11 December 2007, 17:02
This Bill (Reg. No. 1159) was drafted to improve legislation in the field of Retirement provision, and establish standards for services provided to citizens by the bodies of The State Retirement Fund of Ukraine, as well as to achieve transparency and predictability in the Retirement Benefit System.
The authors of the Bill state, that once this document has been passed, citizens will be able to obtain free access its particular form and the procedure used being set out in the Bill - to their comprehensive file of personal data entered into their individual payment records in the Retirement Fund Executive Bodies. This available information will also include data on the Retirement Assets in their individual Retirement Accounts within the Obligatory State Retirement Insurance Accumulative System, data in the relevant electronic databases for the establishment and remitting of Retirement Benefit payouts, and in the Retirement Files.
It is, inter alia, suggested that the Retirement Fund records, on a monthly basis, information on insured persons, their wages and payments made on their behalf towards the Obligatory State Retirement Insurance, the number of retired beneficiaries, and the value of their retirement benefits, approved and paid out bonuses, increments, compensations and retirement benefit increases.
Also the Bill recommends that the Retirement Fund Budget be approved by The Verkhovna Rada of Ukraine, instead of the Retirement Fund Boards, as was the practice in the past.