not take state variable correlations into account it overestimates the expected portfolio value in real terms compared to the stochastic scheme. Moreover, the deterministic...

  1. Strengthening Caribbean Pensions : Improving Equity and Sustainability

    OpenAIRE

    World Bank

    2010-01-01

    This report aims to provide additional insights to existing analyses of public pension and social security schemes in the Caribbean. Such analyses have been undertaken with the support of the Inter-American Development Bank, the Caribbean Development Bank, the Canadian International Development Agency, the Economic Commission for Latin America, and the Caribbean and the International Socia...

  2. Growth, pensions, and the ageing Joneses

    NARCIS (Netherlands)

    Fisher, Walter H.; Heijdra, Ben J.

    2012-01-01

    We incorporate keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari framework and develop a model of balanced growth. In this context we investigate status preference, demographic shocks, and pension policy. We find that a higher degree of KUJ lowers economic growth, whereas, in co

  3. GROWTH, PENSIONS, AND THE AGING JONESES

    NARCIS (Netherlands)

    Fisher, Walter H.; Heijdra, Ben J.

    2012-01-01

    We incorporate keeping-up-with-the-Joneses (KUJ) preferences into the Blanchard-Yaari framework and develop a model of balanced growth. In this context we investigate status preference, demographic shocks, and pension policy. We find that a higher degree of KUJ lowers economic growth, whereas, in co

  4. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2001-01-01

    At its 103rd meeting on 3 October 2001, the Governing Board heard two reports by the Organization's Legal Adviser, one concerning a proposal to introduce a new voting procedure for the CERN Finance Committee and the second a progress report on the work of the Working Group on Pension Guarantees. As far as the Pension Fund is concerned, the voting procedures proposal would mean that all Finance Committee recommendations to the CERN Council and Finance Committee decisions relating to Pension Fund matters would be subject to a double majority, namely to a majority of the Member States present and voting plus at least 51% of the contributions of all the Member States. The aim of this proposal is to avoid decisions being taken by a majority of countries representing an insufficiently large proportion of Member State contributions. J.-M. Dufour then presented a progress report on the important issue of pension guarantees, informing the Board that the report, and in particular the conclusions, by the group of expert...

  5. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2001-01-01

    The Governing Board of the Pension Fund held its ninety-ninth meeting on 6 March. On that occasion, it examined the assets-liabilities management report presented by Professor Guus E. Boender and Mr H. Steehouwer of the firm ORTEC of Rotterdam. The first part of the presentation of the report consisted of a general introduction to the principles of an assets-liabilities management study, its mechanisms and its goals. Professor Boender particularly underlined the importance of such studies which are based on a probabilistic approach to determine the trend in the long-term financial position of a pension fund in a dynamic context. For bodies responsible for ensuring that the prerequisites for a balanced pension fund exist, the assets-liabilities management study provides the opportunity, on the basis of a large number of financial scenarios, to assess the risks of insufficient asset cover to meet a pension fund's long-term commitments and to identify measures for remedying it. The second part of the presentatio...

  6. Evaluación de la reforma del sistema de pensiones en Uruguay / Evaluating Pension System Reform in Uruguay

    Directory of Open Access Journals (Sweden)

    Gonzalo Garmendia

    2010-01-01

    Full Text Available En el presente artículo se evalúa la reforma del sistema de pensiones en Uruguay, a través de variables como la cobertura, el impacto fiscal, la acumulación de fondos, la rentabilidad, y los costos asociados a la operativa de las Administradoras de Fondos de Ahorro Previsional (afap. Dicha reforma se evalúa positivamente, aun cuando se identifican elementos que deben considerarse en el futuro: extender la reforma al resto del sistema previsional que no se incluyó en ésta; generar la institucionalidad adecuada para regular y supervisar todo el sistema previsional; ajustar la edad de retiro para acceder a las prestaciones; y brindar mayores alternativas para las inversiones de las afap.This article evaluates the reform to the system of pensions in Uruguay through these variables: coverage, fiscal impact, accumulation of funds, yield, and costs associated to the operation of the Administradoras de Fondos de Ahorro Previsional (afaps. The reform is evaluated positively, even though elements are identified, that must be considered in the future: to extend the reform to the rest of the system that was not included before, generate the correct structure to regulate and supervise the system, fit the age of retirement to accede to benefits, and offer alternatives for investments of the afaps.

  7. How membership of the CERN Pension Fund is taken into account by certain French Pension Funds

    CERN Multimedia

    HR Department

    2010-01-01

    Information for current and former CERN staff members from the Rhône-Alpes branch of the Caisse Régionale d’Assurance Maladie (CRAM) The Rhône-Alpes branch of the Caisse Régionale d’Assurance Maladie (CRAM) has recently informed CERN that, since 1 January 2010, periods of membership of the CERN Pension Fund can, under certain conditions, be used in the calculation of the pension paid by certain French pension funds. For more information on this subject, please consult Circular DSS/DACI/2010/85 of 4 March 2010 pertaining to the manner in which periods of membership of compulsory pension funds of European or international organisations, to which France is a party, are taken into account in determining the period used by French pension funds to establish the pension entitlement. The Circular can be accessed at the following sites: http://www.securite-sociale.fr/textes/retraite/international/affiliation_instut_international_eu.htm and http://www.c...

