WorldWideScience

Sample records for defined benefit pension

  1. A new way of looking at the risk in defined benefit pension plans.

    Science.gov (United States)

    Fore, D

    2000-01-01

    The portability feature of a defined contribution (DC) pension greatly reduces the risk to the accumulation of pension wealth. Conversely, defined benefit (DB) pensions have a variety of default risks that decrease the expected value of DB pension wealth. This paper examines those risks. Accrual of DB pension wealth is characterized in terms of purchases of risky bonds. Changing jobs triggers default on these bonds. Simulations are presented to show the potential loss in pension wealth from default. In addition, a methodology used to price corporate bonds is applied to generate estimates of the implied risk premiums of DB pension bonds over comparable riskless bonds.

  2. 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...

  3. Stochastic Actuarial Modelling of a Defined-Benefit Social Security Pension Scheme: An Analytical Approach

    OpenAIRE

    Iyer, Subramaniam

    2017-01-01

    Among the systems in place in different countries for the protection of the population against the long-term contingencies of old-age (or retirement), disability and death (or survivorship), defined-benefit social security pension schemes, i.e. social insurance pension schemes, by far predominate, despite the recent trend towards defined-contribution arrangements in social security reforms. Actuarial valuations of these schemes, unlike other branches of insurance, continue to be carried out a...

  4. Investigation of factors determining risk-taking strategies in Pension fund investment of Defined Benefit schemes in the UK corporate pension system

    OpenAIRE

    Hu, Chunan

    2014-01-01

    This paper investigates various incentives determining risk taking strategies of the corporate pension fund investment from the perspective of sponsors. In the United Kingdom, occupational pension plans especially defined benefit (DB) pension schemes play important roles in the financial market. Comparing with the conventional framework managing pension risk as a contained part of the whole firm risk, recent studies start to focus on pension risk especially investment risk as an individual to...

  5. Teaching the Interrelationships among Costs, Expense, and Liability of a Defined Benefit Pension Plan

    Science.gov (United States)

    Wilson, Arlette C.; Godwin, Norman H.

    2008-01-01

    The Financial Accounting Standards Board (FASB) recently issued Statement of Financial Accounting Standards No. 158 "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans" (SFAS #158). Their intent is to comprehensively reconsider the accounting for postretirement benefit plans in phases. The first phase was to provide…

  6. Policy Reflection: Letter of Credit Usage by Defined Benefit Pension Plans in Canada

    Directory of Open Access Journals (Sweden)

    Norma L. Nielson

    2017-05-01

    Full Text Available There is an argument to be made for letting corporations hold off on contributing to their employees’ defined benefit pension plans, as long as there is a guarantee the cash will come eventually. That is the reason that provincial governments began allowing creditworthy companies to instead provide a letter of credit, backed by a Canadian bank, guaranteeing the cash deposit, and secured by the company’s line of credit or some similar facility. Sometimes circumstances are such that a company needs all the cash it can get to grow, or perhaps to manage through tough economic times. Given the sluggish recovery from last decade’s financial crisis and the difficulty for pension funds to grow amid persistent low interest rates, it perhaps is understandable that more companies are using standby letters of credit as IOUs for their employee pensions. The letters provide the companies more flexibility with their capital, and diminish the risk that, should returns to pension funds rise again to more normal rates, there could be “trapped surplus.” It is, however, harder to make a case for why public sector companies and Crown corporations have begun using letters of credit in place of cash deposits to pensions. They certainly do not face the same pressure for capital flexibility, given their revenue is frequently assured, and they face no competition that would pressure them to redirect capital for strategic purposes. And yet, research shows that this is happening, at least to some degree. That should give policymakers pause. Unfortunately, there is a troubling lack of data available as to which organizations have been using letters of credit in place of cash contributions to pension funds. Clearly they are proving useful for some companies, and that the exact reasons vary widely. We observe some companies using the letter of credit option that would appear to have plenty of capital flexibility, so the rationale for their use might not be what the

  7. The Defined Benefit Pension Plan System: Financial Problems and Policy Responses

    National Research Council Canada - National Science Library

    Lang, Joel

    2004-01-01

    .... This thesis examines the challenges facing the DB pension plan system, beginning with an overview of the DB plan system, a review of the different plan types, the benefits received, and funding rules...

  8. A model to compare a defined benefit pension fund with a defined contribution provident fund

    Directory of Open Access Journals (Sweden)

    J.M. Nevin

    2003-12-01

    Full Text Available During 1994 universities and certain other institutions were given the option of setting up private retirement funds as an alternative to the AIPF. Because of the underfundedness of the AIPF only a substantially reduced Actuarial Reserve Value could be transferred to the new fund on behalf of each member. Employees at these institutions had to make the difficult decision of whether to remain a member of the AIPF or to join a new fund. Several institutions created defined contribution funds as an alternative to the AIPF. In such funds the member carries the investment risk and most institutions felt the need to provide some form of top-up of the Transfer Value. A simple mathematical model is formulated to aid in the comparison of expected retirement benefits under the AIPF and a private fund and to investigate the management problem of distributing additional top-up funds in a fair manner amongst the various age groups within the fund.

  9. 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.

  10. Optimal investment decisions with a liability: the case of defined benefit pension plans

    OpenAIRE

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

    2006-01-01

    In this paper the optimal management of an aggregated dynamic pension fund is studied. To cover the promised liabilities to workers at the age of retirement, the plan sponsor continuously manages time-varying funds. He or she can choose the rate of contribution to the fund, the investment in a given number of risky assets, and a security with constant rate of return. The problem of maximizing the probability that the fund assets achieve some prescribed goal before some undesirable lower value...

  11. Who Benefits from Pension Enhancements?

    Science.gov (United States)

    Koedel, Cory; Ni, Shawn; Podgursky, Michael

    2014-01-01

    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…

  12. 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)

  13. PENSION FUND BENEFITS SERVICE

    CERN Multimedia

    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

  14. 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...

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

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Employee pension benefit plan. 2510.3-2 Section 2510.3-2... TERMS USED IN SUBCHAPTERS C, D, E, F, AND G OF THIS CHAPTER § 2510.3-2 Employee pension benefit plan. (a) General. This section clarifies the limits of the defined terms “employee pension benefit plan” and...

  16. Special report on taxation and reimbursement. Recovering excess funds from a defined-benefit pension plan: don't forget the hidden costs!

    Science.gov (United States)

    Renas, D A; Hoffman, S F

    1989-10-01

    In light of the pitfalls and hidden costs associated with recovering excess pension plan funds, providers may consider examining more conventional sources of raising capital before proceeding. In any event, the process should always be initiated by a careful cost-benefit analysis conducted by the employer, with the help of pension consultants and counsel.

  17. Pension Benefit Insurance and Pension Plan Portfolio Choice

    OpenAIRE

    Thomas Crossley; Mario Jametti

    2008-01-01

    Pension benefit guarantee policies have been introduced in several countries to pro- tect private pension plan members from the loss of income that would occur if a plan was underfunded when the sponsoring firm terminates a plan. Most of these public insurance schemes face financial dificulty and consequently policy reforms are being discussed or implemented. Economic theory suggests that such schemes will face moral hazard and adverse selection problems. In this note we test a specific theor...

  18. Examining Inequities in Teacher Pension Benefits

    Science.gov (United States)

    Shuls, James V.

    2017-01-01

    From funding to teacher quality, inequities exist between school districts. This paper adds to the literature on inequities by examining the impact of pension plan formulas on pension benefits. Using data from the salary schedules of 464 Missouri school districts, this paper analyzes how various final average salary calculations would impact the…

  19. 78 FR 42027 - Proposed Amendment To Advance Notice of Proposed Rulemaking for Pension Benefit Statements

    Science.gov (United States)

    2013-07-15

    ... Proposed Amendment To Advance Notice of Proposed Rulemaking for Pension Benefit Statements AGENCY: Employee... illustrations given to participants in defined contribution pension plans, such as 401(k) and 403(b) plans. The... Labor, 200 Constitution Avenue NW., Washington, DC 20210, Attention: Pension Benefit Statements Project...

  20. 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,…

  1. Expanding Canada Pension Plan Retirement Benefits: Assessing Big CPP Proposals

    Directory of Open Access Journals (Sweden)

    Jonathan R. Kesselman

    2010-10-01

    Full Text Available Current and growing deficiencies in many workers’ ability to maintain their accustomed living standards in retirement have evoked varied proposals for reform of Canada’s retirement income system. This study focuses on proposals for expanding the retirement benefits of the Canada Pension Plan (CPP, and undertakes comparative analysis with proposals for reforms affecting workplace pensions and individual savings. It begins by reviewing key policy questions for the retirement income system and describing essential features of several proposals for CPP benefit expansion. It then uses these “Big CPP” proposals as a basis to assess the design issues for expanding CPP benefits and the implications for other components of the retirement income system. The paper assesses each of the major private and public savings vehicles based on multifaceted criteria for a well-performing retirement income system; a mandatory public scheme with defined benefits ranks most highly on almost all criteria other than individual flexibility. Additional behavioural and institutional factors also support the use of mandatory public pensions: myopia in savings, individual investment behaviour, scale economies and costs of fund management, adverse selection and annuitization costs, the Samaritan’s Dilemma, and labour market incentives. The study provides an overview analysis of key design issues for the expansion of CPP retirement benefits. Major issues include the desirable scale of expansion for both the percentage of insurable earnings and the insurable earnings ceiling; mandatory versus voluntary coverage and options; the allocation of investment return risk; and the phasing-in of higher premiums and benefits. The study then assesses the implications of CPP expansion for other components of the retirement income system: Old Age Security and the Guaranteed Income Supplement, workplace pensions, tax provisions for savings, and individual savings. A Big CPP fits

  2. A National Study of the Net Benefits of State Pension Plans for Educators

    Science.gov (United States)

    Toutkoushian, Robert K.; Bathon, Justin M.; McCarthy, Martha M.

    2011-01-01

    Although benefits can be a sizable part of an educator's total compensation, there has been little scholarly inquiry into the state pension plans for educators. Despite the fact that all defined benefit plans rely on the same basic formula for calculating annual pensions, they vary across states in the multiplier used, the method for calculating…

  3. 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.

  4. 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...

  5. 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. ...

  6. 17 CFR 256.926 - Employee pensions and benefits.

    Science.gov (United States)

    2010-04-01

    ..., educational or recreational activities for the benefit of employees. ... 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...

  7. Defined contribution health benefits.

    Science.gov (United States)

    Fronstin, P

    2001-03-01

    This Issue Brief discusses the emerging issue of "defined contribution" (DC) health benefits. The term "defined contribution" is used to describe a wide variety of approaches to the provision of health benefits, all of which have in common a shift in the responsibility for payment and selection of health care services from employers to employees. DC health benefits often are mentioned in the context of enabling employers to control their outlay for health benefits by avoiding increases in health care costs. DC health benefits may also shift responsibility for choosing a health plan and the associated risks of choosing a plan from employers to employees. There are three primary reasons why some employers currently are considering some sort of DC approach. First, they are once again looking for ways to keep their health care cost increases in line with overall inflation. Second, some employers are concerned that the public "backlash" against managed care will result in new legislation, regulations, and litigation that will further increase their health care costs if they do not distance themselves from health care decisions. Third, employers have modified not only most employee benefit plans, but labor market practices in general, by giving workers more choice, control, and flexibility. DC-type health benefits have existed as cafeteria plans since the 1980s. A cafeteria plan gives each employee the opportunity to determine the allocation of his or her total compensation (within employer-defined limits) among various employee benefits (primarily retirement or health). Most types of DC health benefits currently being discussed could be provided within the existing employment-based health insurance system, with or without the use of cafeteria plans. They could also allow employees to purchase health insurance directly from insurers, or they could drive new technologies and new forms of risk pooling through which health care services are provided and financed. DC health

  8. Benefit or Burden? On the Intergenerational Inequity of Teacher Pension Plans

    Science.gov (United States)

    Backes, Ben; Goldhaber, Dan; Grout, Cyrus; Koedel, Cory; Ni, Shawn; Podgursky, Michael; Xiang, P. Brett; Xu, Zeyu

    2016-01-01

    Most public school teachers in the United States are enrolled in defined benefit (DB) pension plans. Using administrative microdata from four states, combined with national pension funding data, we show these plans have accumulated substantial unfunded liabilities--effectively debt--owing to previous plan operations. On average across 49 state…

  9. Defined Contribution Pension Plans: Mutual Fund Asset Allocation Changes

    OpenAIRE

    Clemens Sialm; Laura Starks; Hanjiang Zhang

    2015-01-01

    In this paper we compare changes in asset allocations between mutual funds held in defined contribution pension plans and funds held by other investors. We investigate how flows into equity and fixed income mutual funds depend on macroeconomic conditions. We find that defined contribution plans react more sensitively to these conditions, suggesting effects on mutual fund managers and other investors.

  10. 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…

  11. 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…

  12. Communicating with Employees about Pension and Welfare Benefits.

    Science.gov (United States)

    Srb, Jozetta H.

    The purpose of this report is to examine some of the problems of communication with employees about pension and welfare benefits. Issues discussed relate to (1) employees' attitudes toward benefits and benefit communication, (2) the structure of private benefit programs, (3) the case for fair labeling, and (4) the trend toward statutory criteria…

  13. 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.

  14. The golden goose in the crosshairs: the transition to defined contribution pension plans in the public sector: unintended consequences.

    Science.gov (United States)

    Johnson, Brian R

    2013-01-01

    State, county, and local governments are currently facing a myriad of economic issues, based on shrinking tax revenues combined with increased expenditures. Of these, the costs related to defined benefit pension plans are one of the most serious issues facing many public employers. Through a comprehensive review of the existing literature, this article examines how the shift from the defined benefit (DB) to defined contribution (DC) pension plan has the potential to enhance levels of labor unrest due to changes in union militancy, bargaining skills deficits, intra-organizational conflict, and issues related to economic trade-offs. Besides the capacity for immediate and deleterious ramifications in the collective bargaining process, the transition to the DC pension also presents some potentially negative consequences related to human resource management, including changes in the psychological contract, recruitment strategies, employee turnover, and changes in retirement patterns. Recommendations to improve labor relations and human resource management practices in the DC pension environment are also explored.

  15. 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...

  16. 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;…

  17. Annuity choices and income drawdown: evidence from the decumulation phase of defined contribution pensions in England.

    Science.gov (United States)

    Banks, James; Crawford, Rowena; Tetlow, Gemma

    2015-10-01

    We provide new empirical evidence on the importance of defined contribution pension wealth in England, and the nature of annuitization decisions taken by older adults who retire with such sources of wealth. Other things equal, financial literacy, and numeracy in particular, are important factors governing individuals' choices over whether to shop around for an annuity as opposed to taking the 'path of least resistance' option and purchasing from their original pension fund provider. This has important policy and welfare implications given that buying an annuity on the open market has significant financial benefits for most people. In the context of the increasing reliance on private provision for retirement, the importance of individuals having the financial literacy to successfully navigate complex financial decisions late in life should not be underestimated.

  18. 29 CFR 4.175 - Meeting requirements for health, welfare, and/or pension benefits.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 1 2010-07-01 2010-07-01 true Meeting requirements for health, welfare, and/or pension... health, welfare, and/or pension benefits. (a) Determining the required amount of benefits. (1) Most fringe benefit determinations containing health and welfare and/or pension requirements specify a fixed...

  19. Systemwide Report on Value of Supplemental Pension Obligations and Cost of Post-Employment Benefits Other Than Pensions.

    Science.gov (United States)

    Oklahoma State Regents for Higher Education, Oklahoma City.

    This report provides financial data on the value of obligations of any supplemental pension plans and the annual cost of any post-employment benefits for employees of state universities, colleges, and community colleges in Oklahoma. Attachment 1 summarizes information on supplemental pension plans that have been reported by state system…

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

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2015-01-01

    (or time left to retirement), nor should they solely depend on the risk preferences, but should also capture: (1) economical characteristics—such as current value on the pension savings account, expected pension contributions (mandatory and voluntary), and expected income after retirement (e...... 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...

  1. 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

    ... Officers of the Pension Benefit Guaranty Corporation To Act as Director of the Pension Benefit Guaranty... limitations set forth in the Act, the following officials of the Pension Benefit Guaranty Corporation, in the... Memorandum of December 9, 2008 (Designation of Officers of the Pension Benefit Guaranty Corporation to Act as...

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

    NARCIS (Netherlands)

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

    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

  3. "Prince Charming Syndrome?" Gender gap in preferences for defined contribution pensions in Japan.

    Science.gov (United States)

    Watanabe, Satoshi P

    2017-01-01

    Using survey data collected by the Japan Institute of Life Insurance in 2002, this study finds that a significant gender gap existed in defined contribution (DC) pension knowledge among workers employed at small- to medium-sized private firms in Japan. Even with similar DC knowledge, however, men and women reveal different preferences for DC pensions, indicating that their perceptional responses may widely differ from actual behaviors. Apart from the knowledge gap, the result shows evidence of the Prince Charming Syndrome among female employees as a significant source of the gender gap in DC participation rates. Among corporate pension-covered employees, the gender difference in the efficacy of DC portability is a more significant gap-generating factor. DC tax advantage is particularly favored by pension-covered female employees over male counterparts, reducing the DC preference gap. No similar evidence is found for employees with no corporate pension coverage.

  4. 77 FR 33241 - Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies

    Science.gov (United States)

    2012-06-05

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... Council on Employee Welfare and Pension Benefit Plans (the Council), which is to consist of 15 members to... to the Advisory Council on Employee Welfare and Pension Benefit Plans to represent any of the groups...

  5. 77 FR 74515 - Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Charter Renewal

    Science.gov (United States)

    2012-12-14

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... charter for the Advisory Council on Employee Welfare and Pension Benefit Plans is renewed. The Advisory Council on Employee Welfare and Pension Benefit Plans shall advise the Secretary of Labor on technical...

  6. 78 FR 36596 - Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies

    Science.gov (United States)

    2013-06-18

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... Council on Employee Welfare and Pension Benefit Plans (the Council), which is to consist of 15 members to... appointment to the Advisory Council on Employee Welfare and Pension Benefit Plans to represent any of the...

  7. 75 FR 80072 - Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Charter Renewal

    Science.gov (United States)

    2010-12-21

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... charter for the Advisory Council on Employee Welfare and Pension Benefit Plans is renewed. The Advisory Council on Employee Welfare and Pension Benefit Plans shall advise the Secretary of Labor on technical...

  8. The benefits of defining "snacks".

    Science.gov (United States)

    Hess, Julie M; Slavin, Joanne L

    2018-04-18

    Whether eating a "snack" is considered a beneficial or detrimental behavior is largely based on how "snack" is defined. The term "snack food" tends to connote energy-dense, nutrient-poor foods high in nutrients to limit (sugar, sodium, and/or saturated fat) like cakes, cookies, chips and other salty snacks, and sugar-sweetened beverages. Eating a "snack food" is often conflated with eating a "snack," however, leading to an overall perception of snacks as a dietary negative. Yet the term "snack" can also refer simply to an eating occasion outside of breakfast, lunch, or dinner. With this definition, the evidence to support health benefits or detriments to eating a "snack" remains unclear, in part because relatively few well-designed studies that specifically focus on the impact of eating frequency on health have been conducted. Despite these inconsistencies and research gaps, in much of the nutrition literature, "snacking" is still referred to as detrimental to health. As discussed in this review, however, there are multiple factors that influence the health impacts of snacking, including the definition of "snack" itself, the motivation to snack, body mass index of snack eaters, and the food selected as a snack. Without a definition of "snack" and a body of research using methodologically rigorous protocols, determining the health impact of eating a "snack" will continue to elude the nutrition research community and prevent the development of evidence-based policies about snacking that support public health. Copyright © 2018 Elsevier Inc. All rights reserved.

