Council Commission THE PERMANENT HYGIENE AND HEALTH 'SOCIAL SECURITY; SOCIAL POLICIES; SPORT; TERRITORY; ENVIRONMENT AND AGRICULTURE its meeting on September 12, 2011 reviewed and approved in a reporting the bill "beverage beer SAN MARINO We the Captains Regent of the Most Serene Republic of San Marino Having regard to Article 4 of the Constitutional Law no.185 / 2005 and the 'Article 6 of Qualified Law n.186 / 2005; Promulgate and publish the following ordinary law approved by the Great and General Council at its meeting on November 29, 2011: December 6, 2011 191 LAW REFORM SOCIAL SECURITY: ESTABLISHMENT OF THE SYSTEM ADDITIONAL Art 1 (Name and FONDISS purpose) This Act regulates the constitution of the board of Complementary Pensions of the Republic of San Marino, providing for the establishment at the Institute for Social Security. The Complementary Pension Fund of the Institute for Social Security is hereinafter referred to as "FONDISS". FONDISS has a separate and independent assets with respect to the assets of the Institute for Social Security. FONDISS aims to ensure adequate levels of social security coverage compared to the salary / final income of the member at retirement. Such social security coverage intervenes in a complementary way to the obligatory social security system, as required by Law 15 of February 11, 1983, as amended. Compulsory social security system provided by Law 15 of February 11, 1983 will be hereinafter referred to as Principal Retirement System. The purpose of FONDISS is pursued in the exclusive interest of the members, through the collection of contributions, the management of resources and the provision of benefits, as required by this Act. FONDISS has no profit and may be used also as a Fund for non self-sufficiency in favor of subscribers. Such use of the Fund will be subject to the adoption of a special law that will define an additional contribution to that established for the social security sector and it will regulate also detail the funded performance. Art. 2 (the FONDISS Features) The financing of FONDISS takes place in the defined contribution scheme from subscribers. The extent of the services is determined according to the contribution made and based on the principle of capitalization. 2 Art. 3 (Target and method of acceptance) The Shape of a complementary pension scheme is established mandatory for all those who are enrolled in the Home Security System, with the exception of people Assistants permanently infirm, for which it is possible to voluntarily . E 'planned, also, a voluntary approach for those who are not enrolled in the Main Security System. These voluntary membership shall be governed in accordance with the regulation issued by the Director FONDISS Committee. Notwithstanding the provision of the first paragraph of this article, for those who, at the date of entry into force of this Act, have already reached registry age of 50 years, the membership is not mandatory. The employee referred to in the preceding paragraph may accede voluntarily FONDISS submitting an express statement to the Executive Committee. In the case of voluntary membership the share of contribution payments will be proposed by the adherent during the presentation of the application for membership. The proposal will be approved, by a special resolution of the Executive Committee, according to the provisions contained in the Rules FONDISS. The writing is informed of their listing in FONDISS through an initial note sent by the Executive Committee. The note provides a description of the investment policy implemented, the risk management techniques and measurement methods employed, as well as the strategic asset allocation. Art. 4 (FONDISS of organs) are of FONDISS organs: - The Executive Committee; - President; - Board of Auditors. Art. 5 (The Executive Committee) FONDISS is managed by an Executive Committee composed of nine members appointed as follows: 1. Two members appointed by the Board's majority groups and by the representations expressing their vote; 2. a component indicated by the Groups and the Board's Representations minority expressing their vote; 3. three components indicated by the Associations Trade Union of Workers, which overall has just one vote; 4. three components mentioned by the Employers 'and Workers' Autonomous Associations which overall has just one vote.
