Municipal Pension Reporting Program (Formerly Perc) Harrisburg 17120

Total Page:16

File Type:pdf, Size:1020Kb

Municipal Pension Reporting Program (Formerly Perc) Harrisburg 17120 March 2021 A Summary of 2018 Municipal Pension Plan Data Based on the January 1, 2019, Actuarial Valuation Reports Submitted Pursuant to Act 205 of 1984 & 2017 County Pension Plan Data Based on the January 1, 2018, Actuarial Valuation Reports Submitted Pursuant to Act 293 of 1972 COMMONWEALTH OF PENNSYLVANIA MUNICIPAL PENSION REPORTING PROGRAM (FORMERLY PERC) HARRISBURG 17120 March 2021 Members of the Pennsylvania General Assembly and Governor Wolf: Pursuant to Act 100 of 2016, the Department of the Auditor General took over responsibility for collection and biennial reporting of the commonwealth’s municipal pension plans status. I am pleased to submit the Municipal Pension Reporting Program’s (formerly the Public Employee Retirement Commission) biennial report on the status of the commonwealth’s local government pension plans for your review and information. Similar to prior years, my department will be providing additional analysis of this data in early 2021. Pennsylvania’s pension plans for local government employees in total represent one of the largest retirement systems in the nation. Currently, there are more than 3,300 local government pension plans in Pennsylvania and the number continues to grow. Unfortunately, the struggle to properly fund the plans also continues to grow. Many municipalities face financial hardships as well as the reality of more retired members drawing from pension plans than active members contributing to the plans. This status report provides a snapshot of the condition of local government pension plans throughout the commonwealth. Reported data shows that 98 percent of the pension plans in Pennsylvania are considered small (fewer than 100 members). This is significant to the overall health of pension plans in Pennsylvania because the reported data shows that small pension plans generally have higher administrative expenses, are more affected by the dramatic increases in municipal contributions, and suffer more acutely from low investment returns caused by often volatile market conditions. Likewise, data shows that although most pension plans in Pennsylvania are considered not distressed, the largest percentage of active membership is in pension plans that are considered severely distressed. This statistic is sobering when considering how, without significant reform, some municipalities may be forced to reduce services to meet pension obligations. On behalf of the Department of the Auditor General, I am hopeful that you will find this report to be informative as well as useful to illustrate the issues that require attention in order to protect both taxpayers and retirees. Sincerely, Timothy L. DeFoor Auditor General iii TABLE OF CONTENTS Introduction ................................................................................................................................................. iii Preface ......................................................................................................................................................... 1 Part I Executive Summary .................................................................................................................... 2 Part II General Characteristics ............................................................................................................. 3 Number of Plans ................................................................................................................. 3 Nature of Plans ................................................................................................................... 4 Size of Plans ....................................................................................................................... 7 Part III The Recovery Program .............................................................................................................. 9 Distress Score ..................................................................................................................... 9 Part IV Data Tabulations ....................................................................................................................... 14 iv PREFACE The following report contains data and discussion on the local government pension plans of the Commonwealth. For the purposes of this report, the local government pension plans established by municipalities subject to the reporting requirements of Act 205 of 1984 are termed “municipal pension plans,” while the local government pension plans established by counties that continue to report under the provisions of Act 293 of 1972 are termed “county pension plans.” Where data is combined for municipal and county pension plans, the report uses the term “local government pension plans.” The data presented in the report was extracted from the individual pension plan reports containing actuarial, financial and demographic information. The municipal pension plan reports submitted under Act 205 requirements covered the 2018 plan year, while the county pension plan reports submitted under Act 293 requirements covered the 2017 plan year. Throughout the filing periods, the Municipal Pension Reporting Program (MPRP) endeavored to ensure the reported data was complete and accurate. To the degree possible, the data provided in the individual reports was reviewed for completeness and internal consistency. In extracting the data from the database and in compiling this report, MPRP endeavored to minimize typographical errors and omissions. Starting with the 2019 filing period, the Act 205 reporting forms are now required to be submitted electronically on the Department of Community & Economic Development’s Municipal Statistics website. When this report was prepared for publication, twenty-eight municipalities with one or more municipal pension plans remained delinquent in submitting the required Act 205 reports for the 2019 valuation year. Consequently, data for thirty-one municipal pension plans could not be included in this report. However, the omitted data is not statistically significant due to the small size of the pension plans involved. 