  9. 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...

  10. 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...

  11. How Well-Informed Are Pension Scheme Members on Their Future Pension Benefits? Evidence from Ireland.

    Science.gov (United States)

    Barrett, Alan; Mosca, Irene; Whelan, Brendan

    2015-01-01

    One part of the policy response in many countries to increasing pension coverage will be greater private provision on the part of individuals. This requires that individuals are well informed about pensions. In this article, we assess levels of knowledge of pensions using a representative sample of older Irish adults. We find that two-thirds of individuals enrolled in pension schemes do not know what amount will be paid out on retirement and/or whether the payments will be in the form of lump sums, monthly payments, or both. One policy implication is the need for increased information to be directed at certain groups, in particular, women and less educated people. More fundamentally, the results suggest that the mandatory elements in pension systems should be extended.

  12. 76 FR 44047 - Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies

    Science.gov (United States)

    2011-07-22

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... Council on Employee Welfare and Pension Benefit Plans (the Council), which is to consist of 15 members to... one or more individuals for appointment to the Advisory Council on Employee Welfare and Pension...

  13. 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…

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

    OpenAIRE

    Hoejgaard, B.; Vigna, E.

    2007-01-01

    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-variance approach is then compared to other investment strategies adopted in DC pension schemes, namely the target-based approach and the lifestyle strategy. The comparison is done both in a theoretical...

  15. Pension benefits of executive directors : A comparative study of general retailers between 2006-2010

    OpenAIRE

    Condric, Tomislav; Tomic, Katarina

    2012-01-01

    Several recent corporate governance scandals relate to non-disclosure or high amounts of pension benefits given to executive directors. The lack of disclosure and transparency has gained pensions benefits greater attention as a significant part of the total remuneration received by executive directors. Due to the associated problems there is a greater need for better disclosure and in turn heightened transparency towards shareholders.   This qualitative case study focuses on general retailers...

  16. DEFINED CONTRIBUTION PLANS, DEFINED BENEFIT PLANS, AND THE ACCUMULATION OF RETIREMENT WEALTH

    Science.gov (United States)

    Poterba, James; Rauh, Joshua; Venti, Steven; Wise, David

    2010-01-01

    The private pension structure in the United States, once dominated by defined benefit (DB) plans, is currently divided between defined contribution (DC) and DB plans. Wealth accumulation in DC plans depends on the participant's contribution behavior and on financial market returns, while accumulation in DB plans is sensitive to a participant's labor market experience and to plan parameters. This paper simulates the distribution of retirement wealth under representative DB and DC plans. It uses data from the Health and Retirement Study (HRS) to explore how asset returns, earnings histories, and retirement plan characteristics contribute to the variation in retirement wealth outcomes. We simulate DC plan accumulation by randomly assigning individuals a share of wages that they and their employer contribute to the plan. We consider several possible asset allocation strategies, with asset returns drawn from the historical return distribution. Our DB plan simulations draw earnings histories from the HRS, and randomly assign each individual a pension plan drawn from a sample of large private and public defined benefit plans. The simulations yield distributions of both DC and DB wealth at retirement. Average retirement wealth accruals under current DC plans exceed average accruals under private sector DB plans, although DC plans are also more likely to generate very low retirement wealth outcomes. The comparison of current DC plans with more generous public sector DB plans is less definitive, because public sector DB plans are more generous on average than their private sector counterparts. PMID:21057597

  17. Pensions under Pressure: Charter Innovation in Teacher Retirement Benefits

    Science.gov (United States)

    Podgursky, Michael; Aud Pendergrass, Susan; Hesla, Kevin

    2018-01-01

    Public school districts are facing twin challenges: maintaining a labor supply of qualified teachers while shoring up the deteriorating system that compensates them. Keeping public-school teachers' pensions plans flush is expensive, and it accounts for a growing share of education spending. In some states, public charter schools provide an…

  18. When can insurers offer products that dominate delayed old-age pension benefit claiming?

    NARCIS (Netherlands)

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

    2013-01-01

    It is common practice for public pension schemes to offer individuals the option to delay benefit claiming until after the normal retirement age, and increase the annual benefit level as a result. Existing literature shows that for non-liquidity constrained individuals, delaying benefit claiming for

  19. 18 CFR 367.9260 - Account 926, Employee pensions and benefits.

    Science.gov (United States)

    2010-04-01

    ... medical, educational or recreational activities for the benefit of employees, and administrative expenses.... (7) Expenses in connection with educational and recreational activities for the benefit of employees... are only incidentally engaged in employee pension and benefit activities may be included in accounts...

  20. 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.

  1. 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.

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

    OpenAIRE

    Chubing Zhang

    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.

  3. 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. PMID:24782667

  4. 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...

  5. Using a 401(h) account to fund retiree health benefits from your pension plan.

    Science.gov (United States)

    Lee, David; Singerman, Eduardo

    2003-06-01

    If a health and welfare plan covering retirees faces financial shortfalls, administrators and trustees can fund retiree health benefit payments from a related pension plan that may be in better condition. This method is legal and ethical, but it requires sophisticated accounting techniques for creating an account that provides retiree members with promised benefits while meeting statutory and regulatory requirements.

  6. 75 FR 45166 - Advisory Council on Employee Welfare and Pension Benefit Plans; Nominations for Vacancies

    Science.gov (United States)

    2010-08-02

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... Council on Employee Welfare and Pension Benefit Plans (the Council), which is to consist of 15 members to... desiring to recommend one or more individuals for appointment to the Advisory Council on Employee Welfare...

  7. 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...

  8. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

    The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

  9. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 166th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 166th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 151st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 151st open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans will be held on...

  11. 76 FR 55706 - 158th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2011-09-08

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 158th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting Pursuant to the.... 1142, the 158th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans...

  12. 75 FR 64947 - 154th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2010-10-20

    ... Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting; Notice #0;#0;Federal Register... Employee Benefits Security Administration 154th Meeting of the Advisory Council on Employee Welfare and... Advisory Council on Employee Welfare and Pension Benefit Plans will be held on November 3-4, 2010. The...

  13. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 165th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 165th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  14. 76 FR 36578 - 156th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2011-06-22

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 156th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 156th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; (also known as...

  15. 78 FR 44600 - 167th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2013-07-24

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 167th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 167th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  16. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 159th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 159th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  17. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 168th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting Pursuant to the.... 1142, the 168th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans...

  18. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 150th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 150th open meeting of the full Advisory Council on Employee Welfare and Pension Benefit Plans will be...

  19. 78 FR 62708 - 169th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2013-10-22

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 169th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 169th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  20. 76 FR 6498 - 155th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2011-02-04

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 155th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting Pursuant to the.... 1142, the 155th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans...

  1. 77 FR 66186 - 164th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2012-11-02

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 164th Meeting of the 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...

  2. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 153rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 153rd open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans will be held on...

  3. 78 FR 50112 - Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Extension of Deadline...

    Science.gov (United States)

    2013-08-16

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration Advisory Council on Employee Welfare... appointment to the Advisory Council on Employee Welfare and Pension Benefit Plans. Section 512 of the Employee... of an Advisory Council on Employee Welfare and Pension Benefit Plans (the Council), which is to...

  4. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 161st Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 161st open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  5. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 160th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 160th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  6. 77 FR 52061 - 163rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2012-08-28

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 163rd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Teleconference Meeting Pursuant to the.... 1142, the 163rd open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans...

  7. 75 FR 47636 - 152nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2010-08-06

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 152nd Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 152nd open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans will be held on...

  8. 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

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 164th Meeting of the 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...

  9. 76 FR 48903 - 157th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of...

    Science.gov (United States)

    2011-08-09

    ... DEPARTMENT OF LABOR Employee Benefits Security Administration 157th Meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans; Notice of Meeting Pursuant to the authority... 157th open meeting of the Advisory Council on Employee Welfare and Pension Benefit Plans (also known as...

  10. Pension Funds and Financial Innovation

    OpenAIRE

    Zvi Bodie

    1989-01-01

    Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

  11. The tenability of the Dutch Preservative Tax Assessment in relation to pension benefits

    NARCIS (Netherlands)

    Bobeldijk, A.C.P.; Goossens, K.

    2011-01-01

    The authors argue that the rulings of the Dutch Supreme Court, in which its substantive opinion on the tenability of the preservative tax assessment in relation to pension benefits is expressed, do not leave any scope for the remedial legislation implemented as a response thereto. The authors

  12. Associations between partial sickness benefit and disability pensions: initial findings of a Finnish nationwide register study.

    Science.gov (United States)

    Kausto, Johanna; Virta, Lauri; Luukkonen, Ritva; Viikari-Juntura, Eira

    2010-06-23

    Timely return to work after longterm sickness absence and the increased use of flexible work arrangements together with partial health-related benefits are tools intended to increase participation in work life. Although partial sickness benefit and partial disability pension are used in many countries, prospective studies on their use are largely lacking. Partial sickness benefit was introduced in Finland in 2007. This register study aimed to investigate the use of health-related benefits by subjects with prolonged sickness absence, initially on either partial or full sick leave. Representative population data (13 375 men and 16 052 women either on partial or full sick leave in 2007) were drawn from national registers and followed over an average of 18 months. The registers provided information on the study outcomes: diagnoses and days of payment for compensated sick leaves, and the occurrence of disability pension. Survival analysis and multinomial regression were carried out using sociodemographic variables and prior sickness absence as covariates. Approximately 60% of subjects on partial sick leave and 30% of those on full sick leave had at least one recurrent sick leave over the follow up. A larger proportion of those on partial sick leave (16%) compared to those on full sick leave (1%) had their first recurrent sick leave during the first month of follow up. The adjusted risks of the first recurrent sick leave were 1.8 and 1.7 for men and women, respectively, when subjects on partial sick leave were compared with those on full sick leave. There was no increased risk when those with their first recurrent sick leave in the first month were excluded from the analyses. The risks of a full disability pension were smaller and risks of a partial disability pension approximately two-fold among men and women initially on partial sick leave, compared to subjects on full sick leave. This is the first follow up study of the newly adopted partial sickness benefit in

  13. Associations between partial sickness benefit and disability pensions: initial findings of a Finnish nationwide register study

    Directory of Open Access Journals (Sweden)

    Luukkonen Ritva

    2010-06-01

    Full Text Available Abstract Background Timely return to work after longterm sickness absence and the increased use of flexible work arrangements together with partial health-related benefits are tools intended to increase participation in work life. Although partial sickness benefit and partial disability pension are used in many countries, prospective studies on their use are largely lacking. Partial sickness benefit was introduced in Finland in 2007. This register study aimed to investigate the use of health-related benefits by subjects with prolonged sickness absence, initially on either partial or full sick leave. Methods Representative population data (13 375 men and 16 052 women either on partial or full sick leave in 2007 were drawn from national registers and followed over an average of 18 months. The registers provided information on the study outcomes: diagnoses and days of payment for compensated sick leaves, and the occurrence of disability pension. Survival analysis and multinomial regression were carried out using sociodemographic variables and prior sickness absence as covariates. Results Approximately 60% of subjects on partial sick leave and 30% of those on full sick leave had at least one recurrent sick leave over the follow up. A larger proportion of those on partial sick leave (16% compared to those on full sick leave (1% had their first recurrent sick leave during the first month of follow up. The adjusted risks of the first recurrent sick leave were 1.8 and 1.7 for men and women, respectively, when subjects on partial sick leave were compared with those on full sick leave. There was no increased risk when those with their first recurrent sick leave in the first month were excluded from the analyses. The risks of a full disability pension were smaller and risks of a partial disability pension approximately two-fold among men and women initially on partial sick leave, compared to subjects on full sick leave. Conclusions This is the first follow

  14. 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).

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

    OpenAIRE

    Ralston, Margaret; Schatz, Enid; Menken, Jane; Gomez-Olive, Francesc Xavier; Tollman, Stephen

    2016-01-01

    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 p...

  16. 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...... that the largely adopted lifestyle strategy seems to be very far from being efficient in the mean-variance setting....

  17. Assessing the impact of macroeconomic variables on pension benefits in Ghana: A case of Social Security and National Insurance Trust

    Directory of Open Access Journals (Sweden)

    Grace Ofori-Abebrese

    2017-10-01

    Full Text Available Background: One of the most pressing phases for all economic agents is post-retirement standard of living. Irrespective of the higher returns on pension contribution and varied pension reforms, there are possible factors that can render these pension benefits inadequate, which can affect the longevity of retirees. Studies conducted in other countries have concluded that inflation deteriorates the value of pension benefits. Aim: This study, thus, sought to assess the impact of some major economic indicators in the Ghanaian environment on pension benefits. Setting: This study was carried out in Ghana by obtaining quarterly data frequencies on pension benefits and economic indicators spanning the period 2000Q1 to 2014Q4. Method: The Auto-regressive Distributed Lag Model was utilised to examine the long run and short run dynamics of some major economic indicators and pension benefits. Results: The empirical evidence indicated that inflation deteriorates total pension benefits. Increasing monetary policy rate and depreciation of the domestic currency should be an issue to contend with only in the short run rather than in the long run. The study also found the prominence of the implementation of the National Pension Reform in 2008. Conclusion: The study concluded that if policy makers target the reduction in the monetary policy rate and the appreciation of the domestic currency in an effort to stabilise the value of total pension benefits in the long run, it would not be effective in the long run because of their insignificant nature. Policy makers should rather target inflation as the prime tool for stabilising the standard of living of retirees in the long run.

  18. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

    This study examines several issues surrounding the tendency for some pension funds to invest in their own company’s stock. After reviewing the existing literature describing the benefits and costs of investing in company stock, the legislative environment surrounding company stock holdings is reviewed. Using data from Internal Revenue Service Form 5500 filings on the pension fund holdings of over 300,000 defined–contribution pension plans in the 1990s, we show that about one out of ten define...

  19. Pensions as Retirement Income Insurance.

    OpenAIRE

    Bodie, Zvi

    1990-01-01

    This paper develops the view that employer-sponsored pension plans are best understood as retirement income insurance for employees and from that perspective addresses a number of questions regarding the reasons for their existence, their design, and their funding and investment policies. The most important of these questions are: - Why do employers provide pension plans for their employees and why is participation usually mandatory? - Why is the defined benefit form of pension plan the domin...

  20. 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

  1. 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...

  2. Claims procedures for employee benefit plans--Pension and Welfare Benefits Administration, Department of Labor. Request for information.

    Science.gov (United States)

    1997-09-08

    This document requests information from the public concerning the advisability of amending the existing regulation under the Employee Retirement Income Security Act of 1974 (ERISA) that establishes minimum requirements for employee benefit plan claims procedures. The term "claims procedure" refers to the process that employee benefit plans must provide for participants and beneficiaries who seek to obtain pension or welfare plan benefits, including requests for medical treatment or services, consideration of claims, and review of denials of claims by plans. The primary purpose of this notice is to obtain information to assist the Department of Labor (the Department) in evaluating (1) the extent to which the current claims procedure regulation assures that group health plan participants and beneficiaries are provided with effective and timely means to file and resolve claims for health care benefits, and (1) whether and in what way the existing minimum requirements should be amended with respect to group health plans covered by ERISA. The furnished information also will assist the Department in determining whether the regulation should be amended with respect to pension plans covered by ERISA and in developing legislative proposals to address any identified deficiencies relating to the claims procedures that cannot be addressed by amending the current regulation.

  3. The impact of the World Trade Center attack on FDNY firefighter retirement, disabilities, and pension benefits.

    Science.gov (United States)

    Niles, J K; Webber, M P; Gustave, J; Zeig-Owens, R; Lee, R; Glass, L; Weiden, M D; Kelly, K J; Prezant, D J

    2011-09-01

    Our goal was to examine the effect of the World Trade Center (WTC) attack and subsequent New York City Fire Department (FDNY) rescue/recovery activities on firefighter retirements. We also analyzed the financial impact associated with the increased number and proportion of service-connected "accidental" disability retirements on the FDNY pension system. A total of 7,763 firefighters retired between 9/11/1994 and 9/10/2008. We compared the total number of retirements and the number and proportion of accidental disability retirements 7 years before and 7 years after the WTC attack. We categorized WTC-related accidental disability retirements by medical cause and worked with the New York City Office of the Actuary to approximate the financial impact by cause. In the 7 years before 9/11 there were 3,261 retirements, 48% (1,571) of which were accidental disability retirements. In the 7 years after 9/11, there were 4,502 retirements, 66% (2,970) were accidental disability retirements, of which 47% (1,402) were associated with WTC-related injuries or illnesses. After 9/11, the increase in accidental disability retirements was, for the most part, due to respiratory-related illnesses. Additional increases were attributed to psychological-related illnesses and musculoskeletal injuries incurred at the WTC site. Pension benefits associated with WTC-related accidental disability retirements have produced an increased financial burden of over $826 million on the FDNY pension system. The WTC attacks affected the health of the FDNY workforce resulting in more post-9/11 retirements than expected, and a larger proportion of these retirees with accidental disability pensions. Copyright © 2011 Wiley-Liss, Inc.

  4. 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.

  5. Your organization should consider a cash-balance pension plan.

    Science.gov (United States)

    Godwin, N H; Key, K G

    2000-08-01

    In recent years, a growing number of healthcare organizations have dropped the traditional defined-benefit pension plan and adopted cash-balance pension plans. A cash-balance pension plan generally allows employers to pay less in overall pension benefits and administration costs. A cash-balance pension plan pays benefits according to a predetermined formula based on an average of the employee's annual salary over his or her length of service. This provides recognizable benefits to younger employees but lower overall benefits to employees who have a long length of service. To assuage employees who may feel cheated out of the pension benefits they expected, employers that change to a cash-balance pension plan should consider offering higher guaranteed growth rates, advanced notification of the change to the new plan, and generous early-retirement options for employees with longer lengths of service.

  6. 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...

  7. 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.

  8. Just caring: defining a basic benefit package.

    Science.gov (United States)

    Fleck, Leonard M

    2011-12-01

    What should be the content of a package of health care services that we would want to guarantee to all Americans? This question cannot be answered adequately apart from also addressing the issue of fair health care rationing. Consequently, as I argue in this essay, appeal to the language of "basic," "essential," "adequate," "minimally decent," or "medically necessary" for purposes of answering our question is unhelpful. All these notions are too vague to be useful. Cost matters. Effectiveness matters. The clinical circumstances of a patient matters. But what we must ultimately determine is what we mutually agree are the just claims to needed health care of each American in a relatively complex range of clinical circumstances. Answering this question will require a public moral conversation, a fair process of rational democratic deliberation aimed at defining both just claims to needed health care and just limits.

