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Bill: Pension Act (5181)
Details
Submitted by[?]: Dolgavas Liberālā Partija
Status[?]: passed
Votes: This is an ordinary bill. It requires more yes votes than no votes. This bill will not pass any sooner than the deadline.
Voting deadline: July 5182
Description[?]:
| To reform the system of retirement insurance in Dolgava. Our proposal is to encourage freedom of choice, personal responsibility, and more efficient allocation of retirement funds in investment, by dismantling the State pension system, and moving towards a system where the bulk of savings occur in private accounts, while a minimum provision is retained through government action. Under this Act: 1. A minimum pension "floor", corresponding to the minimum amount exceeding the standard poverty line as calculated and, if necessary, adjusted, annually by the Department of Health and Social Services, shall be provided to all who have attained the statutory retirement age, as set by law; 2. This "floor", henceforth to be known as the Minimum Retirement Guarantee, or the MRG for short, shall be separate from the general Treasury fund (i.e. state budget revenue and expenditures), governed by an agency known as the Pension Board, and funded through compulsory contributions on the gross income from wages, commissions, and salaries, to be paid into a fund under the auspicies of the Board, and to be adjusted by the Board in keeping with article 1 of this Act, so that the minimum level is guaranteed without any shortfall, or deficit, in the pension fund. Revenue for the fund is to come exclusively from these contributions, without addition from the general Treasury fund; also, the Board may not borrow. The Board shall report annually to parliament on its operations and accounts. The Chairman of the Board, and its other members, shall be appointed by the Minister for Health and Social Services. 3. All other provisions for old age shall be left to the individual citizen to attend to. 4. This Act shall be phased in, so that payments made into the current program, exceeding those required for the MRG, shall be refunded to the respective taxpayers having made them, with this Act to become fully operative starting on January 1, 5185. |
Proposals
Article 1
Proposal[?] to change The government's policy concerning the pension system.
Old value:: The state operates a compulsory, public pension system.
Current: The state does not operate a pension system. Individuals must save up for retirement on their own.
Proposed: The state operates a compulsory public system combined with an optional private pension.
Debate
These messages have been posted to debate on this bill:
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| Vote | Seats | |
| yes | Total Seats: 300 | |
| no | Total Seats: 0 | |
| abstain | Total Seats: 0 |
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| Random quote: "The spread of evil is the symptom of a vacuum. Whenever evil wins, it is only by default: by the moral failure of those who evade the fact that there can be no compromise on basic principles." - Ayn Rand |