Presenters Ms. Jovalyn I. Koshiba Mr. Hefflin Bai

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Presentation transcript:

Republic of Palau Social Security Administration Regional Pension Workshop 2016 Majuro, RMI

Presenters Ms. Jovalyn I. Koshiba Mr. Hefflin Bai Employer Services Manager Mr. Hefflin Bai Member Services Manager

Financial Highlights 2016 Contributions (Revenues) Percentage Total: $13,193,136 Government Contributions: $6,462,649 Private Contributions: $5,862,818 Penalties & Interest: $701,327 Bad Debt-Tax (recoveries): $166,341 49% $44% 5% 1%

Contributions Policies 12% Social Security Tax 6% Employer 6% Employee RPPL 9-12 increased Maximum remuneration from $5,000 to $6000 on October 1, 2015 $8,000 on October 1, 2017 No maximum amount of remuneration on October 1, 2020

Benefit Policies On August 20, 2013 a new law (RPPL 9-11 and RPPL 9-12) was signed by the President of the Republic to accommodate all beneficiaries. Effective October 1, 2013 all benefits was increased by $50.00 Dual Benefits for Surviving Spouse who are at retirement age or above Threshold for Earnings test went up from $1,800 to $3,000

Annual Benefit Payout Benefit Type 2016 Budget % Retiree $11,119,875 71% Survivors (SP/DC) $4,041,171 26% Disability $472,482 3% Lump Sum $77,613 1% Total $15,711,141 100%

Current Number of Active Beneficiaries Benefit Type Count Value Retirement 1,975 $939,379 Surviving Spouse 852 $289,006 Surviving Child(ren) 272 $20,815 Disability 80 $36,305 Dependent Disabled 27 $3,301 Total 3,206 $1,288,806

Historical Trend Information Year End Net Assets Available for Benefits Accrued Liability (AAL) Funded Ratio Unfunded AAL 09/30/2014 $98,040,000 $240,492,000 41% $142,452,000 09/30/2013 $93,182,000 $201,486,000 46% $108,304,000 09/30/2011 $77,367,000 $168,614,000 $91,247,000

Cash flows and Asset Balances from 2016 to 2025 Year End Ben Pmts Contribution Net 2016 11,781,063.99 11,819,350.00 38,286.01 2017 12,370,117.19 12,203,479.00 (166,638.19) 2018 12,988,623.05 12,600,092.00 (388,531.05) 2019 13,638,054.21 13,009,595.00 (628,459.21) 2020 14,319,956.92 13,432,407.00 (887,549.92) 2021 15,035,954.76 13,868,960.00 (1,166,994.76) 2022 15,787,752.50 14,319,701.00 (1,468,051.50) 2023 16,577,140.12 14,785,091.00 (1,792,049.12) 2024 17,405,997.13 15,265,606.00 (2,140,391.13) 2025 18,276,296.99 15,761,738.00 (2,154,558.99)

Moving Forward Improve on collections in three areas: Educate every person interested to start business Actively pursue businesses with delinquent accounts Lobby politicians to create ways to help sustain ROP SS into the future

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