Setting up of NPS oversight mechanism

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

RBA No.85/2019

No.2014/AC-H/21/6 Vol.I

New Delhi, dated: 22.07.2019

General Managers,
All Indian Railways/PUSs etc.

Sub: Setting up of NPS oversight mechanism

Timely credit of deduction made from the salary of Central Government employees towards their contribution to NPS along with the Government contribution is of paramount importance for availability of due and timely returns thereon towards generation of pension corpus.

Department of Expenditure vide their letter No.1(24)/EV/2016 dated 02.07.2019 has desired setting up of an oversight mechanism to ensure oversight over the NPS contributions crediting.

Accordingly, Board has decided that monitoring Committees, comprising of the following officers may be formed on each Railway/Unit:

1. FA&CAO in charge of NPS – Convener
2. Dy. CPO in charge of Bills & Settlement – Member
3. Dy. FA&CAO tn charge of NPS -Member

2. The Committee shall be responsible for the following actions:

(i) Ensuring that the contributions of employees and the Government are credited without delay to the NPS financial architecture both in case of existing employees and employees newly recruited from time to time and the existing system and procedure being followed for the purpose shall be monitored effectively to ensure that no delay in credit of the contributions takes place.

(ii) Ensuring that in case any grievance by any employee is received in regard to delay in credit of contribution, either directly from the employee or through PFRDA, the same has been looked into and disposed of in a manner to the satisfaction of the concerned employees.

(iii) Any other matter as having a bearing on the issue of crediting/remittance of NPS contributions.

(iv) The Committee shall devise its own mechanism as also appropriate checks and balances to ensure that NPS contributions are credited on time in respect of all employees under NPS system.

(v) The Committee shall meet at least once in 3 months to review the progress and in case any slippages are notices, it shall take immediate corrective action. However, the concerned Principal FA and Pr. CPO shall keep a watch over the progress on a regular basis.

The Committee shall oversee implementation of the NPS system as per action points brought out above and send status report on quarterly basis by 5th of the month following each quarter (i.e.. 5th April, 5th July, 5th October and 5th January) highlighting the result of the monitoring with concluding remarks whether the NPS contributions are being credited on time and in case of any slippages, the details of action taken for the same.

The names of the officers nominated in the Committee may be advised to Railway Board along with their mobile no. and email id. latest by 25th July, 2019.

sd/-
(Vijay Kumar)
Financial Commissioner (Railways)

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Abolition of Contributory Pension Scheme – Cabinet agenda by the Govt of AP

MOST IMMEDIATE
CABINET MEETING

GOVERNMENT OF ANDHRA PRADESH
GENERAL ADMINISTRATION (CABINET-I) DEPARTMENT

U.O.Note No.1/Cabinet.I/2019-25

Dated: 08-06-2019

Subject: Meetings – Meeting of the Council of Ministers to be held at 10.30 A.M. on Monday, the 10th June, 2019 – Intimation – reg.

Ref: 1. From the Principal Advisor to Chief Minister, Note dated 07-06-2019
2. U.O.Note No.1/Cabinet.1/2019-23, Dated 07-06-2019
3. Message from the Chief Secretary on 08.06.2019

Expected DA from July 2019: DA 4% Confirm…5% Possible! – Click for more details

In continuation to the reference 2nd cited, it is informed that the Hon’ble Chief Minister desires that the following items may be brought to the Cabinet for discussion and decision.

1. Ratification of increase of pension amount to Rs.2,250/-
2. Increase of salaries to ASHA workers from Rs.3,000/- to Rs.10,000/-
3. Merger of APSRTC with the Government
4. Enhancement of wages of Municipal Sanitary workers
5. announcement of IR to employees
6. Approval Raithu Bharosa to be given to farmers in October at Rs.12,500/-
7. Enhancement of wages to Home Guards
8. Abolition of Contributory Pension Scheme

2. The Departments concerned are, therefore, requested to submit the proposals on the above items (40 Copies) along with soft copy to the General Administration (Cabinet.1) Department by 10.00 A.M. on 09.06.2019 for placing before the meeting of the council of ministers.

sd/-
L.V.SUBRAHMANYAM
CHIEF SECRETARY TO GOVERNMENT

Source: Confederation

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“The subscribers may exercise one of the above choices of Investment Pattern twice in a financial year”

Introduction of choice of Pension Funds and Investment Pattern inTier-I of NPS for Central Government subscribers

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.

