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

Hoinaru Răzvan (), Petre Radu (), Niţoi Daniel (), Marin Florentina () and Matisek Jahara ()
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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

Proceedings of the International Conference on Business Excellence, 2024, vol. 18, issue 1, 2140-2153

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.

Keywords: complementary occupational pension; police and military pension scheme (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:poicbe:v:18:y:2024:i:1:p:2140-2153:n:1025

DOI: 10.2478/picbe-2024-0180

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