Haiti Pension System: Recommendations to Improve the Regulation

2018 ◽  
Author(s):  
Edgar A. Robles
Keyword(s):  
Technical Assistance ◽  
Pension System ◽  
Pension Funds ◽  
Regulatory Framework ◽  
Policy Options ◽  
Salaried Workers ◽  
Key Policy

This tenth document of the PLAC Network Technical Assistance Document Series, entitled “Haiti pension system - Recommendations to improve the regulation”, provides general recommendations for the regulatory framework of the pension system in Haiti and tries to identify broad key policy options to improve the performance of the pension system. The policies are directed to strengthen and harmonize the rules of governance for the Office Nationale d'Assurance-Vieillesse (ONA), which covers private salaried workers, and the Plan de Retraite de l'Administration Publique (PRAP), to increase their capacity to manage risks, facilitate supervision of pension funds, improve sustainability, adequacy and equity, and establish guidelines for investments policies.

scholarly journals Pension Fund Management, Investment Performance, and Herding in the Context of Regulatory Changes: New Evidence from the Polish Pension System

Risks ◽  
2020 ◽  
Vol 9 (1) ◽  
pp. 6
Author(s):  
Łukasz Dopierała ◽  
Magdalena Mosionek-Schweda
Keyword(s):  
Pension System ◽  
Pension Funds ◽  
Management Style ◽  
Market Model ◽  
Herd Behavior ◽  
Investment Performance ◽  
Fund Managers ◽  
Regulatory Changes ◽  
Increased Risk ◽  
The Impact

The aim of this paper is to assess the impact of reforms introduced in the operation of Polish open pension funds on management style, risk exposure and related investment performance. The article analyzes the impact of the reformed regulations on the herd behavior of fund managers. In particular, we examined whether the elimination of the internal benchmark for fund evaluation impacts the elimination or reduction of herd behavior. We proposed a multi-factor market model to evaluate the performance of funds investing in various types of instruments. Moreover, we used panel estimation to directly take into account the impact of the internal benchmark on herd behavior. Our results indicate that highly regulated funds may slightly outperform passive benchmarks and their unregulated competitors. In the case of Polish open pension funds, limiting investments in Treasury debt instruments clearly resulted in increased risk and volatility of returns. However, it also raised competition between funds and decreased the herd behavior. Additionally, the withdrawal of the mechanism evaluating funds based on the internal benchmark was also important in reducing herd behavior.

scholarly journals Exploring Policy Options for a New Rural America: Conference Synthesis

2002 ◽  
pp. 53-57
Author(s):  
S. R. Johnson
Keyword(s):  
Rural Areas ◽  
Urban Areas ◽  
Technical Assistance ◽  
Policy Framework ◽  
Past Century ◽  
Policy Options ◽  
Rural America ◽  
Rural And Urban ◽  
High Government ◽  
Policy Priority

This Conference has more then lived up to its billing, exploring policy options for a new rural America but in addition identifying the basis for a new framework for rural policy. Evidence that a new policy framework is needed is abundant (Stauber). In one way or another, rural areas of North America and of most of the developed world have for at least the past century experienced secular decline compared to urban areas. This has occurred during a period of high government transfers or subsidies, both direct and from policy interventions that have distorted the functioning of markets. It is clear that the systemic discrepancy between rural and urban populations/areas is a public policy priority. It is just as clear that there has not been a consensus on how to address these development and economic issues. Much funding and technical assistance has been allocated with little apparent impact on the condition of rural areas and rural people.

Institution of Banking Pension Provisions: Preconditions, Nature, Competition with Traditional Institutions

2015 ◽  
Vol 2015 (2) ◽  
pp. 27-55
Author(s):  
Yuriy Ezrokh
Keyword(s):  
Financial Institutions ◽  
Pension Fund ◽  
Pension System ◽  
Pension Reform ◽  
Banking System ◽  
Pension Funds ◽  
Econometric Analysis ◽  
Traditional Institutions ◽  
State Pension ◽  
Pension Benefits

The article analyzes the pension reform implemented in Russia in 2013–2014, provides the modeling of possible pensions, determines the efficiency boundaries for the use of insurance and savings-insurance schemes offered by the Pension Fund of Russia. The author examines the activities and effectiveness in managing pension savings and reserves from non-state pension funds, especially the system of voluntary savings insurance. The study identifies the challenges faced by these financial institutions, which constrain the development of the Russian pension system. Drawing on logical and econometric analysis the author identifies the competitive opportunity for banks to participate in the Pension Benefits Act, calculates the proposals’ efficiency for future retirees and the banking system as a whole, determines the contribution of the proposed solutions to enhanced competition and more competitive banking environment.

