Other Financial Accountability Study

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    Government of Karnataka Public Financial Management Reform Action Plan, 2014, Volume 1. Main Report
    (Washington, DC, 2014-05-01) World Bank
    The main report comprises the following chapters: executive summary provides the overall view of the reform action plan. Chapter one outlines the background, scope and methodology for the study; chapter two outlines the overview of the state finances; chapter three describe the accomplishments made against the 2004 agreed PFMA action plan; chapter four provides an overview of the analysis, gaps and recommendations made in the study; chapter five describes the way forward for implementation of the action plan; annex one: PFM reform action plan - 2014 contains a thematic-wise plan outlining the actions to be taken, the responsible department for the actions, and the expected timeframe for completing the actions. The detailed analysis of the issues and the logic for the action plan are provided in the respective sections of the appendix; annex two: 2004 PFMA action plan, outlines the current status of action taken on 2004 PFMA action plan: this contains the action plan as proposed in the 2004 report, updated with the current status of actions in the identified areas. In case where the actions have been taken and completed by the Government of Karnataka, the impact has been documented. The appendix comprises the following sections: section one: theme one: strengthening PFM legal and institutional framework; section two: theme two: enhancing comprehensiveness and credibility of the budget; section three: theme three: strengthening accounting, reporting, controls, and transparency; section four: theme four: improving fiscal assets and liability management system; section five: theme five: strengthening audit and legislative oversight; section six: theme six: improving PFM in local self-governments; section seven: theme six: improving PFM in public sector undertakings (state owned); each section describes the various areas of public financial management in the Government of Karnataka grouped into thematic reform areas. Each reform area has a discussion of the background, the reform actions proposed in the 2004 PFMA action plan, the progress of reforms over the last decade, the issues presently identified, and the rationale for the reform actions proposed; and section eight: 2014 action plan: this section describes the action plan with next steps to be followed under each activity of the action plan.
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    Pension Risk and Risk Based Supervision in Defined Contribution Pension Funds
    (World Bank, Washington, DC, 2014-03-18) Randle, Tony ; Rudolph, Heinz P.
    The main goal of any pension system is to ensure that members receive an adequate pension income when they retire. Whilst traditional defined benefit (DB) pension plans set out what that pension income will be in advance and then strive to deliver it, the growing number of defined contribution (DC) plans accumulates a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not set in advance. In the absence of a proper regulatory framework, feature n DC plans leads to a focus by not only pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. The paper is organized as follows: chapter two discusses the origins of risks based supervision and discusses the role of capital in the alignment of incentives in financial institutions. Chapter three discusses the concept of risk based supervision for pension funds, and its limitations in the case of DC pension schemes. Chapter four discusses the effectiveness of RBS schemes in DC systems in emerging economies, and the last section provides some lessons learned.