  8. The sustainability of the system of pensions in Spain. La sostenibilidad del sistema de pensiones en España

    Directory of Open Access Journals (Sweden)

    Luis Jesús Belmonte

    2009-06-01

    Full Text Available The aim of this work is to present the important demographic changes that Spain has experimented in the last 50 years, which are marked by an inescapable process of population aging. This fact has been minimized by the large number of foreigners who comes to Spain. Although the guarantee of the pension system is a fact, during the next two decades, it’s needed to carry out some reforms with relative urgency, following the models that the most European countries have already carried out. The purpose of these reforms must be clear and precise, because it is a fact that in the following years will be a great number of retirees and is not so clear that a proportional increase in the number of participants will happen. With respect to the measures to be taken, we think that all of them must be directed to improve the relation between the contributions during the phase of activity and the amount of benefits, once retirement occurs. Finally, it would be desirable that any pension system’s reform would be accompanied by effective measures of economic policy which increase employment, as well as its quality.

    Key words: Ageing, pensions reform, retirement age, dependency ratio.
    El objetivo de este trabajo consiste en presentar los importantes cambios demográficos que ha sufrido España en los últimos cincuenta años, marcados por un ineludible proceso de envejecimiento poblacional, que se ha contrarrestado tímidamente por la afluencia puntual de extranjeros. Aunque la garantía del sistema de pensiones es un hecho, durante las dos próximas décadas, hay que efectuar reformas con relativa urgencia, a imagen y semejanza de las ya realizadas en la mayoría de países europeos. La finalidad de estas reformas debe ser clara y decidida, pues es una certeza que en los próximos años se atenderá a un número mucho mayor de jubilados y no está suficientemente claro que se produzca un aumento proporcional en el número de afiliados. En

  9. Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the Pension Fund for the Financial Year 2014 and Comments from the CERN Pension Fund Management Supreme Audit Office of Poland

    CERN Document Server

    2015-01-01

    Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the Pension Fund for the Financial Year 2014 and Comments from the CERN Pension Fund Management Supreme Audit Office of Poland

  10. ANALYSIS OF PENSION REFORMS IN EU MEMBER STATES

    Directory of Open Access Journals (Sweden)

    ELENA LUCIA CROITORU

    2012-01-01

    Full Text Available The demographic situation in the European Union is changing. Demographic trends have a significant impact on social policies in each state and in particular on social security pensions. By 2050, the number of young active population will decrease dramatically. Meanwhile, the older population will triple. And so, the pension expenditure will increase and regarding this many countries reform they pension systems. Pension systems in the European Union are very different, due to the fact, that there is a tradition regarding the way that pensions are granted and the various phases of the reform process.

  11. Analysis of the Difference of the Basic Pension by Regions

    Institute of Scientific and Technical Information of China (English)

    Ye Hanxiong; Wu Xiangling

    2007-01-01

    Nowadays, the disparity of the basic pension in local regions of China can be described as follows: the low level of the unification of the basic pension systems, the large disparity of the level of the basic pension, and unfairness of the enterprises' payment for the basic pension in different local regions in China. These have already brought many negative influences, which have greatly held back the development of the society and national economy. We should build the basic pension system in all local regions of China as a whole, which can cover all people and decrease the disparity in different local regions in China.

  12. Risk Control of Pension Fund Management in China

    Institute of Scientific and Technical Information of China (English)

    Xiaoyan Qian; Chunling Zhu

    2007-01-01

    Based on an analysis of China's current pension system, the present paper indicates that risk control of pension fund management is a serious policy challenge for the Chinese Government. Although some reform efforts have been made, there are still serious institutional and capital market risks that are difficult to overcome but are key in the success of China's pension reform. To ensure a smooth transition in pension reform, China not only needs to build a better institutional framework and facilitate capital market development, but also raise the risk awareness of individual pensioners.

  13. Importance of characteristics and modalities of physical activity and exercise in defining the benefits to cardiovascular health within the general population

    DEFF Research Database (Denmark)

    Vanhees, L; De Sutter, J; GeladaS, N

    2012-01-01

    Over the last decades, more and more evidence is accumulated that physical activity (PA) and exercise interventions are essential components in primary and secondary prevention for cardiovascular disease. However, it is less clear whether and which type of PA and exercise intervention (aerobic...... exercise, dynamic resistive exercise, or both) or characteristic of exercise (frequency, intensity, time or duration, and volume) would yield more benefit in achieving cardiovascular health. The present paper, as the first of a series of three, will make specific recommendations on the importance...... of these characteristics for cardiovascular health in the population at large. The guidance offered in this series of papers is aimed at medical doctors, health practitioners, kinesiologists, physiotherapists and exercise physiologists, politicians, public health policy makers, and the individual member of the public...

  14. Importance of characteristics and modalities of physical activity and exercise in defining the benefits to cardiovascular health within the general population: recommendations from the EACPR (Part I).

