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Response to Tribune article
4/9/2009 12:00:00 AM
Response to Tribune article, Thursday April 9th, 2009
Derek Osborne, Consultant Actuary at the National Insurance Board is advising the public that though the 8th Actuarial Review of the National Insurance Fund, which includes long-term projections of the Fund and recommendations aimed at enhancing the Fund’s long-term sustainability as well as its ongoing relevance, has been completed, it has not yet been tabled in Parliament as is required by law. He says until the report is tabled and accepted by Government, he is restricted from making public its findings and recommendations. However, an article in the Tribune’s business section of April 9, 2009, makes references to the unofficial report, and so in an attempt to clear up any misunderstanding that may arise from the article, Osborne stated the following facts as it relates to the current status and projected outlook for the National Insurance Fund.
“The National Insurance Fund now has assets of $1.6 billion. The current contribution rate of 8.8% has been unchanged since the inception of the Scheme in 1974. Long-term projections of the Fund presented in periodic actuarial reviews have always indicated that this contribution rate would not be adequate to sustain the Fund indefinitely, and that rate increases would be required as the scheme matures.
“National pension systems are financed differently from private pension systems. It is important that private pension plans be fully funded to ensure that if the employer goes out of business that pension assets are sufficient to meet liabilities. For public social security systems, however, full funding is not important and thus the contribution rate in early years is often set well below the actuarial cost of benefits. In fact, full funding is inadvisable in most cases given the significant economic, investment and political risks associated with the massive asset pool that would build up. If the National Insurance Plan were fully funded it would have assets of more than 5 times its current size with little opportunities to invest these assets prudently.
“As stated in the National Insurance Fund’s 2007 Financial Statement, the current Fund ($1.6 billion) together with future contributions at 8.8% will not be sufficient to meet future obligations by approximately $8 billion. These projections are made for illustrative purposes only and are based on there being no changes to the contribution rate or benefit provisions in the next 60 years, a situation that is not expected. This shortfall is consistent with the way the scheme is designed and does not in any way infer that the National Insurance Fund is currently in crisis or needs to make drastic changes to benefit provisions or the contribution rate to reduce this projected deficit.”
Osborne stresses that National Insurance is too important a program for it to ever go broke and there should be no doubt that governments will act in a timely manner to ensure that the Fund remains sustainable for future generations.
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Bahamas Weekly Article - Phase I of National Prescription Drug Plan
2/11/2010 10:37:00 AM
By Matt Maura Marsh Harbour, Abaco, Bahamas - The National Prescription Drug Plan will provide free medications for 11 chronic, non-communicable diseases to 35,000 Bahamians in its initial stage, Tami Francis, Drug Plan Project Manager said Tuesday.
Gregory Collie Gets NIB Directors Award
2/5/2010 9:40:17 AM
Last year, staff of the National Insurance Board (NIB) embraced the slogan “Excellent Customer Care Starts With ME!” At NIB’s 2010 Leaders Conference, held on Paradise Island in January, Director Algernon Cargill told leaders that the focus of this excellent care must not be limited to the external customer, but should be directed to the internal customers as well. To demonstrate his administration’s commitment to promoting the wellbeing of the internal customer – NIB staff – he announced a number of initiatives, including the establishment of a “Director’s Award” which would annually honor those individuals whose outstanding achievements, dedication, leadership, customer service and expertise would have made a significant impact on the organization and its mission over the previous year.
NIB STAFF BRIEFED ON NATIONAL PRESCRIPTION DRUG PLAN
2/4/2010 11:06:15 AM
Top Managers and Customer Service staff of the National Insurance Board received a detailed briefing Tuesday on the National Prescription Drug Plan (NPDP) which is expected to be launched by April 2010.
Press Response to a letter from the Nassau Institute
9/21/2009 12:00:00 AM
The National Insurance Board (NIB) wishes to address and correct “facts” advanced by the Nassau Institute in a letter to the Editor, published in the Nassau Guardian of Saturday, September 19, 2009, and referenced in a Tribune article on September 21, 2009. In that letter, the Nassau Institute incorrectly suggested that National Insurance is proposing an 84.1% increase in taxes
NIB Press Release On Report of 8th Actuarial Review of the National Insurance Fund
9/4/2009 12:00:00 AM
On September 2, 2009, Prime Minister the Right Honourable Hubert Ingraham, tabled in the House of Assembly the report of the 8th Actuarial Review of the National Insurance Fund, which was completed and formally presented to Government in 2008. The Report, which covers a review period from January 2002 to December 2006, gives a comprehensive assessment of the current and future finances of the National Insurance Fund, and reviews the state of the country’s primary social security system from a social standpoint, assessing the adequacy and relevance of the level of benefits now offered. The Review, like all others prior to it, makes recommendations designed to strengthen both the social and financial aspects of the Fund to ensure that National Insurance is able to meet its obligations well into the future. It takes a historical look at past trends and experiences as well as makes financial forecasts for the future. Demographic and financial projections up to 2066 have been presented.
Press Release By the National Insurance Board
7/23/2009 12:00:00 AM
A “business person in Fox Hill” suggested in a letter to the Editor (What’s Going on at NIB? – Tribune 23/09), that with the recent move of Inspectors from the National Insurance Board’s Fox Hill Local Office to its Jumbey Village Local Office in the Clifford Darling Complex, the Board’s operations in Fox Hill will close down. According to Greg Collie, Senior Manager for Compliance with responsibility for the Inspectorate, nothing could be further from the truth. He said the Fox Hill Local Office is not closing down.
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