It was noted at the Meeting that the Bill (Reg. No.1159) was drafted to improve Legislation in the field of Retirement provisions, and establish standards for services provided to citizens by the bodies of The State Retirement Fund.
It also seeks to resolve the problems arising from the legislative institution of the Retirement Reform in 2004, based on insurance principles and embracing, as its integral element, a Personified Record System for Retirement dues from the population.
This process, as was stressed at the Meeting, requires considerable changes in the organisation of information records, and practical provision for access, by insured persons and pensioners, to information on their Retirement Accounts, etc. The People's Deputies feel that Ukraine's Retirement Fund also faces problems related to the Actuarial estimation of the Retirement System operation in the near and long-term future, required for providing effective use of Retirement monies.
The passing of this Bill, The Deputies stressed, will provide transparency and predictability to the Retirement System.
It will also regulate the issue of publication, by the Retirement Fund, of Reports on its activities, in the electronic and official printed mass media
Committee members highlighted the strengthening of Parliamentary control over the use of Retirement Fund assets, created by the Bill through its requirement of approval of the Retirement Fund Budget for the forthcoming year by The Verkhovna Rada of Ukraine.
The implementation of the Bill, remarked Committee members, will guarantee a respectful and attentive attitude to the Public by the personnel of Ukraine's Retirement Fund bodies, who will provide both a fast and a quality processing of their appeals. In the Retirement Fund Executive bodies, the Public will be able to obtain free access to their comprehensive files of personal data entered into the system of individual payment records, and information on their Retirement assets in their individual accumulative Retirement Accounts.