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Pension fund

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A pension fund, also known as a superannuation fund in some countries, is any program, fund, or scheme which provides retirement income.

Pension funds typically have large amounts of money to invest and are the major investors in listed and private companies. They are especially important to the stock market where large institutional investors dominate. The largest 300 pension funds collectively hold about USD$6 trillion in assets.[1] In 2012, PricewaterhouseCoopers estimated that pension funds worldwide hold over $33.9 trillion in assets (and were expected to grow to more than $56 trillion by 2020), the largest for any category of institutional investor ahead of mutual funds, insurance companies, currency reserves, sovereign wealth funds, hedge funds, or private equity.[2]

The U.S. Government's Social Security Trust Fund, which oversees $2.57 trillion in assets, is the world's largest public pension fund.

Classifications

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Open vs. closed pension fund

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Open pension funds support at least one pension plan with no restriction on membership while closed pension funds support only pension plans that are limited to certain employees.[3]

Closed pension funds are further subclassified into:

  • Single employer pension funds
  • Multi-employer pension funds
  • Related member pension funds
  • Individual pension funds

Public vs. private pension funds

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A public pension fund is one that is regulated under public sector law while a private pension fund is regulated under private sector law.

In certain countries, the distinction between public or government pension funds and private pension funds may be difficult to assess. In others, the distinction is made sharply in law, with very specific requirements for administration and investment. For example, local governmental bodies in the United States are subject to laws passed by the states in which those localities exist, and these laws include provisions such as defining classes of permitted investments and a minimum municipal obligation.[4][5]

How they work

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It is important to distinguish between pension plan, funds and firm. A pension plan is a benefits program set up and sustained by an employer or an employee group. They are managed by state or private firms as well as pension funds.[6] Pension funds are financial mechanisms that provide retirement income for employees after their working life. They work by accumulating contributions from employers, and sometimes employees, which are then invested to grow over time. Upon retirement, employees receive benefits, typically calculated as a percentage of their average salary during their working years. For instance, consider a scenario where a pension scheme offers a payment equivalent to 1% of an individual's average salary over the last five years of their employment for each year they served with the employer. Thus, if an employee worked for 35 years at the company and had an average final salary of $60,000, they would be entitled to an annual pension of $21,000. It is important to point out that one cannot usually take early withdraws or loan from pension. Public sector pensions, like the California Public Employees’ Retirement System (CalPERS), often include cost-of-living escalator and can be more generous than private sector pensions. Private pension plans are regulated by federal laws such as the Employee Retirement Income Security Act (ERISA) and are insured by the Pension Benefit Guaranty Corporation (PBGC), which guarantees benefits if a pension plan fails.[7]

How pension funds invest their money

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Pension funds can make investments into stocks, bond, real estate, and other assets. However, they have to be prudently managed compared to other types of funds due to their lower risk tolerance. For many years, they mainly invest into stable stocks and bond.[8] In order to keep a high returns, with changing market conditions, they started to invest into other assets.[9] Currently, many pension funds are moving away from managing active stock portfolios towards passive investment methods, focusing on index funds and exchange-traded funds (ETFs) that replicate market indices. Additionally, there's an increasing trend to diversify into alternative assets like commodities, high-yield bonds, hedge funds, and real estate.

Newer investment tools for pension funds include asset-backed securities, such as those tied to student loans or credit card debt, which are used to boost returns. Investing to Private equity is also rising in popularity; these are long-term investments in non-public companies, aimed at achieving substantial profits through eventual sales when these companies reach maturity.

Furthermore, real estate investment trusts (REITs) are becoming a frequent choice for pension funds due to their passive investment approach in the real estate sector. Direct investments in commercial properties like office buildings, warehouses, and industrial parks are also prevalent.[10]

Many governments around the world have established public pension systems that are partially or fully funded by investments rather than relying solely on payroll taxes. This approach helps ensure the long-term solvency of these pension programs. Some examples of governments that use pension fund investments are:

  • Norway: The Norwegian Government Pension Fund Global, also known as the Oil Fund, is one of the largest sovereign wealth funds in the world. It invests the surplus revenues from Norway's oil and gas industry to help finance the country's public pension system and other government expenses.
  • Singapore: The Central Provident Fund (CPF) in Singapore is a compulsory social security savings plan that requires contributions from both employers and employees. The CPF board invests these funds to generate returns and ensure the long-term financial stability of the pension system.
  • Canada: The Canada Pension Plan Investment Board (CPPIB) manages the investment of the Canada Pension Plan's assets. It invests in a diversified portfolio of stocks, bonds, real estate, and other assets to generate returns and secure the future of the public pension system.
  • Australia: The Australian Government's Future Fund was established in 2006 to help cover the government's superannuation (pension) liabilities. It invests in a range of asset classes, including equities, fixed income, and alternative investments, to grow the fund's assets over time.
  • Sweden: The Swedish Pension System (Allmänna pensionssystemet) has a buffer fund, the AP Funds, that invests in various financial instruments to supplement the pay-as-you-go pension contributions and ensure the system's long-term sustainability.