The withdrawal of one or more members of the Executive Committee, before the mandate expires in the next paragraph, it is up to the Great and General Council, if requested - for the members referred to the points listed in the previous paragraph - Organizations indicating. Special delegated decree, to be issued within three months from the entry into force of this Act, shall govern the grounds for revocation of the Executive Committee members. The members of the Executive Committee must be in possession of the requirements of integrity and professionalism as required by article 7 The members of the Executive Committee shall hold office for three years and may be reappointed for one term 3. The Executive Committee shall act by an absolute majority of those present and equality of votes the vote of the President. The Committee performs the following functions: 1. annually to the accounting period prepares and sends, to the Great and General Council and the Executive Committee of the Institute for Social Security, a detailed report on operations; 2. to deal with particular matters can attribute powers to its members; 3. proposes to the Congress of State measures deemed necessary for the preservation of equilibrium in the case of FONDISS detect potentially dangerous situations are to the preservation itself; 4. provides for the preparation of the FONDISS Regulations to be approved by the Great and General Council as well as any subsequent amendments thereto; 5. establishes the guidelines for the organization and ongoing management of FONDISS; 6. determine in accordance with the provisions of this Act, the criteria for allocating and identifying risk in the choice of investments; 7. identifies, in accordance with the provisions of this Act, the subjects to be entrusted with the management of the FONDISS heritage, from among those authorized by current legislation and provides for the signing of the Convention. The concession agreement, the arrangements for custody of the funds and the management company selection will be subject to appropriate delegated decree to be issued by 31 December 2011; 8. shall meet obligatorily at least once per month with a minimum of fifteen meetings on an annual basis. The meetings of the Executive Committee assists the Director General of the Institute for Social Security or a delegate. By delegated decree of the State Congress he will set the remuneration of the Executive Committee that will be charged to the FONDISS. The quorum for sessions must be the presence of an absolute majority of the members of the Executive Committee. Art. 6 (the Executive Committee Operating Regulations) The operating procedures of the Executive Committee, for matters not provided for in this Act, shall be governed by Regulations approved by the favorable vote of at least four members of the Executive Committee. Art. 7 (Requirements of integrity, professionalism and incompatibility of the Executive Committee members) can not hold the post as a member of the Executive Committee who: a) they have been convicted by a judgment, even if not definitive, for non unintentional crimes committed the last fifteen years; b) are subject to bankruptcy proceedings in progress or completed within the last five years. The subjects, who hold the position of member of the Executive Committee, must be in possession of the Diploma of Science in economic and / or legal matters, with proven professional experience. Are incompatible with the office of member of the Executive Committee, the members of the Great and General Council of the State Congress, the Executive Committee and the Council for the Welfare 4 Institute for Social Security and those who hold positions in the organs of administration and control of Credit institutions of the Republic of San Marino or the authorized company's business financial management, as provided by Article 24 of Law 165 of 17 November 2005. Art. 8 (Termination or lapsing of Directors) The absence without just cause at least three consecutive meetings of the Committee is to be considered cause for forfeiture for Directors. In the event of termination of office of one or more directors, for any reason, the Committee is reinstated with the procedures provided for in Article 5, first paragraph, and in accordance with the criteria laid down in Article 7. The directors appointed under subsection previous remain in office until the deadline for the members previously appointed. Art. 9 (The Chairman of FONDISS)
The President is the legal representative of FONDISS and supervises the operation of the same. Shall convene the Executive Committee by notice in writing to the members of the Committee, the General Director of the Institute for Social Security and to the Board of Auditors Auditors. The President of FONDISS, who shall hold office for one year, is elected by the Executive Committee at home, following the criterion of the rotation so that the three components - public, trade union and employers' - holding the office at least once during the duration of a mandate. The President is required to report promptly to the Executive Committee, the State Congress, the Great and General Council and the Board of Statutory Auditors any measures necessary to maintain balance management / financial FONDISS. The President shall perform all the functions attributed to him by FONDISS Regulations referred to in Article 6 and oversees the enforcement of the resolutions passed by the Executive Committee. In compliance with this law and the FONDISS Regulations provided for in Article 6, the President shall verify that the management of FONDISS is carried out in the exclusive interest of the members. Please also check activity on compliance with investment limits for financial management. The President of FONDISS has the task of looking after relations with the Institute for Social Security and ensure that they are put in place administrative procedures that safeguard the subscribers, also the monitoring of the operations in conflict of interest. Art. 10 (The Board of Auditors) The Board of Auditors of the Institute for Social Security, as provided by Law 146 of October 27, 2004, as amended, also acts as the Board of Statutory Auditors of FONDISS functions. The Board is obliged to inform the Executive Committee and the President of FONDISS, any irregularities that may adversely affect the proper administration and management of the Fund. The Board of Auditors may attend meetings of the Executive Committee. 