    Science.gov (United States)

    Vanhees, L; De Sutter, J; GeladaS, N; Doyle, F; Prescott, E; Cornelissen, V; Kouidi, E; Dugmore, D; Vanuzzo, D; Börjesson, M; Doherty, P

    2012-08-01

    Over the last decades, more and more evidence is accumulated that physical activity (PA) and exercise interventions are essential components in primary and secondary prevention for cardiovascular disease. However, it is less clear whether and which type of PA and exercise intervention (aerobic exercise, dynamic resistive exercise, or both) or characteristic of exercise (frequency, intensity, time or duration, and volume) would yield more benefit in achieving cardiovascular health. The present paper, as the first of a series of three, will make specific recommendations on the importance of these characteristics for cardiovascular health in the population at large. The guidance offered in this series of papers is aimed at medical doctors, health practitioners, kinesiologists, physiotherapists and exercise physiologists, politicians, public health policy makers, and the individual member of the public. Based on previous and the current literature, recommendations from the European Association on Cardiovascular Prevention and Rehabilitation are formulated regarding type, volume, and intensity of PA and exercise.

  15. THE IMPLEMENTATION OF THE INTEGRATED MANAGEMENT SYSTEMS IN TOURIST PENSION

    Directory of Open Access Journals (Sweden)

    Elena G. CONDREA

    2014-04-01

    Full Text Available We can say that you cannot maintain yourself on the current market of rural tourism operators unless you provide customers with quality products and services, prepared foods safe for consumption, and, not least, if you do not prove you are concerned with ensuring a healthy and clean environment, environmental protection. In this paper we intend to present some aspects of implementing an integrated management system of quality - food security - the average level of tourist pension, and highlight the benefits brought by this ongoing process to the respective operators in rural tourism. To this end, we studied the standards, references available in this area, and documents produced within guesthouses with the implementation of various management systems components of an integrated quality - environment - food security management system.

  16. THE IMPLEMENTATION OF THE INTEGRATED MANAGEMENT SYSTEMS IN TOURIST PENSION

    Directory of Open Access Journals (Sweden)

    Elena G. CONDREA

    2014-04-01

    Full Text Available We can say that you cannot maintain yourself on the current market of rural tourism operators unless you provide customers with quality products and services, prepared foods safe for consumption, and, not least, if you do not prove you are concerned with ensuring a healthy and clean environment, environmental protection. In this paper we intend to present some aspects of implementing an integrated management system of quality - food security - the average level of tourist pension, and highlight the benefits brought by this ongoing process to the respective operators in rural tourism. To this end, we studied the standards, references available in this area, and documents produced within guesthouses with the implementation of various management systems components of an integrated quality - environment - food security management system.

  17. Survival experience of semi-skilled disability pensioners in Denmark

    DEFF Research Database (Denmark)

    Jeune, B

    1982-01-01

    The purpose of this study was to estimate the survival prognosis of semi-skilled disability pensioners. The survival experience of 1353 invalid male members of the Danish Semiskilled Workers Union (SID) awarded disability pensions in 1975 was compared with a control group of members of the same...... union, matched geographically and by age. The two groups were followed until Nov. 30, 1978. For the follow-up period as a whole, the mortality risk among disability pensioners was estimated to be 6.8 times as high as that of controls. The relative risk of mortality was higher at the period's inception...... than at the end. A very high mortality level was found among disability pensioners awarded the highest level of disability pension, but no differences in mortality were found between disability pensioners awarded the lower levels of disability pension and the corresponding control group...

  18. 养老金双轨制研究述评%A Review of the Double-track Pension System

    Institute of Scientific and Technical Information of China (English)

    童素娟; 米红; 候德贤

    2014-01-01

    文章在对“养老金双轨制”产生背景及概念进行阐释的基础上,系统梳理和归纳了目前学界对养老金双轨制并轨的必要性、如何实现并轨、机关事业单位养老金制度改革和企业养老金制度改革等方面的研究,并对这些研究做了简要的评述,指出了不足之处和未来完善的空间。%In this paper,the concept of double-track pension system is defined,and the historical origin of pension system is reviewed, in reference to foreign research related to pension system .Besides,the current researches which are mainly centering on the necessity of the two-track pension insurance system and the implementation of their integration ,the reform of institutional endowment pension system and enterprise pension system are briefly summarized and reviewed .In the end,this paper points out the limitations involved and some space that is to be improved in future .

  19. 推迟退休年龄和延迟领取基本养老金年龄可行吗——来自广东省在职职工预期退休年龄的经验证据%Is it Feasible to Defer Retirement Age and Postpone the Earliest Age for Pension Benefit? -Empirical Evidences from Expected Retirement Age of On-Job Workers in GuangDong Province

    Institute of Scientific and Technical Information of China (English)