  9. 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…

  10. Did pension plan accounting contribute to a stock market bubble?

    OpenAIRE

    Julia Lynn Coronado; Steven A. Sharpe

    2003-01-01

    During the 1990s, the asset portfolios of defined-benefit (DB) pension plans ballooned with the booming stock market. Due to current accounting guidelines, the robust growth in pension assets resulted in a stealthy but substantial boost to the profits of sponsoring corporations. This study assesses the extent to which equity investors were fooled by pension accounting. First, we test whether stock prices reflected the fair market value of sponsoring firms' net pension assets reported in footn...

  11. Frontiers in Pension Finance

    NARCIS (Netherlands)

    Broeders, D.W.G.A.; Eijffinger, S.C.W.; Houben, A.

    2008-01-01

    How to deliver adequate pension benefits at reasonable costs is a huge challenge confronting our ageing societies. This book delivers a comprehensive overview of the latest insights into pension finance, pension system design, pension governance and risk based supervision. It combines

  12. 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...

  13. The Optimal Portfolio of PAYG Benefits and Funded Pensions in Germany

    NARCIS (Netherlands)

    Anders, Christoph; Groneck, Max

    The combination of a pay-as-you-go (PAYG) and a self-funded pension system is studied from a portfolio perspective considering the trade-off between speculation and hedging. We analyze the German PAYG social security system and subsidized private savings (Riester pension). The return and the risk

  14. Women and Private Pensions.

    Science.gov (United States)

    Benson, Helene A.

    This speech focuses on women and private pension plans, such as private pension coverage and smaller benefit amounts. Pension issues affecting women as employees include participation in plans, vesting, break-in service, benefit accruals, integration with Social Security, sex-based actuarial tables, portability, inflation, and individual…

  15. 75 FR 70625 - Annual Funding Notice for Defined Benefit Plans

    Science.gov (United States)

    2010-11-18

    ... model funding notices. Much of the guidance in FAB 2009-01 has been incorporated into the proposed... Annual Funding Notice for Defined Benefit Plans AGENCY: Employee Benefits Security Administration, Labor... implement the annual funding notice requirement in the Employee Retirement Income Security Act of 1974...

  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. Impact Of Retirement Benefit Act (RBA) On Investment Returns To Pension Funds In Kenya

    OpenAIRE

    Lucy Jepchoge Rono; Julius Kibet Bitok; Gordon N Asamoah

    2010-01-01

    This study focused on the analysis of the impact of RBA guidelines on the return on investments of both pension funds under management and those for pension schemes. A random sample of 175 fund trustees and a census of 13 fund managers from registered fund management companies participated in the survey. The questionnaire was administered through the drop-and-pick method. Data were analyzed using SPSS (Statistical Package for Social Sciences) and summarized in descriptive statistics, such as ...

  18. The Role of Inflation-Indexed Bond in Optimal Management of Defined Contribution Pension Plan During the Decumulation Phase

    Directory of Open Access Journals (Sweden)

    Xiaoyi Zhang

    2018-03-01

    Full Text Available This paper investigates the optimal investment strategy for a defined contribution (DC pension plan during the decumulation phase which is risk-averse and pays close attention to inflation risk. The plan aims to maximize the expected constant relative risk aversion (CRRA utility from the terminal real wealth by investing the fund in a financial market consisting of an inflation-indexed bond, an ordinary zero coupon bond and a risk-free asset. We derive the optimal investment strategy in closed-form using the dynamic programming approach by solving the related Hamilton-Jacobi-Bellman (HJB equation. The results reveal that, with any level of the parameters, an inflation-indexed bond has significant advantage to hedge inflation risk.

  19. Characteristics of individuals with integrated pensions.

    Science.gov (United States)

    Bender, K A

    1999-01-01

    Employer pensions that integrate benefits with Social Security have been the focus of relatively little research. Since changes in Social Security benefit levels and other program characteristics can affect the benefit levels and other features of integrated pension plans, it is important to know who is covered by these plans. This article examines the characteristics of workers covered by integrated pension plans, compared to those with nonintegrated plans and those with no pension coverage. Integrated pension plans are those that explicitly adjust their benefit structure to help compensate for the employer's contributions to the Social Security program. There are two basic integration methods used by defined benefit (DB) plans. The offset method causes a reduction in employer pension benefits by up to half of the Social Security retirement benefit; the excess rate method is characterized by an accrual rate that is lower for earnings below the Social Security taxable maximum than above it. Defined contribution (DC) pension plans can be integrated along the lines of the excess rate method. To date, research on integrated pensions has focused on plan characteristics, as reported to the Bureau of Labor Statistics (BLS) through its Employee Benefits Survey (EBS). This research has examined the prevalence of integration among full-time, private sector workers by industry, firm size, and broad occupational categories. However, because the EBS provides virtually no data on worker characteristics, analyses of the effects of pension integration on retirement benefits have used hypothetical workers, varying according to assumed levels of earnings and job tenure. This kind of analysis is not particularly helpful in examining the potential effects of changes in the Social Security program on workers' pension benefits. However, data on pension integration at the individual level are available, most recently from the Health and Retirement Study (HRS), a nationally

  20. 76 FR 18649 - Technical Revisions to Actuarial Information on Form 5500 Annual Return/Report for Pension Plans...

    Science.gov (United States)

    2011-04-05

    ... to Actuarial Information on Form 5500 Annual Return/Report for Pension Plans Electing Funding Alternatives Under Pension Relief Act of 2010 AGENCY: Employee Benefits Security Administration, Labor. ACTION... retroactively available to defined benefit pension plans under the Preservation of Access to Care for Medicare...

  1. ERISA failures and the erosion of workers' rights: the urgent need to protect private & public workers' pension and benefits.

    Science.gov (United States)

    Allen, James P; Bales, Richard A

    On March 11, 2011, Governor Scott Walker of Wisconsin signed into law a bill that eliminated most collective bargaining rights for the state's public-sector workers. Many other cash-strapped states followed Wisconsin's lead and introduced or enacted similar restraints on the rights of their workers. Thousands of public workers, whose only means of protecting their rights rested in their ability to collectively bargain, suddenly found their retirement benefits in jeopardy. This truth highlighted the lack of protections for public worker benefits similar to those of the private sector. However, the Employee Retirement Income Security Act, enacted for that purpose, has failed to secure these benefits. This article seeks to provide a broad overview of the crisis facing the pension and benefits system in the United States and offers some possible solutions. More importantly, the goal is to spur discourse on the urgent need to protect the benefits of all workers, public and private.

  2. 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.

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

    NARCIS (Netherlands)

    Bonenkamp, J.; Westerhout, E.

    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

  4. Pension fund's illiquid assets allocation under liquidity and capital constraints

    NARCIS (Netherlands)

    Broeders, Dirk; Jansen, Kristy; Werker, Bas

    2017-01-01

    This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the

  5. Pension Fund - ELECTIONS - Irene SEIS

    CERN Document Server

    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...

  6. 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

  7. Part-time work or social benefits as predictors for disability pension: a prospective study of Swedish twins.

    Science.gov (United States)

    Ropponen, Annina; Alexanderson, Kristina; Svedberg, Pia

    2014-04-01

    To a large extent, it is unknown whether work absences other than sickness absence (SA) covered by social benefits such as parental leave, rehabilitation, or unemployment would predict disability pension (DP). We investigated whether part-time work or having received social benefits for sick leave, rehabilitation, or parental leave would be predictors for DP taking into account familial confounding (genetics and shared environment, e.g., social background) in these associations. A sample of 17,640 same-sex Swedish twin ndividuals [corrected] was followed from 2000 to 2008 via national registries for their receipt of social benefits and DP including additional baseline questionnaire data. Cox proportional hazard ratios were estimated. Full-time work was less common (47 %) among those being granted DP during the follow-up compared to those without DP (69 %). Self-reported full-time work, part-time work (≥50 %), and self-employment and registry data of caring for a child were the direct protective factors, whereas self-reported part-time work (Part-time work and social benefits play different roles in predicting DP. Thus, full-time work, part-time work (≥50 %), self-employment, and benefits for parental leave seem to protect from DP. In contrast, SA and part-time work (<50 %) carry a highly increased risk for DP. Although these associations were mainly independent from several mediating factors, some of the associations seem to be influenced by family situation, social benefits, or severity of diseases.

  8. 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...

  9. How Will Rhode Island's New Hybrid Pension Plan Affect Teachers? A Report of the Public Pension Project

    Science.gov (United States)

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

    2014-01-01

    In 2011 Rhode Island replaced the stand-alone defined benefit pension plan it provided to state employees with a hybrid plan that reduced the defined benefit component and added a 401(k)-type, defined contribution component. Although controversial, the new hybrid plan will boost retirement incomes for most of the states public school teachers. Our…

  10. 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...

  11. 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...

  12. Pension Reform in China.

    Science.gov (United States)

    Liu, Tao; Sun, Li

    2016-01-01

    This article analyzes China's pension arrangement and notes that China has recently established a universal non-contributory pension plan covering urban non-employed workers and all rural residents, combined with the pension plan covering urban employees already in place. Further, in the latest reform, China has discontinued the special pension plan for civil servants and integrated this privileged welfare class into the urban old-age pension insurance program. With these steps, China has achieved a degree of universalism and integration of its pension arrangement unprecedented in the non-Western world. Despite this radical pension transformation strategy, we argue that the current Chinese pension arrangement represents a case of "incomplete" universalism. First, its benefit level is low. Moreover, the benefit level varies from region to region. Finally, universalism in rural China has been undermined due to the existence of the "policy bundle." Additionally, we argue that the 2015 pension reform has created a situation in which the stratification of Chinese pension arrangements has been "flattened," even though it remains stratified to some extent.

  13. Are the Chinese Saving for Old Age?: The Relationship between Future Pension Benefits of 45-60 Years Old Chinese and Current Household Expenditures.

    Science.gov (United States)

    van Dullemen, C E; Nagel, I; de Bruijn, J M G

    2017-01-01

    Worldwide, older people's support used to be the adult children's responsibility. In China, two generations after introducing the one-child policy in the late 70-ies, this becomes an increasingly demanding obligation. The Chinese government took the responsibility to mitigating old- age poverty risks and realized unprecedented progress in pension coverage. At the same time, the household savings increased to about 30 % of disposable income. Built on previous research on the politics of ageing, this study analyses households responses to the established governmental and firm pension programs as well as to the New Rural Pension Scheme (NRPS), introduced in 2009. The central question is: will participation in the established and new pension programs lead to higher current Chinese household expenditures and therefore to lower savings? The China Health and Retirement Longitudinal Study (CHARLS) dataset of 2011 offered the opportunity to study the influence of the recently introduced NRPS. We find that Chinese households with members between 45 and 60 years who expect future benefits of NRPS do not have higher expenditures than those not covered by NRPS. For the participants in the established, mostly urban pension programs a correlation was found with higher current expenditures (28 % more spending on basic needs, 80 % more on luxury) However, further analysis shows that this correlation cannot be interpreted as a causal relationship. This implies that coverage by pensions, be it in urban or rural programs, does not determine higher current expenditures and lower savings.

  14. 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.

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

    DEFF Research Database (Denmark)

    Linneman, Per; Bruhn, Kenneth; Steffensen, Mogens

    2015-01-01

    price changes in the financial market. Our results show that not only investment profiles define the stability of annuity benefits over time. In addition, more fundamental elements of the product design are important. The perspective on product design and development is Danish, but two of the compared......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 simulation....... TimePension as well as the financial model and simulation concept being used in both papers were introduced in the paper op cit. Jørgensen & Linnemann compare TimePension with a traditional with-profits scheme involving bonus entitlement and an investment-linked Unit Link scheme with a fixed proportion...

  16. 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.

  17. 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…

  18. Automatics adjusment on private pension fund for Asian Mathematics Conferences

    Science.gov (United States)

    Purwadi, J.

    2017-10-01

    This paper discussed about how the automatic adjustment mechanism in the pension fund with defined benefits in case conditions beyond assumptions - assumptions that have been determined. Automatic adjustment referred to in this experiment is intended to anticipate changes in economic and demographic conditions. The method discuss in this paper are indexing life expectancy. In this paper discussed about how the methods on private pension fund and how’s the impact of the change of life expectancy on benefit.

  19. Kazakhstan's Pension System: Pressures for Change and Dramatic Reforms

    OpenAIRE

    Seitenova, Ai-Gul S.; Becker, Charles M.

    2003-01-01

    Five years ago, Kazakhstan embarked on a dramatic reform of its pension and social security system in order to move from an unsustainable public defined benefit ("solidarity") system to one of defined mandatory contributions (accumulative system). While assessment of long-run success is premature, early results have exceeded expectations. This paper considers the reform's rationale and initial impact: Why did the Government of Kazakhstan decide to introduce a new pension system? What advantag...

  20. 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.

  1. Defining the Benefits, Outputs, and Knowledge Elements of Program Evaluation.

    Science.gov (United States)

    Zorzi, Rochelle; Perrin, Burt; McGuire, Martha; Long, Bud; Lee, Linda

    2002-01-01

    The Canadian Evaluation Society explored the benefits that can be attributed to program evaluation, the outputs necessary to achieve those benefits, and the knowledge and skills needed to produce outputs. Findings, which articulate benefits, outputs, and skills, can be used by evaluation organizations to support advocacy and professional…

  2. Final rules relating to use of electronic communication and recordkeeping technologies by employee pension and welfare benefit plans. Notice of final rulemaking.

    Science.gov (United States)

    2002-04-09

    This document contains final rules under Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA), concerning the disclosure of certain employee benefit plan information through electronic media, and the maintenance and retention of employee benefit plan records in electronic form. The rules establish a safe harbor pursuant to which all pension and welfare benefit plans covered by Title I of ERISA may use electronic media to satisfy disclosure obligations under Title I of ERISA. The rules also provide standards concerning the use of electronic media in the maintenance and retention of records required by sections 107 and 209 of ERISA. The rules affect employee pension and welfare benefit plans, including group health plans, plan sponsors, administrators and fiduciaries, and plan participants and beneficiaries.

  3. 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/

  4. 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.

  5. Irritable bowel symptoms, use of healthcare, costs, sickness and disability pension benefits

    DEFF Research Database (Denmark)

    Poulsen, Chalotte H; Eplov, Lene F; Hjorthøj, Carsten

    2018-01-01

    OBJECTIVES: Irritable bowel syndrome (IBS) is associated with increased healthcare use and work absenteeism. We aimed to investigate long-term use of healthcare services and social benefits across IBS symptom groups. Additionally, we estimated excess healthcare costs. METHODS: A longitudinal...... between symptom groups and total healthcare costs were statistically significant. CONCLUSIONS: IBS symptoms influence the long-term use and costs of healthcare, as well as the use of social benefits in the general population. Mental vulnerability explained some, but not all, of the use of healthcare...... and mental vulnerability. RESULTS: IBS symptom groups compared to no IBS symptoms were associated with an increased number of contacts with primary and secondary healthcare, as well as weeks on sickness and disability benefits. Accounting for mental vulnerability decreased the estimates and all but two...

  6. Irritable bowel symptoms, use of healthcare, costs, sickness and disability pension benefits: A long-term population-based study.

    Science.gov (United States)

    Poulsen, Chalotte H; Eplov, Lene F; Hjorthøj, Carsten; Hastrup, Lene H; Eliasen, Marie; Dantoft, Thomas M; Schröder, Andreas; Jørgensen, Torben

    2018-05-01

    Irritable bowel syndrome (IBS) is associated with increased healthcare use and work absenteeism. We aimed to investigate long-term use of healthcare services and social benefits across IBS symptom groups. Additionally, we estimated excess healthcare costs. A longitudinal population-based study comprising two 5-year follow-up studies: The Danish part of the Multinational Monitoring of Trends and Determinants in Cardiovascular Disease (Dan-MONICA) 1 (1982-1987) and Inter99 (1999-2004) recruited from the western part of Copenhagen County. The total study population ( n = 7278) was divided into symptom groups according to degree of IBS definition fulfillment at baseline and/or 5-year follow-up and was followed until 31 December 2013 in Danish central registries. Poisson regression was used for the analyses adjusting for age, sex, length of education, comorbidity, cohort membership and mental vulnerability. IBS symptom groups compared to no IBS symptoms were associated with an increased number of contacts with primary and secondary healthcare, as well as weeks on sickness and disability benefits. Accounting for mental vulnerability decreased the estimates and all but two associations between IBS symptom groups and outcomes remained statistically significant. The two associations that became insignificant were contacts with psychiatric hospitals and weeks on disability pension. The excess unadjusted healthcare costs for IBS were 680 Euros per year and the overall association between symptom groups and total healthcare costs were statistically significant. IBS symptoms influence the long-term use and costs of healthcare, as well as the use of social benefits in the general population. Mental vulnerability explained some, but not all, of the use of healthcare and social benefits.

  7. 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 2007 and a membe...

  8. Intergovernmental (Dis)incentives, Free-Riding, Teacher Salaries and Teacher Pensions

    OpenAIRE

    Maria D. Fitzpatrick

    2014-01-01

    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 determines the size of pensions, but are not required to make contributions to cover the resulting pension fund liabilities. I use the introduction of a p...

  9. Public Pension Reform and Teacher Turnover: Evidence from Washington State. CEDR Policy Brief. WP #2015-8

    Science.gov (United States)

    Goldhaber, Dan; Grout, Cyrus; Holden, Kristian

    2015-01-01

    Traditional defined benefit (DB) pension systems in many states face large funding shortfalls. Movement toward defined contribution (DC) pension structures may reduce the likelihood of future shortfalls, but there is concern that such reforms may have the undesirable effect of increasing employee turnover. In studying patterns of employee turnover…

  10. Pension-Induced Rigidities in the Labor Market for School Leaders. Working Paper 67

    Science.gov (United States)

    Koedel, Cory; Grissom, Jason A.; Ni, Shawn; Podgursky, Michael

    2012-01-01

    Educators in public schools in the United States are typically enrolled in defined-benefit pension plans, which penalize across-plan mobility. We use administrative data from Missouri to examine how the mobility penalties affect the labor market for school leaders, and show that pension borders greatly reduce leadership flows across schools. Our…

  11. 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 b...

  12. 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...

  13. Pension fund's illiquid assets allocation under liquidity and capital constraints

    OpenAIRE

    Broeders, Dirk; Jansen, Kristy; Werker, Bas

    2017-01-01

    This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the requirement to retain sufficient capital to absorb unexpected losses. Liability duration and hedging affect the allocation to illiquid assets through both these constraints. First, we find a hump-shaped i...

  14. Management of key pension plan risks from the user aspects

    Directory of Open Access Journals (Sweden)

    Rakonjac-Antić Tatjana

    2013-01-01

    Full Text Available The pension system is an important form of protection of individuals, i.e. of their ensuring for a period of living after retirement, when they are no longer able for working engagement. On the other hand, as a form of long-term insurance, this system presents a strong investment incentive for each economy. Pension plans are an important element of the pension system. There are defined benefit plans, defined contribution plans and hybrid plans, which represent a combination of the two previously mentioned plans. The aim of the work is to define the key risks for each of these types of pension plans in order to determine their advantages and disadvantages, from the aspect of their potential users, on the basis of their comparative analysis.