5 Art. 11 (use of resources) FONDISS must be managed according to the principles of prudence and transparency to members and will be structured in a single prudential sector in order to ensure full repayment of the capital paid at time of pension benefits, as required by article 17 the minimum amount guaranteed by FONDISS to its members at retirement is equal to the sum of the contributions paid by insured persons and employers, including payments made for the reintegration of perceived advances, net any partial redemptions and advances. The Executive Committee may decide to provide for additional safeguards with respect to preservation of capital, providing a minimum annual rate of return on capital paid in by members and by employers. FONDISS can manage resources directly without any intermediation, while complying with the limits laid down in this article bearing in mind the pursuit of members; in this case it will make use of the support of the Central Bank of the Republic of San Marino, which will provide free technical advice and issue a reasoned opinion about the collecting of deliberate investment choices. The Executive Committee will motivate its decision the specific reasons that determine investment which diverges from the aforementioned opinion. The Executive Committee may decide to call on other companies through the signing of appropriate agreements as provided for in Article 5, paragraph 7, of this decision. The third subject, identified as managers, must necessarily be chosen from those who are authorized exercise of reserved activities mentioned in Annex 1 of Law 165 of 17 November 2005, Letter D4 Management of portfolios of financial instruments, Letter And Services collective investment Letter F and collective investment services nontraditional. FONDISS can not in any case take or grant loans and loan guarantees in favor of third parties. In the investment policies and in the context of the availability of expertise, FONDISS must respect the following limits: a. It may not invest in shares with voting rights with a nominal value exceeding 3% of the total nominal value of all shares with voting rights issued by a single company; b. a single investment in an equity security may not exceed 5% of the total assets of the FONDISS; investments in equity securities may not exceed 10% of the total assets of FONDISS;
c. investments in corporate bonds of a single issuer may not exceed 2.5% of total assets of FONDISS with the exception of securities issued or guaranteed by the State of the Republic of San Marino whose limit is fixed in 50% of the total active FONDISS. This limit is identified in 10% of the total assets of the Fund for each issuer in the case of securities issued or guaranteed by an EU sovereign state if they own a rating corresponding to the degree of "investment"; d. They have allowed investments in real estate the exclusive property of the Fund up to a maximum of 5% of the total of the Fund whose management can not be delegated to third parties; is. They are not allowed investments in derivative securities, except those to hedge interest rate risk, default or exchange of securities in the portfolio; f. They are not allowed investments in futures; g. the heritage of FONDISS must be invested in predominantly on regulated markets; except for the possibility of investing in securities issued by the San Marino banks in compliance with the limits laid down above; h. investments aimed, through the intermediary of the State, economic / social development 6 San Marino in no more than 20%. FONDISS must prioritize safeguarding the principle of prudence in the management of resources, invest in its social, ethical and environmental. FONDISS should be structured according to a prudence-oriented management through a single line investment (monocomparto). Art. 12 (Separateness capital, administrative and accounting) The assets of FONDISS is intended solely for provision of benefits to the persons entitled referred to in article 17, and can not be distracted from that purpose. The Institute for Social Security will have to equip tools and procedures to ensure the separate accounting and administrative FONDISS respect to the assets and to all the other activities carried out by the Institute for Social Security. Financial instruments and FONDISS values ​​are separated and independent assets and with respect to the assets of members and with respect to the assets of the Institute for Social Security. The assets of FONDISS are not permitted enforcement actions by creditors of the Institute for Social Security or any representative of the creditors themselves. There are also admitted enforcement actions by creditors of the members or representatives of the creditors themselves. For the management of the administration and accounting of FONDISS, for the method of collection of contributions and for the payment of benefits it shall be stipulated by a special Executive Committee agreement with the Institute for Social Security. The Heritage of FONDISS is divided into individual quotas that flow in the position of each individual member. Art. 13 (of FONDISS Management) Resource management can be delegated by the Executive Committee, in line with what is