1 PART I EXECUTIVE SUMMARY AMENDMENT OF THE ADMINISTRATIVE CODE — ACT 100 OF 2016 AND MUNICIPAL PENSION REPORTING On July 20, 2016, Act 100 of 2016 was signed into law amending the Administrative Code (P.L. 177, No. 175), to transfer the powers and duties of the Public Employee Retirement Commission (PERC) to both the Independent Fiscal Office and the Department of the Auditor General. The former commission’s duties relating to municipal pension reporting and analysis under The Municipal Pension Plan Funding Standard and Recovery Act (Act 205 of 1984) and the Municipal Pension Systems, Regulating Act (Act 293 of 1972) were transferred to the Department of the Auditor General which then created the Municipal Pension Reporting Program within its Office of Budget and Financial Management. Effective August 1, 2016, all duties were fully transitioned to the newly created Municipal Pension Reporting Program (MPRP). ACT 205 AND THE MUNICIPAL PENSION REPORTING PROGRAM (MPRP) Act 205 provides a uniform actuarial funding standard for funding municipal pension plans in Pennsylvania. The Act 205 funding standard was first effective for municipal pension plans in 1986. Prior to 2016, the Act 205 funding standard was monitored by PERC. Now, MPRP monitors compliance with the actuarial funding standard described in Act 205. MPRP monitors compliance by collecting and compiling data from local government pension plans pursuant to the reporting requirements set forth by Act 205. Act 205 also requires disclosure of instances of noncompliance. Disclosure must be made in a public status report to the Governor and General Assembly. This is the third status report under the MPRP. The report contains: an overview of the general characteristics of pension plans in Pennsylvania; the funding practices of municipal pension plans and the funding status of the plans in Pennsylvania; an overview of the recovery methods provided by Act 44 of 2009; and data tabulations that show general municipal pension plan data. 2 PART II GENERAL CHARACTERISTICS NUMBER OF PLANS Pennsylvania has a complex system of local government comprising more than 4,600 governing units. General purpose local governments — cities, boroughs, towns and townships — total approximately 2,600 governing units. Special purpose local governments — municipal authorities — total approximately 2,000 governing units. Counties total approximately 66 governing units. In most instances, general purpose local governments establish separate pension plans for their police, fire and nonuniformed employees, while special purpose local governments and counties generally establish one pension plan for all employees. Exhibit 1 shows the number of local government pension plans grouped by the type of employee and by the type of local government as of 2019. Exhibit 1 NUMBER OF LOCAL GOVERNMENT PENSION PLANS Police Fire Nonuniformed Total County 0 0 71 71 City 59 46 65 170 Borough 460 22 621 1,103 Township (1st Class) 89 6 124 219 Township (2nd Class) 296 13 898 1,207 Authority 0 0 483 483 Council of Gov’t/Regional 35 3 25 63 Total 939 90 2,287 3,316 3 Exhibit 2 shows the growth in the number of local government pension plans since reporting requirements were initiated in 1974. Although reporting irregularities, varying reporting criteria, and reporting frequency change affected data, the general trend is clear — the number of local government pension plans in Pennsylvania continues to increase.
Recommended publications
  • I Ntegrated C Ommunity S Ustainability P
    I ntegrated C ommunity ustainability S P lan GUIDE ICSP Options and Content Requirements April 2009 Department of Municipal Affairs Newfoundland and Labrador 1 ICSP OPTIONS As identified in the ICSP Framework, municipalities in Newfoundland and Labrador have 3 main options to choose from when developing an Integrated Community Sustainability Plan (ICSP). They are: 1. Municipal Plan ICSP – is the most costly and in-depth approach but would provide the plan with legislative authority. 2. Stand-Alone ICSP – is a possibly costly option but it gives the municipality complete control over the goals and objectives. 3. Collaborative ICSP – is the most cost effective option and has the added benefit of guaranteeing that where appropriate partners are working toward common goals. This guide is divided into three sections to provide specific details for each of the three ICSP options available. Note that the guide outlines the required content of an ICSP but it does not provide a step-by-step process . The specifics of the process must be developed by each municipality to address their individual situation. For the purposes of this guide the term “municipality” will include Inuit Community Governments. KEY COMPONENTS OF A SUCCESSFUL ICSP The ICSP is designed to be a comprehensive planning document that is constantly referred to and updated as necessary to keep it relevant and useful. By following the Ten Steps outlined in the Framework along with the specific aspects outlined in the appropriate section of this ICSP Guide, municipalities should be able to develop effective and efficient plans. Every ICSP, regardless of the option, should contain the following vital components : • Public participation in the decision making process.