  15. STATE PENSION OR PRIVATE PENSION?

    Directory of Open Access Journals (Sweden)

    MANGRA MĂDĂLINA GIORGIANA

    2015-03-01

    Full Text Available The lack of sustainability of the public pension system brings into attention the private pension system, either mandatory (Pillar II or optional (Pillar III. Young employees do not perceive the future in bright colours while seeking solutions to shift from consumption to saving for retirement period. As long as the public pension system is weak, an important milestone for individual savings is represented by the private pension.

  16. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  17. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

  18. The Nigerian, Swedish and Chilean Pension Systems: A ...

    African Journals Online (AJOL)

    The Nigerian, Swedish and Chilean Pension Systems: A Comparative Analysis of Schemes and Reforms. ... Ethiopian Journal of Economics ... While Chile and Nigeria completely moved from a defined benefit system to a defined contribution system, Sweden chose a “hybrid”, a model which has received wide acclaim by ...

  19. 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).

  20. 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...

  1. 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

  2. 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

  3. 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).

  4. 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.

  5. Acturial Adjustment Aspects of Public Pension Schemes

    OpenAIRE

    Kamil Galuscak

    2001-01-01

    It has been shown in economic research that public pay-as-you-go defined-benefit pension plans penalize those who continue to work beyond a certain age by reducing the present discounted value of future retirement benefits. In discussions on the effectiveness of policies aimed at eliminating this age-dependency in worker retirement decisions, it is often assumed either that the benefits in all future periods have the same weight in the present discounted value or that the discount rate is clo...

  6. 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).

  7. 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).

  8. 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.

  9. Reforming Pensions in Europe: Economic Fundamentals and Political Factors

    OpenAIRE

    Ondřej Schneider

    2009-01-01

    This paper analyzes pension reforms in Europe and their determinants. As pension reforms are intrinsically difficult to define and pinpoint, we introduce an alternative measure of pension reforms by comparing long-term forecasts of pension expenditures for seventeen European countries. The larger the decrease in expected spending on public pensions in 2050 between two base years, the more successful a pension reform the country achieved (after controlling for other factors, such as demography...

  10. Generational Pension Plan Designs

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, Ronald

    2010-01-01

    We propose a generational plan for the occupational pension provision in which people from the same generation are pooled in a generational fund. Each fund can set its own policies independently. This plan provides the benefits of differentiation missing in the prevailing collective plan and the

  11. 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...

  12. Pension-Spiking, Free-Riding, and the Effects of Pension Reform on Teachers’ Earnings*

    Science.gov (United States)

    Fitzpatrick, Maria D.

    2017-01-01

    In many states, local school districts are responsible for setting the earnings that determines the size of pensions, but are not required to make contributions to cover the resulting state pension fund liabilities. In this paper, I document evidence that this intergovernmental incentive inherent in public sector defined benefit pension systems distorts the amount and timing of income for public school teachers. I use the introduction of a policy that required experience-rating on earnings increases above a certain limit in a differences-in-differences framework to identify whether districts are willing to pay the full costs of their earnings promises. Because of the design of the policy, overall earnings of teachers near retirement did not change. Instead, districts that previously provided one-time pay increases shifted to smaller increments spread out over several years. In addition, some districts that did not practice pension-spiking prior to the reform appear to begin providing payments up to the new, lower limit, perhaps due to increased salience of the fiscal incentive. Therefore, the policy was ineffective at decreasing pension costs. PMID:28983134

  13. 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.

  14. 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.

  15. 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 preceding...

  16. 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...

  17. An intergenerational optimization analysis of alternative deficit reduction strategies for the pension system in Turkey

    OpenAIRE

    Çiftçi, Barış

    2002-01-01

    Cataloged from PDF version of article. The publicly managed pension system in Turkey is currently run by the pay-asyou-go (PAYG) scheme, using contributions out of wage/salary incomes of currently active workers to finance pension benefits to retirees. The expenditure-revenue balances of a PAYG-based scheme are determined by the existing configuration of system parameters: the contribution rate which defines the rate at which a worker’s payroll/wage is contributed to the pen...

  18. 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...

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

    OpenAIRE

    Chen, Tianhong; Turner, John

    2015-01-01

    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 me...

  20. 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.

  1. 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.

  2. 38 CFR 23.525 - Fringe benefits.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Fringe benefits. 23.525... benefits. (a) “Fringe benefits” defined. For purposes of these Title IX regulations, fringe benefits means: Any medical, hospital, accident, life insurance, or retirement benefit, service, policy or plan, any...

  3. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

    The CERN Pension Fund has moved to new offices on the 5th floor of Building 5. The Benefits Service of the Fund is now located in Offices 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the relocation.

  4. 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...

  5. 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...

  6. 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...

  7. Pension Fund

    CERN Multimedia

    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...

  8. 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...

  9. 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...

  10. 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...

  11. 26 CFR 301.6103(l)(2)-3 - Disclosure to Department of Labor and Pension Benefit Guaranty Corporation of certain returns and...

    Science.gov (United States)

    2010-04-01

    ..., or (iii) A particular employee welfare benefit plan, as defined in section 3(1) of the Act, meets the..., officers or employees of the Internal Revenue Service may disclose the following returns and return information (as defined by section 6103(b)) to officers and employees of the Department of Labor or the...

  12. Social Security and Pensions in Lebanon: A Non-Contributory ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    UPGRADING LEBANON’ S ECONOMIC ANALYTICAL CAPACITY PROJECT 105541

    analysis of the need for pension reform and a public financial perspective on pension reform, and a proposal for ... Elderly people, who are seventy and above today, will not benefit from ..... component of existing Lebanese social security cost.

  13. 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...

  14. 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)

  15. Building benefits for homemakers: a report to the Minister of National Health and Welfare from the Canada Pension Plan Advisory Board

    National Research Council Canada - National Science Library

    1987-01-01

    ... ̀More effective participation of homemakers in the Canada Pension Plan'. Brought to light are inconsistencies arising from its previous recommendation that an imputed economic value be assigned to the work that homemakers...

  16. Defining kidney allograft benefit from successful pancreas transplant: separating fact from fiction.

    Science.gov (United States)

    Wiseman, Alexander C; Stites, Erik; Kennealey, Peter

    2018-06-06

    To define the natural history of kidney allograft loss related to recurrent diabetes following transplant, and to understand the potential benefit of pancreas transplantation upon kidney allograft survival. A postulated benefit of simultaneous pancreas kidney transplant is that, unlike kidney transplant alone, euglycemia from the added pancreas allograft may confer a nephroprotective benefit and prevent recurrent diabetic nephropathy in the renal allograft. Recent large database analyses and long-term histological assessments have been published that assist in quantifying the problem of recurrent diabetic nephropathy and answering the question of the potential benefits of euglycemia. Further data may be extrapolated from larger single-center series that follow the prognosis of early posttransplant diabetes mellitus as another barometer of risk from diabetic nephropathy and graft loss. Recurrent diabetic nephropathy following kidney transplant is a relatively rare, late occurrence and its clinical significance is significantly diminished by the competing risks of death and chronic alloimmune injury. Although there are hints of a protective effect upon kidney graft survival with pancreas transplant, these improvements are small and may take decades to appreciate. Clinical decision-making regarding pancreas transplant solely based upon nephroprotective effects of the kidney allograft should be avoided.

  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: 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...

  18. 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

  19. 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.

  20. 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.

  1. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

    The CERN Pension Fund has moved to new offices at the 5th floor of Building 5. The Benefits Service of the Fund will henceforth receive you in the offices: 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the Removal.

  2. On asset-liability matching and federal deposit and pension insurance

    OpenAIRE

    Zvi Bodie

    2006-01-01

    Asset-liability mismatch was a principal cause of the Savings and Loan Crisis of the 1980s. The federal government's failure to recognize the mismatch risk early on and manage it properly led to huge losses by the Federal Savings and Loan Insurance Corporation, which had to be covered by taxpayers. In dealing with the problems now facing the defined-benefit pension system and the Pension Benefit Guaranty Corporation (PBGC), the government seems to be making some of the same mistakes it made t...

  3. Collective pensions and the global financial crisis : The case of the Netherlands

    NARCIS (Netherlands)

    Bovenberg, A.L.; Nijman, T.E.; Maurer, R.; Mitchell, O.S.; Warshawsky, M.J.

    2012-01-01

    The global financial crisis triggered a major redesign of the collective pension system in the Netherlands. The current Dutch system can be characterized as a defined benefit system with nominal guarantees, which are increased in line with inflation if investment returns are satisfactory. The crisis

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. Next generation of individual account pension reforms in Latin America.

    Science.gov (United States)

    Kritzer, Barbara E; Kay, Stephen J; Sinha, Tapen

    2011-01-01

    Latin America led the world in introducing individual retirement accounts intended to complement or replace defined benefit state-sponsored, pay-as-you-go systems. After Chile implemented the first system in 1981, a number of other Latin American countries incorporated privately managed individual accounts as part of their retirement income systems beginning in the 1990s. This article examines the subsequent "reform of the reform" of these pension systems, with a focus on the recent overhaul of the Chilean system and major reforms in Mexico, Peru, and Colombia. The authors analyze key elements of pension reform in the region relating to individual accounts: system coverage, fees, competition, investment, the impact of gender on benefits, financial education, voluntary savings, and payouts.

  9. Pension Reform in Russia: A General Equilibrium Approach

    OpenAIRE

    Kuznetsov Artem; Ordin Oleg

    2001-01-01

    This paper uses a classic, overlapping generation model to analyze the optimal transition of the Russian economy from a PAYG pension system to a funded pension system. The transition is associated with the accumulation of social capital gained by increased contributions to the pension system. The analysis of the two-period model defines the optimal rule for the choice of the present value of the pension package as a function of aggregate capital stock in the economy. In the numerical simulati...

  10. 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

  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 in...

  12. 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...

  13. 38 CFR 8.5 - Authorization for deduction of premiums from compensation, retirement pay, or pension.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Authorization for deduction of premiums from compensation, retirement pay, or pension. 8.5 Section 8.5 Pensions, Bonuses, and... Authorization for deduction of premiums from compensation, retirement pay, or pension. Deductions from benefits...

  14. 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...

  15. Pension decisions in a changing economy: gender, structure, and choice.

    Science.gov (United States)

    Hardy, M A; Shuey, K

    2000-09-01

    As responsibility for financial security in retirement becomes more individualized, understanding the distribution and determinants of savings behavior grows in importance. Employed men and women often gain access to their pension assets when they change jobs. In this study gender differences in pre-retirement access to and disposition of accumulated pension assets are examined. The authors used data from the Health and Retirement Study to model pension participation, disposition of pension assets, and use of cash settlements derived from a pension plan in a previous job. Logit models provided estimates of gender differences in access to pensions and the preservation of pension funds for retirement. Women were less likely to have participated in employer-sponsored pension plans; more likely to cash out accumulated pension assets when they changed jobs; and, when job changes occurred at relatively young ages, equally likely to spend the settlement. However, by their late 40s, women were more likely to save the settlement, a net gender difference that increased with age at which the settlement was received. The structure of employment compensation continues to place women at a disadvantage. Gender differences in earnings and fringe benefits not only affect current financial status, but also cast a shadow over future financial security. Although the gender gap in pension coverage has been reduced, women with pensions have access to lower benefits and less in accumulated assets. As these continuing deficits are addressed, enhancing women's tendency to save pension assets for retirement can help them build financial security.

  16. 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

  17. INNOVATIONS – PREREQUISITE FOR PENSION SYSTEMS ADEQUACY

    Directory of Open Access Journals (Sweden)

    Ivanka Daneva

    2017-09-01

    Full Text Available The paper examines the views of Bulgarian and foreign researchers on the essential characteristics of the pension system adequacy and its modern characteristics. Adequacy is highlighted by financial security and equivalence in pension insurance. A definition of adequate income in the form of a pension is proposed. The main exogenous factors characterizing the need for modern innovations in the pension system have been characterized. The main directions in which the changes in the pension insurance models are taking place are defined. It is argued that in every modern state the generosity of the social security system is predetermined by the relative effectiveness of the alternative to the pay-as-you-go system.

  18. Re-reform of Latin American Private Pensions Systems: Argentinian and Chilean Models and Lessons

    OpenAIRE

    Carmelo Mesa-Lago

    2009-01-01

    Between 1981 and 2008, 11 countries in Latin America structurally reformed their defined-benefit, Pay-As-You-Go, public pension systems, partially or totally replacing them with defined contribution, fully funded, privately managed schemes based on individual accounts. Initial failures in design and subsequent performance of the private systems led to partial corrections, but in 2008 two countries implemented far reaching “re-reforms”: Chile maintained and improved its system, whereas Argenti...

  19. The pension reform: foreign experience for Ukraine

    Directory of Open Access Journals (Sweden)

    O. A. Vyshnevska

    2016-09-01

    ; extending the period of insurance and contributions to pension funds of the country; changes in the procedure of the pension benefit indexation; encouraging the development of additional professional programs of funded pension schemes and personal pension insurance; increasing premiums and upgrading the base for their calculations. The issue of retirement age is the most painful for all EU countries, as it affects the interests of several generations, present and future pensioners. The general trend towards increasing the retirement age is influenced by a number of demographic, economic and social factors: increased life expectancy and its active period; limited manpower; possibility of employing the professional and intellectual potential of elderly staff; the need for  spreading out  the base of contributors for the pension budget increase; preventing the risk of the poverty expansion among pensioners; smoothing the gap in living standards of the employed and pensioners. For our country, like for most European countries, the problem of population aging and, consequently, increased demographic burden is one of the biggest problems. The aging process of the Ukrainian nation is characterized by the rapid growth of the number of people aged over 60 years. According to demographic projections for 2026, their share will increase to 25%. In this situation, the only solution is to reform the pension system of Ukraine. It would be reasonable to adopt the European system of pension insurance as an example. Conclusions of the research. For our country, further study of the European experience and successful workable solutions will be useful with regard to their application in the process of building and reforming own pension systems, thus avoiding the negative trends caused by socio-economic realities of modern society.

  20. CERN Pensions: A constructive proposal

    CERN Multimedia

    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...

  1. 26 CFR 1.401(l)-3 - Permitted disparity for defined benefit plans.

    Science.gov (United States)

    2010-04-01

    ... plan provides no benefits with respect to average annual compensation up to the integration level. The...)(17)(ii) (the definition of final average compensation), the plan could specify that an employee's... of service and an excess benefit percentage of 1.85 percent of average annual compensation in excess...

  2. 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...

  3. Employee Retirement Income Security Act of 1974: rules and regulations for administration and enforcement; claims procedure. Pension and Welfare Benefits Administration, Labor. Final regulation.

    Science.gov (United States)

    2000-11-21

    This document contains a final regulation revising the minimum requirements for benefit claims procedures of employee benefit plans covered by Title I of the Employee Retirement Income Security Act of 1974 (ERISA or the Act). The regulation establishes new standards for the processing of claims under group health plans and plans providing disability benefits and further clarifies existing standards for all other employee benefit plans. The new standards are intended to ensure more timely benefit determinations, to improve access to information on which a benefit determination is made, and to assure that participants and beneficiaries will be afforded a full and fair review of denied claims. When effective, the regulation will affect participants and beneficiaries of employee benefit plans, employers who sponsor employee benefit plans, plan fiduciaries, and others who assist in the provision of plan benefits, such as third-party benefits administrators and health service providers or health maintenance organizations that provide benefits to participants and beneficiaries of employee benefit plans.

  4. 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.

  5. 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…

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

    CERN Document Server

    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  

  7. 77 FR 56710 - Proposed Information Collection (Veteran's Application for Compensation and/or Pension) Activity...

    Science.gov (United States)

    2012-09-13

    ... (Veteran's Application for Compensation and/or Pension) Activity: Comment Request AGENCY: Veterans Benefits.../or pension benefit sought. DATES: Written comments and recommendations on the proposed collection of... information technology. Titles: a. Veteran's Application for Compensation and/or Pension, VA Form 21-526. b...

  8. 77 FR 70210 - Agency Information Collection (Veteran's Application for Compensation and/or Pension): Activity...

    Science.gov (United States)

    2012-11-23

    ...'s Application for Compensation and/or Pension): Activity Under OMB Review AGENCY: Veterans Benefits... Application for Compensation and/or Pension, VA Form 21-526. b. Veteran's Supplemental Claim Application, VA.../or pension benefits. b. Veterans who previously filed a claim using VA Form 21-526, and who wish to...

  9. The Funding of State and Local Pensions: 2009-2013

    OpenAIRE

    Alicia H. Munnell; Jean-Pierre Aubry; Laura Quinby

    2010-01-01

    The financial crisis reduced the value of equities in state and local defined benefit pensions and hurt the funding status of these plans. The impact will become evident only over time, however, because actuaries in the public sector tend to smooth both gains and losses, typically over a five–year period. The first year for which the crisis will have a meaningful impact on reported funding status is fiscal 2009, since in most cases the fiscal 2008 books were closed before the market collapsed...

  10. 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...

  11. 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...

  12. 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

  13. 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. © The Author 2017. Published by Oxford University Press on behalf of The Gerontological Society of America. All rights reserved. For permissions, please e-mail: journals.permissions@oup.com.

  14. 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.

  15. 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 ...

  16. Trends in pension insurance

    Directory of Open Access Journals (Sweden)

    D. Shterev

    2017-12-01

    Full Text Available This article deals with a topical for our country problem which is related to the State Social Insurance. It provides a review of the factors having an adverse effect onto the financial state of the Bulgarian pension system. Discussed are the basic parameters related to the economic incentives in connection with the optimal functioning of the pension system

  17. Private pensions for Europe

    NARCIS (Netherlands)

    Bovenberg, L.; van Ewijk, C.

    2011-01-01

    Private pensions can enhance international and intergenerational risk-sharing and create a deeper European capital market, which allows for better diversification of country-specific risks and facilitates economic growth. Private funding of pensions creates a more integrated European capital market

  18. 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...

  19. Defining optimal duration and predicting benefit from chemotherapy in patients with luminal-like subtypes.

    Science.gov (United States)

    Hart, Christopher D; Sanna, Giuseppina; Siclari, Olimpia; Biganzoli, Laura; Di Leo, Angelo

    2015-11-01

    The molecular subtypes of breast cancer have individual patterns of behaviour, prognosis and sensitivity to treatment, with subsequent implications for the choice of, or indeed role for adjuvant therapy. The luminal A and B subtypes make up the majority of breast cancers, but despite sharing expression of the oestrogen receptor (ER), they are molecularly distinct. It follows then that they would have different sensitivities to chemotherapy. Clinically, luminal A disease has a better prognosis than luminal B, and may not derive significant benefit from adjuvant chemotherapy. However no prospective trials have specifically investigated the benefit of adjuvant chemotherapy in each subtype, nor do we know if certain agents are more or less effective. This paper will briefly summarise the role of molecular profiles in assessing the need for chemotherapy and predicting its effectiveness, followed by an assessment of the relative value of newer anthracycline- or taxane-containing regimes in the luminal-like subtypes, providing a review of retrospective analyses. Copyright © 2015 Elsevier Ltd. All rights reserved.

  20. 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.

