Sample records for non-pension benefits offered
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When can insurers offer products that dominate delayed old-age pension benefit claiming?
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
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Ontario Universities Benefits Survey, 1990-91: Part I, Benefits Excluding Pensions.
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;…
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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.
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Who Benefits from Pension Enhancements?
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…
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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...
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Expanding Canada Pension Plan Retirement Benefits: Assessing Big CPP Proposals
Directory of Open Access Journals (Sweden)
Jonathan R. Kesselman
2010-10-01
well within the overall retirement income system, with other components adapting to the increased CPP benefits over a long phase-in period. Alternative reform proposals relating to the regulation of workplace pensions and new voluntary supplemental or multi-employer pension schemes are potentially useful but no substitute for the expansion of CPP benefits. Mandating employers to offer adequate pensions could be an alternative to a Big CPP but without all the same advantages. In summary, diverse empirical and analytical considerations support the expansion of CPP retirement benefits as the centrepiece of pension reform to achieve benefit adequacy for all retirees.
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Pension Benefit Insurance and Pension Plan Portfolio Choice
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...
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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
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17 CFR 256.926 - Employee pensions and benefits.
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...
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29 CFR 2510.3-2 - Employee pension benefit plan.
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...
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Examining Inequities in Teacher Pension Benefits
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…
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20 CFR 1002.260 - What pension benefit plans are covered under USERRA?
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...
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University Benefits Survey. Part 1 (All Benefits Excluding Pensions).
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,…
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Who Benefits from Pension Enhancements? Working Paper 76
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…
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22 CFR 19.9 - Pension benefits for former spouses.
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. ...
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Pension benefits of executive directors : A comparative study of general retailers between 2006-2010
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...
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20 CFR 1002.259 - How does USERRA protect an employee's pension benefits?
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...
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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.
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29 CFR 4.175 - Meeting requirements for health, welfare, and/or pension benefits.
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...
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Pension Funds and Financial Innovation
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 ...
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Communicating with Employees about Pension and Welfare Benefits.
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…
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Your organization should consider a cash-balance pension plan.
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.
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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.
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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.
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20 CFR 1002.266 - What are the obligations of a multiemployer pension benefit plan under USERRA?
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...
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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…
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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...
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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...
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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...
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18 CFR 367.9260 - Account 926, Employee pensions and benefits.
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...
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Benefit or Burden? On the Intergenerational Inequity of Teacher Pension Plans
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…
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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.
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A new way of looking at the risk in defined benefit pension plans.
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.
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A National Study of the Net Benefits of State Pension Plans for Educators
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…
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Characteristics of individuals with integrated pensions.
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
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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...
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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...
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Financial management of non-state pension fund forms and methods
Directory of Open Access Journals (Sweden)
Iureva Irina Anatolevna
2014-04-01
Full Text Available The main direction that determines the efficiency of non-governmental pension funds operation is the investment of pension reserves funds. It is possible to improve the regulation of investment process of non-governmental pension funds by expanding the assortment of tools available for investment. This will make it possible not only to achieve assets increase for the purpose of future fulfillment of obligations of paying non-governmental pensions to participants, but also contribute to financial market stabilization.
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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...
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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...
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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...
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29 CFR 2520.101-4 - Annual funding notice for multiemployer defined benefit pension plans.
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...
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Longevity expectations in the pension fund, insurance, and employee benefits industries.
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.
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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...
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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...
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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
policy anticipated. Meanwhile, it is unclear why so many other companies have chosen not to avail themselves of this temporary pension-funding relief, despite the advantages it offers for avoiding the risk of trapped surpluses. There also remain restrictions on who can underwrite these credit guarantees — regulations do not consider foreign banks and insurance companies acceptable, for example — raising the cost for companies that arrange letters of credit. Taken together, it would seem that there are signs that the policy changes allowing pension-funding relief might be serving their purpose and might be helping companies that could use it, but there is a worrying lack of information to be sure how well they are working and what problems may loom. It certainly seems like a close review is in order. When a Crown corporation is writing IOUs to its defined-benefit pension fund, that is surely a sign that policy-makers are not keeping a close enough eye on the outcomes this policy has led to.
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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...
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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).
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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.
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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.
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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...
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Directory of Open Access Journals (Sweden)
Margaret Ralston
2015-12-01
Full Text Available Social protection grants play a critical role in survival and livelihoods of elderly individuals in South Africa. Rarely is it possible to assess how well a social program reaches its target population. Using a 2010 survey and Agincourt Health Demographic Surveillance System census data we conduct multivariate logistic regression to predict pension receipt in rural South Africa. We find only 80% of age-eligible individuals report pension receipt. Pension non-recipients tend to be male, have poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services—whether for child or old-age social grants—is likely to have beneficial and synergistic effects.
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Ralston, Margaret; Schatz, Enid; Menken, Jane; Gómez-Olivé, Francesc Xavier; Tollman, Stephen
2015-01-01
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 poor socio-economic status, live in smaller households, be of Mozambican origin, and have poorer physical function; while older persons living in households receiving other grants are more likely to report pension receipt. We conclude that a reservoir of older persons exists who meet eligibility criteria but who are not yet receiving pensions. Ensuring that they and their households are properly linked to all available social services—whether for child or old-age social grants—is likely to have beneficial and synergistic effects. PMID:26712777
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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…
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Ethnicity and Occupational Pension Membership in the UK
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
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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.
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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
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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
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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
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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...
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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.
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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…
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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...
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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.
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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.
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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.
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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...
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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...
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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...
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Using a 401(h) account to fund retiree health benefits from your pension plan.
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.
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The tenability of the Dutch Preservative Tax Assessment in relation to pension benefits
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
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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...
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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...
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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.
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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
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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.
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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
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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...
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How Will Teachers Fare in Rhode Island's New Hybrid Pension Plan? Public Pension Project Brief 4
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…
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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...
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38 CFR 3.711 - Improved pension elections.
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...
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Gender and Public Pensions in China: Do Pensions Reduce the Gender Gap in Compensation?
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...
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Finding Common Ground in Pension Reform: Lessons from the Washington State Pension System
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…
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Pension systems, intergenerational risk sharing and inflation
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
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Long Dated Life Insurance and Pension Contracts
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...
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ELECTIONS PENSION FUND CANDIDATE NR 2
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...
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ELECTIONS PENSION FUND 2nd candidate
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...
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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.
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Empirical study on impact of demographic and economic changes on pension cost
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.
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Meeting of the Pension Fund Governing Board
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...
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Meeting of the Pension Fund Governing Board
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...
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Pensions as Retirement Income Insurance.
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...
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Company Stock in Pension Funds
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...
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IMPACT OF ECONOMIC AND NON-ECONOMIC FACTORS ON THE SUSTAINABILITY OF THE PENSION SYSTEM IN CROATIA
Directory of Open Access Journals (Sweden)
Maja Vretenar Cobović
2017-01-01
Full Text Available The pension system is very important in the context of the social security of every individual or the society in which it is located. Maintaining the stability of this system is one of the fundamental problems, both for Croatia and for other EU member states. The aim of this paper is to analyse the efficiency and sustainability of the existing pension system in the Republic of Croatia and the identification of key parameters which determine its further development. The authors’ comparative analysis of the Croatian pension system with the pension systems of individual EU Member States investigates the compliance of the Croatian pension insurance with the European social model, and the impact of economic factors on the sustainability of this system. Through the survey, authors explored the impact of non-economic factors on the pension system, and received relevant information about the attitudes of stakeholders (users of the current pension system, their awareness and confidence in the system, the willingness to participate in certain forms of pension insurance (in particular those that are voluntary and expectations of the insured on the return on investment, and the threshold of satisfaction on investments in pension funds.
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Multiemployer Pension Plan Terminations, Mergers, and Insolvencies
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...
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Individual breakdown of pension rights
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
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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.
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Electronic individual breakdown of pension rights and/or transfer value
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
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20 CFR 227.4 - Reduction for employer pension.
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...
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What we offer | IDRC - International Development Research Centre
International Development Research Centre (IDRC) Digital Library (Canada)
Our competitive salaries and benefits include ... and paid leave, flexible work hours , and alternate working arrangements, ... Pension plan – defined benefit and contribution pension plans; Travel health services; Employee wellness programs.
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20 CFR 228.18 - Reduction for public pension.
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...
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20 CFR 226.31 - Reduction for public pension.
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...
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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 Maurins 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 Funds 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.
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Pension Fund Investment Policy
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...
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Pension-Spiking, Free-Riding, and the Effects of Pension Reform on Teachers’ Earnings*
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
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Pension Fund - ELECTIONS - Irene SEIS
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...
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The Optimal Portfolio of PAYG Benefits and Funded Pensions in Germany
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
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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...
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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...
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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...
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Individual breakdown of pension rights and end of contract
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
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Intergenerational risk sharing and endogenous labour supply within funded pension schemes
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
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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.
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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...
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Pension decisions in a changing economy: gender, structure, and choice.
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.
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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.
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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.
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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.
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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.
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CERN Pensions: A constructive proposal
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...
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Ruschau, W J
2001-09-01
Many of the same forces that caused employers to gravitate toward account-based pension plans are beginning to spark similar changes in retiree medical plans. As medical costs continue to escalate, account-based retiree medical plans offer a new way to manage company outlays, while preserving an important benefit for retirees.
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Did pension plan accounting contribute to a stock market bubble?
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...
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RESOLUTION OF 10th September 2010 concerning the PENSION FUND
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...
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Risk, redistribution and retirement : The role of pension schemes
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
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20 CFR 404.408a - Reduction where spouse is receiving a Government pension.
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...
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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...
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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 ...
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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.
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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.
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Krokstad, Steinar; Westin, Steinar
2004-05-01
The objective of this study was to describe sociomedical determinants and developments for the medically based disability pension in Norway by linking individual based data from a county health survey to data on disability from the National Insurance Administration. Two cross-sectional total population health surveys with an approximate 10-year interval were conducted in Nord-Trøndelag county, HUNT I (1984-86) and HUNT II (1995-97), which allows for analyses of changes over time, supplied with official incidence data on disability pension. The large-scale variations and overall increasing incidence rates of disability pension in Norway during the last 20 years also applied to the county of Nord-Trøndelag. The prevalence of disability pension generally increased in the population from the mid-1980s to the mid-1990s. A striking finding was a consistent pattern of increasing prevalence of disability pension with decreasing socio-economic status and education. A geographic pattern for disability pension prevalence on a municipality level suggested that structural and cultural factors were important in determining the level of disability in society. Medical determinants alone cannot explain either the dramatic variations or the overall increased incidence rates of disability pension in the last two decades in Norway. The results demonstrate the importance of social, non-medical and contextual determinants for disability pension, how these determinants result in important prevalence differences by socio-economic status, and their impact on the level of disability in society.
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Impact of the non-contributory social pension program 70 y más on older adults' mental well-being.
Salinas-Rodríguez, Aarón; Torres-Pereda, Ma Del Pilar; Manrique-Espinoza, Betty; Moreno-Tamayo, Karla; Téllez-Rojo Solís, Martha María
2014-01-01
In 2007, a non-contributory pension program was launched in rural areas of Mexico. The program consisted in a non-conditional cash transfer of US$40 monthly to all older adults (OA) aged 70 and over. We evaluate the effect of the program on mental well-being of its beneficiaries. Quantitative and qualitative methods were used. For the quantitative component, we used the selection criteria established by the program (age and locality size) to form the Intervention (OA aged 70-74 residing in rural localities, expenses (β = 0.11, CI95% 0.05;0.18). Qualitative analysis found a strong trend showing a reduction of sadness, and feeling of increasing empowerment. These results suggest that a non-conditional transfer in older ages have an impact beyond the economic sphere, impacting even the mental well-being. This effect could be explained because the pension produces feelings of safety and welfare. It is recommendable that governments should invest efforts towards universalizing the non-contributory pension programs in order to ensure a basic income for the elderly.
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Generational Pension Plan Designs
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
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Farmers' pensions and the Polish economic crisis.
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.
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Pension fund's illiquid assets allocation under liquidity and capital constraints
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
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Market-Consistent Valuation of Pension Liabilities
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
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X-efficiency and economies of scale in pension fund administration and investment
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
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X-efficiency and economies of scale in pension fund administration and investment
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
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Pensions at a glance 2009 retirement-income systems in OECD countries
Organisation for Economic Cooperation and Development. Paris
2009-01-01
Pension and retirement policies have changed dramatically in recent years, as governments have tried to balance the goals of adequate retirement incomes and the long-term financial sustainability of pension systems in the face of population ageing. Pensions at a Glance 2009 provides a consistent framework for comparing pension policies between countries along with reliable data. This third edition updates information on key features of pension provision in OECD countries and provides projections of retirement income for todays workers. It offers an expanded range of indicators, including measures of assets, investment performance, coverage of private pensions, public pension spending, and the demographic context and outlook. Four special chapters provide an in-depth look at important issues in pension policy today. The first examines the implications of the present financial and economic crisis on pension systems. Which countries and which individuals are most affected? What can governments do to help and whi...
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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...
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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...
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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...
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Amendments to the rules of the Pension Fund concerning family composition
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...
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Should Government Facilitate Voluntary Pension Plans?
Directory of Open Access Journals (Sweden)
Norma L. Nielson
2010-07-01
Full Text Available Several proposals have surfaced recently that government develop and offer some sort of voluntary pension plan (VPP. This paper examines areas of public policy on pensions where changes should take place with or without the development of a VPP, including those that promote greater harmonization, portability, and labour mobility. Similarly, the challenges of inertia and annuitization are areas in which a VPP is only one of several available policy devices. In the final analysis, two key arguments provide the only compelling reasons to support the establishment of large, economically efficient funds: that their assets could be managed professionally and efficiently and that they could reduce the distraction from employers’ primary goals. Neither of these arguments, however, offers convincing evidence that VPPs should be developed by government rather than by the private sector. Ultimately, the marketplace will determine whether the additional option of a VPP is needed and whether it is offered on terms that make it more attractive than the other available alternatives.
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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…
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ELECTIONS PENSION FUND CANDIDATE NO 2
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 Maurins 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 Funds 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...
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Pensions under Pressure: Charter Innovation in Teacher Retirement Benefits
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…
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38 CFR 8.5 - Authorization for deduction of premiums from compensation, retirement pay, or pension.
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...
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Intergovernmental (Dis)incentives, Free-Riding, Teacher Salaries and Teacher Pensions
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...
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Automatics adjusment on private pension fund for Asian Mathematics Conferences
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.
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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.
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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…
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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...
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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...
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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/
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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...
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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).
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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).
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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).
