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Extended Unemployment Benefit to Assist Displaced Workers in Grand Bahama and Abaco
2/27/2020 4:00:54 PM
The Government of The Bahamas has approved the extension of the Unemployment Benefit (UEB) to assist...
DESIGN AND IMPLEMENTATION OF NETWORK INFRASTRUCTURE FOR NIB FAMILY ISLAND OFFICES
2/20/2020 4:02:05 PM
The National Insurance Board (NIB) is seeking suitably qualified companies to provide design and imp...
NIB Open House 2020
1/28/2020 9:22:15 AM
The National Insurance Board invites the general public to stop by our Open House where the Registra...
Pension Payment Schedule 2020
12/13/2019 9:40:52 AM
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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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Employer Self Service (Coming Soon)
11/28/2019 2:04:33 PM
The National Insurance Board is please to inform the public...READ MORE
11/17/2019 4:52:28 AM
National Insurance Board at BCCEC Power Breakfast
11/13/2019 10:48:34 PM
The National Insurance Board co-partnered with the Bahamas Chamber of Commerce and Employers Confederation’s (BCCEC) for its popular Power Breakfast for a demonstration of NIB’s newest dynamic and innovative Employer’s Self-service (ESS) portal.
Group Life and Medical Insurance Brokerage- Deadline Extension
11/11/2019 2:41:33 PM
The National Insurance Board (NIB) is seeking suitably qualified Bahamian Companies to provide Brokerage Services for the Group Life and Health Insurance plan for active and retired employees of the National Insurance Board and the Bahamas Mortgage Corporation.
Town Meeting - Gray's Long Island
11/8/2019 3:38:33 PM
The National Insurance will hold a Town Meeting on Wednesday November 13, 2019...READ MORE...
Power Breakfast NIB and BCCEC
11/8/2019 12:11:25 PM
The Bahamas Chamber of Commerce and The National Insurance present...
Contributions Rates & Ceiling 2018
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