These are just a few examples of governments that have adopted an investment-based approach to managing their public pension systems. By diversifying and growing their pension fund assets, these countries aim to mitigate the risks of running out of money in the future as their populations age.

Governance

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Pension funds are important financial institutions which are managing the retirement savings of millions. Effective governance in these entities is crucial not only to safeguard these funds but also to ensure they meet their future obligations to pensioners. The governance structures, strategies, and practices of pension funds significantly influence their stability, performance, and the trust of their stakeholders. Proper governance ensures that decisions are made transparently and that fund managers are accountable to stakeholders, including employees, retirees, and employers.[11]

According to the OECD Guidelines for Pension Fund Governance,[12] the governance structure should clearly identify and separate operational and oversight responsibilities. Every pension fund should have a governing body, accountable to the pension plan members and beneficiaries. This body is ultimately responsible for ensuring adherence to the terms of the arrangement and the protection of the best interest of plan members and beneficiaries. The governing body should also meet minimum suitability standards to ensure a high level of integrity, competence, experience, and professionalism. Additionally, there should be adequate internal controls in place to ensure compliance with the law.

Challenges

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Many pension funds have problem with governance. In Hungary, where pension funds are established as not-for-profit institutions, there is evidence that the governing body is generally ineffective in looking after the best interest of members. Most funds are established by financial institutions that find it easy to promote their candidates to the fund's supervisory board. Some pension funds in the United States have also been the subject of governance problems too, as well as in other countries.[13]

History of pension funds

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The first concepts of providing retirement benefits have roots in ancient civilizations such as Rome and Greece. The pension system as we know it originated in the 19th century. In 1889, German Chancellor Otto von Bismarck started an early modern pension scheme. His goal was to help older German´s citizens. However, this idea came from the United States of America. In 1875 American Express Company introduced its own pension plan.

During the early 20th century pension plans for public employees were growing, which resulted in creating a U.S. federal retirement plan, known as Social Security, in 1935. After World War II, pension funds became the primary tool for providing retirement benefits, which was supported by the growth of labour unions. By the 1970s, they held large amounts of financial assets and had evolved to be significant participants in financial markets. But in the 1980s and 1990s pension funds faced significant challenges. The stock market crash in 1987 and the recession in the early 1990s had a negative impact on pension funds. Furthermore, demographic shifts and rising life expectancies placed pressure on these funds to sustain retirement benefits over extended durations.[14]

Regulation

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In the United States pension plans are regulated mainly by The Employee Retirement Income Security Act 1974(ERISA). It provides framework for the regulation of employee pension and plans which are private pension funds offering.

In 2006 was introduced The Pension Protection Act (PPA). This act come with new funding requirements for defined pension plans. As well as with new rules for calculating plan assets and liabilities.[8]

Pension funds in EU are regulated by Directive 2003/41/EC , also known as the IORP directive. This directive was recast and adopted in December 2016. It should promote long-term investment via occupational pension funds. Additionally, beneficiaries and members should now be better informed about their entitlements, address challenges faced by occupational pension funds operating across borders, and foster long-term investments in economic activities that boost growth, enhance the environment, and increase employment opportunities.[15]

Largest pension funds

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The following table lists largest pension funds by total assets by the SWF Institute.[16]