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Dinkova, M.|info:eu-repo/dai/nl/412424363; Elling, S.K.|info:eu-repo/dai/nl/29688104X; Kalwij, A.S.|info:eu-repo/dai/nl/090663497; Lentz, L.R.|info:eu-repo/dai/nl/074712470
2018-01-01
Many people lack motivation to process pension information, as they do not feel the urgency to delve into their pension situation. This attitude may prevent them from taking informed pension decisions. This paper assesses whether offering tailored pension information based on age and gender is a way
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Taxing Pensions of an Internationally Mobile Labor Force: Portability Issues and Taxation Options
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...
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On asset-liability matching and federal deposit and pension insurance
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...
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12 CFR 563g.4 - Non-public offering.
2010-01-01
... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Non-public offering. 563g.4 Section 563g.4 Banks and Banking OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY SECURITIES OFFERINGS § 563g.4 Non-public offering. Offers and sales of securities by an issuer that satisfy the conditions of...
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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.
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REGIONAL DYNAMICS OF PRIVATE PENSION FUNDS IN ROMANIA
Dan Constantinescu
2011-01-01
The number of participants in the private pension funds, as well as the volume of their contribution, differs significant in each development region. It goes without saying that the territorial distribution of the indicators related to pension funds are influenced, on the one hand, by the offer of these financial products, which we estimate counting the number of marketing agents authorized by the supervisory committee and, on the other hand, by the solvent demand, which is also determined by...
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38 CFR 18b.64 - Offer of proof.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Offer of proof. 18b.64... Procedures § 18b.64 Offer of proof. An offer of proof made in connection with an objection taken to any... record as the offer of proof. ...
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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...
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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...
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Reforming pension fund governance in the Netherlands: finding a collective voice
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
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The structure, regulation, and performance of pension funds in nine industrial countries
Davis, E.P.; DEC
1993-01-01
The author offers an overview of issues relating to the development of funded pension schemes in industrial countries. The analysis applies the economic theory of pension regulation to experience with the structure, regulation, and performance of funds in nine countries - Canada, Denmark, Germany, Japan, Netherlands, Sweden, Switzerland, the United Kingdom, and the United States - seeking to shed light on the finance of old age security in developing countries and the reform of pension funds ...
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The Drivers of Responsible Investment : The Case of European Pension Funds
Sievanen, Riikka; Rita, Hannu; Scholtens, Bert
We investigate what drives responsible investment of European pension funds. Pension funds are institutional investors who assure the income of part of the population for a long period of time. Increasingly, stakeholders hold pension funds accountable for the non-financial consequences of their
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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.
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Work ability, effort-reward imbalance and disability pension claims.
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
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Administrative charges in pensions in Chile, Malaysia, Zambia, and the United States
Valdes-Prieto, Salvador
1994-01-01
The author offers a framework for an international comparison of charges in mandatory and private pension systems, and in state-run and privately managed systems. Such comparisons make it possible to determine which combinations of quality and cost make the most sense in pension services. He finds that: 1) Charges in the private annuity industry are much higher than other components of the pension package, and much higher than publicly provided annuities in the US; 2) comparing the collection...
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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.
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Pensions at a glance 2011 retirement-income systems in OECD and G20 countries
Organisation for Economic Cooperation and Development. Paris
2011-01-01
The theme of this fourth edition of Pensions at a Glance is pensions, retirement and life expectancy. Many countries have increased pension ages in the face of population ageing and longer lives. Some have introduced an automatic link between pensions and life expectancy. Improvements to the incentives to work rather than retire are also a common part of recent pension-reform packages. However, ensuring that there are enough jobs for older workers remains a challenge. An in-depth look at these important policy issues is provided by five special chapters on: pension ages, retirement behaviour, pension incentives to retire, the demand for older workers and linking pensions to life expectancy. This edition updates information on the key features of pension provision in OECD countries and provides projections of retirement income for today’s workers. It offers an expanded range of 34 indicators, covering the design of national retirement-income provision, pension entitlements, incomes of older people, the finan...
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VALUING THE CHINESE REIMBURSEMENT SYSTEM OF THE RETIREMENT PENSION INSURANCE FOR URBAN EMPLOYEES
Directory of Open Access Journals (Sweden)
Yue Guo
2017-06-01
Full Text Available This study investigates the funding and implementation of China's reformed pension system, particularly the impact of population aging on the system and the government’s recessive debt on pensions. We performed a literature review of relevant publications on the pension system in China as well as similar systems abroad. We also performed an in-depth analysis of the pension insurance fund in China’s Zhejiang province, based on available data from 2001 through 2014. Using a time series ARIMA forecasting model and a comprehensive prediction model, in conjunction with theories from economics, statistics and sociology, we tried to establish the implicit pension debt (IPD for Zhejiang and determine the pension payment feasibility for the next 15 years. We use our findings to explain the current problems with the pension system in Zhejiang and offer suggestions for improvement.
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Kazakhstan's Pension System: Pressures for Change and Dramatic Reforms
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...
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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 ...
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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.
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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.
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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.
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[Work place health promotion programmes of the statutory German Pension Insurance].
Meffert, C; Mittag, O; Jäckel, W H
2013-12-01
In 2009, the amendment of § 31 Abs. 1 Nr. 2 SGB VI gave the German Pension Insurance the opportunity to provide outpatient medical treatments for insured people who have an occupation with particularly high risk of health. Ever since, the German Pension Insurance has developed various work place prevention programmes, which have been implemented as pilot projects. This article aims at systematically recording and comparatively analyzing these programmes in a synopsis which meets the current state of knowledge. We developed an 8 page questionnaire focusing on work place prevention programmes by the German Pension Insurance. This questionnaire was sent to people in charge of all programmes known to us. All programmes have been drafted -across indications. They are aiming at insured people who already suffer from first health disorders but who are not in imminent need of rehabilitation. However, the concrete target groups at which the specific programmes are aimed differ (shift workers, nurses, elderly employees). Another difference between the various programmes is the setting (in- or outpatients) as well as the duration. All programmes are using existing structures offered by the German Pension Insurance. They provide measures in pension insurance owned rehabilitation centers. It would be desirable to link these performances with internal work place health promotion and offers of other social insurances. © Georg Thieme Verlag KG Stuttgart · New York.
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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.
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Do People Really Want Freedom of Choice? Assessing preferences of pension participants
van Dalen, H.P.; Henkens, K.
2017-01-01
Reforms in private pension plans across the world are opening up more options for pension participants to make choices to suit their preferences. Freedom of choice is however not a unidimensional concept as it is commonly perceived by policy makers. People can value both the freedom to choose as well as the freedom not to choose This observation can have far-reaching implications for pension policy design. By using a unique panel survey among Dutch employees we are able to offer a more refine...
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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).
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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.
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Directory of Open Access Journals (Sweden)
Shao-Lun Lu
2016-08-01
Full Text Available Maintenance pemetrexed offers survival benefit with well-tolerated toxicities for advanced non-squamous non-small cell lung cancer (NSCLC. We present 3 consecutively enrolled patients with advanced non-squamous NSCLC, receiving stereotactic ablative radiotherapy (SABR for oligoprogressive disease during maintenance pemetrexed. All of them had sustained local control of thoracic oligoprogression after the SABR, while maintenance pemetrexed were kept for additionally long progression-free interval. SABR targeting oligoprogression with continued pemetrexed is an effective and safe approach to extend exposure of maintenance pemetrexed, thus maximizing the benefit from it.
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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.
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Legal issues in cash balance pension plan conversions.
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.
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Impact Of Retirement Benefit Act (RBA) On Investment Returns To Pension Funds In Kenya
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 ...
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Acturial Adjustment Aspects of Public Pension Schemes
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...
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Pension fund's illiquid assets allocation under liquidity and capital constraints
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...
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Who foregoes survivor protection in employer-sponsored pension annuities?
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.
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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).
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Haukenes, Inger; Mykletun, Arnstein; Knudsen, Ann Kristin; Hansen, Hans-Tore; Mæland, John Gunnar
2011-05-30
The social gradient in disability pension is well recognized, however mechanisms accounting for the gradient are largely unknown. The aim of this study was to examine the association between occupational class and subsequent disability pension among middle-aged men and women, and to what extent work-related factors accounted for the association. A subsample (N = 7031) of the population-based Hordaland Health Study (HUSK) conducted in 1997-99, provided self-reported information on health and work-related factors, and were grouped in four strata by Erikson, Goldthorpe and Portocareros occupational class scheme. The authors obtained follow-up data on disability pension by linking the health survey to national registries of benefit (FD-trygd). They employed Cox regression analysis and adjusted for gender, health (medical conditions, mental health, self-perceived health, somatic symptoms) and work-related factors (working hours, years in current occupation, physical demands, job demands, job control). A strong gradient in disability pension by occupational class was found. In the fully adjusted model the risk (hazard ratio) ranged from 1.41 (95% CI 0.84 to 2.33) in the routine non-manual class, 1.87 (95% CI 1.07 to 3.27) in the skilled manual class and 2.12 (95% CI 1.14 to 3.95) in the unskilled manual class, employing the administrator and professional class as reference. In the gender and health-adjusted model work-related factors mediated the impact of occupational class on subsequent disability pension with 5% in the routine non-manual class, 26% in the skilled manual class and 24% in the unskilled manual class. The impact of job control and physical demands was modest, and mainly seen among skilled and unskilled manual workers. Workers in the skilled and unskilled manual classes had a substantial unexplained risk of disability pension. Work-related factors only had a moderate impact on the disability risk. Literature indicates an accumulation of hazards in the
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2011-01-01
Background The social gradient in disability pension is well recognized, however mechanisms accounting for the gradient are largely unknown. The aim of this study was to examine the association between occupational class and subsequent disability pension among middle-aged men and women, and to what extent work-related factors accounted for the association. Methods A subsample (N = 7031) of the population-based Hordaland Health Study (HUSK) conducted in 1997-99, provided self-reported information on health and work-related factors, and were grouped in four strata by Erikson, Goldthorpe and Portocareros occupational class scheme. The authors obtained follow-up data on disability pension by linking the health survey to national registries of benefit (FD-trygd). They employed Cox regression analysis and adjusted for gender, health (medical conditions, mental health, self-perceived health, somatic symptoms) and work-related factors (working hours, years in current occupation, physical demands, job demands, job control). Results A strong gradient in disability pension by occupational class was found. In the fully adjusted model the risk (hazard ratio) ranged from 1.41 (95% CI 0.84 to 2.33) in the routine non-manual class, 1.87 (95% CI 1.07 to 3.27) in the skilled manual class and 2.12 (95% CI 1.14 to 3.95) in the unskilled manual class, employing the administrator and professional class as reference. In the gender and health-adjusted model work-related factors mediated the impact of occupational class on subsequent disability pension with 5% in the routine non-manual class, 26% in the skilled manual class and 24% in the unskilled manual class. The impact of job control and physical demands was modest, and mainly seen among skilled and unskilled manual workers. Conclusions Workers in the skilled and unskilled manual classes had a substantial unexplained risk of disability pension. Work-related factors only had a moderate impact on the disability risk. Literature indicates
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Directory of Open Access Journals (Sweden)
Knudsen Ann
2011-05-01
Full Text Available Abstract Background The social gradient in disability pension is well recognized, however mechanisms accounting for the gradient are largely unknown. The aim of this study was to examine the association between occupational class and subsequent disability pension among middle-aged men and women, and to what extent work-related factors accounted for the association. Methods A subsample (N = 7031 of the population-based Hordaland Health Study (HUSK conducted in 1997-99, provided self-reported information on health and work-related factors, and were grouped in four strata by Erikson, Goldthorpe and Portocareros occupational class scheme. The authors obtained follow-up data on disability pension by linking the health survey to national registries of benefit (FD-trygd. They employed Cox regression analysis and adjusted for gender, health (medical conditions, mental health, self-perceived health, somatic symptoms and work-related factors (working hours, years in current occupation, physical demands, job demands, job control. Results A strong gradient in disability pension by occupational class was found. In the fully adjusted model the risk (hazard ratio ranged from 1.41 (95% CI 0.84 to 2.33 in the routine non-manual class, 1.87 (95% CI 1.07 to 3.27 in the skilled manual class and 2.12 (95% CI 1.14 to 3.95 in the unskilled manual class, employing the administrator and professional class as reference. In the gender and health-adjusted model work-related factors mediated the impact of occupational class on subsequent disability pension with 5% in the routine non-manual class, 26% in the skilled manual class and 24% in the unskilled manual class. The impact of job control and physical demands was modest, and mainly seen among skilled and unskilled manual workers. Conclusions Workers in the skilled and unskilled manual classes had a substantial unexplained risk of disability pension. Work-related factors only had a moderate impact on the disability risk
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ELECTIONS PENSION FUND CANDIDATE NO 1
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...
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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
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Directory of Open Access Journals (Sweden)
Jack M. Mintz
2014-11-01
further in this direction for non-U.S. foreign interest and dividend income of Canadian pension funds, these funds are left with lower benefits or higher contribution rates for pension plan members. It is also inevitably distorting the investment decisions being made by pension fund managers, producing a negative impact on risk-adjusted returns to their portfolios. While Canada may lose some revenue by forsaking some withholding tax, that would almost certainly be outweighed by the total economic gains as pension returns increase and, in reciprocal arrangements, Canada becomes more welcoming to foreign capital. With a number of countries already evidently open to the idea of tax exemptions for foreign interest and dividends earned by pension funds, and the economic effects for doing so overwhelmingly positive, the Canadian government should seriously consider getting started on negotiating reciprocal arrangements for cross-border pension fund investment with other countries.
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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.
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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.
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Staff Association
2015-01-01
New offer for our members. The Staff Association CERN staff has recently concluded a framework agreement with AXA Insurance Ltd, General-Guisan-Strasse 40, 8401 Winterthur. This contract allows you to benefit from a preferential tariff and conditions for insurances: Motor vehicles for passenger cars and motorcycles of the product line STRADA: 10% discount Household insurance (personal liability and household contents) the product line BOX: 10% discount Travel insurance: 10% discount Buildings: 10% discount Legal protection: 10% discount AXA is number one on the Swiss insurance market. The product range encompasses all non-life insurance such as insurance of persons, property, civil liability, vehicles, credit and travel as well as innovative and comprehensive solutions in the field of occupational benefits insurance for individuals and businesses. Finally, the affiliate AXA-ARAG (legal expenses insurance) completes the offer. Armed with your staff association CERN card, you can always get the off...
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Pension-Induced Rigidities in the Labor Market for School Leaders. Working Paper 67
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…
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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
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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...
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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.
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Optimizing the aging, retirement, and pensions dilemma
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...
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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.
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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...
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Labor Market Effects of Pensions and Implications for Teachers. Conference Paper 2009-06
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…
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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...
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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...
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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 ...
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Directory of Open Access Journals (Sweden)
Dmitro Leonov
2004-11-01
Full Text Available This article addresses the processes of forming investment resources from nonstate pension funds under current conditions in Ukraine and the laws and regula tions that define the principles of the formation of in vestment institutions. Based on factors that in the near est future will affect the decisionmaking process by which different kinds of investors make payments to non state pension funds, we develop a procedure for assessing the volume of investment influx from nonstate pension funds into the economy and propose a procedure for long and shortterm prognosis of the volume of investment in flux from nonstate pension funds into the Ukrainian economy.
