1 Demographics issues and Pension systems Najat El Mekkaoui de Freitas Université Paris Dauphine May, 2009
2 The demographic and economic challenges Over the next decades many countries will see a big shift in the age-composition of its societies with the share of elderly people increasing vis-àvis the share of working age people. The most consequence of this trend is that : few workers per person of retirement age and thus an increasing demographic burden on the public pension and health care systems.
3 The demographic and economic challenges Demographic and economic challenges are more severe in developed country (less in USA) than in developing countries.
4 Plan: Positive analysis : I Demographic issues. II Pension Systems and reforms. III Corporate and centralized pension systems and management of longevity risk
5 I Demographics Issues
6 World Population (source : ONU)
7 Demographics Table. Increase in dependency ratios, Difference EU USA Japan France The number of people in working age per retiree will decrease from 4 to 2.
8 Participation rates are low because : there are strong financial incentives to retire early arising from the design of pension systems and/or other benefit programs.
9 II Pensions sytems and main reforms
10 II - 1- Type of system : Pay as you go (PAYG) system in which benefits are earnings related and with a strong redistribution (financement instantané) ; Funded system :fully funded (FF) system with contribution related benefits and no redistribution (non instantané).
11 - Specificities of the pension plans Defined Benefit: A defined benefit plan promises a specified monthly benefit at retirement. The plan may state this promised benefit as an exact dollar amount, such as $100 per month at retirement. More commonly, it may calculate a benefit through a plan formula that considers such factors as salary and service for example, 1 percent of average salary for the last 5 years of employment for every year of service with an employer. Traditional, supported by labor unions. Now in decline.
12 - Specificities of the pension plans Defined Contribution (DC) -1-: A defined contribution plan does not promise a specific amount of benefits at retirement. In these plans, the employee or the employer (or both) contribute to the employee's individual account under the plan.
13 - DC plans -2- Contributions generally are invested on the employee's behalf. The employee will ultimately receive the balance in their account, which is based on contributions plus or minus investment gains or losses. The value of the account will fluctuate due to the changes in the value of the investments. Examples of defined contribution plans : 401(k) plans, 403(b) plans, employee stock ownership plans, and profit-sharing plans.
14 Specificities of the pension plans Insurance compulsory for DB plans, ex: Pension Benefit Guarantee Corporation (PBGC)-USA. Investment - subject to the prudent man rule, which requires a sensible asset diversification. - quantitative/qualitative restrictions
15 TAX POLICY OF PENSION FUNDS
16 The French pension system : The French retirement system is based on a statutory pay-as-go system. In 2006, the statutory scheme accounted for 98% of total pension expenditure. The State pension scheme is dependant on the sector of activity in which the worker participates. The supplementary schemes, which complement the general State regime, are financed on a pay-as-yougo basis. These compulsory supplementary pensions are financed by the ARRCO for all the employees and by the AGIRC for executives only.
17 The French pension system : Civil servants and public-sector company employees are covered by many special schemes. Civil servants, after completing 15 years of service, are covered by the State pension service.
18 The French pension system : The major role of the statutory scheme in France has made difficult to have a large presence of voluntary or sectoral schemes. Until 2004, third pillars were, for the most part inaccessible for French workers.
19 The pension system in USA : The United State s pension system is divided into three pillars. The pension system is governed by the federal government's tax collection agency (Internal Revenue Service), the Social Security Administration, and the Labour Department Agency. Another federal agency, the Pension Benefit Guaranty Corporation, insures retirement benefits for those under private pensions.
20 The pension system in USA The Social Security program is the most important pension system run by the government. It provides full benefits to working people who retire and apply for their pension at the age 65 or older. While Social Security constitutes a considerable amount of pension income for retirees, most Americans find that it only provides a portion of their retirement income needs.
21 The pension system in USA The pension wage is determined on the basis of the earnings for 40 years. The system is flexible, people can take their retirement early, between the ages of 62 and 65, but will receive reduced benefits.
22 The pension system in USA : Occupational pension plans There is no law in the United States obliging employers to create occupational pensions funds for employees. In 2006, approximately half of the private-sector employees were covered by occupational pension provision arrangements provided by employers. There are two forms of pensions funds that the employer may choose to provide: defined benefit and defined contribution.
