Pension supervision : understanding international practice and country context

This paper proposes an approach to classifying and measuring the primary elements of private pension supervision, and undertakes an evaluation using a representative set of countries. The analysis considers how supervision methods and style relate to the basic design of pension systems, and the broader environment in which they operate. Supervisory systems are shown to include six main elements, with considerable variation among systems in the scope, and intensity of activities within each element. The analysis concludes that there are discernible relationships between supervisory methods, and the context in which they are applied. The level of economic development, depth of capital markets, underlying legal framework presence of mandates, and number of funds supervised are found to be associated with depth, and intensity of supervision activities. These findings support the principle that the organization, and management of private pension supervision is significantly derived from the context, and environment in which these systems operate.

The new pensions in Kazakhstan : challenges in making the transition

In June of 1997 Kazakhstan embarked on a dramatic reform of its pension system, replacing the inherited pay as you go regime with one based entirely on fully funded individual accounts. This paper provides projections of the effects of this reform on income replacement rates and considers some possible adjustments to the system design, including those enacted in early 2005, that could address the projected outcomes of the reform. The initial reform which did not include any minimum pension guarantee is projected to result in a significant reduction in the individual income replacement rates derived from the pension system, especially for women. When the reform was mature and the old system fully phased out, women are projected to have received pensions at level of less than 15 percent of their pre-retirement earnings. Various potential adjustments to the reform, including the recent introduction of a citizens pension or"demogrant", are found to have the capacity to significantly raise these income replacement rates. The fiscal costs of alternatives are found to vary considerably due significantly to the degree to which they would target expenditures to lower income groups. The analysis of the original reform design and possible adjustments provides some useful lessons about the design of individual account systems in transition economies.Pensions&Retirement Systems,State Owned Enterprise Reform,Economic Theory&Research,Gender and Law,Youth and Governance

Present-day stress orientations and tectonic provinces of the NW Borneo collisional margin

Extent: 15p.Borehole failure observed on image and dipmeter logs from 55 petroleum wells across the NW Borneo collisional margin were used to determine maximum horizontal stress (σH) orientations; combined with seismic and outcrop data, they define seven tectonic provinces. The Baram Delta–Deepwater Fold-Thrust Belt exhibits three tectonic provinces: its inner shelf inverted province (σH is NW-SE, margin-normal), its outer shelf extension province (σH is NE-SW, margin-parallel), and its slope to basin floor compression province (σH is NW-SE, margin-normal). In the inverted province, σH reflects inversion of deltaic normal faults. The σH orientations in the extension and compression provinces reflect deltaic gravitational tectonics. The shale and minibasin provinces have been recognized in offshore Sabah. In the shale province, σH is N010°E, which aligns around the boundary of a massif of mobile shale. Currently, no data are available to determine σH in the minibasin province. In the Balingian province, σH is ESE-WNW, reflecting ESE absolute Sunda plate motions due to the absence of a thick detachment seen elsewhere in NW Borneo. The Central Luconia province demonstrates poorly constrained and variable σH orientations. These seven provinces result from the heterogeneous structural and stratigraphic development of the NW Borneo margin and formed due to complex collisional tectonics and the varied distribution and thicknesses of stratigraphic packages.Rosalind C. King, Mark R. P. Tingay, Richard R. Hillis, Christopher K. Morley, and James Clar

Discovery and Characterization of a Faint Stellar Companion to the A3V Star Zeta Virginis

Through the combination of high-order Adaptive Optics and coronagraphy, we report the discovery of a faint stellar companion to the A3V star zeta Virginis. This companion is ~7 magnitudes fainter than its host star in the H-band, and infrared imaging spanning 4.75 years over five epochs indicates this companion has common proper motion with its host star. Using evolutionary models, we estimate its mass to be 0.168+/-.016 solar masses, giving a mass ratio for this system q = 0.082. Assuming the two objects are coeval, this mass suggests a M4V-M7V spectral type for the companion, which is confirmed through integral field spectroscopic measurements. We see clear evidence for orbital motion from this companion and are able to constrain the semi-major axis to be greater than 24.9 AU, the period > 124$ yrs, and eccentricity > 0.16. Multiplicity studies of higher mass stars are relatively rare, and binary companions such as this one at the extreme low end of the mass ratio distribution are useful additions to surveys incomplete at such a low mass ratio. Moreover, the frequency of binary companions can help to discriminate between binary formation scenarios that predict an abundance of low-mass companions forming from the early fragmentation of a massive circumstellar disk. A system such as this may provide insight into the anomalous X-ray emission from A stars, hypothesized to be from unseen late-type stellar companions. Indeed, we calculate that the presence of this M-dwarf companion easily accounts for the X-ray emission from this star detected by ROSAT.Comment: 9 pages, 6 figures, Accepted to Ap