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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.
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Optimal Design of Pension Funds : A Mission Impossible
Suijs, J.P.M.; De Waegenaere, A.M.B.; Borm, P.E.M.
1998-01-01
Nowadays many employers offer their employees the possibility of an insurance against too large losses in income when retiring or becoming disabled. This paper models the optimization problem of the employer when setting up such a so-called pension fund. not surprisingly, it turns out that the
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Real pension rights as a control mechanism for pension fund solvency
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
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Next generation of individual account pension reforms in Latin America.
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.
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IMPLEMENTATION OF MODERN FOREIGN APPROACHES TO UKRAINIAN PENSION SYSTEM REFORMING
Directory of Open Access Journals (Sweden)
Anna Khemii
2017-11-01
reduce the nominal size of pensions, but some countries introduce automatic adjustment of their size depending on the growth of life expectancy, incomes and expenditures of the pension system. In recent years, a number of countries, despite budgetary problems, have introduced tax incentives or co-financing voluntary savings to increase the proportion of citizens taking part in them. Others used nonfinancial incentives to expand coverage. The article outlines the main directions of reforming the pension system in Ukraine, namely, the expansion of the tax base for the working population, the introduction of the second pillar of the pension system, and the popularization of individual funded programs. Practical significance. The necessity of changes in the pension system of Ukraine on the basis of the effects of the reform of pension systems of the leading countries of the world. This made the cardinal changes in the systems in the countries of the world: the transition from financing pensions from current receipts to the system of individual accounts and savings, raising the retirement age, reviewing tariffs and requirements for risk management in pension funds, etc. Importance/ originality: conducted a sample of reforms in pension insurance of foreign countries and offered the possibility of implementing only the part that can be adapted and applied in the light of the individual characteristics of the Ukrainian state.
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Real Pension Rights as a Control Mechanism for Pension Fund Solvency
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
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[Disability pensions in young age in Norway during 1976-1996].
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.
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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.
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Trouble Brewing: The Disaster of California State Pensions. State Research
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…
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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)
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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
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Pension prospects of minority ethnic groups: inequalities by gender and ethnicity.
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.
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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
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The making and breaking of trust in pension providers : An empirical study of pension participants
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
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Wage dispersion and pension funds: Financialisation of non-financial corporations in the USA
Directory of Open Access Journals (Sweden)
ILHAN DÖGÜS
2018-03-01
Full Text Available The paper argues that wage dispersion between white-collar and blue-collar workers has caused the rise and expansion of pension funds in a direct and long-run structural manner in the USA. Using data from the Saez-Zucman and the St. Louis Fed’s FRED datasets, the argument is empirically analysed on yearly data for the period 1964-2012 in the USA. The results confirm the existence of a long-run relationship of causality from wage dispersion to the share of pension funds within US households’ financial wealth. Applying a vector error correction model to the data it emerges that the variance in pension funds due to wage dispersion starts to rise after the fifth period, and reaches 69% in the tenth period. .
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A COMPARATIVE STUDY ON THE PROFITABILITY OF TOURISTIC PENSIONS
Directory of Open Access Journals (Sweden)
Cristiana TINDECHE
2013-01-01
Full Text Available The expansion that rural tourism has witnessed in the late XIXth century was determined by the existence of two reasons: on the one side the revival and development of the rural area, and the other side the alternative tourism form compared to traditional, classic or table tourism. It is known that regardless of the external environment in which tourist accommodation units operate, an important role belongs to the quality of the services offered and the satisfaction level of the customers. This study aimed to comparatively analyze the economic efficiency of the Confort Pension located in a rural area and the Danacris Pension from the urban area. The reason for choosing these two units was that the types of tourism they represent are significant areas of operation, namely leisure tourism ("Confort " Pension from Suceava area and business tourism ("Danacris" Pension fromBucharest. Based on the existing methodology in the specialized literature, specific indicators were calculated in order to highlight economic efficiency. Based on the analysis of the main financial standing indicators and the evolution of income and expenditure one may conclude that both companies were profitable.
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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 ...
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Future pension accounting changes: implications for hospitals.
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.
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Non-contraceptive benefits of hormonal and intrauterine reversible contraceptive methods.
Bahamondes, Luis; Valeria Bahamondes, M; Shulman, Lee P
2015-01-01
Most contraceptive methods present benefits beyond contraception; however, despite a large body of evidence, many healthcare professionals (HCPs), users and potential users are unaware of those benefits. This review evaluates the evidence for non-contraceptive benefits of hormonal and non-hormonal contraceptive methods. We searched the medical publications in PubMed, POPLINE, CENTRAL, EMBASE and LILACS for relevant articles, on non-contraceptive benefits of the use of hormonal and intrauterine reversible contraceptive methods, which were published in English between 1980 and July 2014. Articles were identified using the following search terms: 'contraceptive methods', 'benefits', 'cancer', 'anaemia', 'heavy menstrual bleeding (HMB)', 'endometrial hyperplasia', 'endometriosis' and 'leiomyoma'. We identified, through the literature search, evidence that some combined oral contraceptives have benefits in controlling HMB and anaemia, reducing the rate of endometrial, ovarian and colorectal cancer and ectopic pregnancy as well as alleviating symptoms of premenstrual dysphoric disorder. Furthermore, the use of the levonorgestrel-releasing intrauterine system also controls HMB and anaemia and endometrial hyperplasia and cancer, reduces rates of endometrial polyps in users of tamoxifen and alleviates pain associated with endometriosis and adenomyosis. Depot medroxyprogesterone acetate controls crises of pain associated with sickle cell disease and endometriosis. Users of the etonogestrel-releasing contraceptive implant have the benefits of a reduction of pain associated with endometriosis, and users of the copper intrauterine device have reduced rates of endometrial and cervical cancer. Despite the high contraceptive effectiveness of many hormonal and intrauterine reversible contraceptive methods, many HCPs, users and potential users are concerned mainly about side effects and safety of both hormonal and non-hormonal contraceptive methods, and there is scarce information
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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...
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The Mexican Social Security counterreform: pensions for profit.
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.
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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
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Personality disorders are important risk factors for disability pensioning.
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.
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Lochner, Lance
2011-01-01
A growing body of work suggests that education offers a wide-range of benefits that extend beyond increases in labor market productivity. Improvements in education can lower crime, improve health, and increase voting and democratic participation. This chapter reviews recent developments on these "non-production" benefits of education with an…
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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.
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Minimum Protection in DC Funding Pension Plans and Margrabe Options
Directory of Open Access Journals (Sweden)
Pierre Devolder
2017-01-01
Full Text Available The regulation on the Belgian occupational pension schemes has been recently changed. The new law allows for employers to choose between two different types of guarantees to offer to their affiliates. In this paper, we address the question arising naturally: which of the two guarantees is the best one? In order to answer that question, we set up a stochastic model and use financial pricing tools to compare the methods. More specifically, we link the pension liabilities to a portfolio of financial assets and compute the price of exchange options through the Margrabe formula.
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2010-01-01
Poore v. Simpson Paper Co., 2009 U.S. App. LEXIS 11170 (9th Cir. Or. May 21, 2009). To be able to sue under ERISA, retirement health plan participants need not show that their benefits are vested the same way pension benefits are vested; the rights to the benefits need not be fixed or unalterable, rather, the employee must have an entitlement to the benefits.
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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
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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…
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Lifetime income inequality with taxation and public benefits
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...
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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.
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Employment of Lithuanian Statistical Data Into Tax-Benefit Micro-Simulation Models
Directory of Open Access Journals (Sweden)
Viginta Ivaškaitė-Tamošiūnė
2013-01-01
Full Text Available In this study, we aim to assess the “best fit” of the existing Lithuanian micro-datasets for constructing a national micro-simulation model. Specifically, we compare and evaluate the potential of two (state level representative micro-data surveys in terms of their potential to simulate Lithuanian (direct taxes, social contributions and social benefits. Both selected datasets contain rich information on the socio-economic and demographical conditions of the country: the Household Budget Survey (HBS for the years 2004 and 2005 and the European Community Statistics on Income and Living Conditions (EU-SILC in Lithuania for the year 2005. The selected databases offer the most comprehensive range of income and other socio-demographic attributes, needed for simulation of tax and contributions’ payers/amounts and benefits’ recipients/amounts. The evaluation of the dataset capacity to simulate these measures is done by a comparative statistical analysis. Among the comparative categories are definitions (of households, incomes, survey collection modes, level of aggregation of various variables, demographic and incomes variables and corresponding numbers (amounts. The comparative analysis of the HBS and EU-SILC datasets shows, that despite embedded differences and shortages regarding simulation capacities of both surveys, these datasets contain valuable and sufficient information for the purpose of simulation of Lithuanian tax-benefit policies. In general a conclusion could be drawn, that HBS offers higher possibilities of simulating the Lithuanian tax-benefit system. This dataset contains more detailed national income categories (i.e. recipients of maternity/paternity insurance, diverse pensions, etc.— information on which is not available in the EU-SILC. The latter dataset does not contain national policy system specific components, but offer information on income aggregates, such all old-age pensions, social exclusion benefits, etc
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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...
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ELECTIONS PENSION FUND CANDIDATE NR 5
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...
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ELECTIONS PENSION FUND 5th candidate
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...
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ANNUAL REPORT OF THE PENSION FUND
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
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Annual Report of the Pension Fund
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
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Annual Report of the Pension Fund
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
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For Teachers, a Better Kind of Pension Plan
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…
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38 CFR 3.16 - Service pension.
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...
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Socially Responsible Investment in Japanese Pensions
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 ...
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Impact of the non-contributory social pension program 70 y más on older adults' mental well-being.
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Aarón Salinas-Rodríguez
Full Text Available BACKGROUND: In 2007, a non-contributory pension program was launched in rural areas of Mexico. The program consisted in a non-conditional cash transfer of US$40 monthly to all older adults (OA aged 70 and over. We evaluate the effect of the program on mental well-being of its beneficiaries. METHODS AND FINDINGS: Quantitative and qualitative methods were used. For the quantitative component, we used the selection criteria established by the program (age and locality size to form the Intervention (OA aged 70-74 residing in rural localities, <2500 inhabitants and Control groups (OA aged 70-74, in localities with 2501-2700 inhabitants. Baseline data collection was conducted in 2007 where 5,465 OA were interviewed. The follow-up survey was conducted in 2008, and it was possible to interview 5,270 OA, with a response rate of 96%. A difference-in-difference linear probability model with individual fixed effect was used to estimate the impact of the program on mental well-being indicators. In 2009 a qualitative component was designed to explore possible causal pathways of such effect. RESULTS: After a year of exposure, the program had a significant effect on reduction of depressive symptoms (β = -0.06, CI95% -0.12; -0.01 and an increase in empowerment indicators: OA participated in important household decisions (β = 0.09, CI95% 0.03;0.15; and OA participated in household decisions pertaining to expenses (β = 0.11, CI95% 0.05;0.18. Qualitative analysis found a strong trend showing a reduction of sadness, and feeling of increasing empowerment. CONCLUSIONS: These results suggest that a non-conditional transfer in older ages have an impact beyond the economic sphere, impacting even the mental well-being. This effect could be explained because the pension produces feelings of safety and welfare. It is recommendable that governments should invest efforts towards universalizing the non-contributory pension programs in order to ensure a basic
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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.
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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.
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Employment of Lithuanian Statistical Data Into Tax-Benefit Micro-Simulation Models
Directory of Open Access Journals (Sweden)
Viginta Ivaškaitė-Tamošiūnė
2012-07-01
Full Text Available In this study, we aim to assess the “best fit” of the existing Lithuanian micro-datasets for constructing a national micro-simulation model. Specifically, we compare and evaluate the potential of two (state level representative micro-data surveys in terms of their potential to simulate Lithuanian (direct taxes, social contributions and social benefits. Both selected datasets contain rich information on the socio-economic and demographical conditions of the country: the Household Budget Survey (HBS for the years 2004 and 2005 and the European Community Statistics on Income and Living Conditions (EU-SILC in Lithuania for the year 2005. The selected databases offer the most comprehensive range of income and other socio-demographic attributes, needed for simulation of tax and contributions’ payers/amounts and benefits’ recipients/amounts. The evaluation of the dataset capacity to simulate these measures is done by a comparative statistical analysis. Among the comparative categories are definitions (of households, incomes, survey collection modes, level of aggregation of various variables, demographic and incomes variables and corresponding numbers (amounts.The comparative analysis of the HBS and EU-SILC datasets shows, that despite embedded differences and shortages regarding simulation capacities of both surveys, these datasets contain valuable and sufficient information for the purpose of simulation of Lithuanian tax-benefit policies.In general a conclusion could be drawn, that HBS offers higher possibilities of simulating the Lithuanian tax-benefit system. This dataset contains more detailed national income categories (i.e. recipients of maternity/paternity insurance, diverse pensions, etc.— information on which is not available in the EU-SILC. The latter dataset does not contain national policy system specific components, but offer information on income aggregates, such all old-age pensions, social exclusion benefits, etc. Additionally
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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.
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Impact of the Non-Contributory Social Pension Program 70 y más on Older Adults’ Mental Well-Being
Salinas-Rodríguez, Aarón; Torres-Pereda, Ma. Del Pilar; Manrique-Espinoza, Betty; Moreno-Tamayo, Karla; Téllez-Rojo Solís, Martha María
2014-01-01
BACKGROUND: In 2007, a non-contributory pension program was launched in rural areas of Mexico. The program consisted in a non-conditional cash transfer of US$40 monthly to all older adults (OA) aged 70 and over. We evaluate the effect of the program on mental well-being of its beneficiaries. METHODS AND FINDINGS: Quantitative and qualitative methods were used. For the quantitative component, we used the selection criteria established by the program (age and locality size) to form the Interven...
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The Social Solidarity and the Meritorious Award of Special Pensions Premiais in Brazil
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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.
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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.
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Pension System Related Public Politics
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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.
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29 CFR 4022.3 - Guaranteed benefits.
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...
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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).
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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...
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48 CFR 1837.170 - Pension portability.
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...
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ELECTIONS PENSION FUND CANDIDATE NR 1
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 ...
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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.
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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.
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Pension tax for the financial optimization of the Pensional System in Colombia
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...
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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.
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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.
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Private pensions. A less taxing alternative.
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.
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The welfare state, pensions, privatization: the case of Social Security in the United States.