Ph: 011-26517501, 26517503, 26133730
Fax: 011-26517507
Website: www.pfrda.org.in
PFRDA/2019/8/SUP-PF/1

Date: 8th May, 2019

CIRCULAR

Subject: Introduction of choice of Pension Funds and Investment Pattern in Tier-I of NPS for Central Government subscribers – reg.

Reference is invited to the Gazette Notification F.No.1/3/2016-PR dated 31st January, 2019 issued by Ministry of Finance, Department of Financial Services, modifying Ministry of Finance’s Notification No. 5/7/2003-ECB dated 22nd December, 2003, based on the Government’s decision on the recommendations of a Committee set up to suggest measures for streamlining the implementation of National Pension System (NPS).

2. Accordingly, it has been decided to introduce the following options for Central Government subscribers:

(i) Choice of Pension Fund: As in the case of subscribers in the private sector, the Government subscribers shall also be allowed to choose any one of the pension funds including Private sector pension funds They could change their option once in a year. However. the current provision of combination of the Public-Sector Pension Funds will be available as the default Option for both existing as well as new Government subscribers.

(ii) Choice of Investment pattern: The following options for investment choices shall be offered to Government employees:

(a) The existing scheme in which funds are allocated by the PFRDA among the three Public Sector Undertaking fund managers based on their past performance in accordance with the guidelines of PFRDA for Government employees shall continue as default scheme for both existing and new subscribers.

(b) Government employees who prefer a fixed return with minimum amount of risk shall be given an option to invest 100% of the funds in Government securities (Scheme G),

(c) Government employees who prefer higher returns shall be given the options of the following two Life Cycle based schemes:

(A) Conservative Life Cycle Fund with maximum exposure to equity capped
at 25% – LC-25.

(B) Moderate Life Cycle Fund with maximum exposure to equity capped at
50% – LC-50.

The subscribers may exercise one of the above choices of Investment Pattern twice in a financial year.

(iii) Implementation of choices to the legacy corpus: Transfer of a huge legacy corpus of more than Re 1 lakh crore in respect of the Government sector subscribers from the existing Pension Fund Managers is likely to impact the market. It may be practically difficult for the PFRDA to allow Government subscribers to change the Pension Funds or investment pattern in respect of the accumulated corpus, in one go. Therefore, for the present, change in the Pension Funds or investment pattern is allowed in respect of incremental flows only.

(iv) Transfer of legacy corpus in a reasonable time frame: PFRDA shall draw up a scheme in due course for transfer of accumulated corpus as per new choices of Government subscribers in a reasonable time frame of say five years. Once PFRDA draws up this scheme, change in the Pension Funds or investment pattern shall be allowed in respect of the accumulated corpus in accordance with that scheme.

3. For investment option as per para 2 (ii) (a) above, all other terms and conditions as contained in the investment guidelines issued by the Authority dated 03_03.2015 for NPS Schemes (Applicable to Scheme CG, Scheme SC, Corporate CG and NPS Lite Schemes and APY) and subsequent amendments made thereto shall be applicable. Further, for investment options as per para 2 (ii) (b) or 2 (ii) (c) (A) or 2 (ii) (c) (B) above, all other terms and conditions as contained in the investment guidelines issued by the Authority dated 04.05.2017 in respect of NPS schemes {Other than Govt. Sector (CG & SG), Corporate CGI NPS Lite and AP Y} and subsequent amendments made thereto shall apply.

4. This circular is issued in exercise of powers of the Authority under sub-clause (b) of sub-section (2) of Section 14 read wtth Section 23 of the PFRDA Act, 2013 and sub- regulation (1) of Regulation 14 of the PFRDA (Pension Fund) Regulations, 2015.

The above arrangements ere applicable w.e.f. 1st April, 2019.

sd/-
(A G. Das)
Executive Director

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