23 II- 2 - Main reforms
24 Main policy actions Increase employment rates, in particular of old-age workers ; Link retirement age to longevity gains ; Reforms improving the link between pension benefits and contributions ; Introduce funding ; Comprehensive reforms are more likely to offset the impact of ageing than piecemeal reforms But, how to implement them?
25 Main reforms aspects PAYGO: Increase in retirement age, vesting period, Development of Social security reserve funds, Development of centralized funds, Development of corporate pension funds, Development of corporate saving, Development of personal saving.
26 Types of adjustments 1 - source : GAO
27 Types of adjustments 2 - source : GAO
28 Others measures Development of centralized funds, Development corporate saving (public, private sectors), Development of personal saving.
29 III - A corporate and centralized pension systems and management of longevity risk
30 A - A corporate pension plans Development of pension funds. Private saving is today a very important part of the household retirement income. They manage around USD 16 trillions in assets at the end of 2005.
31 - A pension plans Asian countries : an increasing on funded pensions in order to secure retirement income for the elderly. China and India : growth in defined contribution pension plans. Singapore : growth of private pension funds.
32 - Specificities of centralized funds : the Singapore Central Provident Fund (CPF) Formed in 1955 A mandatory saving system called the CPF. Managed centrally by the government. An individual account for each member. Defined contribution plans * Malaysia, Fiji, Indonesia and India also adopt CPF Singapore has the highest combined contribution rate (33%) and the highest asset of CPF as % of GDP (63 %).
33 - Specificities of centralized funds : the Singapore Central Provident Fund (CPF) not just for retirement, also for... housing, medical needs and education.
34 - The employee Provident funds in Malaysia Created in 1951, Fully funded, Individual accounts, Defined contribution, Coverage : all employers over 15 Taxation : contributions taxe deductible Low costs.
35 B Household, pension Saving and Invesments Evolution of saving managed by pension funds. Investment policies.
36 Evolution of Pension funds assets in selected countries Canada Italie Portugal Espagne Royaume-Uni Etats-Unis
37 Investment Rules A Prudent person rule (PPR) versus quantitative assets restrictions (QAR) (see table : Investment regulation - Europe) PPR : The rule is interpreted as requiring a sensible asset diversification. Ex. USA, UK. : According to the Department of Labour, the trustee must act "in the sole benefit of the beneficiaries", which means to select investment with "the care, skill, prudence and diligence".
38 Exceptions Limits for US and UK pension funds : US : 10% in case of DB plans (sponsor s firm) UK : 5%. to protect against the positive correlation of sponsor's and pension fund's insolvency. No limits in case of DC plans (ENRON, General Electric, etc.)
39 2 - Consequences of accumulating household saving in corporate pension funds system, in centralized plans.
40 - Situation today of pension plans : The US plans case The PBGC estimates that underfunding of US corporations single-employer DB pension plans reached $450 billion in (it was never higher than $110 billion until 2002). This resulted in losses for the PBGC of $23 billion in 2004 and 2005 (never higher than $3.6 billion until 2002).
41 Policy Responses Policymakers have responded in various ways to deficits in pension levels. Measures: minimum funding retirements have been changed in a number of countries.
42 Policy Responses: In Anglo-Saxons countries. The interest rates used to determine current liabilities must reflect the timing of future benefits payment under the plan.
43 Limits for centralized funds: Return of the fund managed by CPF board is lower than return managed by institutional fund managers. Absence of compulsory life annuities purchase. Retirees are vulnerable to inflation and longevity risk. Lack of diversification. Weak transparency (who manage the funds?)
44 Conclusion Corporate funds and centralized funds contribute to financing old age but in order to have a better risk management... Need to : Share the risk between employees and employers, Adopt a prudential regulation, Follow a diversification of assets, Develop an annuity markets to provide a greater degree of protection against the longevity risk.
Cyprus Economic Policy Review, Vol. 6, No. 2, pp. 49-58 (2012) 1450-4561 49 The Cypriot Pension System: Adequacy and Sustainability Philippos Mannaris Aon Hewitt Abstract The fundamental objective of pension
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This
1 FRANCE DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 1 950 GDP per capita (USD) 44 550 Population (000s) 62 277 Labour force (000s) 28 415 Employment rate 92.6 Population over 65 (%) 16.7 Dependency
Retirement Security June 2006 Public Policy Issue Statement Background Retirement plans represent an important aspect of the total compensation package used by employers to recruit and retain employees.