  1. Ethnicity and Occupational Pension Membership in the UK

    Science.gov (United States)

    2015-01-01

    Abstract Reflecting a relatively low‐value Basic State Pension, occupational pensions have historically been a key aspect of pension protection within Britain. Existing research shows that minority ethnic groups are less likely to benefit from such pensions and are more likely to face poverty in later life, as a result of the interaction of their labour market participation and pension membership patterns. However, the lack of adequate data on ethnic minorities has so far prevented the direct comparison of different ethnic groups, as well as their comparison to the White British group. Using data from the UK Household Longitudinal Study, this article explores patterns of employment and the odds ratios of membership in an employer's pension scheme among working‐age individuals from minority ethnic groups and the White British population, taking into account factors not used by previous research, such as one's migration history and sector of employment (public/private). The analysis provides new empirical evidence confirming that ethnicity remains a strong determinant of one's pension protection prospects through being in paid work, being an employee and working for an employer who offers a pension scheme. However, once an individual is working for an employer offering a pension scheme, the effect of ethnicity on that person's odds of being a member of that scheme reduces, except among Pakistani and Bangladeshi individuals for whom the differentials remain. The article also provides evidence on the pension protection of Polish individuals, a relatively ‘new’ minority group in the UK. PMID:27563161

  2. 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.

  3. 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

  4. Are the ICD-10 or DSM-5 diagnostic systems able to define those who will benefit from treatment for depression?

    Science.gov (United States)

    Montgomery, Stuart

    2016-08-01

    Two widely used diagnostic systems, the International Statistical Classification of Diseases and Related Health Problems (ICD-10) and the Diagnostic and Statistical Manual of Mental Disorders, Fifth Edition (DSM-5), are reviewed for their ability to define those who will benefit from active treatment rather than placebo. Both systems suffer from a weakness in defining symptoms sufficiently clearly to separate depression from normal mood variations in the general population. Consequently, normal individuals may be medicalized and defined as suffering from and treated for depression. Also, in mild depression, unlike moderate depression, a lack of significant separation of active treatment from placebo has been shown in individual double-blind, placebo-controlled studies and in meta-analyses of these treatment studies. Both systems would be more useful for treatment purposes if they provided a clearer symptomatic definition of moderate depression, as is widely used in pivotal regulatory standard efficacy studies.

  5. ROMANIAN PENSION SYSTEMS AND LABOR SUPPLY OF OLDER WORKERS

    Directory of Open Access Journals (Sweden)

    Cristina CIURARU-ANDRICA

    2013-11-01

    Full Text Available Prolonging working lives, in the context of an ageing population, has been seen as a good way to improve, on the one hand, the financial sustainability of the public pension system and, on the other hand, the adequacy of the pension benefit. As the literature has shown, even when measures for extending working lives have been taken, the characteristics of the national pension system (especially those of public pension system deliberately or inherently affected the labor market exit of older workers. Thus, through an econometric analysis, we estimate the relationship between the participation rate of Romanian older workers and certain characteristics of the Romanian pension systems (but not only, hoping to complement a more general literature on the effects of pension systems on retirement decision.

  6. Simulating Pension Income Scenarios with penCalc : An Illustration for India's National Pension System

    OpenAIRE

    Sane, Renuka; Price, William J.

    2018-01-01

    This paper sets out initial results from a new modeling exercise for Defined Contribution (DC) pensions. It develops a package called penCalc based on the open source software language R, which is popular in the academic and modeling communities. All the coding is made freely available. The tool is illustrated for India's DC National Pension System. The aim is not to present the perfect mo...

  7. 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.

  8. The Decumulation (Payout) Phase of Defined Contribution Pillars : Policy Issues in the Provision of Annuities and Other Benefits

    OpenAIRE

    James, Estelle; Vittas, Dimitri

    2000-01-01

    Most countries reforming their pension system, focus more on the accumulation phase, than on the decumulation (pay-out), because the number of beneficiaries is likely to be small initially, especially if older workers are discouraged from joining the new system. Policymakers place a priority on the new accumulation system being administratively efficient, and well regulated. But the decumu...

  9. 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

  10. Pension Choices and the Savings Patterns of Public School Teachers

    Science.gov (United States)

    Goldhaber, Dan; Grout, Cyrus

    2016-01-01

    This paper examines the savings behavior of public school teachers who are enrolled in a hybrid pension plan that includes a defined contribution (DC) component. Few states have incorporated DC features into teacher pension systems and little is known about how providing teachers with greater control over deferred compensation might affect their…

  11. Valuation and Hedging of Variable Annuities in Pension Schemes

    NARCIS (Netherlands)

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

    2018-01-01

    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

  12. 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.

  13. 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...

  14. 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.

  15. 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.

  16. Empirical study on impact of demographic and economic changes on pension cost

    Science.gov (United States)

    Yusof, Shaira; Ibrahim, Rose Irnawaty

    2014-06-01

    A continuation of the same financial standard of living after retirement as before is very importance to retired person. The pension provider has a responsibility to ensure their employees receive the sufficient benefit after retirement and regularly monitor the factors that cause insufficient funds to pay benefit to retirees. Insufficient funds may be due to increased in pension cost. Some of the factors that increase the cost of pensions are changes in mortality rates and interest rates. This study will used these two factors to determine their sensitivity to pension cost. Two methods which are Accrued Benefit Cost Method and Projected Benefit Cost Method will be used to estimate pension cost. Interest rates has a inversely related to pension cost while mortality rates has a directly related to pension cost.

  17. X-efficiency and economies of scale in pension fund administration and investment

    NARCIS (Netherlands)

    G.A.G. Alserda (Gosse); J.A. Bikker (Jaap); S.G. van der Lecq (Fieke)

    2017-01-01

    textabstractPension funds’ operating costs come at the cost of benefits, so it is crucial for pension funds to operate at the lowest cost possible. In practice, we observe substantial differences in costs per member for Dutch pension funds, both across and within size classes. This paper discusses

  18. X-efficiency and economies of scale in pension fund administration and investment

    NARCIS (Netherlands)

    Alserda, Gosse A.G.; Bikker, J.A.|info:eu-repo/dai/nl/06912261X; van der Lecq, Fieke (S.G.)

    Pension funds’ operating costs come at the cost of benefits, so it is crucial for pension funds to operate at the lowest cost possible. In practice, we observe substantial differences in costs per member for Dutch pension funds, both across and within size classes. This paper discusses scale

  19. 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...

  20. 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...

  1. 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 ...

  2. Defined Contribution Model: Definition, Theory and an Application for Turkey

    OpenAIRE

    Metin Ercen; Deniz Gokce

    1998-01-01

    Based on a numerical application that employs social and economic parameters of the Turkish economy, this study attempts to demonstrate that the current collapse in the Turkish social security system is not unavoidable. The present social security system in Turkey is based on the defined benefit model of pension provision. On the other hand, recent proposals for reform in the social security system are based on a multipillar system, where one of the alternatives is a defined contribution pens...

  3. Taxing Pensions of an Internationally Mobile Labor Force: Portability Issues and Taxation Options

    OpenAIRE

    Holzmann, Robert

    2016-01-01

    There is a rising share of individuals spending at least some part of their working life abroad and acquiring pension rights. While the portability of pensions and other social benefits has received some analytical attention over the recent decade there is currently limited analytical guidance on the taxation of retirement provisions within a country, and there is virtually none for the taxation of internationally portable pensions. For both national and international taxation of pensions, th...

  4. Univariate time series modeling and an application to future claims amount in SOCSO's invalidity pension scheme

    Science.gov (United States)

    Chek, Mohd Zaki Awang; Ahmad, Abu Bakar; Ridzwan, Ahmad Nur Azam Ahmad; Jelas, Imran Md.; Jamal, Nur Faezah; Ismail, Isma Liana; Zulkifli, Faiz; Noor, Syamsul Ikram Mohd

    2012-09-01

    The main objective of this study is to forecast the future claims amount of Invalidity Pension Scheme (IPS). All data were derived from SOCSO annual reports from year 1972 - 2010. These claims consist of all claims amount from 7 benefits offered by SOCSO such as Invalidity Pension, Invalidity Grant, Survivors Pension, Constant Attendance Allowance, Rehabilitation, Funeral and Education. Prediction of future claims of Invalidity Pension Scheme will be made using Univariate Forecasting Models to predict the future claims among workforce in Malaysia.

  5. When do derivatives add value in asset allocation problems for pension funds?

    NARCIS (Netherlands)

    Cui, J.; Oldenkamp, B.; Vellekoop, M.

    2013-01-01

    Recent surveys indicate that many pension-fund participants aim for higher retirement income security. We investigate the added value of including derivatives in the portfolio of pension funds to achieve this goal. To do so, we define preferences that incorporate specific features of pension funds,

  6. 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)

  7. 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.

  8. Behavioral economics perspectives on public sector pension plans.

    Science.gov (United States)

    Beshears, John; Choi, James J; Laibson, David; Madrian, Brigitte C

    2011-04-01

    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.

  9. 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...

  10. Choices in Pension Management

    NARCIS (Netherlands)

    G.A.G. Alserda (Gosse)

    2017-01-01

    markdownabstractThe organization of pensions differs greatly across, and within, countries, and these differences affect the large number of stakeholders differently. The choices that underlie these differences tend to be very complicated, as they have to be balanced over the interests of different

  11. Work ability, effort-reward imbalance and disability pension claims.

    Science.gov (United States)

    Wienert, J; Spanier, K; Radoschewski, F M; Bethge, M

    2017-12-30

    Effort-reward imbalance (ERI) and self-rated work ability are known independent correlates and predictors of intended disability pension claims. However, little research has focused on the interrelationship between the three and whether self-rated work ability mediates the relationship between ERI and intended disability pension claims. To investigate whether self-rated work ability mediates the association between ERI and intended disability pension claims. Baseline data from participants of the Third German Sociomedical Panel of Employees, a 5-year cohort study that investigates determinants of work ability, rehabilitation utilization and disability pensions in employees who have previously received sickness benefits, were analysed. We tested direct associations between ERI with intended disability pension claims (Model 1) and self-rated work ability (Model 2). Additionally, we tested whether work ability mediates the association between ERI and intended disability pension claims (Model 3). There were 2585 participants. Model 1 indicated a significant association between ERI and intended disability pension claims. Model 2 showed a significant association between ERI and self-rated work ability. The mediation in Model 3 revealed a significant indirect association between ERI and intended disability pension claims via self-rated work ability. There was no significant direct association between ERI and intended disability pension claims. Our results support the adverse health-related impact of ERI on self-rated work ability and intended disability pension claims. © The Author 2017. Published by Oxford University Press on behalf of the Society of Occupational Medicine. All rights reserved. For Permissions, please email: journals.permissions@oup.com

  12. Improving pension product design

    DEFF Research Database (Denmark)

    Konicz, Agnieszka Karolina; Mulvey, John M.

    2013-01-01

    The paper develops a pension product that can be oered in a dened contribution pension scheme as a deferred or immediate life annuity. The product is characterized by linking an individual's savings directly to market returns and differs from the products available in the market by being adjusted...... 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...... are optimal under the expected utility function of retirement benets given the individual's characteristics. The problem is solved via a model that combines two optimization approaches: stochastic optimal control and multistage stochastic programming. The rst method is common in nancial and actuarial...

  13. 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...

  14. Long Dated Life Insurance and Pension Contracts

    OpenAIRE

    Aase, Knut K.

    2011-01-01

    We discuss the "life cycle model" by first introducing a credit market with only biometric risk, and then market risk is introduced via risky securities. This framework enables us to find optimal pension plans and life insurance contracts where the benefits are state dependent. We compare these solutions both to the ones of standard actuarial theory, and to policies offered in practice. Two related portfolio choice puzzles are discussed in the light of recent research, one is the horizon prob...

  15. 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...

  16. X-efficiency and Economies of Scale in Pension Fund Administration and Investment : There are 2 versions of this paper

    NARCIS (Netherlands)

    G.A.G. Alserda (Gosse); J.A. Bikker (Jaap); S.G. van der Lecq (Fieke)

    2017-01-01

    textabstractPension funds’ operating costs come at the cost of benefits, so it is crucial for pension funds to operate at the lowest cost possible. In practice, we observe substantial differences in costs per member for Dutch pension funds, both across and within size classes. This paper discusses

  17. 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)

  18. 76 FR 36176 - Fully Developed Claim (Fully Developed Claims-Applications for Compensation, Pension, DIC, Death...

    Science.gov (United States)

    2011-06-21

    ... DEPARTMENT OF VETERANS AFFAIRS [OMB Control No. 2900-0747] Fully Developed Claim (Fully Developed Claims--Applications for Compensation, Pension, DIC, Death Pension, and/or Accrued Benefits); Correction AGENCY: Veterans Benefits Administration, Department of Veterans Affairs. ACTION: Notice; correction...

  19. Evaluating Retirement Income Security for Illinois Public School Teachers. Public Pension Project Report

    Science.gov (United States)

    Johnson, Richard W.; Southgate, Benjamin G.

    2014-01-01

    The financial problems afflicting the Illinois teacher pension plan have grabbed headlines. An equally important problem, though underappreciated, is that relatively few teachers benefit much from the plan. This report evaluates the pension benefits provided to Illinois public school teachers. The researchers project annual and lifetime pension…

  20. 78 FR 26727 - Pension Benefit Statements

    Science.gov (United States)

    2013-05-08

    ... Consensus Estimate for the Equity Premium by Academic Financial Economists in December 2008, Social Sciences... Labor Statistics. Furthermore, the trustees of the Social Security Trust Fund assume that cost of living... either monthly or annual payments. The second method is the annuitization approach. This approach, for...

  1. 26 CFR 1.401(a)(9)-6 - Required minimum distributions for defined benefit plans and annuity contracts.

    Science.gov (United States)

    2010-04-01

    ... under the annuity contract. The actuarial present value of any additional benefits described under this... actuarial present value of any additional benefits provided under an annuity contract described in paragraph... beneficiary under the contract and the actuarial present value of the additional benefits is no more than 120...

  2. Socially Responsible Investment in Japanese Pensions

    OpenAIRE

    Henry Hongbo Jin; Olivia S. Mitchell; John Piggott

    2005-01-01

    As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as ...

  3. 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.

  4. 26 CFR 1.401(a)(4)-3 - Nondiscrimination in amount of employer-provided benefits under a defined benefit plan.

    Science.gov (United States)

    2010-04-01

    ... of Division S receive their benefit in the form of a straight life annuity and that employees of... accrual rate less than or equal to the employee's most valuable accrual rate. (2) Satisfaction of section... plan, and for determining whether the employee-provided benefits under such a plan are...

  5. 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...

  6. The logic of pension accounting

    OpenAIRE

    Napier, Christopher J.

    2009-01-01

    Accounting for pensions has been a problem for standard setters for over 30 years. Early attempts to develop accounting standards were based on a cost orientation and reflected funding considerations. More recently, a balance sheet focus has led to issues over identification and measurement of pension liabilities and assets. Accounting standards that permit enterprises to ignore, spread or segregate elements of pension cost, or to create artificial cost measures, are open to criticism and ...

  7. 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.

  8. 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.

  9. 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.

  10. Farmers' pensions and the Polish economic crisis.

    Science.gov (United States)

    Simanis, J G

    1983-04-01

    The Polish Government, in 1977, inaugurated a new pension program that made old-age and invalidity benefits available for the first time to most farmers in that country. The evolution and eventual failure of that program were closely intertwined with a growing national economic crisis, manifested in widespread popular unrest and culminating in emergence of the Solidarity movement. The farmers' pension program was originally presented as both a social security measure and a vehicle for improving agricultural efficiency. The economic situation was expected to benefit as farms of older owners were passed to younger, presumably more efficient, successors, with the state sometimes acting as intermediary. A further step to bind the social security concept to agricultural efficiency came through relating the pension amount to the quantity of produce the individual farmer sold to the state over a number of years. The failure of these provisions and other unpopular features of the new program was aggravated by inflation and continuing deterioration of the Polish economy.

  11. 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…

  12. Legal issues in cash balance pension plan conversions.

    Science.gov (United States)

    Forman, J B

    2001-01-01

    Replacing a traditional pension with a cash balance plan raises a number of complicated and unsettled legal issues, including the protection of accrued benefits, the rate of benefit accrual, age discrimination and notice requirements. This article discusses those issues and concludes that routine conversions to cash balance plans appear to be legal both currently and into the foreseeable future.

  13. 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.

  14. The lessons of the crisis on pension funds portfolio management

    Directory of Open Access Journals (Sweden)

    Dan CONSTANTINESCU

    2012-12-01

    Full Text Available Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.

  15. ANNUAL REPORT OF THE PENSION FUND

    CERN Multimedia

    HR Department

    2009-01-01

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

  16. 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

  17. Annual Report of the Pension Fund

    CERN Document Server

    HR Department

    2009-01-01

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

  18. 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...

  19. 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...

  20. 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...

  1. Pension funds in The Netherlands

    NARCIS (Netherlands)

    Kemna, A.G.Z.; Ponds, E.H.M.; Steenbeek, O.W.

    2012-01-01

    The Dutch pension fund system, considered among the best in the world, successfully combines a first-pillar flat-rate pension for all residents with a labor-related second pillar and voluntary savings accounts as the third pillar. This paper describes the main institutional characteristics of the

  2. 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

  3. Pension accounting and fair value

    OpenAIRE

    Napier, Christopher

    2007-01-01

    The chapter reviews the applicability of the fair value measurement concept to pension assets and liabilities, concluding that difficulties are likely to arise in measuring pension liabilities at far value, owing to the absence of well-developed markets for such liabilities.

  4. 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.

  5. 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.

  6. 77 FR 74353 - Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits

    Science.gov (United States)

    2012-12-14

    ... regulation will be 0.75 percent for the period during which a benefit is in pay status and 4.00 percent... PENSION BENEFIT GUARANTY CORPORATION 29 CFR Part 4022 Benefits Payable in Terminated Single-Employer Plans; Interest Assumptions for Paying Benefits AGENCY: Pension Benefit Guaranty Corporation...

  7. 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...

  8. 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.

  9. Who foregoes survivor protection in employer-sponsored pension annuities?

    Science.gov (United States)

    Johnson, Richard W; Uccello, Cori E; Goldwyn, Joshua H

    2005-02-01

    Retirees in traditional pension plans must generally choose between single life annuities, which provide regular payments until death, and joint and survivor annuities, which pay less each month but continue to make payments to the spouse after the death of the retired worker. This article examines the payout decision and measures the share of married retirees with pension annuities who forego survivor protection. The analysis consists of a probit model of the pension payout decision, based on data from the 1992-2000 waves of the Health and Retirement Study. More than one quarter (28%) of married men and two thirds of married women receiving employer-sponsored retirement annuities declined survivor protection. Men with small pensions and limited household wealth, men in better health than their spouses, and men whose spouses have pension coverage from their own employers are more likely than other men to reject survivor protection. Most workers appear to make payout decisions by rationally balancing the costs and benefits of each type of annuity, suggesting that existing measures to encourage joint and survivor annuities are adequate. However, the growth in 401(k) plans, which are generally not covered by existing laws protecting spousal pension rights, may leave widows vulnerable.

  10. 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.