    [Show full text]
  • Lan"). the Plan Contains a Tax Increment Provision and Will Govem the Operation and Adminishation of the District
    Ordinances of City of Billings, Montana. ORDINANCE NO. 08-5484 AN ORDINANCE RELATING TO THE MODIFICATION OF THE SOUTH BILLINGS BOULEVARD URBAN RENEWAL AREA; AND ADOPTING A MODIFIED URBAN RENEWAL PLAN, INCLUDING A TAX INCREMENT PROVISION. Recitals: V/HEREAS, this Council on November 24,2008, conducted a public hearing on a proposal to modify an urban renewal area on specified property (as hereinafter defined, the "Property'') to be designated "The South Billings Boulevard Urban Renewal Area", and to adopt a modified urban renewal plan, as authorized by Montana Code Annotated, Title 7, Chapter 15, Parts 42 and 43, as amended (the "Act"). WHEREAS, the Property is depicted on the attached Exhibit A and legally described on the attached Exhibit B (each of which is hereby incorporated herein and made a part hereof). WHEREAS, opporfunities have been presented to the City that make it desirable for the City to consider an-urUan renewal project wìthin the District cónsisting of the acquisition of ceriain vacant or blighted properties, demolishing the blighted structures thereon, improving such properties with, landscaping, utilities, and other similar improvements, assembling such properties, and making the properties so improved available for private redevelopment in accordance with the Act. WHEREAS, an urban renewal plan entitled the South Billings Boulevard Urban Renewal Plan is attached hereto as Exhibit C (which is hereby incorporated herein and made a part hereof) (the '?lan"). The Plan contains a tax increment provision and will govem the operation and adminishation of the District. WHEREAS, the Plan has been reviewed and approved by the Yellowstone County Planning Board, as evidenced by the Board meeting minutes of November 12,2008.
    [Show full text]
  • Protected Area Management Plan
    Karkloof Nature Reserve KwaZulu-Natal South Africa Protected Area Management Plan Prepared by Ezemvelo KwaZulu-Natal Wildlife Protected Area Management Planning Unit with support from Dr Richard Lechmere-Oertel (Biodiversity Planning & Management) Citation Karkloof Nature Reserve: Management Plan. Version 1.0 (2011), Ezemvelo KZN Wildlife, Pietermaritzburg. Photos for cover page courtesy of Kevin McCann and Di Martin. AUTHORISATION This Protected Area Management Plan for Karkloof Nature Reserve is recommended by the Karkloof Nature Reserve Co-Management Committee, consisting of three members each from the Karkloof Landowners Association and Ezemvelo KZN Wildlife according to the Co-Management Agreement and the Nature Reserve Planning Committee: Karkloof Landowners Association Thomas Hancock Thomas Hancock Children’s Family Trust Ezemvelo KZN Wildlife Andy Blackmore Acting manager land use Planning Magda Goosen Protected Area Management Planner Irene Hatton Acting Coordinator Protected Area Management Planning Bill Howells Biodiversity Conservation Co-ordinator East uKhahlamba Athol Marchant Regional Ecologist East uKhahlamba Philemon Mahlaba District Conservation Officer Ann van Eyssen Ecotourism Coordinator West KARKLOOF N AT U RE RESERVE I PRO T EC T ED A REA MA N AG EMEN T PLA N KARKLOOF N AT U RE RESERVE II PRO T EC T ED A REA MA N AG EMEN T PLA N KARKLOOF N AT U RE RESERVE IV PRO T EC T ED A REA MA N AG EMEN T PLA N TABLE OF CONTENTS AUTHORISATION .............................................................................................................................................