Annuities in Denmark: Risk-Sharing in Accumulation and Payout Phases Peter Skjødt Executive Director, Msc Econ. Agenda The Danish pension system background information Risk Sharing active workers and pensioners,
LITHUANIAN PENSION SCHEMES Audrius Bitinas Vice-minister Ministry of Social protection and labour I. STATUTORY MANDATORY SOCIAL INSURANCE P-A-Y-G PENSION SCHEME (DB) About 96 % of the employed population
R. LITVINOV, PhD student in Law, Kharkiv National University of Internal Affairs, SOCIAL SECURITY SYSTEM IN THE USA: GOOD OR BAD EXPERIENCE FOR UKRAINE? Analyzing the process of implementation of the pension
10 November 2015, Brussels Live Long and Prosper? Demographic Change and Europe s Pensions Crisis Key Note Speech Dr. Jochen Pimpertz Head of Research Unit Public Finance, Social Security, Income and Wealth
Organisation de Coopération et de Développement Economiques AWP 3.8 Eng Organisation for Economic Co-operation and Development Or. Eng. AGEING WORKING PAPERS Maintaining Prosperity In An Ageing Society:
1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE
Global Retirement Update May 2013 This Update summarizes recent legislative developments and trends related to retirement and financial management and highlights recently passed and pending legislation
RETIREMENT INCOME SYSTEMS FOR DIFFERENT ECONOMIC, DEMOGRAPHIC AND POLITICAL ENVIRONMENTS 1 John Turner ILO 1. This paper was commissioned by the ILO as one of a series of papers on an Operational. 1 TABLE
Company Pension Plans in Canada This article provides an introduction to company pension plans as well as a discussion of several issues currently facing company pension plans in Canada. Company pension
S P upplementary S ensions in the M ingle arket EUROPEAN COMMISSION COM(97)283 Contents Introduction and executive summary... I Chapter I: The demographic and economic context... 1 A. Current demographic
April 2005 Overview of Korean Retirement Pension Plan Myoung Jin Koh Chief of Pension Supervision Team Financial Supervisory Service of Korea Major Contents - Overview of current pension systems in Korea
PRESENT LAW AND BACKGROUND RELATING TO MULTIEMPLOYER DEFINED BENEFIT PENSION PLANS AND RELATED PROVISIONS OF H.R. 2830, THE PENSION PROTECTION ACT OF 2005 Scheduled for a Public Hearing Before the SUBCOMMITTEE
This publication has been developed by the U.S. Department of Labor, Employee Benefits Security Administration. It is available on the Internet at: www.dol.gov/ebsa For a complete list of EBSA publications,
THE PENSION SYSTEM IN ROMANIA 1. THE PENSION SYSTEM MAIN FEATURES The pension system in Romania has undergone numerous reforms over the recent years, aimed at improving the sustainability of the system
COUNTRY PROFILE - MAURITIUS DEMOGRAPHICS AND MACROECONOMICS 2011 2012 Gross Domestic Product (GDP) at market prices (MUR Million) 322,773 344,550 GDP per capita at Market Prices (MUR) 250,924 266,816 Population
Retirement Readiness OECD/IOPS GLOBAL FORUM ON PRIVATE PENSIONS - Sydney Nov 2-3 Brigitte Miksa, Head of International Pensions, Allianz Global Investors AG November 2010 New funded pension schemes shape
Adding Actuarial Information on Defined Benefit Pension Plans and Social Security to the National Accounts Dominque Durant (Banque de France-Autorite de contrôle prudentiel) David Lenze (Bureau of Economic
Pension Funds System, Life Cycle & Risks Najat El Mekkaoui de Freitas Philippe Bernard University of Paris-Dauphine Université Paris-Dauphine Plan 1 - Evolution of institutional investors in OECD countries
April 27, 2005 China Pension Update Prepared for OECD/IOPS Conference on Private Pensions in Asia Stan Feng Mercer, Beijing Contents Overview of China Social Security Fund Overview Asset Allocation Outsourcing
Table of Contents Introduction... Distinctive Features of the Benefits Environment... Key Changes in Recent Years... 2 3 4 Statutory/Mandatory Programs... 5... 5 Retirement Benefits... 6 Death Benefits...