    阳义南; 才国伟

    2012-01-01

    推迟退休年龄、延迟领取养老金年龄的主要影响群体是在职职工,本文使用广东省21个地市对在职职工的问卷调查数据,探索该政策能否可行的经验证据。结果显示,男职工选择在55岁之前退休的占55%,女职工选择在50岁之前退休的占41.2%,表明在职职工存在明显的提前退休倾向,推迟退休并不符合在职职工预期。0rdinal Logistic回归表明参加养老金制度年数对男女职工预期退休年龄的影响均显著为负,表明参加养老金制度越久,预期退休年龄越早;Binary Logistic回归也证实参加养老金制度年数越久,提前退休可能性越大。实证结果说明基本养老保险制度不能激励职工推迟退休、延迟领取养老金。为此,本文提出了对应的四点改革建议。%Since the mainly affected group of deferring retirement age and postponing the earliest age for pension benefit is the on-job workers, this article uses survey data from 21 cities in GuangDong province to investigate the planned retirement age of workers. The results show that 55% of male workers will choose to retire before 55, 41.2% of female workers will choose to retire before 50, which demonstrate an early retirement tendency. After controlling the effect of other factors, the results of Ordinal Logistic model demonstrate that participation years of pension program have a significantly negative effect on planned retirement age of the workers. The results of binary logistic model also confirm that participation years have a significantly negative effect on the dummy variable of early retirement. These empirical evidences indicate that deferring retirement age doesn't match the expectation of on-job workers and current old-age insurance system also can't encourage workers to postpone the earliest age of pension benefit. At last, this article puts forward a series of policy suggestions.

  20. Early Warning to Insolvency in the Pension Fund: The French Case

    Directory of Open Access Journals (Sweden)

    Noël Bonneuil

    2013-01-01

    Full Text Available The financial equilibrium of pension funds relies on the appropriate computation of retirement benefits, taking account of future payments and discount rates. Short-term errors in the commitment for retirement benefits, ill-suited investment in the stock market, or improper mixture with pay-as-you-go payments have long-term consequences and may lead the pension fund to insolvency. The differential equation governing the current assets shows the respective weights associated with the error on the interest rate, the error on the extra bonus, and the error made in forecasting mortality. These weights are estimated through simulations. A short follow-up is sufficient to estimate the three errors. A threshold for the extra interest rate to be earned on the financial market is given to counter-balance the extra bonus when mortality is forecast correctly.

  1. 29 CFR 4044.71 - Valuation of annuity benefits.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Valuation of annuity benefits. 4044.71 Section 4044.71 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION PLAN TERMINATIONS... Valuation of annuity benefits. The value of a benefit which is to be paid as an annuity is the cost...

  2. Some Features on Current Pension System Reform in Latin America Some Features on Current Pension System Reform in Latin America

    Directory of Open Access Journals (Sweden)

    Andras Uthoff Botka

    1994-03-01

    Full Text Available The heterogenous nature of their population is an important feature of Latin American and Caribbean countries. Overall demographic transition is late and lagged within countries in some population groups: aging is taking place at a relatively fast pace, with yet a large share of the labour force in informal sector with no social security coverage and also growing at high rates. The challenge to pension systems is to improve their performance within societies with a large incidence of poverty, emerging (and some times incipient capital markets, and increasing demands for benefits. Reform alternatives in Chile. Argentina and Colombia show that their profiles differ as the result of decisions about the adequate weighting of costs and gains in the transition from a pay-as-you go scheme to a full funded one. The heterogenous nature of their population is an important feature of Latin American and Caribbean countries. Overall demographic transition is late and lagged within countries in some population groups: aging is taking place at a relatively fast pace, with yet a large share of the labour force in informal sector with no social security coverage and also growing at high rates. The challenge to pension systems is to improve their performance within societies with a large incidence of poverty, emerging (and some times incipient capital markets, and increasing demands for benefits. Reform alternatives in Chile. Argentina and Colombia show that their profiles differ as the result of decisions about the adequate weighting of costs and gains in the transition from a pay-as-you go scheme to a full funded one.

  3. Spring report of the Pension Fund

    CERN Multimedia

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) will regularly present the latest main decisions, initiatives and accomplishments of the Governing Board to the members and beneficiaries of the Fund.   Since my last report in April, I am pleased to report the following progress.  On the recommendation of the Finance Committee, the CERN Council approved the updated Financial Regulations of the Fund at its June session, with immediate effect. The approval of the Financial Regulations completes a key part of the regulatory framework of the Fund’s operations. Also in June, the Council approved the Financial Statements of the CERN Pension Fund for 2011.  The Financial Statements had been certified by the Italian Court of Audit (CERN’s External Auditor), which gave its report to Council. 2011 was the first year during which the audit-related provisions of the updated Fund Rules were fully implemented. On the investments side, the F...

  4. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Thursday 8 November 2007 at 2 p.m. The Agenda comprises: 1.\tOpening Remarks (F. Ferrini) 2.\tResults and presentation of the Annual Report 2006 (C. Cuénoud) (Copies of the 2006 Report are available from Departmental secretariats). 3.\tNew Governance of the Pension Fund (D. Duret) 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them in writing in advance, where possible, to Mr C. Cuénoud, Administrator of the Fund. 5.\tConclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2006 General Meeting are available from the Administration of the Fund (tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  5. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Thursday 8 November 2007 at 2 p.m. The Agenda comprises: 1.\tOpening Remarks (F. Ferrini) 2.\tResults and presentation of the Annual Report 2006 (C. Cuénoud) (Copies of the 2006 Report are available from Departmental secretariats). 3.\tNew Governance of the Pension Fund (D. Duret) 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them in writing in advance, where possible, to Mr C. Cuénoud, Administrator of the Fund. 5.\tConclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2006 General Meeting are available from the Administration of the Fund (tel.(+ 41 22) 767 27 42; e-mail Sophia.Revol@cern.ch)