Country Fund Assets
(billion US$) 		Reporting
period 		Inception Origin
 United States Federal Old-age and Survivors Insurance Trust Fund (Social Security) $2557[17] 2023 1935 Taxation
 Japan Government Pension Investment Fund $1790[18] 2020 2006 Non-commodity
 Norway Government Pension Fund of Norway $1356[19] 2021 1990 Oil
 United States Military Retirement Fund $1321[20] 2023 1984 Employer Contribution
 United States Civil Service Retirement and Disability Fund $1028[21] 2023 1920 Employer & Employee Contribution
 United States Thrift Savings Plan (TSP) $737[22] 2022 1986 Employer & Employee Contribution
 Canada Canada Pension Plan and CPP Investment Board (CPPIB) $570[23] 2022 1965 Non-commodity
 Netherlands Stichting Pensioenfonds ABP (ABP) $498[24] (€460) 2022 1922 Non-commodity
 South Korea National Pension Service (NPS) $462[25] 2017 1988 Non-commodity
 Canada (Quebec) Caisse de dépôt et placement du Québec (The Caisse, or CDPQ) $402[26] 2022 1965 Non-commodity
 United States (California) California Public Employees' Retirement System (CalPERS) $389[27] 2020 1932 Non-commodity
 China National Social Security Fund $251[25] 2015 2000 Non-commodity
 Singapore Central Provident Fund $348[28] 2019 1955 Non-commodity
 Canada (Ontario) Ontario Teachers' Pension Plan (OTPP) $247[29] 2022 1989 Non-commodity
 United States (California) California State Teachers' Retirement System (CalSTRS) $282[30] 2021 1913 Non-commodity
 Malaysia Employees Provident Fund $240[31] 2023 1951 Non-commodity
 Netherlands Stichting Pensioenfonds Zorg en Welzijn (PFZW, formerly PGGM) $183[32] (€162) 2022 1969 Non-commodity
 Sweden AP-funds $182[33] 2023 1960 Taxation
 Chile AFP $160[34] 2014 1980 Non-commodity
 India Employees' Provident Fund Organisation (EPFO) $228[35] 2019 1952 Employer & Employee Contribution
Russia Russia Russian National Wealth Fund $125 [38] 2020 2008 Oil
 Denmark Arbejdsmarkedets Tillægspension (ATP) $106[36] 2023 1964 Employee Contribution
 Canada OMERS (Ontario) $124[37] 2022 1962 Non-commodity
 South Africa Government Employees Pension Fund (GEPF) $112 (ZAR1426b) 1996 Non-commodity
 Brazil Caixa de Previdencia dos Funcionários do Banco do Brasil (PREVI) $80[38] 1904 Finance
 United States (Ohio) State Teachers Retirement System of Ohio (STRS Ohio) $79.8[39] 2017 1919 Defined Benefit Pension
 France AGIRC – ARRCO $70[25] 2015 2001 Non-commodity
 India National Pension System (NPS) $85[40] 2021 2004 Non-commodity
 France Pensions Reserve Fund (France) (NPRF) $56[41] 2001 Non-commodity
 Ireland National Pension Reserve Fund (NPRF) $30[42] 2001 Non-commodity

By country

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Australia

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Main article: Superannuation in Australia

Government

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Industry (not-for-profit)

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[43]

Private

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Brazil

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  • Aceprev
  • Baneses
  • Banesprev
  • Centrus
  • FAPES
  • Forluz
  • Funcef
  • Fundação Banrisul
  • Fundação CESP
  • Fundação Itaubanco
  • Petros
  • PREVI – Caixa de Previdência dos Funcionários do Banco do Brasil[44] (the closed private pension fund for employees of the Brazilian federal government-owned bank)
  • Sistel
  • Valia

Canada

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Government

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Private

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Chile

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China

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Czech Republic

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  • Pension funds form the third pillar of the Czech Republic's pension system[45] and allow people to invest regularly and voluntarily over the long term with state support and tax relief.

Penzijní připojištění (Pension Plan, PP)[46]

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  • Pension Plan could be negotiated until the end of 2012. These funds are called "Transformed Funds" (TF). These carry a guarantee of non-negative appreciation in each year of saving. Therefore, their investment strategy is also conservative and based on investing in bonds and money market instruments. The fund credits appreciation only once a year.
  • The client does not hold any unit certificates or pension units, but, on the basis of the funds invested, state contributions and, where appropriate, employer contributions, holds a share in the fund's assets, which appreciate in value over time and are completely separate from the pension company.

Doplňkové penzijní spoření (Supplementary Pension Savings, DPS)[47]

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  • Supplementary Pension Savings have been available since the beginning of 2013. They operate on a similar principle to unit trusts, except that they are set up by pension companies and the client receives pension units instead of unit certificates.
  • The main difference from the client's point of view is the possibility to choose the investment strategy of their savings. The three main strategies are:[48]
    • Conservative funds – a strategy suitable for clients who wish to invest safely in money market instruments.
    • Balanced (mixed) funds – a strategy suitable for clients who wish to take advantage of investing in government bonds and stocks within a single fund.
    • Dynamic funds – a strategy suitable for clients who wish to invest exclusively in stocks and expect high returns that beat inflation. In this case, a high risk of volatility must be taken into account. This risk can be mitigated by regular savings.