  11. Rehabilitation time before disability pension.

    Science.gov (United States)

    Støver, Morten; Pape, Kristine; Johnsen, Roar; Fleten, Nils; Sund, Erik R; Claussen, Bjørgulf; Ose, Solveig Osborg; Bjørngaard, Johan Håkon

    2012-10-30

    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. 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. 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. 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.

  12. Defining the value of community benefits. Analyzing the kinds of goods society produces clarifies hospitals' charity care contribution.

    Science.gov (United States)

    Sanders, S M

    1992-01-01

    Community benefits occur when a hospital bears all or part of the relatively unquantifiable costs of promoting, sponsoring, or engaging in religious, educational, scientific, or health-related activities designed to improve community health. By the very nature of their health-related activities, not-for-profit hospitals make extensive and varied contributions to community benefit. When a hospital free clinic inoculates a child for measles, the community as a whole benefits because the inoculation reduces the chance that measles will spread. Not-for-profit hospitals also provide many goods that are "undersupplied" by the for-profit private sector or the public sector, such as research, trauma centers used disproportionately by self-pay patients, and advocacy to rid the community of health hazards. Moreover, a number of factors impose a legal and normative obligation on not-for-profit hospitals to engage in activities that benefit the community. These include Internal Revenue Service rules governing tax exemption, hospitals' fiduciary responsibilities to philanthropic donors, their obligations as "institutional actors" in their communities, and their mission to reach out to the poor and underserved.

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

    NARCIS (Netherlands)

    van der Zwan, N.

    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

  14. Crisis and pension system design in the EU : International spillover effects via factor mobility and trade

    NARCIS (Netherlands)

    Fedotenkov, I.; Meijdam, A.C.

    2013-01-01

    Many European Union states have adjusted pension benefits or reformed the pension system in reaction to the recent economic crisis, while other member states have postponed this type of adjustments. In this paper we study to what extent countries that responded quickly to the crisis are harmed by

  15. 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...

  16. 77 FR 37349 - Amendment of Prohibited Payment Option Under Single-Employer Defined Benefit Plan of Plan Sponsor...

    Science.gov (United States)

    2012-06-21

    ... or after the date on which the enrolled actuary of the plan certifies that the adjusted funding... on which the enrolled actuary of the plan certifies that the plan's adjusted funding target... defined in Sec. 1.411(d)-3(g)(4)). First, the enrolled actuary of the plan has certified that the plan's...

  17. 77 FR 66915 - Amendment of Prohibited Payment Option Under Single-Employer Defined Benefit Plan of Plan Sponsor...

    Science.gov (United States)

    2012-11-08

    ... limitation does not apply in a plan year on or after the date on which the enrolled actuary of the plan... after the date within the plan year on which the enrolled actuary of the plan certifies that the plan's... (the applicable amendment date, as defined in Sec. 1.411(d)-3(g)(4)). First, the enrolled actuary of...

  18. 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... ADMINISTRATION SPECIAL CATEGORIES OF CONTRACTING SERVICE CONTRACTING Service Contracts-General 1837.170 Pension portability. (a) It is NASA's policy not to require pension portability in service contracts. However, pension...

  19. The Making and Breaking of Trust in Pension Providers : An Empirical Study of Dutch Pension Participants

    NARCIS (Netherlands)

    van Dalen, Harry; Henkens, Kene

    2017-01-01

    Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of

  20. The making and breaking of trust in pension providers : An empirical study of pension participants

    NARCIS (Netherlands)

    van Dalen, Harry; Henkens, Kene

    2018-01-01

    Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of

  1. 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.

  2. Halting a Runaway Train: Reforming Teacher Pensions for the 21st Century

    Science.gov (United States)

    Lafferty, Michael B.

    2011-01-01

    When it comes to public-sector pensions, writes lead author Michael B. Lafferty in this report, "A major public-policy (and public-finance) problem has been defined and measured, debated and deliberated, but not yet solved. Except where it has been." As recounted in "Halting a Runaway Train: Reforming Teacher Pensions for the 21st…

  3. 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.

  4. A Systematic Review to Define the Speech and Language Benefit of Early (<12 Months) Pediatric Cochlear Implantation.

    Science.gov (United States)

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

    2016-01-01

    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. We conducted a search in PubMed, EMBASE and CINAHL databases and included studies comparing groups with different ages at implantation and assessing speech perception and speech production, receptive language and/or auditory performance. We included studies with a high directness of evidence (DoE). We retrieved 3,360 articles. Ten studies with a high DoE were included. Four articles with medium DoE were discussed in addition. Six studies compared infants implanted before 12 months with children implanted between 12 and 24 months. Follow-up ranged from 6 months to 9 years. Cochlear implantation before the age of 2 years is beneficial according to one speech perception score (phonetically balanced kindergarten combined with consonant-nucleus-consonant) but not on Glendonald auditory screening procedure scores. Implantation before 12 months resulted in better speech production (diagnostic evaluation of articulation and phonology and infant-toddler meaningful auditory integration scale), auditory performance (Categories of Auditory Performance-II score) and receptive language scores (2 out of 5; Preschool Language Scale combined with oral and written language skills and Peabody Picture Vocabulary Test). The current best evidence lacks level 1 evidence studies and consists mainly of cohort studies with a moderate to high risk of bias. Included studies showed consistent evidence that cochlear implantation should be performed early in life, but evidence is inconsistent on all speech and language outcome measures regarding the additional benefit of implantation before the age of 12 months. Long-term follow-up studies are necessary to provide insight on additional benefits of early pediatric cochlear implantation. © 2016 S. Karger AG, Basel.

  5. 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...

  6. For Teachers, a Better Kind of Pension Plan

    Science.gov (United States)

    Winters, Marcus A.

    2017-01-01

    Public school teachers deserve a compensation system that puts them on a secure path toward retirement. The severely backloaded structure of today's public school teacher pension systems benefit only a small proportion of entering teachers while putting the rest on an insecure retirement path. But there is a cost-neutral solution to this problem…

  7. The Macroeconomic Framework of the Functioning of Public Compulsory Pension Insurance

    Directory of Open Access Journals (Sweden)

    Gordana Đukić

    2017-06-01

    Full Text Available Unfavorable demographic trends, economic and political crisis created the need to analyze the current situation in the pension system and created the concept of the modern system. Existing public and private poles are the main causes of the crisis, especially the pension system based on intergenerational solidarity that has become unsustainable. The main problem is that the rate of the elderly population increases, the birth rate decrease, and revenues decreasing number of employees is not sufficient to support consumption ie. pension benefits a large number of pensioners. The sustainability of the system is reflected in the fact that the net income of pension funds should be increased to the same extent as net expenses, in order to maintain a constant net power. Maintaining living standards requires expenditure to finance the deficit of pension funds, which is achieved by budget transfers. Maintaining the balance of revenues and expenditures of pension funds, and the three pension pillars and the state budget is a priority to maintain economic stability, because the lack of purchasing power of pensioners causing social insecurity and unfavorable situation in public finances and the financial markets.

  8. Personality disorders are important risk factors for disability pensioning.

    Science.gov (United States)

    Østby, Kristian Amundsen; Czajkowski, Nikolai; Knudsen, Gun Peggy; Ystrom, Eivind; Gjerde, Line C; Kendler, Kenneth S; Ørstavik, Ragnhild E; Reichborn-Kjennerud, Ted

    2014-12-01

    To determine whether personality disorders (PDs) are associated with increased risk of disability pensioning in young adults, independent of other common mental disorders. 2,770 young adults from the general population were assessed for PDs by the Structured Interview for DSM-IV Personality, and for common mental disorders by the Composite of International Diagnostic Interview. These data were linked to the Norwegian National Insurance Administration's recordings of disability benefits for a 10-year period. Logistic regression analyses were applied to investigate the association between PDs and disability pensioning. The analyses were conducted for three types of PD measures: categorical diagnoses (any PD), dimensional scores of individual PDs and higher order components retrieved by principal component analyses. Having any PD was strongly associated with disability pensioning, regardless of disability diagnosis. The estimated odds ratio (OR) was substantially higher for PDs [OR 4.69 (95% confidence interval (CI) 2.6-8.5)] than for mood disorders [OR 1.3 (CI 0.7-2.3)] and anxiety disorders [OR 2.3 (CI 1.3-4.3)]. Measured dimensionally, all PD traits except antisocial traits were significantly associated with disability pensioning. After adjusting for co-occurring traits of other PDs, only schizoid, dependent and borderline PD traits showed a significant positive association with disability pension, while antisocial traits showed a significant negative association. The principal component analyses showed that negative affectivity, psychoticism, and detachment was associated with an increased risk of disability pensioning, while antagonism/disinhibition and obsessivity were not. PDs are strongly associated with disability pensioning in young adults, and might be more important predictors of work disability than anxiety and depressive disorders. Certain aspects of pathologic personalities are particularly important predictors of disability.

  9. The Perception of the Contributory Pension Scheme Administration ...

    African Journals Online (AJOL)

    info

    of transparency and accountability and the life time pension payment as in defined ..... The findings of this work have revealed that the staff of University of Benin did ... (6) The external auditors of PFAs are to be put under obligation to report ...

  10. PRIORITIES OF PENSION REFORM IN UKRAINE AT THE PRESENT STAGE

    Directory of Open Access Journals (Sweden)

    Volodymyr Rudyk

    2017-03-01

    Full Text Available The issues of reforming the national pension system in modern conditions are considered. Their main elements, level of  their using in the general pension model of the country are analyzed. The financial security of the pension sector, increasing in pension costs, tendencies of increase of  their share relative to GDP for the future were assessed. Comparison of this indicator on the European countries was made. Priorities for pension reform were identified, main directions of reorganization of the solidarity pension system, the necessity of introduction of obligatory accumulative pension insurance were justified, the ways of further development of private pension provision were determined. Special attention was paid to the need to improve the legislative framework, which will be the legal basis for the successful conduction of this stage of the pension reform. Key words: pension reform, pension system, pension system, pension provision, pension system, pension assets, pension programs, financial risks, pension management.

  11. 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.

  12. 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...

  13. 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.

  14. Essays on Debt and Pensions

    DEFF Research Database (Denmark)

    Yde Andersen, Henrik

    Money is a scarce resource for most people. For that reason, the decision whether to spend more today and less in the future or vice versa is a recurrent question to many of us. Pension systems provide incentives for saving for future consumption and mortgage markets allow us to increase...... consumption immediately by giving up future spending opportunities accordingly. For this reason, pension and mortgage systems play a key role to individual savings decisions. This dissertation is comprised by three self-contained chapters concerned with how individual savings behavior depends on the design...

  15. 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.

  16. 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...

  17. 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.

  18. Essays on collective funded pension schemes

    NARCIS (Netherlands)

    Chen, D.H.J.

    2016-01-01

    Many pension systems worldwide have welfare enhancing properties, but seem unsustainable due to ageing problems, low interest rates and the recent financial crisis. Revisions of pension systems are required to improve sustainability, even in some cases this might reduce the generosity of pension

  19. The Power of Percentage : Quantitative Framing of Pension Income

    NARCIS (Netherlands)

    Prast, Henriette; Teppa, F.

    2017-01-01

    We investigate whether the quantitative frame used to communicate future pension income to plan members matters for perceived pension income adequacy. We allocate plan members randomly to one of four pension income framing conditions: annual pension income, monthly pension income, pension income as

  20. The Diagnostics of the Status of Reforming the Pension Provision in Ukraine

    Directory of Open Access Journals (Sweden)

    Slobodyanyuk Natalija O.

    2017-12-01

    Full Text Available The article is aimed at assessing the current status of pension provision of Ukraine and substantiating further directions of its reforming. The main stages of carrying out pension reforms in Ukraine were systematized, which allowed to approve the parametric changes of the pension system components. The dynamics of changes in the average monthly wage, as well as the average amount of the accrued pension were researched. In order to ascertain performance by the State pension insurance as to the function of payment of part of the cost of labor, dynamics of the substitution coefficient during 2012–01.10.2017 was analyzed. The dynamics of financial indicators of the budget of the Pension fund of Ukraine (PFU was analyzed, determining its deficit for 2012–2017, defining a rapid growth of almost 5,2 times of the deficit of budget of the PFU at the end of the researched period, compared to 2012. The higher-than-anticipated growth of the deficit of the PFU over the GDP growth of the country as a whole has been diagnosed. It has been determined that the status of the pension system and the possibilities of its development are directly dependent on the demographic situation in the country. The dynamics of correlation of number of working persons and pensioners in Ukraine for 2012–2017 was researched and the steady tendency of reduction of number of occupied economically active population of Ukraine was revealed. Further ways of reforming the pension system of Ukraine on the basis of development of voluntary pension insurance as additional collateral to the State pension have been substantiated.

  1. 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

  2. La reforma de les pensions

    OpenAIRE

    Jiménez Martín, Sergi

    2016-01-01

    L'aparent superàvit que té el sistema de pensions ha generat ja el 2010 un cert dèficit. Per tant, no és tot tan bo com es planteja. Ara bé, en els propers anys s'ha plantejat una reforma que fins que no tingui efecte passaran bastants anys.

  3. 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.

  4. Analyzing the Pension System of the USSR

    Directory of Open Access Journals (Sweden)

    Aleksei V. Pudovkin

    2015-01-01

    Full Text Available The article under the title "ANALYSIS OF THE PENSION SYSTEM OF THE USSR" deals with numerous aspects of development of the pension system of the former USSR. Since the improvement of the Russian pension system is presently high on the agenda, the author believes that analyzing the own historical experience in the first line is essential in order to create a sound and efficient pension system in Russia. The study presented in the article aims to execute an in-depth analysis of legislature on the soviet pension system with the view to recreate the architecture of the pension system of the USSR. In addition, the study also reflects on the official statistics for the said period to make a qualified and fundamental conclusion on the efficiency of the soviet pension system. The evolution of the pension system, based on statistical data evidently proves the efficiently of the soviet pension system. It is highly recommended that the positive aspects of the soviet pension system are taken into consideration when reforming the actual pension system of Russian Federation.

  5. 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...

  6. 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...

  7. FACTORS AFFECTING FINANCIAL CONSUMERS’ PRIVATE PENSION PLAN DECISIONS: A LITERATURE REVIEW AND A CONCEPTUAL FRAMEWORK PROPOSAL

    Directory of Open Access Journals (Sweden)

    Aslı Elif Aydın

    2016-08-01

    Full Text Available The objective of this study is to propose a framework related to financial consumers’ private pension plan decisions. Specifically, we review the factors affecting consumers’ participation, contribution and asset allocation decisions regarding private pensions. The factors discussed include situational and dispositional factors, personality, motivation, financial literacy, and external influences. Based on this survey of literature, we develop a number of propositions, which are expected to benefit individual retirement planners and pension institutions in gaining a better understanding of retirement saving decisions.

  8. 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

  9. The Mexican Social Security counterreform: pensions for profit.

    Science.gov (United States)

    Laurell, A C

    1999-01-01

    The social security counterreform, initiated in 1997, forms part of the neoliberal reorganization of Mexican society. The reform implies a profound change in the guiding principles of social security, as the public model based on integrality, solidarity, and redistribution is replaced by a model based on private administration of funds and services, individualization of entitlement, and reduction of rights. Its economic purpose is to move social services and benefits into the direct sphere of private capital accumulation. Although these changes will involve the whole social security system--old-age and disability pensions, health care, child care, and workers' compensation--they are most immediately evident in the pension scheme. The pay-as-you-go scheme is being replaced by privately managed individual retirement accounts which especially favor the big financial groups. These groups are gaining control over huge amounts of capital, are authorized to charge a high commission, and run no financial risks. The privatization of the system requires decisive state intervention with a legal change and a sizable state subsidy (1 to 1.5 percent of GNP) over five decades. The supposed positive impact on economic growth and employment is uncertain. A review of the new law and of the estimates of future annuities reveals shrinking pension coverage and inadequate incomes from pensions.

  10. Insights from Swiss Pension Systems

    OpenAIRE

    Bütler, Monika

    2014-01-01

    This chapter takes Switzerland's much praised three-pillar system to illustrate some of the challenges pension system reforms face in an aging society. It shows that policymakers are confronted by some individuals with behavioral anomalies, and by others who strategically exploit the system The trade-off between providing incentives and adequate retirement income limits policy options, especially if reformers do not want to impose too many restrictions on individual choice and avoid excessive...

  11. 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...

  12. ELECTIONS PENSION FUND 5th 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 : 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...

  13. The impact on pension liabilities of Malaysian government pension scheme from remarriage due to removal of pension clause

    Science.gov (United States)

    Ibrahim, Rose Irnawaty; Siri, Zailan

    2014-12-01

    In the event of death of any government employee, their monthly pension will be given to their widow and their child. The government will stop paying that pension when the widow died and when the widow chooses to remarry. However, in 1st January 2002, the remarriage clause has been removed from the regulations. This would allow all widows who remarried to receive pension as usual. In view of this, there are possibilities that those widows who are still young might remarried. If many of the widows choose to remarry, it will be a burden to the government as it would increase the pension liabilities. However, we do not know how many of the widow will remarry. In view of this, the purpose of the study is to assess the impact to pension liabilities of government pension schemes on individual life due to removal clause of the remarriage by determining the pension factor and to assess to what extent the pension liabilities of government pension schemes would be affected.

  14. Company Stock in Pension Plans: How Costly Is It?

    OpenAIRE

    Meulbroek, Lisa

    2005-01-01

    Employees often hold substantial levels of company stock in their defined contribution pension plans, a practice widely recognized as risky. But holding company stock is not only risky, it is costly: employees who own company stock are not fully diversified, so expected returns on their portfolios are lower than equally risky, but fully diversified, portfolios. This paper investigates the costs of holding company stock and finds that the loss in diversification reduces the value of employees'...

  15. ON Integrated Chance Constraints in ALM for Pension Funds

    OpenAIRE

    Youssouf A. F. Toukourou; Fran\\c{c}ois Dufresne

    2015-01-01

    We discuss the role of integrated chance constraints (ICC) as quantitative risk constraints in asset and liability management (ALM) for pension funds. We define two types of ICC: the one period integrated chance constraint (OICC) and the multiperiod integrated chance constraint (MICC). As their names suggest, the OICC covers only one period whereas several periods are taken into account with the MICC. A multistage stochastic linear programming model is therefore developed for this purpose and...

  16. Pension plan participation among married couples.

    Science.gov (United States)

    Dushi, Irena; Iams, Howard M

    2013-01-01

    We present descriptive statistics on pension participation and types of pensions among married couples, using data from the 1996/2008 Panels of the Survey of Income and Program Participation and Social Security administrative records. Previous research has focused on pension coverage by marital status, but has not examined couples as a unit. Because couples usually share income, viewing them as a unit provides a better picture of potential access to income from retirement plans. Our analysis compares 1998 and 2009 data because substantial changes occurred in the pension landscape over this decade that could have influenced the prevalence of different pension plans, although we observe modest changes in participation rates and types of plans over the period. We find that in 20 percent of couples, neither spouse participated in a pension plan; in 10 percent, the wife was the only participant; and in 37 percent, the husband was the only participant.