    [Show full text]
  • Evaluation of the Migration Process from I-Lan County to Taipei City By
    Evaluation of the Migration Process from I-Lan County to Taipei City by Shu-Chun Chang Submitted in the Fulfilment of the Requirements for the Ph.D Degree Development Planning Unit University College London University of London UCL March 2000 ProQuest Number: 10631511 All rights reserved INFORMATION TO ALL USERS The quality of this reproduction is dependent upon the quality of the copy submitted. In the unlikely event that the author did not send a com plete manuscript and there are missing pages, these will be noted. Also, if material had to be removed, a note will indicate the deletion. uest ProQuest 10631511 Published by ProQuest LLC(2017). Copyright of the Dissertation is held by the Author. All rights reserved. This work is protected against unauthorized copying under Title 17, United States C ode Microform Edition © ProQuest LLC. ProQuest LLC. 789 East Eisenhower Parkway P.O. Box 1346 Ann Arbor, Ml 48106- 1346 ABSTRACT The dominant conceptual view of migration is a model of migration based on factors of push and pull; the former drives people away from their place of origin and the latter pulls them toward somewhere else. This study aims, through an examination of rural-urban migration from I-Lan county to Taipei city in Taiwan, to test this conceptual understanding of the migration process. Accordingly, it considers how the migratory process takes place and assesses its inpact on both rural and urban change as well as on the processes of economic development and urbanisation. Its general objective is to clarify the dominant view of push-pull factors being the cause of urban migration in developing countries and in Taiwan in particular.
    [Show full text]
  • Study on Airport Ownership and Management and the Ground Handling Market in Selected Non-European Union (EU) Countries
    Study on airport DG MOVE, European ownership and Commission management and the ground handling market in selected non-EU countries Final Report Our ref: 22907301 June 2016 Client ref: MOVE/E1/SER/2015- 247-3 Study on airport DG MOVE, European ownership and Commission management and the ground handling market in selected non-EU countries Final Report Our ref: 22907301 June 2016 Client ref: MOVE/E1/SER/2015- 247-3 Prepared by: Prepared for: Steer Davies Gleave DG MOVE, European Commission 28-32 Upper Ground DM 28 - 0/110 London SE1 9PD Avenue de Bourget, 1 B-1049 Brussels (Evere) Belgium +44 20 7910 5000 www.steerdaviesgleave.com Steer Davies Gleave has prepared this material for DG MOVE, European Commission. This material may only be used within the context and scope for which Steer Davies Gleave has prepared it and may not be relied upon in part or whole by any third party or be used for any other purpose. Any person choosing to use any part of this material without the express and written permission of Steer Davies Gleave shall be deemed to confirm their agreement to indemnify Steer Davies Gleave for all loss or damage resulting therefrom. Steer Davies Gleave has prepared this material using professional practices and procedures using information available to it at the time and as such any new information could alter the validity of the results and conclusions made. The information and views set out in this report are those of the authors and do not necessarily reflect the official opinion of the European Commission.
    [Show full text]
  • Capital Region Airport Authority Capital Region International Airport
    CAPITAL REGION AIRPORT AUTHORITY CAPITAL REGION INTERNATIONAL AIRPORT INVITATION TO BID PROJECT DESCRIPTION: CARGO APRON EXPANSION – PHASE 1 BID DUE DATE: June 22, 2018 BID TIME: 10:00 a.m. PLANS AVAILABLE: May 25, 2018 Sealed bids will be received by the Capital Region Airport Authority , at the Community Room until 10:00 a.m. (local time), on the bid date, at which time and place all bids will be publicly opened and read aloud. ANY BID RECEIVED AFTER THE SPECIFIED TIME WILL NOT BE CONSIDERED. The proposed Work includes the following: Approximately 30,310 square yards of new Portland Cement concrete (PCC) airfield pavement, drainage improvements, taxiway edge lighting and guidance signage improvements, installation of high-mast lighting, pavement markings, and restoration. Bidder Qualifications Prime Bidder must be prequalified with MDOT. The net classification required for this project is 5800 B (Concrete Pavement), or 5800 Ea (Grading, Drainage Structures and Aggregate Construction). If the prime bidder is not prequalified in either classifications (B and Ea), then it must use a prequalified contractor for the classification(s) for which it is not prequalified. In addition, this project includes Designated Item classifications L (Electrical Construction) and Cb (Hot Mix Asphalt/Bituminous Paving). If the prime bidder is not prequalified in these Designated Item classifications, then it must use subcontractors that are prequalified in classifications L and Cb. These subcontractors must be designated prior to award of the contract to the confirmed low bidder. There is a Disadvantage Business Enterprise (DBE) participation goal of 5.72% for this project. A Pre-Bid Conference for this project will be held on June 6, 2018, at 10:00 a.m .