Dlouhodobý investiční produkt (Long-term Investment Product, DIP)[49]

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  • As of 1 January 2024, a long-term investment product was launched, thanks to which it is possible to invest in shares, bonds or investment funds. In the context of Pension Plan (in Transformed Funds) or Supplementary Pension Savings, you can only invest in participatory funds offered by the pension company. You have no control over how the pension company handles the money you invest. In contrast, in Long-term Investment Product you can set up your investments as you see fit and you can change the composition of your investments over time.

Greece

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Government

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  • Public Employees Pension Fund[50]

Private

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  • TAPILTAT, the Fund for Mutual Assistance of the Employees of Ioniki Bank and Other Banks, the multi-employer auxiliary pension fund

Hong Kong

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India

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  • Employees' Provident Fund Organisation – a statutory social security body of the Government of India that administers a mandatory Provident Fund Scheme, Pension Scheme and a death/disability Insurance Scheme. Provident Fund is applicable for employees across all establishments (private as well as government, subject to criteria). EPFO is the largest social security organisation in India with assets well over ₹ 5 lakh crore (US$159 billion) as of 2014.[52]
  • National Pension Scheme – a defined-contribution–based pension scheme launched by the Government of India open to all citizens of India on a voluntary basis and mandatory for the employees of central government (except Indian Armed Forces) who are appointed on or after 1 January 2004. Indian citizens between the age of 18 and 70 are eligible to join.[53]

Iran

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Japan

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Malaysia

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  • Employees Provident Fund in Malaysia, known as Kumpulan Wang Simpanan Pekerja (KWSP), is a government-managed retirement savings scheme. It provides financial security for private sector employees and non-pensionable public sector employees upon retirement. Both employees and employers make mandatory contributions to the fund throughout the employee’s working life.

The contributions are invested by the EPF in various sectors, such as equities, bonds, and property, to generate returns. Members can withdraw their savings under specific conditions, such as retirement at the age of 55, for healthcare, housing, or education. The EPF also allows partial withdrawals before retirement for certain approved purposes. It has total of around 265 billion USD of asset under management as of end 2023.)[54]

  • Retirement Fund (Incorporated) is Malaysia’s public sector pension fund. Established in 2007, its primary role is to manage and invest funds for the retirement benefits of public sector employees, ensuring the sustainability of pensions. KWAP receives contributions from the government and various statutory bodies, which it invests in various assets, including equities, fixed income, and real estate, to generate returns that support pension payouts. It has total of around 40 billion dollar of assets under management as of end 2023. [55]

Morocco

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Nepal

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Netherlands

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Norway

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Oman

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  • Military and Security Services Pension Fund

Romania

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The pension system in Romania is made of three pillars. One is the state pension (Pillar I – Mandatory), the second is a private mandatory pension where the state transfers a percentage of the contribution it collects for the public pension, and the third is an optional private pension (Pillar III – Voluntary).

The Financial Supervisory Authority – Private Pension is responsible for the supervision and regulation of the private pension system.[56]

Saudi Arabia

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Serbia

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  • The pension system in Serbia is made of three pillars. One is the state pension (Pillar I – Mandatory), where every insured person is obliged to pay contributions from their paycheck, the second is a voluntary state pension, where an uninsured person is voluntarily included in state pension system, and the third is an optional private pension (Pillar III – Voluntary).[57]
  • Pension and disability insurance fund

Singapore

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Switzerland

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Turkey

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Government

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Social Security Institution was established by the Social Security Institution Law No:5502 which was published in the Official Gazette No: 26173 dated 20.06.2006 and brings the Social Insurance Institution, General Directorate of Bağ-kur and General Directorate of Emekli Sandığı whose historical development are summarized above under a single roof in order to transfer five different retirement regimes which are civil servants, contractual paid workers, agricultural paid workers, self-employers and agricultural self-employers into a single retirement regime that will offer equal actuarial rights and obligations.

Private

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  • Armed Forces Pension Fund[58]

OYAK (Ordu Yardımlaşma Kurumu/Armed Forces Pension Fund) provides its members with "supplementary retirement benefits" apart from the official retirement fund, T.C.Emekli Sandığı/SSK, to which they are primarily affiliated.