  6. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Thursday 8 November 2007 at 2 p.m. The Agenda comprises: 1.\tOpening Remarks (F. Ferrini) 2.\tResults and presentation of the Annual Report 2006 (C. Cuénoud) (Copies of the 2006 Report are available from Departmental secretariats). 3.\tNew Governance of the Pension Fund (D. Duret) 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them in writing in advance, where possible, to Mr C. Cuénoud, Administrator of the Fund. 5.\tConclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2006 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42; e-mail Sophia.Revol@cern.ch)

  7. The Role of Asset Allocation Decisions in Planning for a Private Pension: The Case of Slovenia

    Directory of Open Access Journals (Sweden)

    Aleš Berk Skok

    2013-06-01

    Full Text Available Current demographic dynamics driven by low fertility and increasing longevity requires adjustments of the traditional frameworks of providing pensions. In this article we highlight three crucial issues policymakers should address by implementing those adjustments. First, fiscal limitations given the current and projected demographic dynamics will dramatically reduce PAYG pensions. Without sufficient savings during the active period, individuals will increasingly end up in poverty. Their savings will not be enough to support their desired consumption in old age. Second, we highlight the impact of the asset allocation decision and the general public’s related lack of awareness on this issue. Therefore, we argue that financial illiteracy about both required savings and about decisions on appropriate asset class play a significant role in determining the well-being of masses in the not-so-distant future. Third, we argue that shift towards private pension away from the PAYG is expected to come with substantial benefits stemming from diversification among conceptually different sources of pension income.

  8. Pension Design when Fertility Fluctuates: The Role of Capital Mobility and Education Financing

    OpenAIRE

    Zamac, Jovan

    2005-01-01

    This study compares alternative designs of an unfunded pension system. Convex combinations between a fixed contribution rate and a fixed benefit rate are considered. The objective is to maximize the expected ex-ante welfare under stochastic fertility. The model is a three-period CGE framework where the design of the education system and effects on factor prices are accounted for. The effects on factor prices depend on the degree of capital mobility. For low degrees of capital mobility it is o...

  9. Insurance industry troubles put pension, annuity plans at risk; experts urge checkup.

    Science.gov (United States)

    Pallarito, K

    1991-08-05

    Because of recent troubles in the insurance industry, most notably the state seizure of Newark, N.J.-based Mutual Benefit Life Insurance Co., it's a good time for hospitals and associations that sponsor pension and annuity plans to check up on the financial health of their investments, experts say. The rapid rise in "non-performing" mortgages held by insurance companies is among the maladies putting plans at risk.

  10. Pension Reform in China: Challenges and Answers

    OpenAIRE

    Wang, Chuanchao

    2009-01-01

    China is currently in the process of developing the largest pension system in the world and it is doing this in the context of profound economic reform and demographic transformation. The central government has followed a step-by-step approach to set up a system that is capable of accommodating a rapidly aging society within a fast growing, but still largely underdeveloped economy. This dissertation analyses how far the process of building the public old age security system had proceeded and ...

  11. Target Benefit Plans: Improving Access for Federally Regulated Employees

    OpenAIRE

    Randy Bauslaugh

    2014-01-01

    Despite having been available for decades, target benefit pension plans (TBPs) will continue to be resisted by federally regulated employers unless a legal flaw is fixed, according to a report from the C.D. Howe Institute. In “Target Benefit Plans: Improving Access for Federally Regulated Employees,” author Randy Bauslaugh finds that TBPs are rarely adopted by federally regulated private-sector employers because federal pension law casts doubt over the ability of employers to limit their fina...

  12. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-fifty-second and one-hundred-and-fifty-third meetings on 18 April and 15 May 2007 respectively. The latter was a full-day joint meeting with the Investment Committee. At the first of the two meetings, on 18 April, the Chairman of the Governing Board, Professor F. Ferrini, reported on the outcome of the Finance Committee meeting and the Council Session of March 2007. The Council had taken note of a progress report by the Chairman of the Study Group on CERN Pension Fund Governance, Mr P. Levaux, had expressed satisfaction at the Study Group’s progress and was now looking forward to the proposal, largely bearing on the Pension Fund’s bodies and their composition, which is due to be submitted to the Council for approval at its June 2007 Session. At the same meeting, the Governing Board approved the Annual Report and Accounts of the Fund for 2006 and thanked the Fund’s Administration for the substantial work entailed in providing the reader ...

  13. Governing Board of the Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-fifty-second and one-hundred-and-fifty-third meetings on 18 April and 15 May 2007 respectively. The latter was a full-day joint meeting with the Investment Committee. At the first of the two meetings on 18 April, the Chairman of the Governing Board, Professor F. Ferrini, reported on the outcome of the Finance Committee meeting and the Council Session of March 2007. The Council had taken note of a progress report by the Chairman of the Study Group on CERN Pension Fund Governance, Mr P. Levaux, had expressed satisfaction at the Study Group's progress and was now looking forward to the proposal, largely bearing on the Pension Fund's bodies and their composition, which is due to be submitted to the Council for approval at its June 2007 Session. At the same meeting, the Governing Board approved the Annual Report and Accounts of the Fund for 2006 and thanked the Fund's Administration for the substantial work entailed in providing the reader with a...