Actuarial Speak 101 Terms and Definitions Introduction and Caveat: It is intended that all definitions and explanations are accurate. However, for purposes of understanding and clarity of key points, the
PENSION INSURANCE IN REPUBLIC OF CROATIA 2008, progress and improvements Snježana Baloković Ministry of Economy, Labour and Entrepreneurship JIM Conference, Zagreb, 31 March 2009 1 PENSION REFORM Started
Consolidated Edison Company of New York, Inc. 4 Irving Place New York NY 10003-0987 April 2015 Dear Consolidated Edison Retirement Plan Participant: The Consolidated Edison Retirement Plan is subject to
China's Pension Reform China's Social Security Pension System and its Reform Kaiji Chen University of Oslo March 27, 2007 1 China's Pension Reform Why should we care about China's social security system
Twinning Project AZ/13/ENP/SO/24 Support to the State Social Protection Fund on the introduction of funded element within the insurance-pension system, establishment of non-state pension funds and development
Benefit Reductions in the Central States Multiemployer DB Pension Plan: Frequently Asked Questions John J. Topoleski Analyst in Income Security Gary Sidor Technical Information Specialist January 28, 2016
Personal Saving Rate Has Declined Percentage of disposable personal income 12. 1. 8. 6. 4. 2.. 196 1965 197 1975 198 1985 199 1995 4 Source: Bureau of Economic Analysis, Department of Commerce. 1 Estimated
Human Resources Benefits Service Center Johns Hopkins at Eastern 1101 E. 33 rd Street, Suite D100 Baltimore, MD 21218-2696 410-516-2000 / Fax 443-997-5820 ANNUAL FUNDING NOTICE For The Johns Hopkins University
POLICY BRIEF Visit us at: www.tiaa-crefinstitute.org. September 2004 The 2004 Report of the Social Security Trustees: Social Security Shortfalls, Social Security Reform and Higher Education The 2004 Social
CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 9, 2012 H.R. 3813 Securing Annuities for Federal Employees Act of 2012 As ordered reported by the House Committee on Oversight and Government Reform on
Pension Reform in China: Its Progress and Challenges Athar Hussain Asia Research Centre London School of Economics To be presented at the Conference on Financial Sector Reform in China September 11-13,
Australia: Retirement Income and Annuities Markets Contractual Savings Conference April 2008 Greg Brunner Pension system Age pension in place since 1908, funded on a payas-you go basis Means testing. The
CHAPTER 6 DEFINED BENEFIT AND DEFINED CONTRIBUTION PLANS: UNDERSTANDING THE DIFFERENCES Introduction Both defined benefit and defined contribution pension plans offer various advantages to employers and
Prepared by Mapfre Panama. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Disability All private and public employees. 62M/57F Employee: 9.75 % of gross monthly salary Employer:
The New Paradox of Thrift -Mandatory Pension Saving and Retirement Insecurity: The case of Australia Mike Rafferty University of Sydney Outline The GFC, pensions and the vulnerabilities of financialized
Prepared by TransGlobe Life. I SUMMARY Social Security Eligibility Retirement Age Contributions Retirement Labour Insurance Programme (LI) applies to companies with 5 or more staff above age 15 and under
NATIONAL BUDGET 2012/13 On 22 February 2012 the Finance Minister, Pravin Gordhan delivered his National Budget Speech and announced the tax proposals for the forthcoming year as well as proposals which
5. Defined Benefit and Defined Contribution Plans: Understanding the Differences Introduction Both defined benefit and defined contribution pension plans offer various advantages to employers and employees.
Order Code RS21115 Updated March 11, 2002 CRS Report for Congress Received through the CRS Web The Enron Bankruptcy and Employer Stock in Retirement Plans Summary Patrick J. Purcell Specialist in Social
CHOOSING A RETIREMENT SOLUTION for Your Small Business This pamphlet is a joint project of the U.S. Department of Labor's Employee Benefits Security Administration (EBSA) and the Internal Revenue Service.