Private Pension Funds in Hungary

2005 ◽  
Vol 55 (3) ◽  
pp. 287-315 ◽  
Author(s):  
Ichiro Iwasaki ◽  
Kazuko Sato
Keyword(s):  
Trade Unions ◽  
Pension System ◽  
Pension Reform ◽  
Legal Framework ◽  
Pension Funds ◽  
Negative Influence ◽  
Private Pension ◽  
Pension Scheme ◽  
Special Interest Groups ◽  
Governance Reform

The new pension system launched in Hungary in 1998 is epoch-making for having introduced a mandatory private pension scheme (MPPS). However, the political decision-making on pension reform and the scheme operations have been greatly influenced by conflicts of interests among ministries, political conflicts between parties, and the presence of special interest groups, including trade unions and financial institutions. This situation may have had a certain negative influence on the legal framework of the MPPS and on the management performance of private pension funds. In order for the MPPS to be sustainable in the future and to make insurance beneficiary profits a top priority, the corporate governance reform of pension funds and reinforcement of the monitoring system over them, and political neutralisation of the public pension system are necessary.

Who Benefits from Pension Enhancements?

2014 ◽  
Vol 9 (2) ◽  
pp. 165-192 ◽  
Author(s):  
Cory Koedel ◽  
Shawn Ni ◽  
Michael Podgursky
Keyword(s):  
United States ◽  
Pension System ◽  
The United States ◽  
Pension Funds ◽  
Retirement Benefits ◽  
Teacher Retirement ◽  
Front End ◽  
Pension Costs ◽  
Public Workers ◽  
Young Teachers

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 system in Missouri. The enhancements resulted in large windfall gains for teachers who were close to retirement when the legislation was enacted. By contrast, novice teachers, and teachers who had not yet entered the labor force, were made worse off. The reason is that front-end contribution rates have been raised for current teachers to offset past liabilities accrued from the enhancements. Total teacher retirement compensation, net of contribution costs, is lower for young teachers today as a result of the enhancement legislation. Given sharp increases in pension costs in other states, this finding may generalize to young teachers in many other plans.

scholarly journals DEVELOPMENT OF NON-STATE PENSION FUNDS OF UKRAINE: PROBLEMS AND PERSPECTIVES

2021 ◽  
Author(s):  
Natalya Tataryn ◽  
Kateryna Zakorko ◽  
Sofia Kozar
Keyword(s):  
Pension Fund ◽  
Pension System ◽  
Public Awareness ◽  
Pension Funds ◽  
The State ◽  
Private Pension ◽  
State Pension ◽  
Private Pension System ◽  
State Pension Funds ◽  
Legal Entities

The article considers topical issues of determining the current state of development of the private pension system in Ukraine, and defines the concept of "private pension fund". In economic essence, the system of non-state pension fund is defined as an integral part of the system of accumulative pension provision, based on voluntary participation of individuals and legal entities in the formation of pension savings in order to receive additional pension contributions. Problems that hinder the development of private pension funds, namely the shadowing of wages and labor relations, lack of public awareness, lack of legislation are identified. The functioning of private pension funds in the country depends not only on reforming the existing pension system, but also on the growth of incomes, their de-shadowing and development of the financial market in general. The current pension system is not able to provide the population with the necessary pension assets. This problem can be solved by intensifying the activities of private pension funds. Emphasis is placed on the need and importance of a voluntary private pension system and its role in ensuring the development of the state economy. As world experience shows, in a market economy, the development of private pension funds is one of the important components to ensure effective functioning of the state. Private pension funds are powerful investment investors because they can mobilize additional investment resources. The main purpose of investing pension assets is to preserve the savings of the population. The main indicators of activity of non-state pension funds are analyzed, namely: pension contributions, pension payments, the number of concluded pension contracts, the amount of investment income, etc. Further trends in the development of private pension provision in Ukraine are noted, substantiated the necessary measures to intensify activities in modern economic conditions, proposed recommendations for solving existing problems of institutions. However, in implementing the proposed measures should be remembered participation of both individuals and legal entities.