regulated in article 11, to one or more managers authorized the conduct of investment, as required by Law 17 November 2005 165. This will be managed through the conclusion of a convention on the basis of delegated decree referred to in Article 5, paragraph 7. The operator of FONDISS will carry out the construction of the portfolio, the timing of purchases and sales in accordance with the limitations and restrictions by this law and the Regulations issued by the Executive Committee FONDISS. The operator must inform the Executive Committee through appropriate reporting, which will have features and frequency defined in Regulation FONDISS. In reporting must, however, be highlighted clearly the investment-mail activities in place and the strategy pursued. FONDISS is subject to supervision under Law 165 of 17 November 2005. Art. 14 (Custodian) The FONDISS resources are deposited at the Central Bank of the Republic of San Marino who will perform the functions of the Custodian. The Custodian may not be entrusted with FONDISS management activities. The Custodian carries out the instructions given by the Managing Body or directly from FONDISS, in the event that the Executive Committee decides to make direct investment activities, only if these instructions do not result contrary to the Management Regulations approved by the Executive Committee or the present law. The Custodian Bank's activities will be governed by a special agreement signed between 7 and FONDISS Central Bank in accordance with the criteria of economy in favor of the Fund. Art. 15 (Financing and Contribution)
In order to constitute the initial equity of FONDISS warranty and find the necessary resources to the constitution and the start of the Fund it is established transfer from the Equalisation Fund of Social Security, provided for in Article 9 of the law 8 November 2005 n.157 and subsequent additions, a total amount as well as Financial Statement 2011 of the Institute for Social Security. The Equalisation Fund is also used to ensure the preservation of the contribution of each member in relation to the performance of the Fund. The Equalisation Fund can be refinanced or increased by: 1. through general taxation; 2. through higher returns to the measure adopted by the Executive Committee of FONDISS in relation to a benchmark that will be defined by the Executive Committee. FONDISS can accept donations, inheritances and legacies that are instrumental to their activity, after consideration by the Executive Committee. These activities will feed into the Equalisation Fund. Financing FONDISS shall be implemented through the payment of fees from the worker, the employer or the customer starting from July 1, 2012. If the conditions are independent workers finance FONDISS shall be implemented through a contribution by the subjects themselves from the same date. In reference to employees the amount of the contribution will be split equally between employers and employees as well as between the buyer and holder of a coordinated working relationship and continued under Article 18 of Law 131 of 29 September 2005 and subsequent changes. The compulsory contributions intended for the financing of FONDISS is well established: a) the rate of contribution payable by employees and co.co.pro holders, to be calculated on taxable social security, will have the following progressive effect: 1 July 2012 rate 0.5% January 1, 2014 rate 1% 1 January 2016 rate of 1.5% 1 January 2018 rate of 2%; b) the rate of contribution payable by employers or clients, in favor of workers or employees co.co.pro holders, will have the following progressive effect: 1 July 2012 rate of 0.5% 1 January 2014 rate 1% 1 January 2016 rate of 1.5% 1 January 2018 rate of 2%; If during work the employee temporary economic profit on the allowance provided for in Title III of the Law of 22 December 1955 42, of unemployment benefits pursuant to Law 31 March 2010 n.73 and subsequent amendments and postpartum expectations of Law 47 of 18 March 2008, the rate of contribution should be applied to the allowance value perceived by taking the amount of the Cash compensation Autonomous Workers and Employees of Article 14 of Law 20 December 1990 n. 156, as amended; c) the rate of contribution from the self-employed and members of the macro category of agricultural workers, to be calculated on the business income or self-employment which, however, shall not be less than the minimum income required by the main security system, will have the following progressive effect: 1 July 2012 rate 1% 1 January 2014 rate of 2% on 1 January 2016 rate of 3% 8 1 January 2018 rate of 4%. The payments described above are made as follows: for employees in accordance with Article 6 of the law 11 February 1983 n.15, for the self-employed under the Decree 168 of December 30, 1985 and subsequent amendments. The mandatory payments referred to in this law is recognized a preferential claim under Article 39 of Law 42 of December 22, 1955. In case of failure, delay or partial payment, the debtor is subject to the penalties provided for in Article 47 of Law 135 of 18 December 2006, as well as the coercive collection procedures under the Act 70 of May 25, 2004, as amended. Even with the receipt of the ordinary pension under the main security system has allowed the voluntary continuation of the contributions to FONDISS. As required by Article 3 of this Law it shall be allowed a membership and a voluntary contribution for those who are not among the liable parties. In this case the member freely determines the amount of voluntary contributions that remains totally on your own. These payments will be subject to the provisions of Law 92 of June 17, 2008 and subsequent amendments and additions. The member has in this case the right to suspend the voluntary contributions through written notice to the Executive Committee.