Way Forward for Pensions Globally (From A Service Provider Perspective) Rex Auyeung President Asia Principal Financial Group April 3, 2012 1 Developing Trends in Global Pension 1. Various types of reform
EBRI Databook on Employee Benefits Chapter1: Employee Benefits in the United States: An Introduction UPDATED MARCH 2011 Employee benefits are intended to promote economic security by insuring against uncertain
EVOLUTION ON PENSION DESIGN AND FUNDING IN INDONESIA Halim Gunawan Session Number: TBR17 Agenda Brief overview on Indonesia Demography Regulatory Framework Recent Development and Challenges Interesting
1 IRELAND DEMOGRAPHICS AND MACROECONOMICS Nominal GDP (EUR bn) 181 815 GDP per capita (USD) 59 944 Population (000s) 4 422 Labour force (000s) 2 224 Employment rate 94.82 Population over 65 (%) 10.9 Dependency
Pension Risk Management 9 th Pension Law and Litigation Course June 11, 2013 Amanda Darrach Risky Business Insurance companies often describe themselves as in the business of managing risk So are pension
COMPARING GROUP ANNUITY CONTRACTS AND DEFINED BENEFIT PENSION PLANS COMPARING GROUP ANNUITY CONTRACTS AND DEFINED BENEFIT PENSION PLANS Group annuity contracts play a vital role in protecting pension benefits.
THE BEATLES AND PENSION RISK TRANSFER The UK has a long history of creativity and innovation in the music industry the Beatles being a famous example. Their innovation in the pension world is perhaps a
PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015 I. INTRODUCTION The Pension Benefit Guaranty Corporation ( PBGC or the Corporation ) is a federal corporation created by the
Retirement Benefits in Hong Kong Introduction In Hong Kong, there are several types of retirement benefits sponsored by different parties as shown below. Government-sponsor - Old Age Allowances from the
State and Local Government Retiree Benefits Retiree Health Care Benefits: Structures, Protections, and Funded Status Barbara Bovbjerg Director, Education, Workforce, and Income Security U.S. Government
The Impact of Pension Reform Proposals on Claims Against the Pension Insurance Program, Losses to Participants, and Contributions Pension Benefit Guaranty Corporation October 26, 2005 Contents Introduction
Consumption Structure Evolutions in an Aging Society and Implications for the Social Security System Dr. Rui Mao School of Management, Zhejiang University, China PRI-ADBI joint conference, Tokyo Rui Mao
OECD/IOPS Global Forum Session 2 African Pensions Roundtable Mauritius Ahmad Lallmahomed PENSION SYSTEM IN MAURITIUS Three-tiered pension system Structured as follows: First tier - a universal non-contributory
THE LOW INTEREST RATE ENVIRONMENT AND ITS IMPACT ON INSURANCE MARKETS Mamiko Yokoi-Arai Current macro economic environment is of Low interest rate Low inflation and nominal wage growth Slow growth Demographic
28 e CONGRÈS S INTERNATIONAL DES ACTUAIRES 10 January 2005 Le rendez-vous international de la profession actuarielle L actuaire et la SécuritS curité sociale Actuarial view of Social Security Yves Guérard
ANNUAL FUNDING NOTICE For THE UNIVERSITY OF CHICAGO PENSION PLAN FOR STAFF EMPLOYEES Introduction This notice includes important information about the funding status of your single employer pension plan
The Dutch Pension System an overview of the key aspects The Dutch Pension System an overview of the key aspects Dutch Association of Industry-wide Pension Funds (VB) Contents 1 Introduction 6 2 The Three
SUSTAINING PROSPERITY FOR FUTURE GENERATIONS Approved by the NLEC Board of Directors Jan 16 th, 2013 1 SUSTAINING OUR PROSPERITY FOR FUTURE GENERATIONS INTRODUCTION The Newfoundland and Labrador Employers
Prepared by First Life Financial Company. I SUMMARY Social Security Eligibility Retirement Contributions All persons gainfully employed under age 60. Self-employed are covered also. 60M/F To Social Security:
Addressing Fiscal Sustainability and Fixing the Social Security System: Two Challenges Facing the Nation The Honorable David M. Walker Comptroller General of the United States AARP Board of Directors Annual
University of New South Wales Group Group leader: John Piggott Contributing members: Hazel Bateman, Suzanne Doyle, Sachi Purcal Executive summary - January 2002 One of the economic imperatives of the new
May 2015 United States Government Accountability Office Report to the Ranking Member, Subcommittee on Primary Health and Retirement Security, Committee on Health, Education, Labor, and Pensions, U.S. Senate