Du Boff, R B
1997-01-01
In all high-income nations, the welfare state is under challenge, with particular concern voiced about the burden of retirement pensions on the public fisc and on younger workers. The strongest drive against social insurance is taking place in the United States, which has less of it than other nations and appears to be in the best position to meet future entitlement claims. In this article, the author examines the liabilities that the U.S. Social Security system is likely to incur over the next 35 years and finds that there is little danger that the system will fall into insolvency. Privatizing Social Security is not necessary to assure the integrity of future pension benefits. Furthermore, the cost-benefit ratio of privatization appears to be unfavorable, as borne out by the mandatory private pension plan in effect in Chile. Some wealthy nations will face greater demographic strains than the United States, but all need to retain the welfare state as a foundation for future changes in the world of work.
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Expensive blood safety initiatives may offer less benefit than we think
DEFF Research Database (Denmark)
Kamper-Jørgensen, Mads; Hjalgrim, Henrik; Edgren, Gustaf
2010-01-01
Various blood safety initiatives have ensured a historically low risk of infection transmission through blood transfusion. Although further prevention of infection transmission is possible through, for example, nucleic acid testing and future introduction of pathogen inactivation, such initiative...... are very costly in relation to the benefit they offer. Although estimation of the cost-effectiveness requires detailed information about the survival of transfusion recipients, previous cost-effectiveness analyses have relied on incorrect survival assumptions....
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Does our Pension Fund take too many risks?
Association du personnel
2012-01-01
An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, take...
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Does our Pension Fund take too many risks?
Staff Association
2012-01-01
An article in the Tribune de Genève of 22 June entitled “CERN: the Pension Fund takes risks” expressed the “astonishment” of some Swiss experts regarding the CERN Pension Fund’s investment of 500 million dollars in hedge funds (usually the most speculative, alternative, and non-traditional type of funds), representing some 15% of the assets under management. In the article, Mr Théodore Economou, administrator of our Pension Fund, specified that the Fund makes use of alternative investments in a very selective way (ethical criteria, no positions in funds that use only short selling, and with limitations on leverage). Some experts consider that the Fund is taking too many risks. We need to recall that the performance target (3% above inflation, or 5% gross) does not allow the Fund to limit its investments to risk-free products (e.g., the Swiss Confederation’s 30-year bonds have a return of less than 1% per annum). Moreover, tak...
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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.
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Governing Board of the Pension Fund
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...
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ELECTIONS PENSION FUND 3rd candidate
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...
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ELECTIONS PENSION FUND CANDIDATE NR 3
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...
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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...
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38 CFR 23.525 - Fringe benefits.
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...
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38 CFR 21.5725 - Obtaining benefits.
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...
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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.
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Directory of Open Access Journals (Sweden)
Petr Kupčík
2015-01-01
Full Text Available The paper focuses on the payment of lifetime pensions paid by pension companies based on the selected mortality table of the Czech Statistical Office. We assume different input values depending on the size of the Sharpe ratio pension companies from selected countries. This paper aims to identify and assess the impact of the Sharpe ratio on the payment of lifetime pensions in postproduction period. We used data of nominal appreciation of pension companies from the Visegrad countries and Sweden, Switzerland and the Netherlands in the period 2005–2013. In the empirical analysis we additionally distinguished between guaranteed and non-guaranteed pension funds. For the purpose of calculating lifetime pensions, we used the formula early paid pension by the pension company on the Czech market down in its her pension plan with an expected median payment period of r years. We found link between the value of the Sharpe ratio and the size of lifetime pensions. Conclusion of the paper shows the effects of low performance of pension funds on lifetime pension with a focus on the Czech Republic. The scientific paper describes partial results reached within the project no. 54/2014 of the Internal Grant Agency of the Faculty of Business and Economics of the Mendel University in Brno following the aims and methodology of the given project.
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38 CFR 9.14 - Accelerated Benefits.
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...
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38 CFR 3.314 - Basic pension determinations.
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...
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How membership of the CERN Pension Fund is taken into account by certain French Pension Funds
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...
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Governing Board of the Pension Fund
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...
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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
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38 CFR 3.454 - Veterans disability pension.
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...
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Lung segmentectomy: does it offer a real functional benefit over lobectomy?
Charloux, Anne; Quoix, Elisabeth
2017-12-31
Anatomical segmentectomy has been developed to offer better pulmonary function preservation than lobectomy, in stage IA lung cancer. Despite the retrospective nature of most of the studies and the lack of randomised studies, a substantial body of literature today allows us to evaluate to what extent lung function decreases after segmentectomy and whether segmentectomy offers a real functional benefit over lobectomy. From the available series, it emerges that the mean decrease in forced expiratory volume in 1 s (FEV 1 ) is low, ranging from -9% to -24% of the initial value within 2 months and -3 to -13% 12 months after segmentectomy. This reduction in lung function is significantly lower than that induced by lobectomy, but saves only a few per cent of pre-operative FEV 1 Moreover, the published results do not firmly establish the functional benefit of segmentectomy over lobectomy in patients with poor lung function. Some issues remain to be addressed, including whether video-assisted thoracic surgery (VATS) segmentectomy may preserve lung function better than VATS lobectomy in patients with poor lung function, especially within the early days after surgery, and whether this may translate to lowering the functional limit for surgery. Eventually, trials comparing stereotactic ablative body radiotherapy, radiofrequency ablation and segmentectomy functional consequences are warranted. Copyright ©ERS 2017.
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Lung segmentectomy: does it offer a real functional benefit over lobectomy?
Directory of Open Access Journals (Sweden)
Anne Charloux
2017-10-01
Full Text Available Anatomical segmentectomy has been developed to offer better pulmonary function preservation than lobectomy, in stage IA lung cancer. Despite the retrospective nature of most of the studies and the lack of randomised studies, a substantial body of literature today allows us to evaluate to what extent lung function decreases after segmentectomy and whether segmentectomy offers a real functional benefit over lobectomy. From the available series, it emerges that the mean decrease in forced expiratory volume in 1 s (FEV1 is low, ranging from −9% to −24% of the initial value within 2 months and −3 to −13% 12 months after segmentectomy. This reduction in lung function is significantly lower than that induced by lobectomy, but saves only a few per cent of pre-operative FEV1. Moreover, the published results do not firmly establish the functional benefit of segmentectomy over lobectomy in patients with poor lung function. Some issues remain to be addressed, including whether video-assisted thoracic surgery (VATS segmentectomy may preserve lung function better than VATS lobectomy in patients with poor lung function, especially within the early days after surgery, and whether this may translate to lowering the functional limit for surgery. Eventually, trials comparing stereotactic ablative body radiotherapy, radiofrequency ablation and segmentectomy functional consequences are warranted.
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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...
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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.
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Directory of Open Access Journals (Sweden)
J. Iñaki de la Peña
2017-06-01
Full Text Available Una de las contingencias para causar la prestación en un plan de pensiones es la dependencia en grado de severa o gran dependencia. Su inclusión en las especificaciones conlleva la necesidad de realizar una serie de consideraciones para ser contemplada como contingencia.El objetivo de este trabajo es desarrollar la metodología para incorporar esta prestación en un plan de pensiones que ya se encuentre implantado y tenga en cuenta la mortalidad inherente al dependiente severo o gran dependiente. Esto conduce a un sistema que permite una equivalencia financiero-actuarial que determine la prestación actuarialmente equivalente para el beneficiario fijándose un factor de conversión equivalente. De este modo se consigue un sistema justo y equitativo con cada situación personal del dependiente, entendido como una adaptación de la pensión a la situación biométrica del beneficiario favoreciendo el aspecto social de la prestación. One of the contingencies into a pension plan is the dependence in high degrees (severe or great dependence. The inclusion into the pension scheme asks a series of considerations to face this contingency. The aim of this work is to develop the methodology to incorporate this benefit into a pension plan that is running and bears in mind the different mortality rates between the beneficiary and the dependent. Upon this point of view, the system allows a financial - actuarial equivalence to determine the equivalent benefit for the beneficiary under an equivalent actuarial factor. Thus, there is obtained an equitable system according to every personal situation. That is doing an adjustment of the benefit under biometric situation of the beneficiary adding a social aspect to the pension plan.
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Rehabilitation time before disability pension.
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.
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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.
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Essays on collective funded pension schemes
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
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Pension plan participation among married couples.
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.
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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...
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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...
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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...
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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...
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THE FINANCIAL - ACCOUNTING IMAGE FOR THE PUBLIC BENEFITS OF RETIREMENT
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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.
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48 CFR 1852.237-71 - Pension portability.
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...
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Collective pensions and the global financial crisis : The case of the 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
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Governing Board of the Pension Fund
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...
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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...
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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.
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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...
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The logic of pension accounting
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 ...
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The Power of Percentage : Quantitative Framing of Pension Income
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
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DEDUCTIBILITY OF CONTRIBUTIONS TO VOLUNTARY PRIVATE PENSIONS
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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.
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PRIORITIES OF PENSION REFORM IN UKRAINE AT THE PRESENT STAGE
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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.
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Health Benefits In 2016: Family Premiums Rose Modestly, And Offer Rates Remained Stable.
Claxton, Gary; Rae, Matthew; Long, Michelle; Damico, Anthony; Whitmore, Heidi; Foster, Gregory
2016-10-01
The annual Kaiser Family Foundation/Health Research and Educational Trust Employer Health Benefits Survey found that in 2016, average annual premiums (employer and worker contributions combined) were $6,435 for single coverage and $18,142 for family coverage. The family premium in 2016 was 3 percent higher than that in 2015. On average, workers contributed 18 percent of the premium for single coverage and 30 percent for family coverage. The share of firms offering health benefits (56 percent) and of workers covered by their employers' plans (62 percent) remained statistically unchanged from 2015. Employers continued to offer financial incentives for completing wellness or health promotion activities. Almost three in ten covered workers were enrolled in a high-deductible plan with a savings option-a significant increase from 2014. The 2016 survey included new questions on cost sharing for specialty drugs and on the prevalence of incentives for employees to seek care at alternative settings. Project HOPE—The People-to-People Health Foundation, Inc.
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Directory of Open Access Journals (Sweden)
Edgardo Cayón Fallón
2010-04-01
Full Text Available The purpose of this study is to find evidence that shows that either active management of private pension funds in Colombia actually adds value to the investors or, on the contrary, investors would achieve better results if they invested in passively managed products such as, for example, an ETF (Exchange Trade Fund. After conducting a review of data available from 30 different private pension funds in Colombia and 30 ETFs that had similar investment goals to these portfolios, our findings reveal that, using common performance indicators, a Colombian investor would have a better ROI by investing in passively managed products (ETFs than in portfolios currently offered by voluntary pension funds in Colombia
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PENSIONES, PENSIONISTAS Y AFILIADOS
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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.
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The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System
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Petr Kupčík
2016-01-01
Full Text Available This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerland and the Netherlands were added to the analysis because we wanted to show the differences between a developed and less developed fully funded system. The last part of this article presents the main causes of the differences in investment performance of pension funds. Conclusions of the paper are focused on a comparison of the results of the Sharpe ratio and the Sortino ratio of pension funds from selected countries and recommendations for the Czech pension system. The article proposes a mechanism for determining the order of the negative Sharpe ratio and the Sortino ratio.
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Optimal investment decisions with a liability: the case of defined benefit pension plans
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...
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3 CFR - Federal Benefits and Non-Discrimination
2010-01-01
.... Promoting Compliance with Existing Law Requiring Federal Workplaces to be Free of Discrimination Based on... 3 The President 1 2010-01-01 2010-01-01 false Federal Benefits and Non-Discrimination Presidential Documents Other Presidential Documents Memorandum of June 17, 2009 Federal Benefits and Non-Discrimination...
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The Making and Breaking of Trust in Pension Providers
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
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Discrimination in same-sex survivor amendments to the Canada Pension Plan.
Carey, Ruth
2002-12-01
On 31 July 2002, the British Columbia Supreme Court granted certification of a class proceeding involving same-sex surviving spouses who were denied survivor's benefits under the Canada Pension Plan (CPP) due to their sexual orientation. On 10 July 2002, a similar proceeding in Ontario survived a motion to strike by the government and is headed to trial. If successful, thousands of gay men and women whose same-sex partners died between 17 April 1985 and 1 January 1998 may finally be eligible for monthly survivor's benefits.
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Good governance for pension schemes
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.
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38 CFR 3.24 - Improved pension rates-Surviving children.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension rates-Surviving children. 3.24 Section 3.24 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation General § 3.24 Improved pension...
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Predictors of disability pension over a 10-year period for men and women
DEFF Research Database (Denmark)
Albertsen, Karen; Lund, Thomas; Christensen, Karl B
2007-01-01
) that the higher rate of disability pension among women compared with men could not be explained by work environmental factors, lifestyle, or family situation. Public employment was the single factor that explained most of the difference. CONCLUSIONS: Gender differences in exposures and predictors of disability......AIMS: The number of people leaving the labour market with a disability pension is high and knowledge regarding risk factors is limited. The aim of this study was to explore work- and non-work-related predictors of disability pension among men and women and to estimate to what extent the gender...... of variables. RESULTS: The results showed (a) that both men and women had a higher risk of disability pension when they had work that involved standing or if they smoked; (b) that women in addition had a higher likelihood if they were public employees, had low job security, or low social support at work; (c...
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Pension accounting and fair value
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.
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A new award for the CERN Pension Fund
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.
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Directory of Open Access Journals (Sweden)
Jean-Jacques Dethier
2011-12-01
Full Text Available This paper examines the impact on old age poverty and the fiscal cost of universal minimum oldage pensions in Latin America using recent household survey data for 18 countries. Alleviatingold age poverty requires different approach from other age groups and a minimum pension islikely to be the only alternative available. First we measure old age poverty rates for all countries.Second we discuss the design of minimum pensions schemes, means-tested or not, as wellas the disincentive effects that they are expected to have on the economic and social behavior ofhouseholds including labor supply, saving and family solidarity. Third we use the household surveysto simulate the fiscal cost and the impact on poverty rates of alternative minimum pensionschemes in the 18 countries. We show that a universal minimum pension would substantiallyreduce poverty among the elderly except in Argentina, Brazil, Chile and Uruguay where minimumpension systems already exist and poverty rates are low. Such schemes have much tobe commended in terms of incentives, spillover effects and administrative simplicity but have ahigh fiscal cost. The latter is a function of the age at which benefits are awarded, the prevailinglongevity, the generosity of benefits, the efficacy of means testing, and naturally the fiscal capacityof the country.
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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
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Reforming Pensions in Europe: Economic Fundamentals and Political Factors
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...
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INNOVATIONS – PREREQUISITE FOR PENSION SYSTEMS ADEQUACY
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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.
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Pension Plan Types and Financial Literacy in Later Life.
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.
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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.
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Beyond Your Paycheck: An Employee Benefits Primer.
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…
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Three essays in pension finance
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
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ELECTIONS PENSION FUND 4th candidate
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...
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ELECTIONS PENSION FUND CANDIDATE NR 4
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...
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GOVERNING BOARD OF THE PENSION FUND
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 ...