It 'also planned for employees the possibility that, through collective, even corporate contracts and agreements, to be further defined contribution rate to be added to the mandatory and accreditation from FONDISS. The same agreements and collective agreements and / or corporate agreements also define the allocation of additional contribution percentages between employer and employee. Each joined FONDISS always has the possibility of increasing, voluntarily and in full against him, their share of contribution. Art. 16 (Definition of the individual position) The individual case is made by the relevant accumulated capital of each member, and is fed by the contributions paid and the payments made for the restitution of the advances enjoyed. The same position is reduced by any redemptions and advances. The individual position is revalued based on the performance of the only fund of FONDISS, calculated as a change of the unit value of the same over the period. For the calculation of the unit value, the assets representing the FONDISS assets are valued at market value. Capital gains and losses accrued in the determination of the individual position, regardless of when they are actually realized. The Executive Committee determines the end of each month the value of the unit and, consequently, the individual position of each member at least monthly. Payments are processed in units and fractions of units, based on the first net asset value following the day on which they are made available for exploitation. Art. 17 (Performance) The right to pension benefits is acquired by the member at the time of ripening of the requirements for access to benefits in the main security system, having gained at least five years of contribution to FONDISS. In the event that the member does not have matured latter requirement will, however, entitled to a refund of amounts paid discounted behind special application and in compliance with this legislation. The member, who receives a pension in the main social security system, has the right to continue the contribution, in accordance with Article 15, penultimate paragraph, and determine for itself the moment of enjoyment of pension benefits. 9 The performance calculation procedures will be established by the Executive Committee Regulations based on the fixed conversion rates of capital on maturity in the table that will be issued with the appropriate delegated decree by 31 December 2011. This table will be updated every three years, always through delegated decree, at the proposal of Executive Committee. The supplementary pension benefit will be paid in capital, up to a maximum of 30% of the accrued individual position and, with the remainder in the form of annuity. In the calculation of the individual position to be deducted the advances obtained and not replenished. The joined FONDISS at least eight years can request an, up to a maximum of 30% of the individual position accumulated, to: 1. health care costs; 2. expenditure on the purchase and renovation of the first home, for themselves or for their children; 3. college expenses for the holder and the members of the household; 4. inactivity, at least twelve months. This period shall run from the receipt of any term, both in San Marino and abroad, to social safety nets. The procedures for requesting an advance, and the possibility of reinstatement of his position in FONDISS, will be determined in accordance with rules laid down by the Regulations issued by the Executive Committee. Advances query with regard to healthcare costs should be granted on the advice of the Executive Committee of the Institute for Social Security that, to this end, evaluated the presence of serious diseases, will give favorable consideration to the request. The sums received as advance payment may never exceed 50% of the matured individual position. Notwithstanding the third paragraph of this Article, the right holder will be paid additional pension benefit in full in capital, for the amount equal to the accrued individual position, if the resulting annuity at retirement, is less than or equal to 25% of 'special integration of Law 38 of February 25, 1998 and subsequent amendments and additions. Pension benefits are subject to the same constraints of non-transferability, impignorabilità and insequestrabilità in force for the benefits paid by the pension system
