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A Model for Occupational Pensions Privately Administered for Police and Military Personnel

Author

Listed:
  • Hoinaru Răzvan

    (The Bucharest University of Economic Studies, Bucharest, Romania)

  • Petre Radu

    (Stockholm University, Stockholm, Sweden)

  • Niţoi Daniel

    (Romanian Academy, Research Institute for Quality of Life, Bucharest, Romania)

  • Marin Florentina

    (The Bucharest University of Economic Studies, Bucharest, Romania)

  • Matisek Jahara

    (U.S. Naval War College, Newport, Rhode Island, USA)

Abstract

In the context of legislation introduced in Romania through Law 1 of 2020 regarding occupational pensions, this paper presents an evaluation of occupational pension system for police and military personnel and takes into consideration privately administered funds that would complement the current system. The paper evaluates the impact of the complementary occupational pension system, focusing on its dual role as both a fiscal instrument for internal financing within Romania and a mechanism for enhancing social and economic security for retired police and military staff. The occupational pension system can diversify funding sources, potentially easing the national public debt burden, while offering a sustainable and adequate retirement income for service members. Furthermore, the analysis extends to the occupational pension system's efficacy in fostering workforce stability, particularly post-eligibility for military state pensions. The study addresses the system's potential influence on staff motivation and retention, underpinning its role in maintaining a robust and committed service workforce. This simulation-based study leverages international models and legislative frameworks to corroborate these benefits, providing a nuanced understanding of the occupational pension system’s role in the broader context of public service pensions.

Suggested Citation

  • Hoinaru Răzvan & Petre Radu & Niţoi Daniel & Marin Florentina & Matisek Jahara, 2024. "A Model for Occupational Pensions Privately Administered for Police and Military Personnel," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 18(1), pages 2140-2153.
    • Handle: RePEc:vrs:poicbe:v:18:y:2024:i:1:p:2140-2153:n:1025
    DOI: 10.2478/picbe-2024-0180
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    References listed on IDEAS

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    1. E Philip Davis, 1996. "The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour," RBA Annual Conference Volume (Discontinued), in: Malcom Edey (ed.),The Future of the Financial System, Reserve Bank of Australia.
    2. Michael A. Urban, 2019. "Placing the Production of Investment Returns: An Economic Geography of Asset Management in Public Pension Plans," Economic Geography, Taylor & Francis Journals, vol. 95(5), pages 494-518, October.
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