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Urgent Problems of the Pension Fund of Ukraine
Directory of Open Access Journals (Sweden)
Tulai Oksana I.
2016-02-01
Full Text Available The current state and problems of the Pension Fund of Ukraine have been highlighted. The formation of the budget of this financial institution has been analyzed. It is emphasized that the effective functioning of the Pension Fund of Ukraine is an important condition for sustainable human development, and in view of this factors influencing the process of its improvement have been identified. Firstly, this is a decrease in the number of the working population against the increase in the number of pension recipients, which directly affects the system of mandatory pension insurance. It is found that the effectiveness of the latter can be guaranteed by two conditions: excess of the working population over the number of persons of retirement age and fair payment of insurance premiums. Secondly, it is the population age structure. In this context it is noted that for our state it is economically advantageous to have a lot of working pensioners because they themselves form the pension they receive. Thirdly, it is the level of remuneration. A serious aspect of the problem is the shadowing of incomes and shifting of personal responsibility for the own well-being to the state. Therefore, it is proposed at the legislative level to develop a procedure of a gradual increase of wages and raising the share of the latter in the cost of goods or services. Fourthly, it is a low level of income among the majority of people of retirement age. Therefore, as an alternative source of rising funds for making pension payments there determined an accumulation system of mandatory pension insurance. Fifth, it is the differentiation of the rate of pension payments. It is claimed that the rate of pension should be the same for the people who paid equal premiums. It is important to take into account interests of all participants in the pension system — payers of insurance premiums, recipients of pension and social aid, as well as the state with the Pension Fund of Ukraine
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Directory of Open Access Journals (Sweden)
Amaka E. Agbata
2017-12-01
Full Text Available The study determined how the administration of the Pension Scheme could be perked up in Nigeria through effective management that would reduce fraudulent practices apparent in the scheme. By following the precept of library research via the survey design, a 5-point Likert Scale questionnaire was designed to educe primary information about pension matters from a sample of 435 knowledgeable respondents. The collected data were presented and analyzed. Three hypotheses were formulated and tested based on Multiple Regression Analysis models with the aid of Minitab version 17. The findings show that, despite the provisions of the Act (the Pension Reform Act - PRA, intents for committing Pension Fraud have not reduced to a significant extent. Also, the accumulated assets of pension funds have not been adequately diversified into profitable investment alternatives. Therefore, we recommend that, among other things, amendments should concertedly be made to the PRA to at least discourage acts of pension frauds by instituting severe punitive measures for culprits, while simultaneously inculcating moral ethics among public servants in Nigeria.
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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.
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29 CFR 4281.45 - Notices of insolvency benefit level.
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...
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Pension funds in The 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
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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
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Old age pensions in Mexico: Toward universal coverage
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.
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The impact of pensions on health and wellbeing in rural South Africa: Does gender matter?
Schatz, Enid; Gómez-Olivé, Xavier; Ralston, Margaret; Menken, Jane; Tollman, Stephen
2012-01-01
Unique to Africa, a means-tested non-contributory pension is available to South Africans. In 2006, women over 60 and men over 65 were pension-eligible. To explore the effect of the pension for health and wellbeing indicators of rural South African men and women, we analyze data from the WHO-INDEPTH Study of Global Ageing and Adult Health Survey, carried out in the Agincourt sub-district by the MRC/Wits Rural Public Health and Health Transitions Research Unit (Agincourt) in 2006. Because pension receipt was not measured directly, our findings represent intent-to-treat (ITT) rather than treatment-on-the-treated (TOT) effects using age as an indicator for intent-to-treat. Overall, women report poorer wellbeing compared to men. However, women have a “honeymoon” period at ages 60–64, the first years of pension-eligibility, in which they report lower levels of worry and sadness, and higher overall happiness, life satisfaction, and quality of life as compared to younger and older women. For men, in contrast, reports of wellbeing worsen in the pre-pension years, followed by a similar but not as prominent pattern of favorable reports in the five years following pension-eligibility, and a decline in the next five-year period. Thus, while pensions continue to enhance financial wellbeing, our results suggest that their effect on social wellbeing may be gendered and transitory. Further research is needed to improve understanding of these dynamics. PMID:22884944
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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)
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The Return-risk Performance of Selected Pension Fund in OECD with Focus on the Czech Pension System
Petr Kupčík; Pavel Gottwald
2016-01-01
This paper focuses on the measuring and comparing investment performance of pension funds in selected European countries. Comparison of the investment performance of pension funds is determined by means of the Sharpe ratio and the Sortino ratio. We used data of nominal appreciation of pension funds from the Czech Republic, Slovakia, Poland, Sweden, Switzerland and the Netherlands in the period 2005−2013. These countries were selected because they have many common features but Sweden, Switzerl...
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Money and Pay-As-You-Go Pension
Directory of Open Access Journals (Sweden)
Masaya Yasuoka
2018-03-01
Full Text Available This paper presents examination of how a pension policy affects income growth and the inflation rate in a utility model. Even if the contribution rate of pension increases because of an aging society, an aging society increases income growth and the inflation rate. Moreover, this paper presents examination of the optimal growth rate of the money supply. Because of the pension policy, the optimal growth rate of money stock changes. This result is intuitive because a pay-as-you-go pension changes capital accumulation. Therefore, the income growth rate should be changed to raise the welfare of all generations.
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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.
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Board diversity and self-regulation in Dutch pension funds
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 ...
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Sustainability of Pension Systems in the Baltic States
Directory of Open Access Journals (Sweden)
Olga Rajevska
2016-02-01
Full Text Available Objective: The objective of the paper is to identify how the concept of sustainability is understood and ensured in the pension systems of Estonia, Latvia and Lithuania; and what implications it brings to the performance of pension schemes. Research Design & Methods: Analysis of various conceptual and methodological approaches to the notion of sustainability of pension systems. Comparative analysis of present pension legislation, as well as preceding stage of pension reforms, accompanied by a number of numerical models. Findings: The understanding of sustainability is limited by narrow ‘fiscal’ meaning in Latvia, compared to more a multifaceted concept that includes the principle of social fairness and which can be traced in the logic of Estonian and Lithuanian legislators. Implications & Recommendations: In the long-term, pure financial appreciation of sustainability is misleading, low level of credibility may cripple a financially sound but socially unfair system; the perceived unfairness of redistribution can undermine the public support to, and, therefore, sustainability of pension systems. Contribution & Value Added: The originality of this work lies in studying how differences at policy formulation stage and in the very design of pension schemes influence pension system sustainability in countries with a very similar initial conditions and socio-economic environment.
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Assessment of the administrative challenges associated with non ...
African Journals Online (AJOL)
International Journal of Development and Management Review ... embezzlement of pension funds, corrupt practices among pension managers and governments. unwillingness to review pensions as challenges confronting the non-contributory pension ... Key words: Welfare, Pension administration, Systemic corruption.
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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.
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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
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Directory of Open Access Journals (Sweden)
Manuel Ildefonso Ruiz-Medina
2016-01-01
Full Text Available The present study analyzes and discloses the impact of base salary contribution in determining the amount of pension severance at old age and disability insurance, that covers the Law of the current Social Security for each case, is studied also causes the lack of knowledge of Social Security benefits by the workers. This requires a mixed methodological approach supported in the qualitative tradition of case study aimed to particularization and not generalization, which made it possible to link the obtained data with the theory, and to describe, analyze and explain the results found with the object of study. The results emerged from the application of the survey conducted with 22 items, whose questions were closed and structured with the method of Likert that were answered by 40 workers at two companies known as SMEs in the City of Culiacan, Sinaloa, Mexico, during the month March 2014. On completion of the analysis of the data collected, the results show a severe deterioration of pensions due to low wages and lack of jobs and declining resources with the new pension system of pensions and from the workers an almost total ignorance of the benefits that the law provides motivated by the lack of diffusion by the IMSS and the lack of enterprise training.
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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...
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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....
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Return to Work After Temporary Disability Pension in Finland.
Laaksonen, Mikko; Gould, Raija
2015-09-01
When it is possible that the employee's work ability can be restored through treatment or rehabilitation, disability pension in Finland is granted for a fixed period. We examined which factors are associated with return to work (RTW) after such temporary disability pension. The study included all Finnish residents whose temporary disability pension from the earnings-related pension system started in 2008 (N = 10,269). Competing risks regression analysis was applied to examine register-based determinants for RTW after temporary disability pension due to mental disorders, musculoskeletal diseases, other diseases, and injury over a 4-year follow-up period. The overall cumulative incidence of RTW was 25%. RTW was more probable after temporary disability pension due to injury and musculoskeletal diseases and less probable after temporary disability pension due to mental disorders. Younger age and higher education increased RTW but differences between genders, private and public sector employees, and occupational classes were relatively small. The probability of RTW was higher among those who were employed before their temporary disability pension (subhazard ratio in multivariate analysis 2.41 (95% CI 2.13-2.72) and among the 9% who participated in vocational rehabilitation during their pension [SHR 2.10 (95% CI 1.90-2.31)]. With some exceptions, the results were fairly similar for all diagnostic causes of temporary disability pension. Return to work after temporary disability pension was relatively uncommon. Nevertheless, in all diagnostic groups RTW continued for the whole follow-up period. The low educated and those not employed before temporary disability pension need more support in their RTW. The strong association between vocational rehabilitation and RTW suggests that increasing rehabilitation among those with impaired work ability may promote RTW.
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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.
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Private and Public Pension Systems Worldwide: Case of Russia
Directory of Open Access Journals (Sweden)
Aleksei V. Pudovkin
2016-01-01
Full Text Available The article deals with the Russian pension system and make recommendations for its further development on the basis of international experience. The Russian pension system is in a state of transition. The reform of 2013-2015 is not completed, since in its current state pension system is still characterized by very low replacement rate value at a very high level of government spending. Moratorium on pension accumulation introduced in the course of recent reforms calls into question the future of the mandatory funded pension system. Review of international pension systems formation suggests that the most successful of them are not limited solely to public system, and use a combination of distribution and accumulation units. When choosing between mandatory or voluntary options they are guided by the characteristics of the national economy. Studying the successes and mistakes of world practice of voluntary and mandatory funded pension systems is of great scientific and practical interest, since it can contribute to a more accurate choice of the future path of development of the national pension system.
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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.
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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.
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Pension Reform in Russia: A General Equilibrium Approach
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...
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Did the Pension Protection Act (PPA) of 2006 Resolve the Pension Crisis in Corporate America?
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…
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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.
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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,...
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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)
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The political origin of pension funding
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
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Sharing risk : The Netherlands' new approach to pensions
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
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The Funding of State and Local Pensions: 2009-2013
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...
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The uncertain reform to the Chilean pension system
Directory of Open Access Journals (Sweden)
Ivan Obando Camino
2016-12-01
Full Text Available Abstract: This paper describes the attempts to introduce some solidary features into the private pension system and the reform strategy followed thereof by left-wing governments in Chile since 2008. The negative impact on retirees of a private pension system driven by financial markets and profit-oriented actors has led to a continuing questioning of this system by experts and the population. The strong veto powers that major industry actors hold in the policy process determined that those governments adopted an institutional reform strategy based on layering. This paper surmises that this strategy may a have an impact on the pension system in the long-term by steering it gradually towards a public pension system. Keywords: Social security. Pension system. Solidarity system
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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.
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Pensions at a glance 2015 OECD and G20 indicators
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.
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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
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Manns, Braden; McKenzie, Susan Q; Au, Flora; Gignac, Pamela M; Geller, Lawrence Ian
2017-01-01
Many working-age individuals with advanced chronic kidney disease (CKD) are unable to work, or are only able to work at a reduced capacity and/or with a reduction in time at work, and receive disability payments, either from the Canadian government or from private insurers, but the magnitude of those payments is unknown. The objective of this study was to estimate Canada Pension Plan Disability Benefit and private disability insurance benefits paid to Canadians with advanced kidney failure, and how feasible improvements in prevention, identification, and early treatment of CKD and increased use of kidney transplantation might mitigate those costs. This study used an analytical model combining Canadian data from various sources. This study included all patients with advanced CKD in Canada, including those with estimated glomerular filtration rate (eGFR) Canada Pension Plan and private insurance plans to estimate overall disability benefit payments for Canadians with advanced CKD. We estimate that Canadians with advanced kidney failure are receiving disability benefit payments of at least Can$217 million annually. These estimates are sensitive to the proportion of individuals with advanced kidney disease who are unable to work, and plausible variation in this estimate could mean patients with advanced kidney disease are receiving up to Can$260 million per year. Feasible strategies to reduce the proportion of individuals with advanced kidney disease, either through prevention, delay or reduction in severity, or increasing the rate of transplantation, could result in reductions in the cost of Canada Pension Plan and private disability insurance payments by Can$13.8 million per year within 5 years. This study does not estimate how CKD prevention or increasing the rate of kidney transplantation might influence health care cost savings more broadly, and does not include the cost to provincial governments for programs that provide income for individuals without private
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26 CFR 513.6 - Pensions and life annuities.
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...
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26 CFR 521.111 - Pensions and life annuities.
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...
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Performance Evaluation of Balanced Pension Plans
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
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A Comparative Typology of Pension Regimes
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
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Pension fund sophistication and investment policy
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’.
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The political origin of pension funding
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
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Behavioral economics perspectives on public sector pension plans.
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.
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38 CFR 3.666 - Incarcerated beneficiaries and fugitive felons-pension.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Incarcerated beneficiaries and fugitive felons-pension. 3.666 Section 3.666 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation...
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38 CFR 3.714 - Improved pension elections-public assistance beneficiaries.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Improved pension elections-public assistance beneficiaries. 3.714 Section 3.714 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation...
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38 CFR 3.713 - Effective dates of improved pension elections.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Effective dates of improved pension elections. 3.713 Section 3.713 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Concurrent...
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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…
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2011-03-11
... Taxation Staff specifies that UCEBs include benefits payable with respect to ``facility shutdowns or reductions in workforce.'' Joint Committee on Taxation, Technical Explanation of H.R. 4, the ``Pension... event, plan sponsors typically did not make contributions to provide for advance funding of such...
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The political origin of pension funding
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
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Generational Accounting, Solidarity and Pension Losses
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
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Return Smoothing Mechanisms in Life and Pension Insurance
DEFF Research Database (Denmark)
Montserrat, Guillén; Jørgensen, Peter Løchte; Nielsen, Jens Perch
2006-01-01
pricing theory. We explore the properties of this pension scheme in detail and find that in terms of market value, smoothing is an illusion, but also that the return smoothing mechanism implies a dynamic asset allocation strategy which corresponds with traditional pension saving advice......Traditional with-profits pension saving schemes have been criticized for their opacity, plagued by embedded options and guarantees, and have recently created enormous problems for the solvency of the life insurance and pension industry. This has fueled creativity in the industry's product...... development departments, and this paper analyzes a representative member of a family of new pension schemes that have been introduced in the new millennium to alleviate these problems. The complete transparency of the new scheme's smoothing mechanism means that it can be analyzed using contingent claims...