  14. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001 The Governing Board (at 31 De...

  15. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001...

  16. Governing Board of the Pension Fund

    CERN Document Server

    2006-01-01

    The Governing Board held its 146th and 147th meetings on 19 September and 1 November 2006 respectively. At the first of these two meetings, a technical amendment to the Rules of the Fund was discussed regarding the annual adjustment of pensions. The Governing Board made a proposal, which was approved by the CERN Council at its meeting on 19 October 2006, to make an amendment to Article II 1.15 of the Pension Fund's Rules (see below). As a result, in future years, as long as the funding ratio of the Pension Fund is below 100 %, only a fraction of the observed inflation will be granted, so that the funding ratio reaches 100 % by the end of 2033. The cumulated loss in purchasing power incurred by any beneficiary shall be limited to 8 % maximum (including, for those concerned, the 1.7 % loss as at 1 January 2005). The parameters of this mechanism shall be reviewed after each actuarial review, to take into account the updated financial position of the Fund. The factor to be applied to the consumer price index f...

  17. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2003-01-01

    On 8 October the Governing Board of the Pension Fund held its 119th meeting, at which the members continued discussing the requests of ESO. It was noted that the Governing Board's working group as well as CERN's Legal Service and the Administration of the Pension Fund had already spent much time and effort examining the various possible options. In that context, given the considerable legal and financial consequences the requests could have for the Fund, especially regarding amendments to the Rules and Regulations, the investment costs and even administrative overheads associated with the currency overlay, the Governing Board decided that it was appropriate to invite the ESO Director of Administration to come and present ESO's position. At the same meeting, the Governing Board decided to recommend the Director-General to propose to the CERN Council a pension indexation of 0.7%, which was equivalent to the cost-of-living in Geneva up to August 2003 and would ensure purchasing power was maintained. In its reco...

  18. Governing Board of the Pension Fund

    CERN Document Server

    2005-01-01

    The Governing Board of the Pension Fund held its 133rd and 134th meetings on 20 April and 17 May respectively. The President of the CERN Council, Professor E. Iarocci, attended part of the first of these two meetings in order to inform the members of the Governing Board in person of the decisions affecting the Pension Fund taken at the March Session of Council. He underlined that the Council, meeting in Restricted Session, had approved an amendment to the procedure for the appointment of the Chairman of the Governing Board of the Pension Fund as well as the setting of a limit on the terms of office of members of the Board. He further informed the Board that the Council had unanimously decided to set up a new Working Group, "Osnes II", composed of four Council representatives (Professor E. Osnes, (Chair), Professor J. Niederle, Mr C. Van Riel and Mr P. Williams) and of four Fund members: one member appointed by the Director-General (Dr E. Chiaveri); one member appointed by the Staff Association (Dr J.-P. Math...

  19. Governing Board of the Pension Fund

    CERN Multimedia

    2005-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-thirtieth meeting on 18 January 2005. At the meeting, it took note of the Preliminary Draft Report by the CERN Council Working Group on the procedures for the appointment of the Chairman and the terms of office of members appointed by the Council to the Governing Board of the Pension Fund (Osnes Report). As the report constituted a preliminary version, the Governing Board took the view that it was not appropriate for it to state its position on the content for the time being, especially since some aspects, particularly those relating to the procedure for the appointment of the Council's representatives fell within the latter's remit. Nevertheless, given that a number of the issues raised in the report also related to the general operation of the bodies of the Pension Fund (Governing Board, Investment Committee, Administrator), the Governing Board instructed its Chairman, J. Bezemer, to inform the Council, at its session in March, that the Board...

  20. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2003-01-01

    The Governing Board of the Pension Fund began its one hundred and eighteenth meeting on 2nd September by taking note of an oral report on the June Council session by the Chairman, J. Bezemer, who underlined that the annual report and the accounts of the Pension Fund for 2002 had been unanimously approved. At its June session, the Council had also approved the proposal to create a new category of personnel, Local Staff, who would be subject to the same pension rules as internationally recruited staff. Following a request from the external auditors, the Administrator presented a proposed change to the accounting rules, consisting of introducing a loss reserve for risks other than those associated with the financial markets. The purpose of this new heading in the profit and loss account is to increase transparency by obliging the Fund's Administration to book any potential loss in the accounts as soon as it is identified, even if it ultimately fails to materialize. The Governing Board unanimously approved the p...

  1. General Meeting Of The Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Chamber on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from Departmental secretariats. 3.\tReport on funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch

  2. General meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from departmental secretariats. 3.\tReport on Funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members or beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch

  3. General meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from departmental secretariats. 3.\tReport on Funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members or beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch)

  4. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    The Governing Board of the Pension Fund held its 142nd meeting on 14 March 2006. As an introduction to the meeting, the Administrator underlined that, at 12.4%, the performance achieved by the Fund on its assets had been excellent and had taken the Fund's assets at the end of the year to 4,209 MCHF, which was well above the 4 billion Swiss franc mark. The Chairman of the Governing Board, Professor Ferrini, reported on the Board's closed session on 7 March to examine the nominations received for the election of the Vice-Chairmen of the Governing Board of the Pension Fund. The Governing Board had unanimously agreed to recommend the CERN Council to appoint Mr A. J. Naudi and Dr J.-P. Matheys. At its session on 16 March 2006, the Council had followed the recommendation of the Governing Board by re-appointing J.-P. Matheys and A. J. Naudi Vice-Chairmen of the Board until the end of their respective terms of office as members of the Governing Board. Regarding the comparison with other European pension funds launc...

