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RESOLUTION OF THE PRESIDENT OF TURKMENISTAN

of July 27, 1999 No. 4281

About procedure for the conclusion of contracts of voluntary pension insurance with producers of agricultural products

According to the Law of Turkmenistan "About pensions" and for the purpose of the conclusion of contracts of voluntary pension insurance with producers of agricultural products I decide:

1. Approve the enclosed Regulations on procedure for the conclusion of contracts of voluntary pension insurance with producers of agricultural products.

2. Assign to the National commercial bank "Daykhanbank" maintaining personal retirement accounts of the producers of agricultural products who signed agreements of voluntary pension insurance on the state provision of pensions, accounting and storage of the money which are on them, investment of pension accruals.

3. Determine that to the producers of agricultural products who signed the agreement of voluntary pension insurance and brought insurance pension contributions under the specified agreement from net income of 1999, the years of service of pension insurance are calculated from the moment of enforcement of the Law of Turkmenistan "About pensions".

 

President of Turkmenistan

Saparmurat Turkmenbashi

Approved by the resolution of the President of Turkmenistan of July 27, 1999 No. 4281

Regulations on procedure for the conclusion of contracts of voluntary pension insurance with producers of agricultural products

General provisions

1. This Provision is developed according to the Law of Turkmenistan "About pensions" and determines procedure for the conclusion of agreements of voluntary pension insurance by the state provision of pensions with employees of the companies making agricultural products irrespective of patterns of ownership, producers of agricultural products (the members of country associations, lessees working according to the employment contract (contract), members of rent collective, joint-stock companies, farmers, private agricultural producers without formation of legal entity and also the citizens of other states and persons without citizenship who are constantly living in the territory of Turkmenistan, occupied with production and realization of agricultural products in personal subsidiary farm) *, payments of insurance premiums by them, accounting and submission of the reporting under them to territorial authorities of social security.

2. The state provision of pensions of producers is performed on the basis of the agreements of voluntary pension insurance signed according to the procedure, established by this Provision and other regulatory legal acts on provision of pensions.

3. Agreements of voluntary pension insurance are signed by producers in writing on each physical person in the place of his residence (in some cases - on place of employment) with territorial authorities of social security and branches of the National commercial bank "Daykhanbank".

4. The insurance years of service will be considered continuous if assignments of insurance pension contributions under the agreement of voluntary pension insurance are made from net income of 1999.

___________

* Further hereinafter are referred to as producer.

Objects of insurance pension contributions

5. Object for calculation of insurance pension contributions under the agreement of voluntary pension insurance is the net income of producers (the cost of gross output less all costs and payments).

6. In case of employment of insured citizens (persons) in rent collective the net income is determined on each member of collective under the terms of the lease agreement or extent of participation in collective work.

7. In case the producer completed agricultural year with low income level or insufficient for payment of insurance pension contributions, and also in case of difficulty of determination of net income of the lessee, monthly, annual or seasonal payment of insurance pension contributions at the rate of the monthly income in the amount of the minimum wage established across Turkmenistan is allowed. In this case agreement performance is considered taken place.

In such cases in case of achievement by producer of retirement age and calculation to it pension earnings are accepted in the amount of the minimum wage established across Turkmenistan.

Rates of insurance pension contributions

8. According to article 17 of the Law of Turkmenistan "About pensions" the rate for calculation of insurance pension contributions under the agreement of voluntary pension insurance is established in the amount of at least 4 percent from net income (earnings) of producer.

The producer has the right to assume liabilities on payment of insurance pension contributions on higher rate.

9. When obtaining by separate categories of producers of net income (earnings) in natural form the income is evaluated (products) in manats at average market price of products in Turkmenistan on the date of payment.

Procedure for calculation and payment of insurance pension contributions

10. The amount of insurance pension contribution is calculated at the rate percentage of the amount of net income (earnings) of producer which minimum size shall not be less than the size of the minimum wage established across Turkmenistan.

11. Payment of insurance pension contributions producers in the National commercial bank "Daykhanbank" and its branches can be performed:

monthly on condition of income acquisition within year or the seasonal period;

monthly at the rate of the minimum wage established across Turkmenistan;

in process of realization of part of the grown-up products (livestock production and crop production);

at the end of season of production and realization of agricultural products;

once a year following the results of work, but until the end of the current year.

12. Insurance pension contributions are enlisted on the personal retirement account opened in the National commercial bank "Daykhanbank" or in its branches.

Ha the amount of the pension accruals which are on personal accounts of producers in the National commercial bank "Daykhanbank". the investment revenue in the average size of refunding rate of the Central bank of Turkmenistan and average interest rate developing in the interbank credit market is charged.

Investment of pension accruals by the National commercial bank "Daykhanbank" is performed according to the Procedure and conditions of investment of pension accruals approved by the decision of the Cabinet of Ministers of Turkmenistan of April 1, 1999 and the agreement signed with the Ministry of Economics and finance of Turkmenistan.

13. The investment revenue on pension accruals is charged from the moment of receipt of funds on personal retirement accounts.

14. Branches of the National commercial bank "Daykhanbank", and in some cases country associations (lessors) monthly submit in territorial authorities of social security reports on payment of insurance pension contributions producers, in cases when payment of insurance pension contributions is made at the end of season or year, in week time after their payment.

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