Kenya’s Pension Fund Industry amounts to approximately KShs 200 billion reference‚ or the equivalent of 23% of Gross Domestic Product (GDP). These funds are currently operated by statutory contributions under National Social Security Fund (“NSSF”)‚ sponsor-led schemes and individual Retirement Benefit Schemes reference. | These pension funds are established by employers to facilitate and organize the investment of employees’ retirement funds contributed by both the employers and the employees
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INTRODUCTION OF PERSONAL ACCOUNTS‚ THE PRINCIPAL LEGISLATIVE CHANGE WAS THE REFORM OF STATE PENSIONS The reforms being introduced by the Pensions Act 2007 and the Pensions Bill recently presented to parliament represent the biggest transformation in UK pension provision since 1988‚ at the very least‚ and possibly since 1978. The new Act addresses both the increasing cost and the declining value of state pensions. It also prepares the ground for the introduction of personal accounts by the current Bill
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PENSION FUNDS A pension plan fund is established for the eventual payment of retirement benefits. A plan sponsor is the entity that establishes the pension plan. A plan sponsor can be: • A private business entity on behalf of its employees‚ called a corporate plan or private plan. • A federal‚ state‚ and local government on behalf of its employees‚ called a public plan. • A union on behalf of its called a Taft-Hartley plan. • An individual‚ called an individually sponsored plan. Two
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that pension reforms from pay-as-you-go to fully funded systems spur the development of stock markets through a corporate governance channel‚ i.e. pension funds become large shareholders of publicly traded firms and therefore have the incentives to monitor managers and improve investor protections. This paper reviews the literature on the corporate governance channel associated with pension reforms in developing countries‚ and asks what we know and need to know about it. We know that pension funds
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CONCEPT PAPER ON DISABILITY PENSION State measures which intend to address needs of 15% of its citizens who have disabilities include the PWD Card (for 20% discounts on medicines‚ medical services‚ etc.) and Disability Pensions from the Government Insurance Service System (GSIS). However‚ these are largely limited and ineffective because the discounts can only be availed of by non-poor PWDs (who are the only ones who can afford to buy medicine‚ go to the hospital‚ or eat in a restaurant in the
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The Canada Pension Plan Investment Board The main concern of the Senior Vice President is whether CPPIB will be able to sustain its positive results with its current investment strategy and the long term nature of the pension plan. A shift towards an active strategy concentrated on Private and Alternative Investments has certainly paid off since its implementation. However‚ the pension plan has reached somewhat of a roadblock considering the recent loss it has suffered. The million dollar question
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CHALLENGES IN PENSION REFORM A RESEARCH PROJECT SUBMITTED TO THE FACULTY OF NATIONAL UNIVERSITY IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF PUBLIC ADMINISTRATION NOVEMBER 2012 By James Michael Sandburg Capstone Project Faculty Advisor Gary Geiler CAPSTONE PROJECT APPROVAL FORM I certify that I have read the Project of James Michael Sandburg entitled Challenges in Pension Reform‚ and that‚ in my opinion‚ it is satisfactory in scope and quality for
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Accounting & Finance Front Sheet NB. This sheet must be attached to any submission of Accounting & Finance field module coursework made to the Student Assessment Office. No assignment will be accepted without it. Name of Candidate _________________________________________ Student Number _________________________________________ Title of Module ___________________________________________ Title of Coursework _________________________________________ Marking Tutor ______________________________________________
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Relative to the pension fund the term “funded” refers to the relationship between pension fund assets and the present value of expected future pension benefit payments; thus‚ the pension fund may be fully funded or under funded. Relative to the employer‚ the term “funded” refers to the relationship of the contributions made by the employer to the pension fund and the pension expense accrued by the employer; if the employer contributes annually to the pension fund an amount equal to the pension expense‚
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When participating in a defined benefit pension plan‚ an employer promises to pay their employees a specific benefit for life beginning at retirement. The benefit is calculated in advance using a formula based on age‚ earnings‚ and years of service. In the United States‚ the maximum retirement benefit permitted in 2009 under a defined benefit plan is $195‚000. Defined benefit pension plans currently do not have contribution limits. The liability of the pension lies with the employer who is responsible
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