In addition to the retirement benefit, OYAK pays "disability benefits" to the members on duty when they become partially or fully disabled as well as "death benefits" to the heirs of the deceased member if the death occurs during the member's subscription to the foundation.

OYAK is incorporated as a private entity under its own law subject to Turkish civic and commercial codes. OYAK, while fulfilling its legal duties, as set in the law, also provides its members with social services such as loans, home loans and retirement income systems.

The initial source of OYAK's funds is a compulsory 10 percent levy on the base salary of Turkey's 200,000 serving officers who, together with 25,000 current pensioners, make up OYAK's members.

Some other Turkish private pension funds:

  • YAPI ve KREDİ BANKASI A.Ş. Mensupları Yardım ve Emekli Sandığı Vakfı
  • AKBANK T.A.Ş. Mensupları Tekaüt Sandığı Vakfı
  • TÜRKİYE GARANTİ BANKASI A.Ş. Memur ve Müstahdemleri Emekli ve Yardım Sandığı Vakfı
  • TÜRKİYE ODALAR BORSALAR VE BİRLİK PERSONELİ SİGORTA VE EMEKLİ SANDIĞI VAKFI
  • TÜRKİYE İŞ BANKASI A.Ş. Mensupları Emekli Sandığı Vakfı

United States

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In the United States, pension funds include schemes which result in a deferral of income by employees, even if retirement income provision is not the intent.[59] The United States has $19.1 trillion in retirement and pension assets ($9.1 trillion in private funds, $10 trillion in public funds) as of 31 December 2016.[60] The largest 200 pension funds accounted for $4.540 trillion as of 30 September 2009.[61]

Government

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Main article: Public employee pension plans in the United States