Basic Atomic Physics

Contains reports on five research projects.National Science Foundation Grant PHY 89-19381National Science Foundation Grant PHY 92-21489U.S. Navy - Office of Naval Research Grant N00014-90-J-1322Joint Services Electronics Program Contract DAAL03-92-C-0001National Science Foundation Grant PHY 89-21769U.S. Army - Office of Scientific Research Grant DAAL03-92-G-0229U.S. Navy - Office of Naval Research Grant N00014-89-J-1207U.S. Navy - Office of Naval Research Grant N00014-90-J-164

Basic Atomic Physics

Contains reports on five research projects.Joint Services Electronics Program Contract DAAL03-92-C-0001Joint Services Electronics Program Grant DAAH04-95-1-0038National Science Foundation Grant PHY 92-21489U.S. Navy - Office of Naval Research Grant N00014-90-J-1322National Science Foundation Grant PHY 92-22768U.S. Army - Office of Scientific Research Grant DAAL03-92-G-0229U.S. Army - Office of Scientific Research Grant DAAL01-92-6-0197U.S. Navy - Office of Naval Research Grant N00014-89-J-1207Alfred P. Sloan FoundationU.S. Navy - Office of Naval Research Grant N00014-90-J-1642U.S. Navy - Office of Naval Research Grant N00014-94-1-080

Basic Atomic Physics

Contains reports on five research projects.Joint Services Electronics Program Grant DAAH04-95-1-0038National Science Foundation Grant PHY 92-21489U.S. Navy - Office of Naval Research Grant N00014-90-J-1322National Science Foundation Grant PHY 92-22768Charles S. Draper Laboratory Contract DL-H-4847759U.S. Army - Office of Scientific Research Grant DAAL03-92-G-0229U.S. Army - Office of Scientific Research Grant DAAL01-92-6-0197U.S. Navy - Office of Naval Research Grant N00014-89-J-1207Alfred P. Sloan FoundationNational Science Foundation Grant PHY 95-01984U.S. Army Research Office Contract DAAL01-92-C-0001U.S. Navy - Office of Naval Research Grant N00014-90-J-1642U.S. Navy - Office of Naval Research Grant N00014-94-1-080

Induction of HIV Neutralizing Antibodies against the MPER of the HIV Envelope Protein by HA/gp41 Chimeric Protein-Based DNA and VLP Vaccines

Several conserved neutralizing epitopes have been identified in the HIV Env protein and among these, the MPER of gp41 has received great attention and is widely recognized as a promising target. However, little success has been achieved in eliciting MPER-specific HIV neutralizing antibodies by a number of different vaccine strategies. We investigated the ability of HA/gp41 chimeric protein-based vaccines, which were designed to enhance the exposure of the MPER in its native conformation, to induce MPER-specific HIV neutralizing antibodies. In characterization of the HA/gp41 chimeric protein, we found that by mutating an unpaired Cys residue (Cys-14) in its HA1 subunit to a Ser residue, the modified chimeric protein HA-C14S/gp41 showed increased reactivity to a conformation-sensitive monoclonal antibody against HA and formed more stable trimers in VLPs. On the other hand, HA-C14S/gp41 and HA/gp41 chimeric proteins expressed on the cell surfaces exhibited similar reactivity to monoclonal antibodies 2F5 and 4E10. Immunization of guinea pigs using the HA-C14S/gp41 DNA or VLP vaccines induced antibodies against the HIV gp41 as well as to a peptide corresponding to a segment of MPER at higher levels than immunization by standard HIV VLPs. Further, sera from vaccinated guinea pigs were found to exhibit HIV neutralizing activities. Moreover, sera from guinea pigs vaccinated by HA-C14S/gp41 DNA and VLP vaccines but not the standard HIV VLPs, were found to neutralize HIV pseudovirions containing a SIV-4E10 chimeric Env protein. The virus neutralization could be blocked by a MPER-specific peptide, thus demonstrating induction of MPER-specific HIV neutralizing antibodies by this novel vaccine strategy. These results show that induction of MPER-specific HIV neutralizing antibodies can be achieved through a rationally designed vaccine strategy