main. In the event of a pensioner's death, the survivors entitled, under Article 15 of Law 15 of February 11, 1983, is entitled to a proportional benefit based on the provisions of Article 33 of the Act, as amended. Subscribers, which has been recognized by the medical commission of the Institute for Social Security permanent disability of at least 50%, is granted the right to request an advance of up to a maximum of 30% of the accumulated position. In this case the member is relieved from the obligation to pay contributions in the supplementary pension system. No other types of anticipation or redemption different from previous ones, and those provided for in Article 18. Art. 18 (Termination of the participation requirements) When fails the requirement of participation in FONDISS, the Regulations issued by the Executive Committee must allow the following options, and establish measures, procedures and terms of operation: a) the redemption of the individual position accumulated at FONDISS, as follows: 1. 30% provided that the person proves a state of inactivity of at least twelve months; 2. a further 30% provided that the subject proves a state of inactivity of at least eighteen months; 3. a further 40% provided that the subject proves a state of inactivity of 10 least twenty-four months. The effect of this state begins after the exhaustion of the planned measures, the social safety nets in place, in favor of the subscriber. The effect, for the workers, to whom it applies, the Decree # 169 November 23, 2005, begins the depletion of the interventions provided by the welfare system in force in the countries of residence. To the extent of 30% after the first twelve months, the extent of a further 30% after six months and the extent of 40% after a further six months; b) the maintenance of the position in FONDISS in the absence of contribution. In case of death of the member, before completion of the requirements of access to supplementary pension benefits, will apply the regulations in force in the Republic of San Marino in matters of succession. Art. 19 (Agreement with the Institute for Social Security) For the management of the administrative and accounting activities, for the collection of contributions and for the disbursement of the services activity is expected the signing of the agreement with the Institute for Social Security, with the responsibility of FONDISS charges. This Convention shall be subject to approval of the State Congress. To carry out these activities will be necessary to adapt the organizational and technical structure of the competent offices of the Institute for Social Security. Art.20 (annuity Provision) Following the exercise of the right to pension benefits, which must be exercised through submission of the pension claim, the value of the individual position net of any share of benefit payable in the form of capital, is used as a single premium for the establishment of an annuity in favor of the member. Art. 21 (Tax aspects) Mandatory contributions by the employee, the owner co.co.pro or autonomic or farm worker are liabilities deductible in accordance with Article 6, paragraph c) of Law 91 of October 13, 1984 and subsequent amendments and additions. Without limiting the deductibility limits laid down in Article 6, paragraph n) of the Act referred to in the previous paragraph, the voluntary contributions referred to the last three paragraphs of article 15 of this law are deductible in the determination of taxable income for an additional amount of up to € 2,500.00 per year. The revaluation of the individual membership fee to FONDISS, referred to in Article 16 of this Act, is exempt from the General Income Tax established by Law 91 of October 13, 1984 and subsequent amendments and additions. The pensions which will be paid to members of FONDISS and dependents of the same are subject to taxation under the same law and contribute to forming the taxable income with those provided by the main security system. The social security contributions paid by employers or buyers as provided by this Act fall under costs and expenses deductible from business income or self-employment. Art. 22 (FONDISS Operating Regulations) The operating mode of FONDISS will be governed by regulations 11 issued by the Great and General Council Executive Committee to be submitted for approval in accordance with the provisions of this law. Art. 23 (Transparency in the activity of FONDISS management)
FONDISS shall make available to members: a. the FONDISS Regulations; b. The Information note; c. the flow statement. It must be sent annually to the member, by June 30 of each year a notice containing information on his personal position, and on the costs incurred on operations. Article 24 (Liability of members of the Executive Committee FONDISS) The members of the Executive Committee FONDISS apply regarding liability the provisions of Title II, Chapter II, of Law 47 of 23 February 2006 (Company Law) and subsequent changes. Art. 25 (Entry into force) This Law shall enter into force on the fifteenth day following that of its legal publication. Our Residence, this day of December 6 2011/1711 THE CAPTAINS REGENT Gabriele Gatti - Matteo Fiorini THE SECRETARY OF STATE FOR INTERNAL AFFAIRS Valeria Ciavatta