  17. Sick leave and disability pension before and after initiation of antirheumatic therapies in clinical practice.

    Science.gov (United States)

    Neovius, M; Simard, J F; Klareskog, L; Askling, J

    2011-08-01

    To investigate sick leave and disability pension in rheumatoid arthritis (RA) in relation to the initiation of biological and non-biological antirheumatic therapies in clinical practice. Patients aged 19-60 years initiating non-biological mono (n=2796) or combination disease-modifying antirheumatic drug (DMARD) therapy (n=973), or biological agents (n=4787) were identified in the Swedish Rheumatology Quality Register between 1999 and 2007. Sick leave and disability pension data (1995-2010) were retrieved from national registers. During the year before the start of mono DMARD, combination DMARD and biological treatment, 10%, 12% and 43% of patients received disability pension benefits, respectively. The corresponding combined annual sick leave and disability pension days were 78 (54+25), 132 (105+27) and 190 (79+111). Irrespective of treatment type, initiators were characterised by a history of increasing sick leave and disability pension. Treatment start was associated with a break in this trajectory: sick leave decreased while disability pension increased, resulting in a net stabilisation of total days. Higher levels of days on sick leave and disability pension at treatment start were observed in patients initiating biologics in 1999 (236 days/year) compared with 2007 (150 days/year; ppension increased rapidly before the initiation of antirheumatic therapy, which was associated with a halt but not a reversal of this development. Work ability is a metric of importance for clinical practice, signalling large remaining needs in the RA population, and the need for intervention earlier in the disease process.

  18. THE FINANCIAL - ACCOUNTING IMAGE FOR THE PUBLIC BENEFITS OF RETIREMENT

    Directory of Open Access Journals (Sweden)

    IULIANA CENAR

    2010-01-01

    Full Text Available Like any field of activity conducted in an organizational framework, the public pensions sector is subjected to multiple transformations. Among these are identified the transformations regarding the structure of the pension system, the characteristics of the pension’s components/plans, the compatibility with the pension plans described by the international accounting standards, accounting treatments, etc. Therefore, this paper presents aspects regarding: the role of the public component of the pension system and its place within pension plans, potential risks and how they are assumed, the accounting of how pension funds are formed and used, using as guiding mark the two essential components of any pension plan: contributions and benefits, as well as the nature of the involved entities, aspects regarding the evolution of certain elements that influence the sustainability of the public pension system.

  19. The Making and Breaking of Trust in Pension Providers

    NARCIS (Netherlands)

    van Dalen, H.P.; Henkens, K.

    2017-01-01

    Trust in pension institutions is pivotal in making pension decisions, like saving or enrolling in pension programs. But which traits of pension institutions matter in making or breaking trust in providers like pension funds, banks or insurance companies? This paper presents an empirical analysis of

  20. 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.

  1. Real pension rights as a control mechanism for pension fund solvency

    NARCIS (Netherlands)

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

    2011-01-01

    This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993-2007). The model describes how nominal pension rights are

  2. Real Pension Rights as a Control Mechanism for Pension Fund Solvency

    NARCIS (Netherlands)

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

    2011-01-01

    This paper models policy responses to changes in solvency by Dutch occupational pension funds using a unique panel dataset containing the balance sheets of all registered pension funds in the Netherlands over a period of 15 years (1993–2007). The model describes how nominal pension rights are

  3. Pension prospects of minority ethnic groups: inequalities by gender and ethnicity.

    Science.gov (United States)

    Ginn, J; Arber, S

    2001-09-01

    Minority ethnic groups have low income in later life from private pensions, partly due to shorter employment records in Britain since migration. Yet disadvantage and discrimination in the labour market, as well as differences in cultural norms concerning women's employment, may lead to persistence of ethnic variation in private pension acquisition. Little is known about the pension arrangements made by men and women in minority ethnic groups during the working life. This paper examines the extent of ethnic disadvantage in private pension scheme arrangements and analyses variation according to gender and specific ethnic group, using three years of the British Family Resources Survey, which provides information on over 97,000 adults aged 20-59, including over 5,700 from ethnic minorities. Both men and women in minority ethnic groups were less likely to have private pension coverage than their white counterparts but the extent of the difference was most marked for Pakistanis and Bangladeshis. Ethnicity interacted with gender, so that Blacks showed the least gender inequality in private pension arrangements, reflecting the relatively similar full-time employment rates of Black men and women. A minority ethnic disadvantage in private pension coverage, for both men and women, remained after taking account of age, marital and parental status, years of education, employment variables, class and income. The research suggests that minority ethnic groups - especially women - will be disproportionately dependent on means-tested benefits in later life, due to the combined effects of low private pension coverage and the policy of shifting pension provision towards the private sector.

  4. 78 FR 4458 - Proposed Information Collection Request Submitted for Public Comment; Survey Regarding Pension...

    Science.gov (United States)

    2013-01-22

    ... Department's information collection requirements and provide the requested data in the desired format. The... survey questions and experiments related to pension benefit statements. Type of Review: New collection of... benefit statements in paper or electronic format, and what information from the statements do they...

  5. The Social Solidarity and the Meritorious Award of Special Pensions Premiais in Brazil

    Directory of Open Access Journals (Sweden)

    Milton Vasques Thibau de Almeida

    2016-06-01

    Full Text Available The Brazilian constitution contempt any different types of solidarity, some of them by the expressed form and others by the implicit form, have being awarded in this article the honor social solidarity, that gives legal fundaments to the special monthly and for all life pensions concessions to the ex-football players of the champion Brazilian Team on the World Championships of 1958, 1962 and 1970, the same that has been occurred with the ex-olimpic athletic Laís da Silva Souza. The Brazilian constitutional jurisprudence has been recognized the constitutionality of those laws that has given those rewarded pension concessions, but has been given to them the juridical nature of assistance benefit. Although a particular analyses of these laws that has been given those reward pensions concession revels the existence of supposes and requires that has been typical of the pension funds juridical nature.

  6. [Disability pensions in young age in Norway during 1976-1996].

    Science.gov (United States)

    Bjerkedal, T

    1998-06-10

    A 15% increase in the incidence of 16 to 24-year olds drawing disability pension was observed in Norway from 1976 to 93. This increase is mainly a consequence of the higher numbers of pensioners because of birth defects and mental retardation. Prevalence of these conditions, which are clearly related to pregnancy, delivery, and inheritable disorders, may have increased as a consequence of the improved survival of newborn babies observed during the last two decades. A 50% increase in the incidence of disability pensions among 16 to 24-year olds has occurred in the three-year period from 1994 to 96. The higher rate is most probably a consequence of the restrictions in rehabilitation benefits introduced in 1993, and the resultant difficulties in obtaining employment. The higher incidence is a clear indicator of the need to increase assistance for the disabled in order to avoid their being pensioned at a young age.

  7. 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.

  8. Accounting Standards and Market Value of Firms with Pension Plans

    Directory of Open Access Journals (Sweden)

    Sara Paralta

    2014-11-01

    Full Text Available This article investigates the impact of the adoption of International Accounting Standards on the market value of non-financial listed firms of the Euronext Lisbon Stock Exchange, in the PSI-20. The study of the impact of these standards is focused on the items of the Financial Statements, particularly on items subjected to the criteria of the fair value of assets and liabilities of pensions. Most of these companies have obligations to pay annuity benefits, particularly for retirement, which are managed by outsourced independent companies, such as pension funds and life insurance companies. By using a panel of the largest non-financial companies during the period 2004-2010, the results show that the setting of the fair value of those liabilities in the post-2005 period affects the market value of firms, not only on account of the adoption of the standards, but also due to the effect of the 2008 stock market crash.

  9. 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.

  10. 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...

  11. Pension fund sophistication and investment policy

    NARCIS (Netherlands)

    de Dreu, J.|info:eu-repo/dai/nl/364537906; Bikker, J.A.|info:eu-repo/dai/nl/06912261X

    This paper assesses the sophistication of pension funds’ investment policies using data on 748 Dutch pension funds during the 1999–2006 period. We develop three indicators of sophistication: gross rounding of investment choices, investments in alternative sophisticated asset classes and ‘home bias’.

  12. 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

  13. The political origin of pension funding

    NARCIS (Netherlands)

    Perotti, E.; Schwienbacher, A.

    2007-01-01

    This paper argues that historical political preferences on the role of capital markets shaped national choices on pension reliance on private funding. Under democratic voting, a majority will support investor protection and a privately funded pension system when the middle class has significant

  14. The political origin of pension funding

    NARCIS (Netherlands)

    Perotti, E.; Schwienbacher, A.

    2008-01-01

    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 (2006), large inflationary shocks due to war damage devastated middle

  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. 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

  17. Public Pension Plan Reform: The Legal Framework

    Science.gov (United States)

    Monahan, Amy B.

    2010-01-01

    There is significant interest in reforming retirement plans for public school employees, particularly in light of current market conditions. This article presents an overview of the various types of state regulation of public pension plans that affect possibilities for reform. Nearly all of the various approaches to public pension plan protection…

  18. A Comparative Typology of Pension Regimes

    NARCIS (Netherlands)

    Arjan Soede; Cok Vrooman

    2008-01-01

    This report presents an empirical typology of pension regimes in the European Union, the US, Canada, Australia and Norway. The categorisation is based on 34 quantitative and qualitative characteristics of the mandatory parts of the pension systems in these countries. The empirical analysis shows

  19. Market-Consistent Valuation of Pension Liabilities

    NARCIS (Netherlands)

    Pelsser, Antoon; Salahnejhad, Ahmad; van den Akker, Ramon

    2016-01-01

    Pension funds and life insurance companies have liabilities on their books with extremely long-dated maturities that are exposed to non-hedgeable actuarial risks and also to market risks. In this paper, we show that it is computationally feasible to price pensions contracts in an incomplete market

  20. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, R.

    2012-01-01

    This paper studies the investment performance of pension funds with a focus on their ability in implementing their intended 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.

  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. Designing Pension Plans to Incorporate Recent Legislation.

    Science.gov (United States)

    Biggs, John H.

    1983-01-01

    Two proposals before Congress threaten to offset the delicate balance in pension plan design. The significance of the normal retirement feature in plan design, some possible program design changes, and how the pension arrangements of higher education institutions would be affected are discussed. (MLW)

  3. 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

  4. 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...

  5. Pensions in the Netherlands: solidarity and choice

    NARCIS (Netherlands)

    Stella Hof

    2015-01-01

    Like Japan, the Netherlands has an ageing population. As a consequence, the affordability of old-age pensions is under pressure. The labour market is also changing, with people more often changing jobs or choosing to become self-employed. Both trends raise the question of whether the pension

  6. OFFERS FOR INDEXATION MECHANISM OF INSURANCE PENSION IN MANDATORY PENSION INSURANCE SYSTEM

    Directory of Open Access Journals (Sweden)

    A. Sil'chuk

    2016-01-01

    Full Text Available The main problem of mandatory pension insurance system is lack of monetary resources on payment of pensions. One of the key mechanisms of ensuring of financial stability of the system is indexation insurance pensions, so long as through indexation it is possible to regulate the stream of monetary resources of both budget of pension fund and federal budget's transfer payments.Objectives. The aim of this work is to form a suggestion upon settlement of indexation of insurance pension for ensuring of financial stability of the pension system.Methodology. Writing the article applied methods used in economic studies: analysis, analytical, comparative, induction.Results. The author finds the basic problems of existent mechanism of indexation of pensions and gives suggestions about development of indexation mechanism.Conclusions and Relevance. New approach can be easily applicable in any macroeconomic and demographic terms and allow to manage federal budget expenditures inclusive of its resource possibilities.

  7. 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...

  8. ELECTIONS PENSION FUND CANDIDATE NR 4

    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...

  9. 29 CFR 4022.3 - Guaranteed benefits.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Guaranteed benefits. 4022.3 Section 4022.3 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION COVERAGE AND BENEFITS BENEFITS PAYABLE IN TERMINATED SINGLE-EMPLOYER PLANS General Provisions; Guaranteed Benefits § 4022.3 Guaranteed...

  10. Office of Inspector General report on special audit of pension plans for Department of Energy contract employees of the University of California

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-08-01

    On May 15, 1996, the Department of Energy (DOE) announced its decision to extend and renegotiate its contracts with the University of California for the management and operation of the Los Alamos, Lawrence Berkeley, and Lawrence Livermore National Laboratories. Current contracts for the operation of these laboratories expire in 1997. The renegotiation process provides an opportunity for the Department to: (1) recover at least $620 million in excess assets from the pension plans it has funded for University of California employees who work at DOE`s laboratories; and (2) improve the Department`s ability to exercise prudent management of its interest in those pension funds. According to Department records, as of July 1, 1995, the University of California Retirement Plan had between $620 million and $2.0 billion in excess assets that were attributable to the Department of Energy (emphasis supplied). The wide variation in excess assets is a function of the assumptions used in making these calculations. These are described in Appendix 1 to this report. It was concluded as a result of the audit that, as part of the contract renegotiation process, the Department should obtain the cooperation and assistance of the University of California in recovering excess pension plan assets in a manner that does not affect the defined retirement benefits of the contract employees. This could include jointly sponsoring legislation to modify any existing legal restrictions.

  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. 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.

  13. Governing Board of the Pension Fund

    CERN Document Server

    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...

  14. 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...

  15. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    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...

  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. Pension Skejby - bare et alternativt sted?

    DEFF Research Database (Denmark)

    Minke, Linda Annette Kjær

    2009-01-01

    Pension Skejby er en af kriminalforsorgens pensioner, der anvendes til fuldbyrdelse af straf. Omtrent halvdelen af pensionens 26 pladser udgøres af ikke-dømte personer, der bor side om side med afsonerne, ud fra en antagelse om, at de ikke-straffede beboeres normer, har en positiv effekt på de...... kriminalitet og på sandsynligheden for uddannelsesmobilitet. En cox-regressionsanalyse viser, at sandsynligheden for recidiv er 21 pct. lavere for afsonere fra pension Skejby, når der sammenlignes med en sammenlignelig kontrolgruppe....

  18. 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

  19. 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.

  20. 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...

  1. 48 CFR 1852.237-71 - Pension portability.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 6 2010-10-01 2010-10-01 true Pension portability. 1852... 1852.237-71 Pension portability. As prescribed at 1837.110-70(b), insert the following clause: Pension Portability (JAN 1997) (a) In order for pension costs attributable to employees assigned to this contract to...

  2. 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...

  3. 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...

  4. Old age pensions in Mexico: Toward universal coverage

    OpenAIRE

    Willmore, Larry

    2014-01-01

    This paper chronicles the rise of social pensions in Mexico. First it summarizes the pension system prior to introduction of social pensions. Next it describes how Mexico City, the federal government, and seventeen of Mexico’s 31 states initiated social pensions, a policy supported eventually by each of the three major political parties. It concludes with thoughts on what remains to be done.

  5. Review of pension schemes of Ukraine and Argentina in ...

    African Journals Online (AJOL)

    The effectiveness of a pension plan or scheme is a function of its contents, structure and management. Over the years, the non-contributory pension scheme in Nigeria was confronted with daunting challenges. As alternative to these challenges, the 2004 Pension Reform Act came into force. The 2004 Pension Reform Act ...

  6. 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.

  7. The cost of homogeneity in life cycle pension funds: An explanation to demand's inelasticity of Mexican pension funds with a performance attribution test

    Directory of Open Access Journals (Sweden)

    Oscar V. De la Torre Torres

    2018-05-01

    Full Text Available In the present paper we study the lack of alpha generation in the main defined contribution pension funds (SIEFORES in Mexico and we compare the performance of each fund against the one of their life-cycle profile peers (SIEFORE type. As we expected, we found underperformance due to management costs and, more specifically, due to a homogeneous performance that we suggest it is induced by the actual investment policy. We also found that the observed betas have values closer to 1, especially in the case of the “all” SIEFORES system benchmark, a result that proves the observed homogeneous performance in all the SIEFORES. With our results we also prove that the return paid by Mexican Public pension funds is due to factors different than portfolio manager skills, supporting the proofs given in the related literature of pension fund demand inelasticity in Mexico, due to a noisy and uninformed pension fund selection. Keywords: Simulation modeling, Alpha generation, Pension funds, Informed decision, Portfolio selection, Competitiveness, Life cycle investment.

  8. 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...

  9. 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...

  10. 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.

  11. 38 CFR 9.14 - Accelerated Benefits.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Accelerated Benefits. 9...' GROUP LIFE INSURANCE AND VETERANS' GROUP LIFE INSURANCE § 9.14 Accelerated Benefits. (a) What is an Accelerated Benefit? An Accelerated Benefit is a payment of a portion of your Servicemembers' Group Life...

  12. 38 CFR 21.5725 - Obtaining benefits.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Obtaining benefits. 21... benefits. (a) Actions required of the individual. In order to obtain benefits under the educational assistance and subsistence allowance program, an individual must— (1) File a claim for benefits with VA, and...

  13. Board diversity and self-regulation in Dutch pension funds

    OpenAIRE

    Shi, Lin; Swinkels, Laurens; Lecq, Fieke

    2016-01-01

    markdownabstractPurpose - The purpose of this paper is to examine the change in pension fund board diversity after self-regulation was introduced, and investigate which pension fund characteristics influence compliance with self-regulation. In addition, the authors analyze whether compliance might be achieved by tokenism. Design/methodology/approach - The authors hand-collect pension fund and pension fund board data of the largest (by assets) 200 pension funds in the Netherlands. The authors ...

  14. Pensions with Heterogenous Individuals and Endogenous Fertility

    OpenAIRE

    Cremer, Helmuth; Gahvari, Firouz; Pestieau, Pierre

    2004-01-01

    This paper studies the design of pension schemes in a society where fertility is endogenous and parents differ in their ability to raise children. In a world with perfect information, a pay-as-you-go social security system is characterized by equal pensions for all but different contributions which may or may not increase with the number of children. Additionally, fertility must be subsidized at the margin to correct for the externality that accompanies fertility. In a world of asymmetric inf...

  15. 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.

  16. Pension System Methodology For Senior Citizens

    Directory of Open Access Journals (Sweden)

    Titel NEGRU

    2016-04-01

    Full Text Available The need to reform pension systems is one of the key social challenges for policymakers in Europe. The demographic evolutions of the last 26 years, the changes in the Romanian economy and society influenced one particular category - the retired people. As population inactive, retired people represents important year category, their numbers being rather big in comparison with the population employed, the practical pensions contributors are at the bottom with their founds.

  17. 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.

  18. Voting on pensions: sex and marriage

    OpenAIRE

    Leroux, Marie-Louise; Pestieau, Pierre; Racionero, Maria

    2009-01-01

    Existing political economy models of pensions focus on age and productivity. In this paper we incorporate two additional individual characteristics: sex and marital status. We ignore the role of age, by assuming that people vote at the start of their life, and characterize the preferred rate of taxation that finances a Beveridgean pension scheme when individuals differ in wage, sex and marital status. We allow for two types of couples: one-breadwinner and two-breadwinner couples. Marriage poo...

  19. 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...

  20. 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…

  1. Pensions and ageing in a globalizing world. International spillover effects via trade and factor mobility

    NARCIS (Netherlands)

    Fedotenkov, I.

    2012-01-01

    The main conclusions of the thesis are that pension reform can be welfare improving if losses and benefits are redistributed by the central government. The possibility of welfare improving social security reform comes from a more efficient use of an immobile production factor, such as land.

  2. 76 FR 27381 - Proposed Information Collection (Notice of Waiver of VA Compensation or Pension To Receive...