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Gender differences in pension wealth: estimates using provider data.
Johnson, R W; Sambamoorthi, U; Crystal, S
1999-06-01
Information from pension providers was examined to investigate gender differences in pension wealth at midlife. For full-time wage and salary workers approaching retirement age who had pension coverage, median pension wealth on the current job was 76% greater for men than women. Differences in wages, years of job tenure, and industry between men and women accounted for most of the gender gap in pension wealth on the current job. Less than one third of the wealth difference could not be explained by gender differences in education, demographics, or job characteristics. The less-advantaged employment situation of working women currently in midlife carries over into worse retirement income prospects. However, the gender gap in pensions is likely to narrow in the future as married women's employment experiences increasingly resemble those of men.
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GOVERNING BOARD OF THE PENSION FUND
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...
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Governing Board of the Pension Fund
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...
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GOVERNING BOARD OF THE PENSION FUND
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...
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The new young face of the Pension Fund
Antonella Del Rosso
2015-01-01
Matthew Eyton-Jones is the new Chief Executive Officer of the CERN Pension Fund. He joined the Organization in July and will meet with CERN pensioners for the first time on 15 September. Here he speaks with the Bulletin about himself, his vision and the challenges that lie ahead. Matthew Eyton-Jones joined CERN on 1 July as the new Chief Executive Officer of the CERN Pension Fund. Before coming to CERN, Matthew held pension management and consultancy positions at a number of international organisations, including the John Lewis Partnership, Goldman Sachs, the Bank of America and Mercer Consulting. In his role as Chief Executive Officer (CEO) of the CERN Pension Fund, he is responsible for the day-to-day management of the fund on behalf of and under the supervision of the Governing Board. “In my career, I have been involved in the operation and running of various pension funds around the world,” he says. “However, in the case of CERN, I am not ...
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Pension Systems in Europe. Case of Portugal
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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.
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Do you look forward to retirement? Motivational biases in pension decisions
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Tehila Kogut
2012-05-01
Full Text Available This research examines the relationship between positive and negative perceptions of pensions and motivation to engage in the decision process of choosing a private pension plan, as well as satisfaction from the chosen pension plan, among trained economists. A sample of 134 economists completed a self-report survey examining the decision process of different decision contexts in life, including pension decisions. Overall, participants showed low motivation to engage in the process of choosing a private pension plan, compared to their motivation to engage in other decision tasks. However, economists invested more in the decision process and showed greater satisfaction from their decision regarding their pension plan when they had a more positive perception of pensions. This perception is represented by higher subjective likelihood of receiving pension allowances for a long period, and by a profitable view of the balance between current payments and expected incomes from pension saving. Key words: Pension decisions, subjective perceptions, motivational biases.
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Teacher Pension Preferences: Pilot Study Results. Conference Paper 2009-14
Smith, Elizabeth Ettema; Guthrie, James W.
2009-01-01
Teacher pensions are fast becoming a significant issue in education policy. Mounting unfunded pension financial liability, likely larger numbers of retiring teachers, increasing mobility among existing teachers, and unfavorable comparisons with less generous private sector pension plans all contribute to putting pedagogues pensions in the public…
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Performance Persistence of Dutch Pension Funds
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.
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The Governing Board of the Pension Fund
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....
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Pension Fund - ELECTIONS - Guillermo de la FUENTE
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...
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Pension Fund - ELECTIONS - Guillermo de la FUENTE
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...
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Funding of pensions and economic growth : are they really related?
Zandberg, Eelco; Spierdijk, Laura
We examine whether changes in the degree of pension funding affect economic growth. Our sample consists of 54 countries, Organization for Economic Co-operation and Development (OECD) as well as non-OECD, during 2001-10. We do not find any effect of changes in the degree of funding on growth in the
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The impact of pension systems on financial development: An empirical study
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Shouji Sun
2014-10-01
Full Text Available The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and transaction efficiency. Based on regression results of 55 countries and regions, we find that different pension systems formed different size of pension fund; every 1% increase of the pension funds’ assets could bring about 0.15%-0.23% increase of the market value, which could explain cross-countries difference of financial development. Based on panel data analysis, we find that the impact of pension fund on financial development is very significant especially in civil law and underdeveloped countries. By using co-integration analysis and vector auto regression model (VAR with time series data of Chile, we find positive relationship between pension funds and financial development again. The empirical results indicate that legal origin, endowment and pension fund views are not exclusive but compatible. A country cannot change its legal origin and endowment, but it can change pension policies and reform social security system. A funded pension system with accumulates pension assets could promote a country’s financial development and economic growth
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Employee benefits in multinational firms: Empirical evidence for Romania and Serbia
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Caran Margareta
2015-01-01
Full Text Available The paper aims to analyze post-employment benefits provided by multinational firms, focusing on retirement advantages and pension systems in Romania and Serbia from a comparative empirical perspective. Economic literature highlights the essential role played by pension schemes in assuring a proper level of income after retirement, thus reducing poverty and increasing productivity, with significant positive implications upon overall economic activity. our research is based on developing several double-log fixed and random effects models, as well as a dynamic and distributed lags model, using a panel structure over the 2005- 2013 period and a complex set of indicators (national accounts - GDP total and per capita; labor market - employment, unemployment, productivity, earnings; secondary and tertiary education; pension specific data - general beneficiaries, old age and survivor pensioners, total and by gender, and pension expenses as percentage of GDP. The results show that pensions represent an incentive for employees leading to an increase in resource productivity. At the same time, old age pensions are positively shaping economic growth and employment for the two countries considered, significantly reducing the poverty rate for pensioners. Nevertheless, the two pensions systems are modelled by the economic activity, educational background of employees, as well as by the level of net earnings.
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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…
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Gender and Extended Actuarial Functions in Pension Insurance
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Jana Špirková
2012-12-01
Full Text Available This paper brings analysis of the impact of a ban on the use of gender in insurance, with special stress on pension annuity, according to the requirements of the European Court of Justice. The paper brings a state-of-theart overview of known and extended actuarial functions which relate to modeling of a premium of endowment, term life insurance and pension annuity. Moreover, the amounts of the pension annuities payable thly per year in a model of the third pillar pension are modeled and analyzed for different interest rates using life tables for both genders and unisex.
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Disability pensions in relation to stroke: a population study
DEFF Research Database (Denmark)
Teasdale, T W; Engberg, A W
2002-01-01
the years 1979-1993 inclusive and were of pensionable age during that period. These patients were then screened in registers for death during the period 1979-1993 and for the award of disability pensions between the years 1979-1995. A total of 19476 (27%) patients had received a pension at some level. MAIN......PRIMARY OBJECTIVE: This study aimed to establish prevalence levels of disability pensions among stroke patients within a national population. RESEARCH DESIGN: From a Danish National register of hospitalizations, 72 673 patients were identified who had a discharge diagnosis of stroke between...... OUTCOMES AND RESULTS: Being in possession of a disability pension prior to stroke (n = 8565, 12%), rarely at the highest level, was not associated with elevated risk for stroke, or with elevated stroke mortality. It was, however, associated with a greater mortality subsequent to stroke. Disability pensions...
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A look into the United States' Underfunded Pension System
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...
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Performance Persistence of Dutch Pension Funds
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
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29 CFR 4044.11 - Priority category 1 benefits.
2010-07-01
... priority category 1 with respect to that participant is the present value of that annuity. ... 29 Labor 9 2010-07-01 2010-07-01 false Priority category 1 benefits. 4044.11 Section 4044.11 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION PLAN TERMINATIONS ALLOCATION OF...
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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
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Pension fund excellence creating value for stakeholders
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.
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El retroactivo pensional y la desafiliación al sistema general de pensiones en Colombia (Otra visión
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Álvaro Diego Román Bustamante
2006-01-01
Full Text Available ¿Estaría obligado un empleador a desafiliar del sistema general de pensiones a un trabajador que se lo solicite por el hecho de haber radicado su solicitud pensional ante el Seguro Social? Si no lo hace, ¿estaría obligado a pagar el retroactivo pensional desde la fecha en que se causó su derecho pensional, ya que según el Seguro Social, perdería el retroactivo? La respuesta es que no debe reconocerse dicho retroactivo porque durante todo ese tiempo el trabajador devengó sueldo (y ambos conceptos son incompatibles filosófica y jurídicamente, ya que provendrían de una misma causa jurídica. Además, durante todo el tiempo de vigencia de la relación laboral se debieron realizar cotizaciones al sistema general de pensiones, lapso que se tendrá en cuenta para acrecentar el monto final de la pensión, es decir, no habría perjuicio sino beneficio (a diferencia de si se tomara la fecha de causación del derecho pensional siendo trabajador activo, como punto de partida para el reconocimiento pensional. Por último, al haber procedido el empleador a desafiliar al trabajador activo, no sólo estaría incumpliendo la ley, sino que se hubiera colocado en una situación de riesgo inminente frente a una eventual pensión de sobrevivientes o invalidez, o podría haber impedido que el trabajador alcanzara la densidad de cotizaciones exigida para el reconocimiento de la pensión de vejez.
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What Are Occupational Pension Plan Entitlements Worth in Britain?
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 ...
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Judicial protection of pension rights: problems of theory and practice
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Marina G. Sedelnikova
2018-01-01
Full Text Available The subject. The article is devoted to analysis of pension disputes resolution in courts.The purpose of the article is to reveal trends of pension disputes resolution and identify the ways of increasing the efficiency of judicial protection of citizens’ pension rights.The methodology. Both general scientific methods (analysis, synthesis, description and special scientific methods (formal-legal methods method of legal interpretation were used.Results, scope of application. Pension legislation still does not contain a legal definition of the term “pension dispute” despite currently the prevalence of this category of cases; the legal science still has not developed a uniform approach to definition of the essence of the pension dispute.Special attention is paid to the issues of definition of the facts in proof, that is complicated because of instability of the pension legislation and a large amount of normative array. Special rules relating to the admissibility of evidence are divided from legally significant circumstances. The attention is focused on the most problematic points that arise in the process of proving: the procedure for confirmation of experience, employment in certain types of work quotas.Recommendations aimed at improving the effectiveness of judicial protection of the pension rights of citizens are formulated on the basis on the analysis of the identified problems that arise during consideration of pension disputes by law enforcement authorities. Recommendations include the need to improve the quality of normative legal acts, systematization of the pension legislation, increasing demands for training of judges, the creation of conditions conducive to the judges’ specialization. The necessity of increase activities of the Supreme Court in the process of issuing clarifications on issues arising in the application of the pension legislation is also considered.Conclusions. The existence of a number of features of the substantive
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GOVERNING BOARD OF THE PENSION FUND
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...
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Actuarial Evaluation of Pension Risks of Russia: from Theory to Practice
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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.
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EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA
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Dražen Novaković
2015-07-01
Full Text Available The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performance (e.g. ratios such as Sharpe’s, Sortino’s, Treynor’s, etc. which quantify the ability of pension fund managers to deliver an active management risk premium, with respect to benchmarks. In this paper, the previously mentioned traditional measures of risk-adjusted performance are applied to Croatian pension funds. Due to recent changes in pension systems in other Eastern European countries once again emphasis is put on this issue in Croatia. The analysis furthermore includes evaluation of pension funds’ asset allocation. The period of analysis covers twelve years, from the establishment of pension funds in Croatia in 2002 until 2013. The main hypothesis of the paper states that Croatian pension funds underperform with respect to benchmark comparisons, set as return on the combined CROBEX/CROBIS portfolio. Results show that the main hypothesis does not hold. The financial performance of pension funds directly influences their competitiveness, derived from the possibility of measuring their success in active portfolio management. In addition, pension funds are expected to support the national economy. By investing their accumulating assets, they can protect jobs and enhance economic growth. However, they can achieve that only if they are competitive in means of financial performance.
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The Public Pension System in Romania: Myths and Facts
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Marian PREDA
2011-02-01
Full Text Available The article seeks to critically analyze and disprove, using solid statistical evidence, five myths that circulate in the Romanian public sphere about the state pension system. The argument shows that in Romania a large proportion of pensioners are actually fairly ‘young’. Their life expectancy is higher than some claim it is, and, on average, they are less poor than young people, children, and the average population, their pension reasonably replaces their salary income, and, despite its public support, the lower retirement age for women compared to that of men leads to disadvantages for the female pensioners. The article seeks to contribute to a better understanding of the pension system and its challenges, and to outline some implicit solutions for amending/supporting it by eliminating pressures (based on populism or ignorance on the public pension system, in particular in the context of the current economic crisis and the pronounced aging of the population.
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Annual Information Meeting of the Pension Fund
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
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Friberg, Emilie; Rosenhall, Ulf; Alexanderson, Kristina
2014-02-08
It is estimated that hearing difficulties will be one of the top ten leading burdens of disease by 2030. Knowledge of mortality among individuals on sick leave or disability pension due to hearing diagnoses is virtually non-existent. We aimed prospectively to examine the associations of diagnosis-specific sick leave and disability pension due to different otoaudiological diagnoses with risks of all-cause and cause-specific mortality. A cohort, based on Swedish registry data, including all 5,248,672 individuals living in Sweden in 2005, aged 20-64, and not on old-age pension, was followed through 2010. Otoaudiological diagnoses were placed in the following categories: otological, hearing, vertigo, and tinnitus. Hazard ratios (HRs) with 95% confidence intervals (CIs) were estimated using Cox proportional hazard models; individuals on sick leave or disability pension due to different otoaudiological diagnoses during 2005 were compared with those not on sick leave or disability pension. In multivariable models, individuals with sickness absence due to otoaudiological diagnoses showed a lower risk of mortality, while individuals on disability pension due to otoaudiological diagnoses showed a 14% (95% CI 1-29%) increased risk of mortality, compared with individuals not on sick leave or disability pension. The risk increase among individuals on disability pension was largely attributable to otological (HR 1.56; 95% CI = 1.04-2.33) and hearing diagnoses (HR 1.20; 95% CI = 1.00-1.43). This large nationwide population-based cohort study suggests an increased risk of mortality among individuals on disability pension due to otoaudiological diagnoses.
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29 CFR 2510.3-1 - Employee welfare benefit plan.
2010-07-01
..., or benefits in the event of sickness, accident, disability, death or unemployment, or vacation... legal services, or (ii) any benefit described in section 302(c) of the Labor Management Relations Act... the Labor-Management Relations Act, 1947 (hereinafter “the LMRA”) (other than pensions on retirement...
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29 CFR 4245.5 - Notice of insolvency benefit level.