  5. In our civil law defined benefit of personality mark%人格标识利益在我国民法上的界定

    Institute of Scientific and Technical Information of China (English)

    李希

    2013-01-01

    A natural person, especially celebrities for their own talent, virtue, skills and achievements have a certain influence in the society.So businesses use this effect in a particular product or service is, to meet business objectives.The celebrity to achieve through the certain carrier. The businessman is to realize its commercial sales by this external carrier,So these are commercial use of the carrier's mark of personality.The benefits of personality identification using this legal phenomenon description,Chinese scholars use the concepts of "merchandising right","Public right", "right of publicity", "commercial rights of personality" etc.The concept of variety, extremely messy. Whether it is from the concept intension and extension are a far cry from the it concept which are across three completely different rights category these are the personality right, property right, intellectual property rights. The paper put this legal phenomenon attributed to the concept of personality interests.definite the concept from the concept and attribute in order to protect the civil law on the legal interest.Personality forms the object should include the identification performance characteristic such as name,the sound and the other personality with identification and individual identification.%我国学者使用了“商品化权”“、公开权”“、形象权”、“商事人格权”等概念,来描述人格标识利益。不管是从概念内涵还是外延上都相去甚远,跨越了人格权、财产权、知识产权三个完全不同的权利类别。对这种法律现象归于人格标识利益这一概念,从概念加属性对此概念进行界定,以期对该种法益进行民法上的保护,其客体的人格标识表现形式应当包括能够表现其识别性特点的姓名、声音和其他具有识别性和个性化的标识。

  6. A rich harvest of awards for the CERN Pension Fund

    CERN Multimedia

    Antonella Del Rosso

    2012-01-01

    The CERN Pension Fund recently received two prestigious international awards. The governing bodies and the whole Pension Fund team are celebrating this success, and looking forward to a busy and bright new year.   On 29 November, Théodore Economou (left) accepted the Best Risk Management Solutions Prize at the 2012 Investments & Pensions Europe Awards. “The awards go to the entire CERN Pension Fund team, the Pension Fund Governing Board, and the Investment Committee,” says Théodore Economou, the Fund’s Chief Executive Officer. On 29 November, at a ceremony held in Copenhagen, Théodore accepted the first award received by the Fund for the Best Risk Management Solutions at the 2012 Investments & Pensions Europe (IPE) Awards. A few days later, he was informed that the Fund had also won the “2012 Industry Innovation Award” of the Asset International - Chief Investment Officer (aiCIO) magazine, in the &l...

  7. Systematic and non-systematic mortality risk in pension portfolios

    OpenAIRE

    Helena Aro

    2013-01-01

    We study the effects of non-systematic and systematic mortality risks on the required initial capital in a pension plan, in the presence of financial risks. We discover that for a pension plan with few members the impact of pooling on the required capital per person is strong, but non-systematic risk diminishes rapidly as the number of members increases. Systematic mortality risk, on the other hand, is a significant source of risk is a pension portfolio.

  8. 22 CFR 19.9-3 - Computation and payment of pension to former spouse.

    Science.gov (United States)

    2010-04-01

    ... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Computation and payment of pension to former... Computation and payment of pension to former spouse. (a) A pension to a former spouse is paid monthly on the... for a pension or any combination of pensions to former spouses of any one principal which exceeds the...

  9. 38 CFR 3.24 - Improved pension rates-Surviving children.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension rates-Surviving children. 3.24 Section 3.24 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.24 Improved pension...

  10. Gender and Extended Actuarial Functions in Pension Insurance

    Directory of Open Access Journals (Sweden)

    Jana Špirková

    2012-12-01

    Full Text Available This paper brings analysis of the impact of a ban on the use of gender in insurance, with special stress on pension annuity, according to the requirements of the European Court of Justice. The paper brings a state-of-theart overview of known and extended actuarial functions which relate to modeling of a premium of endowment, term life insurance and pension annuity. Moreover, the amounts of the pension annuities payable thly per year in a model of the third pillar pension are modeled and analyzed for different interest rates using life tables for both genders and unisex.

  11. Gender and pensions: an analysis of factors affecting women's private pension scheme membership in the United Kingdom.

    Science.gov (United States)

    Foster, Liam; Smetherham, Jon

    2013-01-01

    There has been considerable debate about the future sustainability of pension provision and, in particular, the precarious position of many female pensioners. The reasons for women's lower participation rates in private pensions than men's require greater investigation. Using the General Lifestyle Survey (GLF) 2008, this article examines the impact of various characteristics on the likelihood of contributing to a private pension, such as educational attainments, income, occupational group, full-time/part-time status, and whether an individual has any dependent children. It shows that these characteristics play an important role in access to private pensions. Finally, it suggests that strategies to alleviate disadvantages must take into account the complex circumstances that individuals experience throughout the life course, which result in gendered pension provision.

