Federal Project Seeks to Strengthen Pension Systems

Trade Aid Monitor:

The Obama administration is embarking upon a project to ensure that pension system across the nation are “fiscally sound and sustainable.” And elderly citizens of the nation of Armenia likely will be delighted to hear the news.

The U.S. Agency for International Development (USAID) yesterday issued a presolicitation notice alerting interested contractors about the initiative, a “technical assistance” endeavor that will assist the Government of Armenia in making its new multi-pillar pension system “fiscally sound and sustainable.”

The intended outcome of the effort is “an increase in the percentage of economically active citizens who contribute to the pension resources,” according to the notice.

USAID also will help the Armenians to create an Integrated Social Services system (ISS), which will enable the Armenian Ministry of Labor and Social Affairs, in conjunction with “the private sector and civil society, to implement the pension reform and to improve social services policy, benefits, and delivery systems.”

“Also, these activities will ensure that the pension system is well-managed, regulated, and supervised according to international standards and best practices,” the notice continued.

USAID did not disclose the project’s estimated cost.