2010-07-01
... 29 Labor 9 2010-07-01 2010-07-01 false Notice of insolvency benefit level. 4245.5 Section 4245.5 Labor Regulations Relating to Labor (Continued) PENSION BENEFIT GUARANTY CORPORATION INSOLVENCY, REORGANIZATION, TERMINATION, AND OTHER RULES APPLICABLE TO MULTIEMPLOYER PLANS NOTICE OF INSOLVENCY § 4245.5...
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[Demographic aging and social security. The insufficiency of old age pensions].
Ham Chande, R
1993-01-01
The demographic transition is leading to demographic aging in Mexico, as lower fertility and greater life expectancy combine to produce absolute and percentage increases in the elderly population. Concern is growing about satisfying the material needs of the elderly population. Only a few developed countries are able to furnish adequate pensions to their retired workers through social security systems. In Mexico, class inequity is a greater determinant of the level of pension coverage than is generational solidarity. Mexico's 1990 census showed that the population of 81,250,000 was comprised of 24,517,000 economically active and 56,733,000 inactive persons. Of the 24,517,000 economically active, 7,282,000 mostly lower level employees and laborers were affiliated only with the Mexican Institute of Social Security (IMSS). 2,308,000 were covered by the IMSS and one of the complementary pension systems sponsored by the largest and most organized private companies. 2,629,000 were entitled to pensions through public sector employment and 584,000 through quasipublic employment. The remaining 11,571,000 had no rights to a pension. In other words, 47% of the labor force was not covered by any retirement pension system. 375,000 of the 5,007,000 persons over age 60 in the economically inactive population had some sort of pension from the IMSS. In 1990, 92% received the minimum pension, equivalent to 70% of the minimum salary. 229,000 had an IMSS pension and a complementary private pension. 196,000 pensioners in the public sector received an average pension of 1.5 times the minimum salary. 66,000 retired workers in quasipublic enterprises received pensions with automatic adjustments for inflation that frequently equaled 20 times the minimum salary. The total number of recipients of pensions of all types was 888,000,leaving 4,119,000 persons over 60 with no pension. Because of the deficiencies of the social security system, families must continue to be the institution that aids
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26 CFR 509.114 - Private pensions and life annuities.
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...
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Stochastic programming framework for Lithuanian pension payout modelling
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Audrius Kabašinskas
2014-12-01
Full Text Available The paper provides a scientific approach to the problem of selecting a pension fund by taking into account some specific characteristics of the Lithuanian Republic (LR pension accumulation system. The decision making model, which can be used to plan a long-term pension accrual of the Lithuanian Republic (LR citizens, in an optimal way is presented. This model focuses on factors that influence the sustainability of the pension system selection under macroeconomic, social and demographic uncertainty. The model is formalized as a single stage stochastic optimization problem where the long-term optimal strategy can be obtained based on the possible scenarios generated for a particular participant. Stochastic programming methods allow including the pension fund rebalancing moment and direction of investment, and taking into account possible changes of personal income, changes of society and the global financial market. The collection of methods used to generate scenario trees was found useful to solve strategic planning problems.
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Evaluating the UK and Dutch defined benefit policies using the holistic balance sheet framework
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
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RETIREMENT PENSIONS IN LITHUANIA: 25 YEARS AND STILL IN TRANSIT?
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Aldona Skucaite
2015-09-01
Full Text Available Adequate social security system is one of key elements of any modern society. Retirement pensions are usually attributed to the area of social security and – as such – pension system has multiple objectives, for example, to smooth income during lifetime of individual, to address poverty issues and similar. Due to ageing population and other circumstances many countries face difficulties when providing retirement pensions solely as part of social security system. Lithuania is not an exception, so – as in many other European countries – pension reform was implemented during the period of 2003 – 2004. Design of retirement pensions before and after reform is presented in this paper. Impact of reform for estimated amount of pensions and public finances as well as main areas of uncertainty are discussed. Un sistema de seguridad social adecuado es uno de los elementos clave en cualquier sociedad moderna. Las pensiones de jubilación se vinculan normalmente a la esfera de la Seguridad Social y, como tal, el sistema de pensiones tiene múltiples objetivos: la distribución de los ingresos durante la vida de los individuos o hacer frente al riesgo de pobreza, entre otros. A raíz del envejecimiento de la población y de otras circunstancias, algunos países presentan dificultades cuando la prestación de las pensiones de jubilación se plantea únicamente como una parte de la Seguridad Social. Lituania no es una excepción y así –como otros países europeos- implantó una reforma de las pensiones durante el período 2003-2004. En este artículo se presenta el diseño de estas pensiones antes y después de la reforma y se discute su impacto en cuanto al importe estimado de pensiones y las finanzas públicas, así como se refieren las principales áreas de incertidumbre.
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38 CFR 3.274 - Relationship of net worth to pension entitlement.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Relationship of net worth to pension entitlement. 3.274 Section 3.274 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Regulations...
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26 CFR 514.6 - Private pensions and life annuities.
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...
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38 CFR 3.960 - Section 306 and old-law pension protection.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Section 306 and old-law pension protection. 3.960 Section 3.960 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation Protection § 3.960...
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Designing Pension Plans to Incorporate Recent Legislation.
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)
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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...
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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)
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Management of Portfolio Investment Held by Pension Funds
Directory of Open Access Journals (Sweden)
Dan Armeanu
2008-09-01
Full Text Available As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value are closely tied to the “financial health” of the fund. Setting up and managing complex investment portfolios requires that pension administrators use scientific models of portfolio selection and optimization based on the risk-expected return relationship. Most investment portfolios are modified in time as result of changing stock prices and investment policy objectives. Having established investment policy guidelines, the administrators of pension funds have to determine the structure of their portfolios so that the latter meet legal requirements.
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Pensions in the Netherlands: solidarity and choice
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
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Staff Association
2017-01-01
The Staff Association CERN staff has recently concluded a framework agreement with AXA Insurance Ltd, General-Guisan-Strasse 40, 8401 Winterthur. This contract allows you to benefit from a preferential tariff and conditions for insurances: Motor vehicles for passenger cars and motorcycles of the product line STRADA: 10% discount Household insurance (personal liability and household contents) the product line BOX: 10% discount Travel insurance: 10% discount Buildings: 10% discount Legal protection: 10% discount AXA is number one on the Swiss insurance market. The product range encompasses all non-life insurance such as insurance of persons, property, civil liability, vehicles, credit and travel as well as innovative and comprehensive solutions in the field of occupational benefits insurance for individuals and businesses. Finally, the affiliate AXA-ARAG (legal expenses insurance) completes the offer. For those of you already insured with the company, contact your current advisor. Others may contact a counsel...
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Use of Ibovespa Future Contracts for Pension Funds in Brazil: a sectorial approach
Directory of Open Access Journals (Sweden)
Thiago de Melo Teixeira da Costa
2014-04-01
Full Text Available The Pension Funds must be dealt with better management strategies. This work aimed to analyze the risk of Pension Funds with and without Ibovespa futures contracts and to evaluate the gains obtained in the return/risk relation using the sectorial approach proposed. The levels of use of futures contracts that would allow optimum hedge were obtained using the co-integration models, and the risk, represented by the Value-at-risk (VaR was obtained via conditional volatility models. The mean daily return of the hedge strategies drops, compared to the strategy without hedge. However, this drop is relatively small, compared to the drop of the risk offered by the use of the Ibovespa futures contracts. The results found indicated that a dynamic management, based on a sectorial monitoring of the assets that compose a particular investment portfolio improves its performance, considerably reducing the level of risk attained.
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The CERN Pension Fund: an eternal challenge
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...
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2014-01-01
Background It is estimated that hearing difficulties will be one of the top ten leading burdens of disease by 2030. Knowledge of mortality among individuals on sick leave or disability pension due to hearing diagnoses is virtually non-existent. We aimed prospectively to examine the associations of diagnosis-specific sick leave and disability pension due to different otoaudiological diagnoses with risks of all-cause and cause-specific mortality. Methods A cohort, based on Swedish registry data, including all 5 248 672 individuals living in Sweden in 2005, aged 20–64, and not on old-age pension, was followed through 2010. Otoaudiological diagnoses were placed in the following categories: otological, hearing, vertigo, and tinnitus. Hazard ratios (HRs) with 95% confidence intervals (CIs) were estimated using Cox proportional hazard models; individuals on sick leave or disability pension due to different otoaudiological diagnoses during 2005 were compared with those not on sick leave or disability pension. Results In multivariable models, individuals with sickness absence due to otoaudiological diagnoses showed a lower risk of mortality, while individuals on disability pension due to otoaudiological diagnoses showed a 14% (95% CI 1-29%) increased risk of mortality, compared with individuals not on sick leave or disability pension. The risk increase among individuals on disability pension was largely attributable to otological (HR 1.56; 95% CI = 1.04-2.33) and hearing diagnoses (HR 1.20; 95% CI = 1.00-1.43). Conclusion This large nationwide population-based cohort study suggests an increased risk of mortality among individuals on disability pension due to otoaudiological diagnoses. PMID:24507477
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EMPIRICAL STUDY REGARDING SUSTAINABILITY OF ROMANIAN PENSION SYSTEM
Directory of Open Access Journals (Sweden)
Oprean Delia
2013-07-01
Full Text Available This paper is part of a broad, applied scientific research, based on popular empirical procedures (such as natural observation. Positivistic and constructive research methodology used was based on the consensual-inductive system (Locke, which is why we studied the different views of specialists on sustainability of pensions in Romania, necessary to formulate the problem of generating relevant information. Research strategies used were the comparative and longitudinal ones, as we analyzed the time evolution of qualitative indicators VUAN (unitary value of net asset specific to pension funds Pillar II and Pillar III of Romania, concomitant with the number of participants in these funds, as to determine their direct relationship with the need for sustainability in this area. The hypotheses regarding causal relationship efficiency – participants - sustainability and needed measures for pension reform were built in this paper inductively (by analyzing the sustainability issues of pensions in time, causally (by explaining the cause and effect phenomenon studied, deductively, logically and subjectively (due to the existence and perpetuation of conflict premise between generations and social inequality between employees and pensioners. The qualitative approach of the phenomenon studied by collecting information (using mediated data collection technique has allowed the relevant findings and practical solutions necessary for all those involved in this concerted action of pensions, which affects us all.
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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...
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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...
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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...
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PENSION FUNDS EVOLUTION, REFORMS AND TRENDS IN SOUTHAFRICA
Directory of Open Access Journals (Sweden)
Nthabiseng Moleko
2017-07-01
Full Text Available This paper presents a graphical and descriptive analysis of the historical trends ofthe South African pension fund sector in order to provide insights andunderstanding ofnon-banking finance. Using a combination of secondary data anda desk review of existing literature, we provide in-depth analysis of the differenttypes and number of pension funds, industry trends, policy reforms and legislativeframeworks enacted by theSouth African government for the development of thesector. The study identified the evolution of the pension fund industry to be in fourphases coinciding with different waves of industry policy reforms, namely: theinfancy phase (1911-1958; institutionalisation phase (1959-1984; separation andcontinued separation phase (1985-1994; and corporatisation and amalgamation(1995-2015 The industry growth analysis indicated that a compounded annualgrowth rate of 14 percent is the highest annual growth overthe past decade and thisgrowth exceeds the global market average of 6.5 percent over the same period. Theindustry trend analysis is indicative of an upward trend in terms of funds’membership with the trendline showing a steep rise to over 15 million membersfrom under 10 million memberships with the space of a decade. However, thenumber of pension funds operating in the industry has declined due to a steadymove towards umbrella funds. Although the South African pension fund industry isnot only movingin the right direction but also considered a beacon of successaround the world, there remains huge potential for growth of the sector. Therefore,maintaining sound regulatory policies and government interventions will continueto ensure that pension fundsare well managed and bad practices discouraged in thesector through the oversight functions of government regulatory institutions such asthe Pension Fund Registrar and Financial Services Board.
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EUROPEAN PENSION SYSTEMS - THE REAL CHALLENGE OF THE 21ST CENTURY
Directory of Open Access Journals (Sweden)
Maria Augusztinovics
2003-07-01
Full Text Available It will be argued that the present focus of the pension reform debate - public, pay-as-you-go versus private, funded - is misplaced and somewhat outdated. Pay-as-you-go versus funding or pre-funding is a more-or-less technical issue. The public versus private choice should be seen as a cost-benefit, efficiency problem. These two dichotomies represent important, but secondary problems. (They cannot even be expected to help solving the certainly serious - although not that catastrophic as often painted - problems caused by the foreseeable demographic changes, the so-called ageing of the population. The major distinctive attribute of existing European pension schemes is not the mode of financing or management. It is the Bismarckian heritage, the close link to employment, based on the typically 20th century-type, continuous working career. A presently emerging trend, however, is the transformation of the labour market. The so-called "atypical" forms of employment (part-time work, outsourcing, work at home, fixed-length contracts, etc. are spreading and the traditional employer-employee link is weakening, if not - at least partially - disappearing. Activity ratios (poorly represented by the unemployment rate are declining. This trend will probably be accentuated by the deepening of globalization and European integration, the growing importance of migration, including temporary migration (i.e. working in one country for a few years, then in another one, then maybe returning home for retirement. The questions thus arise: how, when, where will people, who are economically "inactive" or wandering around during a large faction of their earning span, acquire pension eligibility, sufficient for income security in old age? Will the present forms of pension insurance (including social security as well as country-based private funds be able to live up to this 21st century-type of challenge? If not, what are the adequate models for the future and what are the
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Incorporating Non-energy Benefits into Energy Savings Performance Contracts
Energy Technology Data Exchange (ETDEWEB)
Larsen, Peter; Goldman, Charles; Gilligan, Donald; Singer, Terry
2012-06-01
This paper evaluates the issue of non-energy benefits within the context of the U.S. energy services company (ESCO) industry?a growing industry comprised of companies that provide energy savings and other benefits to customers through the use of performance-based contracting. Recent analysis has found that ESCO projects in the public/institutional sector, especially at K-12 schools, are using performance-based contracting, at the behest of the customers, to partially -- but not fully -- offset substantial accumulated deferred maintenance needs (e.g., asbestos removal, wiring) and measures that have very long paybacks (roof replacement). This trend is affecting the traditional economic measures policymakers use to evaluate success on a benefit to cost basis. Moreover, the value of non-energy benefits which can offset some or all of the cost of the non-energy measures -- including operations and maintenance (O&M) savings, avoided capital costs, and tradable pollution emissions allowances-- are not always incorporated into a formal cost-effectiveness analysis of ESCO projects. Nonenergy benefits are clearly important to customers, but state and federal laws that govern the acceptance of these types of benefits for ESCO projects vary widely (i.e., 0-100percent of allowable savings can come from one or more non-energy categories). Clear and consistent guidance on what types of savings are recognized in Energy Savings agreements under performance contracts is necessary, particularly where customers are searching for deep energy efficiency gains in the building sector.
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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.