  12. To be in‐between : The road to disability pension with reference to the Swedish social insurance system

    OpenAIRE

    Ydreborg, Berit

    2005-01-01

    Background: The Social Insurance is part of the Swedish welfare system that is intended to create economic security for citizens in the event of unemployment, sickness, functional disability, and old age. The Swedish sickness‐benefit insurance is based on the standard insurance principle meaning that sickness benefits are related to level of lost income. The increasing number of sick listed people and people with disability pension (DPs) in Sweden may lead to marginalisation of individuals as...

  13. Personal Pensions with Risk Sharing, Affordable, Adequate and Stable Private Pensions in Europe

    NARCIS (Netherlands)

    Bovenberg, Lans; Nijman, Theo

    Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of

  14. Personal Pensions with Risk Sharing, Affordable, Adequate and Stable Private Pensions in Europe

    NARCIS (Netherlands)

    Bovenberg, Lans; Nijman, Theo

    2015-01-01

    Private pension provision faces the challenging task of providing stable income streams during retirement. The challenge has increased markedly in the last decades due to volatile financial markets, falling interest rates and the withdrawal of employers and external insurers as risk bearers of syste

  15. 45 CFR 1627.7 - Tax sheltered annuities, retirement accounts and pensions.

    Science.gov (United States)

    2010-10-01

    ... pensions. 1627.7 Section 1627.7 Public Welfare Regulations Relating to Public Welfare (Continued) LEGAL... accounts and pensions. No provision contained in this part shall be construed to affect any payment by a..., retirement account, or pension fund. ...

  16. Equilibrium Investment Strategy for DC Pension Plan with Inflation and Stochastic Income under Heston’s SV Model

    Directory of Open Access Journals (Sweden)

    Jingyun Sun

    2016-01-01

    Full Text Available We consider a portfolio selection problem for a defined contribution (DC pension plan under the mean-variance criteria. We take into account the inflation risk and assume that the salary income process of the pension plan member is stochastic. Furthermore, the financial market consists of a risk-free asset, an inflation-linked bond, and a risky asset with Heston’s stochastic volatility (SV. Under the framework of game theory, we derive two extended Hamilton-Jacobi-Bellman (HJB equations systems and give the corresponding verification theorems in both the periods of accumulation and distribution of the DC pension plan. The explicit expressions of the equilibrium investment strategies, corresponding equilibrium value functions, and the efficient frontiers are also obtained. Finally, some numerical simulations and sensitivity analysis are presented to verify our theoretical results.

  17. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board held its 108th and 109th meetings on 5 February and 5 March respectively. At the first of these meetings, the Board heard a report by its Chairman, P. Levaux, on the CERN Council Session of December 2001. The Chairman reported that the Board that the 0.8% adjustment of pensions proposed by the Governing Board had been accepted as well as an amendment to the Rules of the Fund reducing the period of service required for entitlement to a deferred retirement pension from 10 to 5 years. The Governing Board also heard a report by the Chairman of the Investment Committee, G. Maurin, on the Committee's two January meetings. At the first of these, the Committee had addressed its structure and operating methods. Various proposals had been put forward aimed at increasing the Committee's efficiency and response time. Specific proposals will be submitted to the Governing Board during the year. In addition, on the basis of two specially commissioned studies, the Committee had examined the issue of curre...

  18. Governing Board of the Pension Fund

    CERN Multimedia

    2004-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-twenty-third and one-hundred-and-twenty-fourth meetings on 6 April and 11 May 2004 respectively. At the first of the two meetings, the Governing Board took note of a summary by Mr F. Bello, one of the representatives appointed to the Board by the Council, of the highlights of the Council's latest meeting on 18 March 2004. Those highlights include the signing of the protocol on the Organization's privileges and immunities. Once ratified by a majority of the Member States, this protocol should, as a consequence of recognition of the Organization's international status, allow the Organization's right to tax exemption to be extended to all the Member States. The Governing Board then examined and approved the Annual Report of the Pension Fund for 2003, subject to a few amendments of a technical nature. This document will be examined at the Finance Committee and Council in June. Once approved, it will be made available for consultation on the Fund's ...

  19. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats.C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch) SOME ASPECTS OF THE FU...

  20. Governing board of the pension fund

    CERN Multimedia

    2003-01-01

    The Governing Board held its 115th meeting on 8 April 2003, which, as usual at this time of year, was devoted to examination of the Annual Report and the annual accounts, in the present case for 2002, which it approved. On the financial results side, 2002 was a particularly difficult year for all pension funds. The average returns of provident institutions in Europe and the United States frequently recorded losses in asset values in excess of 10%. The Pension Fund's result was -5.5%, which, to set it in perspective, places it amongst the category of the least bad results internationally. In this regard, it should be borne in mind that as in 2001 the Investment Committee, which is responsible for asset allocation that determines 80% of the performance, avoided further exposure to equities markets in 2002, deliberately reducing its allocation in this sector. As a result, plus the fact that the bond portfolio has also been reduced, short-term liquid assets far exceeded their basic strategic allocation of 4%, end...