    Science.gov (United States)

    2011-05-11

    ... waive VA benefits for the number of days equal to the number of days in which they received training pay... of Waiver of VA Compensation or Pension To Receive Military Pay and Allowances) Activity; Comment... currently approved collection, and allow 60 days for public comment in response to the notice. This notice...

  3. 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.

  4. Did the Pension Protection Act (PPA) of 2006 Resolve the Pension Crisis in Corporate America?

    Science.gov (United States)

    Luca, John J.

    2009-01-01

    On August 17, 2006, President George W. Bush signed into law the Pension Protection Act (PL 109-280). The 907-page federal law has been referred to as the most comprehensive reform of the nation's pension law since the enactment of the Employee Retirement Income Security Act (ERISA) of 1974 (Lucas, 2008). This paper will examine the major…

  5. From segregation to pensions for all? Chinese elites’ search to establish a nationwide public pension system

    NARCIS (Netherlands)

    Stepan, M.

    2013-01-01

    This paper is dealing with the establishment of a public pension system in China that has the potential to extent its coverage to the large majority of the Chinese population and constitutes a break with the legacy of selective, work-unit based pension system that neglected the rural population at

  6. 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

  7. RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Apriyanto Gaguk

    2017-08-01

    Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

  8. Extent of colorectal peritoneal carcinomatosis: attempt to define a threshold above which HIPEC does not offer survival benefit: a comparative study.

    Science.gov (United States)

    Goéré, Diane; Souadka, Amine; Faron, Matthieu; Cloutier, Alexis S; Viana, Benjamin; Honoré, Charles; Dumont, Frédéric; Elias, Dominique

    2015-09-01

    The main prognostic factors after complete cytoreductive surgery (CCRS) of colorectal peritoneal carcinomatosis (PC) followed by intraperitoneal chemotherapy (IPC) are completeness of the resection and extent of the disease. This study aimed to determine a threshold value above which CCRS plus IPC may not offer survival benefit compared with systemic chemotherapy. Between March 2000 and May 2010, 180 patients underwent surgery for PC from colorectal cancer with intended performance of CCRS plus IPC. Among the 180 patients, CCRS plus IPC could be performed for 139 patients (curative group, 77 %), whereas it could not be performed for 41 patients (palliative group, 23 %). The two groups were comparable in terms of age, gender, primary tumor characteristics, and pre- and postoperative systemic chemotherapy. The mean peritoneal cancer index (PCI) was lower in the curative group (11 ± 7) than in the palliative group (23 ± 7) (p offer any survival benefit.

  9. Pensions at a glance 2015 OECD and G20 indicators

    CERN Document Server

    2016-01-01

    The 10-year anniversary edition of Pensions at a Glance highlights the pension reforms undertaken by OECD and G20 countries over the last two years. Two special chapters provide deeper analysis of first-tier pension schemes and of the impact of short or interrupted careers, due to late entry into employment, childcare or unemployment, on pension entitlements. Another chapter analyses the sensitivity of long-term pension replacement rates on various parameters. A range of indicators for comparing pension policies and their outcomes between OECD and G20 countries is also provided.

  10. 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.

  11. 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...

  12. 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...

  13. 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....

  14. 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 ...

  15. 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...

  16. Proof firm downsizing and diagnosis-specific disability pensioning in Norway.

    Science.gov (United States)

    Claussen, Bjørgulf; Næss, Øyvind; Reime, Leif Jostein; Leyland, Alastair H

    2013-01-11

    We wanted to investigate if firm downsizing is related to an increased rate of disability pensions among the former employed, especially for those with musculoskeletal and psychiatric diagnoses, and for those having to leave the firm. Statistics Norway provided a linked file with demographic information and all social security grants from the National Insurance Administration for 1992-2004 for all inhabitants in Norway. Our sample was aged 30-55 years in 1995, being alive, employed and not having a disability pension at the end of 2000. Downsizing was defined as percent change in number of employed per firm from 1995 to end 2000. Employment data were missing for 25.6% of the sample. Disability pension rates in the next four years were 25% higher for those experiencing a 30-59% downsizing than for those not experiencing a reduction of the workforce. 1-29% and 60-100% downsizing did not have this effect. Stayers following down-sizing had higher disability pension rates than leavers. What we have called complex musculoskeletal and psychiatric diagnoses were relatively most common. Moderate downsizing is followed by a significant increase in disability pension rates in the following four years, often with complex musculoskeletal and psychiatric diagnoses.

  17. The real risk in pension forecasting

    DEFF Research Database (Denmark)

    Slipsager, Søren Kærgaard

    2018-01-01

    This paper sheds light on some of the flaws in the forecasting approach undertaken by the pension industry. Specifically, it considers the treatment of inflation and shows that the current modeling framework is too simplistic. I identify the flaws of the existing regulatory framework and provide ...... scheme gives rise to a more heavy-tailed distribution implying a misestimation of downside risk and upside potential. Finally, it is shown in a realistic case study that the pension saver’s expected retirement payout profile is heavily affected....... 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...

  18. The Pension Fund passes important milestones

    CERN Document Server

    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...

  19. 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)

  20. 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)

  1. Neoadjuvant chemotherapy in locally advanced nasopharyngeal carcinoma: Defining high-risk patients who may benefit before concurrent chemotherapy combined with intensity-modulated radiotherapy.

    Science.gov (United States)

    Du, Xiao-Jing; Tang, Ling-Long; Chen, Lei; Mao, Yan-Ping; Guo, Rui; Liu, Xu; Sun, Ying; Zeng, Mu-Sheng; Kang, Tie-Bang; Shao, Jian-Yong; Lin, Ai-Hua; Ma, Jun

    2015-11-13

    The purpose of this study was to create a prognostic model for distant metastasis in patients with locally advanced NPC who accept concurrent chemotherapy combined with intensity-modulated radiotherapy (CCRT) to identify high-risk patients who may benefit from neoadjuvant chemotherapy (NACT). A total of 881 patients with newly-diagnosed, non-disseminated, biopsy-proven locoregionally advanced NPC were retrospectively reviewed; 411 (46.7%) accepted CCRT and 470 (53.3%) accepted NACT followed by CCRT. Multivariate analysis demonstrated N2-3 disease, plasma Epstein-Barr virus (EBV) DNA > 4000 copies/mL, serum albumin ≤ 46 g/L and platelet count >300 k/cc were independent prognostic factors for distant metastasis in the CCRT group. Using these four factors, a prognostic model was developed, as follows: 1) low-risk group: 0-1 risk factors; and 2) high-risk group: 2-4 risk factors. In the high-risk group, patients who accepted NACT + CCRT had significantly higher distant metastasis-free survival and progression-free survival rates than the CCRT group (P = 0.001; P = 0.011). This simple prognostic model for distant metastasis in locoregionally advanced NPC may facilitate with the selection of high-risk patients who may benefit from NACT prior to CCRT.

  2. Beyond Your Paycheck: An Employee Benefits Primer.

    Science.gov (United States)

    Stanton, Michael

    1990-01-01

    Discusses fringe benefits and points out that employee benefits in medium and large firms account for more than 27 percent of total compensation. Differentiates among statutory (required by law), compensatory (wages paid for time not worked such as vacation and sick leave), and supplementary (including insurance and pension plans) benefits and…

  3. 38 CFR 7.6 - Benefits.

    Science.gov (United States)

    2010-07-01

    ... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Benefits. 7.6 Section 7.6... Soldiers' and Sailors' Civil Relief Act Amendments of 1942 § 7.6 Benefits. Any policy found to be entitled... such monetary benefits arising out of the contract or by reason thereof, will be held subject to...

  4. 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.

  5. 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.

  6. Pension tax for the financial optimization of the Pensional System in Colombia

    OpenAIRE

    Pérez de La Rosa, Saúl Eduardo

    2017-01-01

    At present, the Colombian Pension System is in a financial deficit because, only for the year 2017 alone, it took 33.2 billion pesos for pensions from the Expenditure Budget, from an estimated 224.4 billion for the General Budget of the Nation (Law 1815 and 1837 of 2017). That is, almost 15% of the PGN invested in the pension scheme. The Organization for Economic Co-operation and Development (OECD) has reported in its economic assessment to Colombia that, despite advances in the macroeconomic...

  7. Pension Reform Act 2004 and its Controversies: Repeating or ...

    African Journals Online (AJOL)

    Pension Reform Act 2004 and its Controversies: Repeating or Learning from Past Mistakes? ... Journal of Research in National Development ... and discusses how the present pension reform will affect active employees when they retire.

  8. 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.

  9. A look into the United States' Underfunded Pension System

    OpenAIRE

    Lin, Jason; Sung, Jane

    2017-01-01

    The public pension crisis has come under increasing scrutiny over the past decade as shifting demographic trends, harsh economic conditions and the very nature of pension funds have changed, and not for the better. Pension funds create valuable saving and investment tools for an individual's retirement. They make what seems like the impossible daunting task of saving sufficient funds for retirement completely feasible. All indications lead to these trends continuing, therefore pension plans n...

  10. What Are Occupational Pension Plan Entitlements Worth in Britain?

    OpenAIRE

    Disney, Richard; Whitehouse, Edward

    1996-01-01

    The acquisition of rights by workers in private pension plans underpins retirement behavior, recruitment policy, and wage structure but there is controversy as to how these individual pension rights should be valued. The paper combines four data-sets to calculate pension entitlements for a sample of 3,000 British workers in 1987. Expected scheme tenure is a key variable in valuation; younger workers and women face greater initial uncertainty as to their pension outcomes, which is resolved as ...

  11. Lifetime income inequality with taxation and public benefits

    OpenAIRE

    Kemptner, Daniel; Haan, Peter; Prowse, Victoria

    2016-01-01

    In this paper, we show how taxation, unemployment insurance, welfare, disability benefits and public pensions affect the inequality of lifetime income. Using results from a dynamic life-cycle model estimated using German panel data, we show that taxation and public benefits combined reduce the inequality of lifetime income, measured by the Gini coefficient, by 22\\%. Pensions only slightly reduce inequality in lifetime income. Welfare benefits, meanwhile, make persistent transfers to individua...

  12. The Promise of Defined-Ambition Plans : Lessons for the United States

    NARCIS (Netherlands)

    Bovenberg, A.L.; Mehlkopf, R.J.; Nijman, T.E.

    This paper explores proposals for defined-ambition plans in Dutch occupational pensions. Firms no longer act as external risk sponsors but continue to provide a distributional platform for pensions, thereby addressing behavioral and agency issues as well as imperfections of insurance and financial

  13. The promise of defined-ambition plans : Lessons for the United States

    NARCIS (Netherlands)

    Bovenberg, A.L.; Mehlkopf, R.J.; Nijman, T.E.; Mitchell, O.S.; Shea, R.

    2016-01-01

    This paper explores proposals for defined-ambition plans in Dutch occupational pensions. Firms no longer act as external risk sponsors but continue to provide a distributional platform for pensions, thereby addressing behavioral and agency issues as well as imperfections of insurance and financial

  14. The Nigerian, Swedish and Chilean Pension Systems: A ...

    African Journals Online (AJOL)

    preferred customer

    the concern for the long-term financial viability of existing government operated pension ... Thus, this study comparatively evaluates the Nigerian, Swedish and Chilean pension ... Keywords: Demographic crisis, Pension reform, Public policy .... care which employers owe their employees on retirement or in case of death.

  15. Sharing risk : The Netherlands' new approach to pensions

    NARCIS (Netherlands)

    Ponds, E.H.M.; van Riel, B.

    2009-01-01

    The solvency crisis in 2001–2004 urged Dutch pension funds to reconsider their final-pay plans with de facto unconditional indexation. Most pension funds switched to an average-wage plan with solvency-contingent indexation. This pension plan redesign was the outcome of a new compromise between the

  16. 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...

  17. 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... rendered thereto in the discharge of governmental functions, and any life annuity, derived from sources...

  18. 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...

  19. 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.

  20. Reduction in diabetic amputations over 11 years in a defined U.K. population: benefits of multidisciplinary team work and continuous prospective audit.

    Science.gov (United States)

    Krishnan, Singhan; Nash, Fiona; Baker, Neil; Fowler, Duncan; Rayman, Gerry

    2008-01-01

    To assess changes in diabetic lower-extremity amputation rates in a defined relatively static population over an 11-year period following the introduction of a multidisciplinary foot team. All diabetic patients with foot problems admitted to Ipswich Hospital, a large district general hospital, were identified by twice-weekly surveillance of all relevant in-patient areas and outcomes including amputations recorded. The incidence of major amputations fell 62%, from 7.4 to 2.8 per 100,000 of the general population. Total amputation rates also decreased (40.3%) but to a lesser extent due to a small increase in minor amputations. Expressed as incidence per 10,000 people with diabetes, total amputations fell 70%, from 53.2 to 16.0, and major amputations fell 82%, from 36.4 to 6.7. Significant reductions in total and major amputation rates occurred over the 11-year period following improvements in foot care services including multidisciplinary team work.

  1. 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...

  2. 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...

  3. Ageing, funded pensions and the Dutch economy

    NARCIS (Netherlands)

    Bovenberg, A.L.; Knaap, T.; Fenge, R.; de Menil, G.; Pestieau, P.

    2008-01-01

    This chapter presents a discussion that seeks to identify through which different channels aging and pensions affect the Dutch economy, how these effects propagate, what the feedback effects are, and how the income distribution across and within generations is affected. It also seeks to quantify

  4. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    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...

  5. 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.

  6. 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

  7. 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

  8. 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

  9. 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...

  10. 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...

  11. Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the CERN Pension Fund for the Financial Year 2013 and comments from the CERN Pension Fund Management

    CERN Document Server

    2014-01-01

    Recommendations from the External Auditors to the CERN Pension Fund Management on the Financial Statements of the CERN Pension Fund for the Financial Year 2013 and comments from the CERN Pension Fund Management

  12. 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

  13. 20 CFR 1002.265 - If the employee is reemployed with his or her pre-service employer, is the employee's pension...

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false If the employee is reemployed with his or her pre-service employer, is the employee's pension benefit the same as if he or she had remained continuously employed? 1002.265 Section 1002.265 Employees' Benefits OFFICE OF THE ASSISTANT SECRETARY FOR VETERANS' EMPLOYMENT AND TRAINING SERVICE,...

  14. Legislated changes to federal pension income in Canada will adversely affect low income seniors' health.

    Science.gov (United States)

    Emery, J C Herbert; Fleisch, Valerie C; McIntyre, Lynn

    2013-12-01

    This study uses a population health intervention modeling approach to project the impact of recent legislated increases in age eligibility for Canadian federally-funded pension benefits on low income seniors' health, using food insecurity as a health indicator. Food insecurity prevalence and income source were assessed for unattached low income (seniors aged 65-69 years (population weighted n=151,485) using public use data from the Canadian Community Health Survey Cycle 4.1 (2007-2008). Seniors' benefits through federal public pension plans constituted the main source of income for the majority (79.4%) of low income seniors aged 65-69 years, in contrast to low income seniors aged 60-64 years who reported their main income from employment, employment insurance, Workers' Compensation, or welfare. The increase in income provided by federal pension benefits for low income Canadians 65 and over coincided with a pronounced (50%) decrease in food insecurity prevalence (11.6% for seniors ≥65 years versus 22.8% for seniors seniors' benefits in Canada from 65 to 67 years will negatively impact low income seniors' health, relegating those who are food insecure to continued hardship. © 2013.

  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. 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.

  17. 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)

  18. 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)

  19. Governing Board of the Pension Fund

    CERN Document Server

    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)

  20. Preferences and design in insurance and pensions

    DEFF Research Database (Denmark)

    Bruhn, Kenneth

    is on the relation between household preferences and the related optimal product design. Optimal decisions of a household are considered in continuous-time stochastic control theory models. Within a standard expected utility framework we investigate the eects of dierences between household members as well as tax......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...

  1. 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...

  2. 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......-mild restriction that the old be no less risk-averse than the young, extends to a neoclassical economy with endogenous labor supply....

  3. Public Pension Reform, Demographics, and Inequality

    OpenAIRE

    von Weizsäcker, Robert K

    1994-01-01

    Starting from a simple, descriptive model of individual income, an explicit link between the age composition of a population and the personal distribution of incomes is established. Demographic effects on income inequality are derived. Next, a pay-as-you-go financed state pension system is introduced. The resulting government budget constraint entails interrelations between fiscal and demographic variables, causing an additional, indirect demographic impact on the distribution. This is shown ...

  4. Negative reciprocity and retrenched pension rights

    OpenAIRE

    Montizaan, R.M.; Cörvers, F.; de Grip, A.; Dohmen, T.J.

    2012-01-01

    We document the importance of negatively reciprocal inclinations in labor relationships by showing that a retrenchment of pension rights, which is perceived as unfair, causes a larger reduction in job motivation the stronger workers' negatively reciprocal inclinations are. We exploit unique matched survey and administrative data on male employees in the public sector in the Netherlands and compare the job motivation of employees born in 1950, who faced a substantial retrenchment of their pens...

  5. 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...

  6. 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 ...

  7. 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...

  8. 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...

  9. 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...

  10. 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

  11. 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

  12. 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)

  13. 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...

  14. 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...

  15. 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...... of supplementary pension rights was not assured, there by undermining the freedom to labor mobility. This impaired the efficient allocation of labor, prevented sound family planning, infringed the fundamental right to social protection and during the Great Recession, hindered the employability of workers across......, as opposed to the coordination of statutory ones, has been neglected and contested for a long time. Second, it illustrates the shortcomings of a patchy coordination- without-portability regime. Third, it enumerates the characteristics of the Portability Directive passed by the European Parliament in April...

  16. Governing Board of the Pension Fund

    CERN Multimedia

    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

    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...

  18. Life Insurance and Individual Pension System

    Directory of Open Access Journals (Sweden)

    İbrahim PAÇACI

    2017-12-01

    Full Text Available There is no explanation in the source about the insurance and the private pension system, which are not known at the time of the formation of the fiqh and the period of the support. Upon the spread of the insurance, The provision of insurance in the geography of Islam has also begun to be discussed. There are contracts that have the elements and conditions that must be found in itself and that are not contradictory to the basic principles of Islam. In this respect, without accumulating life insurance that protects the person against sudden risks is permissible. The provision of cumulative life insurance and the individual pension system depends on the area where the premiums are deposited and the type of payment. Provided that the premiums are assessed in halal areas; a at the end of the period premiums and interests are paid back in full or on a specific plan, or b all or part of the premiums and interests are left in the company and the income share is paid as salary, these are permissible. However, it is not permissible if all or part of the premiums and duties are left in the company and a fixed salary is attached. It is permissible for the State to contribute to the entry into the private pension system in order to incentivize the savings, and it is permissible for them to receive this contribution.

  19. Governing Board of the Pension Fund

    CERN Multimedia

    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...

  20. 29 CFR 4281.45 - Notices of insolvency benefit level.

    Science.gov (United States)

    2010-07-01

    ... 29 Labor 9 2010-07-01 2010-07-01 false Notices of insolvency benefit level. 4281.45 Section 4281.45 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION INSOLVENCY... MASS WITHDRAWAL Benefit Suspensions § 4281.45 Notices of insolvency benefit level. (a) Requirement of...