IIPM/Professional Diploma in Pensions Retirement Provision Module 8th January 2011 Examination Paper Examiner Solutions Examiner s Solutions - Page 1 of 14 30 MARKS PER QUESTION. TOTAL MARKS = 120 1(a)
Changes to National Accounts: The Impact of the Changes to the Treatment of Pensions in the National Accounts Authors: Robbie Jones and David Matthews Date: 17 September 2014 1 Introduction The UK National
1920 N Street NW Suite 400 Washington, DC 20036-1659 T 202.833.6400 www.segalco.com MEMORANDUM To: From: Hank Kim, Executive Director and Counsel, NCPERS Sarah Mysiewicz Gill, Senior Legal Representative,
VULNERABILITY OF SOCIAL INSTITUTIONS 2 December 2014 Paris Seminar in Demographic Economics Falilou FALL Senior Economist OECD Economics Department 1 Introduction and outline Social institutions and the
DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS OECD GUIDELINES ON PENSION FUND ASSET MANAGEMENT Recommendation of the Council These guidelines, prepared by the OECD Insurance and Private Pensions Committee
Universal Age Pensions Larry Willmore Strategies for the Extension of Social Protection International Training Centre of the ILO Turin, Italy, 29 November 2007 Traditional three pillars 1. Public pensions
Enhanced Annuities in Asia A Case Study Cord-Roland Rinke, Life & Health Longevity Beijing, 6th - 7th September 2013 Disclaimer The information provided in this presentation does in no way whatsoever constitute
Risk Management in Company Pension Schemes Masterarbeit zur Erlangung des akademischen Grades Master of Science (M.Sc.) im Studiengang Wirtschaftswissenschaft der Wirtschaftswissenschaftlichen Fakultät
Sigurt Vitols 1 ) 1 Varieties of Capitalism and Pension Systems One approach to comparative political economy that is rapidly growing in popularity is the Òvarieties of capitalismó (VOC) perspective advanced
Pension Policy for Financial Crises: Experience in Canada, Ireland, the UK and the US Gerard Hughes and John Turner Presented at the ENRSP Conference Protecting Pension Rights in the Economic Crisis Leuven,
Hotel Borobudur, Jakarta, June 6 th, 2005 Donors and Stakeholders Workshop on Law 40 of 2004 Implementing an Indonesian National Social Security System Yves Guérard, F.S.A., F.C.I.A. Hon. F.I.A. Ph.D.(hc)
GAO United States Government Accountability Office Report to the Committee on Finance, U.S. Senate January 2008 STATE AND LOCAL GOVERNMENT RETIREE BENEFITS Current Funded Status of Pension and Health Benefits
SUPPLEMENT TO ANNUAL FUNDING NOTICE OF MAYO PENSION PLAN FOR PLAN YEAR BEGINNING JANUARY 1, 2015 AND ENDING DECEMBER 31, 2015 ( Plan Year ) This is a temporary supplement to your annual funding notice.
The Definition of a Social Insurance Scheme and its Classification as Defined Benefit or Defined Contribution I. Introduction John Pitzer June 30, 2003 1. In an interview posted on this electronic discussion
Richard A. and Susan F. Smith Campus Center 1350 Massachusetts Avenue Cambridge, MA 02138 TO: FROM: SUBJECT: Retirement Plan Participants and/or Beneficiaries Harvard Human Resources, Benefits Annual Funding
Introduction to Retirement Planning for School Students Retirement: is a stage in the life cycle of an individual when one stops being an active part of the productive/ working population on account of
Retirement Protection Forging Ahead Chapter 3 Multi-pillar System and Underlying Principles World Bank s Multi-pillar model 3.1 In face of the challenges brought by an ageing population, many places around
The Honorable David M. Walker Comptroller General of the United States U.S. Government Accountability Office February 10, 2005 2 Composition of Federal Spending 1964 1984 2004* Defense Net interest *Current
MAP-21 SUPPLEMENT TO ANNUAL FUNDING NOTICE OF THE ACADEMY OF NATURAL SCIENCES OF PHILADELPHIA PENSION PLAN FOR PLAN YEAR BEGINNING JANUARY 1, 2013 AND ENDING DECEMBER 31, 2013 ( Plan Year ) This is a temporary
EMPLOYEE STOCK OWNERSHIP PLANS (ESOPS) WHAT IS AN ESOP An ESOP is a form of profit-sharing plan designed to invest primarily in employer stock. ESOPs often are used as a means of transferring ownership
PART ONE OVERVIEW 2 Fundamentals of Employee Benefit Programs CHAPTER 1 EMPLOYEE BENEFITS IN THE UNITED STATES: AN INTRODUCTION Employee benefits are intended to promote economic security by insuring against