scholarly journals The Role of Human Resources, Respectively Employment in the Sustainability of the Pension System in Kosovo

2015 ◽  
Vol 5 (1) ◽  
pp. 179
Author(s):  
Nexhmedin Shaqiri
Keyword(s):  
Economic Development ◽  
Human Resources ◽  
Pension System ◽  
Research Question ◽  
Social Indicators ◽  
Critical Evaluation ◽  
Pension Funds ◽  
Human Potential ◽  
Economic Stability ◽  
The Impact

The study will focus on the evaluation of social indicators (indicators of population, unemployment rate, employment rate, etc.) and economic development in view of the socio-economic stability of Kosovo. The impact of the financial resources of pension funds in the quality of payment of pension annuities will be presented as key factors in the socio-economic stability of Kosovo. The research question is "How does the human potential, respectively employment or economic development in pension funds, impact on the sustainability of Kosovo's pension system". The theoretical basis of this study will focus on the study of human resources, employment theories and theories of economic development. Methods that help the study of this problem include the extraction of indicators to provide information which serves to measure the factors that indicate the point of crossing the threshold of socio-economic stability. The key finding of the analysis is the impact of human resource potential in the economic development of Kosovo and its impact on the sustainability of the pension system in Kosovo. From the results obtained conclusions will be drawn on the assessment of current economic development, the proper use of human resources, the assets of pension funds and employment requirements. From a critical evaluation connected to this theme, the findings will serve to make the necessary suggestions for changes and improvement of the problem.

scholarly journals The shape of the pension scheme in Poland in the light of the conventional multi-pillar typologies

2019 ◽  
Vol 44 (1) ◽  
pp. 47-65 ◽  
Author(s):  
Tomasz Jedynak
Keyword(s):  
Pension System ◽  
Pension Funds ◽  
Pension Scheme ◽  
Pension Systems ◽  
Reform Implementation ◽  
Four Levels

In recent years, a number of modifications that have a significant impact on the shape of the pension system in Poland are introduced and discussed (e.g. OFE [Open Pension Funds] reform, implementation of the PPK [Employee Capital Plans], introduction of civil pensions, etc.). The result of these changes is that the traditional, three-pillar way of presenting the shape of this system does not reflect its essence any more. On the basis of the typologies of multi-pillar pension systems proposed in the literature, the study propose a new concept for presenting the shape of the general pension system in Poland. It consists of four levels of pension security, distinguished by the criterion of the initiating subject. These levels together form the base and the supplementary part of the pension system.

scholarly journals COMPREHENSIVE ANALYSIS OF REGULATORY IMPACTS ON PERFORMANCE OF SLOVAK PENSION FUNDS

2021 ◽  
Vol 22 (3) ◽  
pp. 735-756
Author(s):  
Mário Papík ◽  
Lenka Papíková
Keyword(s):  
Pension System ◽  
Factor Model ◽  
Five Factor Model ◽  
Pension Funds ◽  
Private Pension ◽  
Government Interventions ◽  
Regulatory Interventions ◽  
Market Factors ◽  
Fama And French ◽  
Sustainability Challenges

Standard pay-as-you-go pension system is facing long-term and short-term sustainability challenges in several countries. Possible replacement of standard pension system might be in a form of private pension savings. Private pension savings are meaningful only if they provide sufficiently high returns. The aim of this manuscript is to analyse performance of Slovak pension funds and factors impacting this performance, especially government interventions. This manuscript is focused on enhanced Carhart four-factor model, Bollen and Busse four-factor model, and Fama and French five-factor model based on 23 pension funds from Slovakia from period starting September 2012 and ending September 2019. These models have been extended by other variables describing bond market factors and impact of regulatory interventions on performance of pension funds. Results of analysis have proved that legislative interventions have impact on performance of analysed pension funds. Each legislative intervention has caused average daily yield to decrease by about 0.01% to 0.03%. Findings described in this manuscript can contribute to better knowledge of pension funds for both contributors who need to decide whether to participate in the second pillar or not, as well as for regulators who develop legislation measurements in this area.

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