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Directory of Open Access Journals (Sweden)
Laura K. Blauth
2016-11-01
Full Text Available Background This paper explores benefits of parent counselling offered alongside music therapy with children with autism spectrum disorders (ASD. Research studies have shown that the stress levels of primary caregivers of children with ASD are not only higher than in the general population but also higher than in parents of children with other developmental disabilities. It is therefore recommended that music therapists working with children with ASD also engage and support their parents. Participants and procedure In the international randomised controlled trial TIME-A, which investigates the effects of music therapy on the social communicative skills of autistic children, participating families are offered three parent counselling sessions. For this paper, 68 counselling sessions with 25 families were evaluated; 14 sessions were transcribed and subjected to a content analysis. Case examples illustrate the impact of concomitant parent counselling sessions on the families. Results The analysis generated emerging themes that were grouped into two categories: 1 Non-music therapy specific themes, and 2 Music therapy specific themes. The first category comprised four sub-groups: Exchange of information, Experiences with professionals/friends/society, Worries about the future, Personal/matrimonial problems. Music therapy specific themes were subdivided into the following groups: Working in a partnership, Empowering parents, Celebrating strengths, Rejoicing in child’s enjoyment. Challenges caused by the dual roles of music therapist and parent counsellor were outweighed by the benefits. In addition to the therapeutic effect of counselling, video material from the music therapy sessions helped carers to see their children’s strengths, to gain new ideas, and to develop a more positive outlook. Conclusions The findings support the provision of parent counselling sessions alongside music therapy for children with ASD. This study highlights that
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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...
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We Offer Renal Replacement Therapy to Patients Who Are Not Benefitted by It.
Holley, Jean L
2016-07-01
Nephrologists offer renal replacement therapy (RRT) to patients who are unlikely to benefit in part because of our discomfort discussing goals of care in the setting of an uncertain prognosis for a given individual. Permanent neurological impairment, terminal illness (life expectancy <6 months), medical conditions precluding the safe delivery of dialysis, elderly patients with poor prognosis, and those who begin "early" RRT are categories of patients for whom dialysis may not be beneficial. Successful use of time-limited trials of dialysis may reduce the number of patients who are started on RRT without significant benefit. However, clear achievable milestones and goals need to be incorporated into plans for time-limited trials to ensure that continuing RRT beyond the trial period is appropriate. The lack of information on outcomes and symptom management using a "palliative approach" to dialysis suggests this should not be a clinical option until additional study is done and efficacy data available. Clinical practice guidelines are available to assist nephrologists in the appropriate withholding of RRT. © 2016 Wiley Periodicals, Inc.
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Public Pension Plan Reform: The Legal Framework
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…
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Staff Association
2011-01-01
Are you a member of the Staff Association? Did you know that as a member you can benefit from the following special offers: BCGE (Banque Cantonale de Genève): personalized banking solutions with preferential conditions. TPG: reduced rates on annual transport passes for active and retired staff. Aquaparc: reduced ticket prices for children and adults at this Swiss waterpark in Le Bouveret. FNAC: 5% reduction on FNAC vouchers. For more information about all these offers, please consult our web site: http://association.web.cern.ch/association/en/OtherActivities/Offers.html
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2001-01-01
At its meetings on 5 June and 4 September 2001, the Governing Board of the Pension Fund endorsed the amendments set out in this document. The Governing Board proposes that the Finance Committee should approve the amendment to the Regulations of the Pension Fund (page 6, last paragraph) and that it should recommend the Council to approve the amendments to the Rules of the Pension Fund (pages 1 to 6). These amendments would take effect on 1st January 2002.
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2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Entitlement under 38 U.S.C. 5121 to benefits due and unpaid upon death of a beneficiary. 3.1000 Section 3.1000 Pensions... Dependency and Indemnity Compensation Accrued § 3.1000 Entitlement under 38 U.S.C. 5121 to benefits due and...
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Lifecourses, pensions and poverty among elderly women in Belgium
DEFF Research Database (Denmark)
Peeters, Hans; Tavernier, Wouter De
2015-01-01
, family history and pension regulations can provide greater insight into the mechanisms that produce poverty among elderly women in Belgium. To that end, we make use of register data on some 9,000 women aged 65-71. Data on the poverty risk of these women is linked to career and family data, spanning over...... 45 years. We find that pension policy can indeed account for the higher poverty risk of some groups of elderly women (e.g. divorcees) as compared to others (e.g. widows). Similarly, pension policy can, to a large extent, directly or indirectly explain how previous lifecourse events, such as marital...... dissolution or childbirth, affect old-age poverty risk. However, our study also reveals some unexpected findings. Most notably, pension regulations fail to account for the beneficial situation of married women. Indeed, our analyses suggest that capital (income) may prove more decisive than pension rights...
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Annual Information Meeting of the Pension Fund | 26 October
2016-01-01
All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting of the Pension Fund. Meeting to be held in the Main Auditorium on Wednesday 26 October 2016 from 9:30 a.m. to 11:30 a.m. Following a presentation by the Chief Executive Officer of the Fund there will be a Questions and Answers session. Members and Beneficiaries are welcome to send questions in advance of the meeting by post to: Mr Matthew Eyton-Jones “Annual Information Meeting” CEO CERN Pension Fund Office 5-5-012, Postbox C23800 CH- 1211 Geneva 23 - Switzerland Copies of the 2015 Pension Fund Annual Report & Financial Statements are already available in accessible PDF on the Pension Fund website and will also be distributed at the annual meeting. *Coffee and croissants will be served prior to the meeting as of 9:00 a.m.*
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48 CFR 52.215-15 - Pension adjustments and asset reversions.
2010-10-01
... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Pension adjustments and... Clauses 52.215-15 Pension adjustments and asset reversions. As prescribed in 15.408(g), insert the following clause: Pension Adjustments and Asset Reversions (OCT 2010) (a) The Contractor shall promptly...
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Botvynovska, О.
2008-01-01
In this article the question of imperfection of operating method of extra charge of pensions is considered in the system of obligatory social pension security and the ways of decision of this problem are outlined
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A rich harvest of awards for the CERN Pension Fund
Antonella Del Rosso
2012-01-01
The CERN Pension Fund recently received two prestigious international awards. The governing bodies and the whole Pension Fund team are celebrating this success, and looking forward to a busy and bright new year. On 29 November, Théodore Economou (left) accepted the Best Risk Management Solutions Prize at the 2012 Investments & Pensions Europe Awards. “The awards go to the entire CERN Pension Fund team, the Pension Fund Governing Board, and the Investment Committee,” says Théodore Economou, the Fund’s Chief Executive Officer. On 29 November, at a ceremony held in Copenhagen, Théodore accepted the first award received by the Fund for the Best Risk Management Solutions at the 2012 Investments & Pensions Europe (IPE) Awards. A few days later, he was informed that the Fund had also won the “2012 Industry Innovation Award” of the Asset International - Chief Investment Officer (aiCIO) magazine, in the &l...
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Helgesson, Magnus; Johansson, Bo; Nordqvist, Tobias; Lundberg, Ingvar; Vingård, Eva
2013-08-01
Youth unemployment is an increasing problem for societies around the world. Research has revealed negative health effects of unemployment, and this longitudinal register-based cohort study examined the relationship between unemployment and later sickness absence, disability pension and death among youth in Sweden. The study group of 199,623 individuals comprised all immigrants born between 1968 and 1972 who immigrated before 1990 (25,607) and a random sample of native Swedes in the same age-range (174,016). The baseline year was 1992, and the follow-up period was from 1993 to 2007. Subjects with unemployment benefit in 1990-91, disability pension in 1990-92, severe disorders leading to hospitalization in 1990-92 and subjects who emigrated during follow-up were excluded. Those who were unemployed in 1992 had elevated risk of ≥60 days of sickness absence (OR 1.02-1.49), disability pension (HR 1.08-1.62) and all except native Swedish women had elevated risk of death (HR 1.01-1.65) during follow-up compared with non-unemployed individuals. The risk of future sickness absence increased with the length of unemployment in 1992 (OR 1.06-1.54), and the risk of sickness absence increased over time. A larger part of the immigrant cohort was unemployed at baseline than native Swedes. Selection to unemployment by less healthy subjects may explain part of the association between unemployment and the studied outcomes. Unemployment at an early age may influence the future health of the individual. To a society it may lead to increased burdens on the welfare system and productivity loss for many years.
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Sleep apnea, disability pension and cause-specific mortality
DEFF Research Database (Denmark)
Rod, Naja Hulvej; Kjeldgaard, Linnea; Åkerstedt, Torbjörn
2017-01-01
–2009 inclusive). Cases were matched to 5 noncases (n = 371,592) and followed from diagnosis/inclusion to December 31, 2010, via nationwide registers. During a mean follow-up period of 5.1 (standard deviation, 2.7) years, 13% of men and 21% of women with inpatient sleep apnea received a disability pension......Sleep apnea is a common problem affecting daily functioning and health. We evaluated associations between sleep apnea and receipt of a disability pension and mortality in a prospective study of 74,543 cases of sleep apnea (60,125 outpatient, 14,418 inpatient) from the Swedish Patient Register (2000...... mortality. Outpatient sleep apnea was associated with a higher risk of receiving a disability pension but not higher total mortality. In conclusion, inpatient sleep apnea is related to a higher risk of disability pension receipt and mortality a decade after diagnosis....
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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.
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38 CFR 3.453 - Veterans compensation or service pension or retirement pay.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 1 2010-07-01 2010-07-01 false Veterans compensation or service pension or retirement pay. 3.453 Section 3.453 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS ADJUDICATION Pension, Compensation, and Dependency and Indemnity Compensation...
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38 CFR 21.3023 - Nonduplication; pension, compensation, and dependency and indemnity compensation.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Nonduplication; pension, compensation, and dependency and indemnity compensation. 21.3023 Section 21.3023 Pensions, Bonuses, and... Nonduplication; pension, compensation, and dependency and indemnity compensation. (a) Child; age 18. A child who...
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15 September: Annual Information Meeting of the Pension Fund
2015-01-01
All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting. *** Please note the room change *** CERN Main Auditorium Tuesday, 15 September 2015 9:30 a.m. - 11:30 a.m. Following a presentation by the Chief Executive Officer of the Fund there will be a Questions and Answers session. Members and Beneficiaries are welcome to send questions in advance of the meeting by post to: Mr Matthew Eyton-Jones “Annual Information Meeting” CEO - CERN Pension Fund Office 5-5-012, Postbox C23800 CH- 1211 Geneva 23 - Switzerland Copies of the 2014 Pension Fund Financial Statements are already available as a printable PDF on the Pension Fund website (http://pensionfund.cern.ch/en/financial-management/financial-statements) and will also be distributed at the annual meeting. *Coffee and croissants will be served prior to the meeting as of 9:00 a.m.* CERN Pension Fund
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A Survey of the Non-clinical Benefits of EBVM
Directory of Open Access Journals (Sweden)
Sarah Hauser
2017-08-01
Full Text Available Objective: This study aims to add non-clinical benefits to the virtues for adopting Evidence-based Veterinary Medicine (EBVM. The objective is to quantify the commercial benefits of EBVM through an online survey of veterinary professionals, giving clear indications of the key areas of non-clinical benefits of EBVM. Further, the study aims to outline barriers to the wider implementation of EBVM and find preferred ways of overcoming those barriers.Background: A PICO-based literature review (Hauser and Jackson, 2016 found that while there are some papers suggesting a link between the practice of EBVM and better non-clinical benefits such as client satisfaction, a single study, focusing on the non-clinical benefits of EBVM, had yet to be conducted. This study builds on the findings of an exploratory study (Jackson and Hauser, 2017 outlining key areas of non-clinical benefits of EBVM: increased client satisfaction and retention, improved reputation, confidence, as well as employee engagement.Evidentiary value: This online survey of veterinary professionals (n=407 provides evidence for practitioners, universities and other veterinary staff regarding the non-clinical benefits of EBVM, the barriers to a wider adoption of the practice and ways of overcoming those barriers.Methods: The online survey of veterinary professionals was conducted during September – October 2016 and contained 23 questions. Survey participation was voluntary and the data used for analysis were de-identified.Results: The survey responses of 407 veterinary professionals provide quantitative evidence of how EBVM is put into practice, how EBVM is perceived to impact client behaviour and employee engagement, what the barriers are to practising EBVM and how these could be overcome. Key findings are that veterinary professionals are more likely to practise EBVM if they have been taught how to do so at vet school. EBVM is a way to provide value to and build trust with clients. Survey
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38 CFR 21.6001 - Temporary vocational training program for certain pension recipients.
2010-07-01
... 38 Pensions, Bonuses, and Veterans' Relief 2 2010-07-01 2010-07-01 false Temporary vocational training program for certain pension recipients. 21.6001 Section 21.6001 Pensions, Bonuses, and Veterans... Program of Vocational Training for Certain New Pension Recipients General § 21.6001 Temporary vocational...
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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.
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Voting on pensions: sex and marriage
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...
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General meeting of the Pension Fund
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)
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22 CFR 19.9-3 - Computation and payment of pension to former spouse.
2010-04-01
... 22 Foreign Relations 1 2010-04-01 2010-04-01 false Computation and payment of pension to former... Computation and payment of pension to former spouse. (a) A pension to a former spouse is paid monthly on the... for a pension or any combination of pensions to former spouses of any one principal which exceeds the...
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Directory of Open Access Journals (Sweden)
Braden Manns
2017-04-01
Full Text Available Background: Many working-age individuals with advanced chronic kidney disease (CKD are unable to work, or are only able to work at a reduced capacity and/or with a reduction in time at work, and receive disability payments, either from the Canadian government or from private insurers, but the magnitude of those payments is unknown. Objective: The objective of this study was to estimate Canada Pension Plan Disability Benefit and private disability insurance benefits paid to Canadians with advanced kidney failure, and how feasible improvements in prevention, identification, and early treatment of CKD and increased use of kidney transplantation might mitigate those costs. Design: This study used an analytical model combining Canadian data from various sources. Setting and Patients: This study included all patients with advanced CKD in Canada, including those with estimated glomerular filtration rate (eGFR <30 mL/min/m 2 and those on dialysis. Measurements: We combined disability estimates from a provincial kidney care program with the prevalence of advanced CKD and estimated disability payments from the Canada Pension Plan and private insurance plans to estimate overall disability benefit payments for Canadians with advanced CKD. Results: We estimate that Canadians with advanced kidney failure are receiving disability benefit payments of at least Can$217 million annually. These estimates are sensitive to the proportion of individuals with advanced kidney disease who are unable to work, and plausible variation in this estimate could mean patients with advanced kidney disease are receiving up to Can$260 million per year. Feasible strategies to reduce the proportion of individuals with advanced kidney disease, either through prevention, delay or reduction in severity, or increasing the rate of transplantation, could result in reductions in the cost of Canada Pension Plan and private disability insurance payments by Can$13.8 million per year within 5