What was the Pension Reform Act of 2014?

The PRA 2014, which repeals the Pension Reform Act No 2 of 2004, governs and regulates the administration of the contribu- tory pension scheme (the Scheme) in Nigeria. This Newsletter summarises some of the key provisions contained in the version of the Act signed by the President. JULY 2014 1.

What was the role of the Pension Commission in Nigeria?

The Pension Reform Act 2004 established the National Pension Commission (PenCom) as the body to regulate, supervise and ensure the effective administration of pension matters in Nigeria. The functions of the Commission include: Regulation and supervision of the Scheme established under the Act.

Where was the 10th anniversary of pension reform held?

Distinguished Ladies and Gentlemen I am delighted to welcome you to the Commemorative Dinner of the 10th Anniversary of the Pension Reform in Nigeria holding in Lagos. We are highly honored by the presence of all our distinguished guests at tonight’s occasion, amidst your engaging commitments. This Dinner is being held as part of the […]

Who are the chairmen of the Senate Committee on Pensions?

More recently, Senators Grassley and Alexander, chairmen of the Senate Committees on Finance and Health, Education, Labor, and Pensions, respectively, released an alternative reform approach that makes more structural reforms to the system while minimizing taxpayer risk.

What are the proposals for multiemployer pension reform?

These include simplifying and improving the lump sum payment – known as withdrawal liability – that firms must pay when exiting sponsorship of a plan. The proposal would also increase the PBGC guarantee of multiemployer plans, a change that can only be paired with other reforms and additional funding.

Is the multiemployer pension system facing insolvency?

The multiemployer pension system, and the federal insurance program that guarantees at least some portion of its 10 million participants, is facing insolvency. Collectively, plan liabilities far outstrip plan assets, and the PBGC simply does not have the resources to staunch the problem.