See also

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References

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  2. ^ "Asset Management 2020 – A Brave New World" (PDF). Archived (PDF) from the original on 2015-04-23. Retrieved March 3, 2021.
  3. ^ "OECD" (PDF).
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  5. ^ "The 20 largest pension funds of the globe". www.consultancy.uk. 27 October 2017. Retrieved 2018-03-11.
  6. ^ Caprio, Gerard; Arner, Douglas W.; Beck, Thorsten; Calomiris, Charles W.; Neal, Larry; Véron, Nicolas, eds. (2013). Handbook of key global financial markets, institutions and infrastructure (1st ed.). Boston: Elsevier. ISBN 978-0-12-397873-8. OCLC 785080462.
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  8. ^ a b Kumar, B. Rajesh (2014). Strategies of banks and other financial institutions: theories and cases. San Diego, CA: Academic Press. ISBN 978-0-12-416997-5. OCLC 879582228.
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  10. ^ "Pension Fund". Corporate Finance Institute. Retrieved 2024-04-28.
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  12. ^ "OECD Guidelines for Pension Fund Governance" (PDF). OECD. 2009.
  13. ^ Stewart, Fiona; Yermo, Juan (2008-06-01). Pension Fund Governance: Challenges and Potential Solutions (Report). OECD Working Papers on Insurance and Private Pensions. Paris: OECD. doi:10.1787/241402256531.
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  15. ^ "Occupational pension funds – European Commission". finance.ec.europa.eu. Retrieved 2024-04-28.
  16. ^ https://www.swfinstitute.org/fund-rankings/public-pension Top 100 Largest Public Pension Rankings by Total Assets
  17. ^ Budget of the United States Government, FY2025, published March 11, 2024. Value as of September 30, 2023 Office of Management and Budget Retrieved March 11, 2024
  18. ^ 2020年度第3四半期運用状況 GPIF
  19. ^ "Market Value of the Government Pension Fund of Norway". Norges Bank Investment Management. 2021-10-21. Retrieved 2021-10-21.
  20. ^ Budget of the United States Government, FY2025, published March 11, 2023. Value as of September 30, 2023. Office of Management and Budget Retrieved March 11, 2024
  21. ^ Budget of the United States Government, FY2025, published March 11, 2024. Value as of September 30, 2023. Office of Management and Budget Retrieved March 11, 2024
  22. ^ Financial Statements of the Thrift Savings Fund December 31, 2022 and 2021, released August 2023. Value as of December 31, 2022. Thrift Savings Fund. Retrieved March 11, 2024
  23. ^ "CPP Fund Net Assets Total $570 Billion at 2023 Fiscal Year". www.cppib.com. Retrieved 2023-06-03.
  24. ^ "Default". Retrieved 2023-08-29.
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  26. ^ "Page d'accueil". Caisse de dépôt et placement du Québec | Investisseur institutionnel de long terme | Gestionnaire d’actif.
  27. ^ "CalPERS Reports Preliminary 4.7% Investment Return for Fiscal Year 2019–20". Retrieved 2021-03-03.
  28. ^ "The world's 300 largest pension funds – year end 2014". Willis Towers Watson.
  29. ^ "Performance – Ontario Teachers' Pension Plan". www.otpp.com.
  30. ^ "Current Investment Portfolio - CalSTRS.com". Retrieved 2021-03-03.
  31. ^ "EPF Sustains Solid Performance With 5.50% Dividend For Simpanan Konvensional And 5.40% For Simpanan Shariah". Employees Provident Fund. Retrieved 25 May 2024.
  32. ^ "Kwartaalberichten | PFZW". Archived from the original on 2014-12-26. Retrieved 2015-01-30.
  33. ^ Regeringskansliet, Regeringen och (2024-05-31). "God avkastning för AP-fonderna". Regeringskansliet (in Swedish). Retrieved 2024-10-30.
  34. ^ "Conozca las 10 empresas donde más invierten las AFP en la Bolsa chilena". 25 January 2015.
  35. ^ Asher, Mukul (22 January 2021). "How the EPFO can improve as India's largest social security provider". Moneycontrol.
  36. ^ "Annual Announcement of Financial Statements 2023".
  37. ^ "OMERS – 2020 Annual Report Highlights". Retrieved 2021-03-03.
  38. ^ "Official WebSite of PREVI – English Version".
  39. ^ "STRS Ohio's Impact".
  40. ^ "Assets Under Management & No.of Subscribers | NPS Trust".
  41. ^ "FRR 2012 Annual Report" (PDF). Archived (PDF) from the original on 2013-12-15.
  42. ^ "NPRF". Archived from the original on 2017-02-10. Retrieved 2020-05-03.
  43. ^ "Choose an Industry SuperFund". Industry Super.
  44. ^ http://www.previ.com.br Official Website of PREVI
  45. ^ "Základní informace". Ministerstvo financí ČR.
  46. ^ "Vše o penzijním spoření: jak funguje penzijko a kolik stojí? – Fondee blog". www.fondee.cz.
  47. ^ "Doplňkové penzijní spoření | Penzijko | DPS | Spoření na penzi".
  48. ^ "Penzijní fondy | NN Penzijní společnost".
  49. ^ Dubnová, Ivana Bondareva. "Vše o DIP: Jak přesně funguje a kde si ho už můžete sjednat?". Měšec.cz.
  50. ^ "ΜΕΤΟΧΙΚΟ ΤΑΜΕΙΟ ΠΟΛΙΤΙΚΩΝ ΥΠΑΛΛΗΛΩΝ | Μ.Τ.Π.Υ."
  51. ^ "Official website of Mandatory Provident Fund Schemes Authority".
  52. ^ EPF
  53. ^ PFRDA
  54. ^ "ECENTRAL". www.btimes.com.my. Archived from the original on November 2, 2010.
  55. ^ "KWAP Fund Size Grew to RM169.8 billion, an increase of RM11.7 billion in 2023 Title". October 13, 2024. Retrieved October 13, 2024.
  56. ^ "C.S.S.P.P. (ro) - Comisia de Supraveghere a Sistemului de Pensii Private" [Private Pension System Supervisory Commission]. www.csspp.ro (in Romanian). Archived from the original on 2006-11-06. Retrieved 2024-07-22.
  57. ^ "Pension and Disability Insurance Fund of the Republic of Serbia – Republički fond za penzijsko i invalidsko osiguranje Republike Srbije". Archived from the original on 2019-05-07. Retrieved 2019-05-07.
  58. ^ "Armed Forces Pension Fund". Archived from the original on 2017-10-22. Retrieved 2014-08-16.
  59. ^ 29 USC § 1002 – Definitions | Title 29 – Labor | U.S. Code | LII / Legal Information Institute. Law.cornell.edu. Retrieved 2013-07-18.
  60. ^ Federal Reserve Statistical Release, Financial Accounts of the United States, Fourth Quarter 2016 Archived 2018-01-04 at the Wayback Machine, see pp.94–99. Values as of December 31, 2016. Federal Reserve Board of Governors. Reported March 9, 2017. Retrieved May 18, 2017
  61. ^ "P&I Online". Archived from the original on 2011-10-01. Retrieved 2010-07-17.
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