    [Show full text]
  • The Past and the Prospect of Administrative Division of Georgia
    Miriam Jikia, LL.D.,* doi:10.5937/zrpfni1983163J Associate Professor, прегледни научни рад Faculty of Law and International Relations, Georgian Technical University, Tbilisi, Georgia UDK: 342.24(479.22) Рад примљен: 28.05.2019. Рад прихваћен: 25.09.2019. THE PAST AND THE PROSPECT OF ADMINISTRATIVE DIVISION OF GEORGIA Abstract: Historically speaking, Georgia never had an opportunity to inde- pendently determine the form of country’s administrative division. Due to some factors, including foreign and domestic policies, and socio-economic conditions, it was inevitable to divide the country into certain territorial units; however, Georgia has never been a strictly centralized state. The presented paper discusses the issue of administrative division in legal docu- ments created in independent Georgia. The issue is debated with reference to the first Constitution of the Democratic Republic of Georgia adopted in 1995, and the second amended Constitution adopted in 2004, and the third amended constitution adopted in 2010. The paper also reviews all the amendments of the Georgian Constitution introduced in the past 20 years, which have not brought any significant changes on the issue of adminis- trative division. The author analyses what may be the best administrative division for Georgia by considering two existing regional conflicts, and underlines the positive and negative aspects of Federalism and Unitarism. Key words: Administrative Division of State, Federalism, Autonomous Re- publics. 1. Introduction The administrative division of a country represents a system of political and legal relations between the central government and the governments of the territorial entities. According to the so-called “Doctrineet al., of Three Elements”, the organization of its authority on certain territory is the necessary precondition for the existence of each country (Gonashvili 2017:149).
    [Show full text]
  • Research on Technology Management Innovation and Technology System Reform of Hubei Province of China
    Proceedings of the 8th International Conference on Innovation & Management ·943· Research on Technology Management Innovation and Technology System Reform of Hubei Province of china Zhang Lan Department of Science and Technology,Government of Hubei Province, Wuhan, P.R.China, 430071 (E-mail: [email protected] ) Abstract: Technology system reform is the important motivation for technology management innovation and technology development. In the first ten years of the 21st century, China Hubei Provincial Party Committee and government adopted a series of measures to accelerate the development of technology management innovation and technology system reform, to advance the release of technology NO.1 productive force, and got striking achievements and precious experiences. This paper summarizes China Hubei province’s measures and achievements comprehensively, and analyzes problems in technology management innovation and technology system reform in Hubei province existing now, and puts forward countermeasure and suggestion to improve technology management innovation and technology system reform. Key words: Innovation; Technology system reform; Hubei province of China 1 Introduction Technology management innovation is a process depending on features of science and technology activities, through constant realizing of science and technology activity and its external environment, perfecting and rebuilding science technology management system, to help it adjusting and improving science and technology activities better. Science and technology management innovation and sustainable development includes three parts: firstly, building science and technology management innovation system, achievements transferring system; secondly, the highest standard is adjusting the relationship between human beings and the nature; thirdly, the sustainable development of science and technology innovation should identical with the sustainable development of economy and science[1].
    [Show full text]
  • One Hundred Sixteenth Congress of the United States of America
    H. R. 748 One Hundred Sixteenth Congress of the United States of America AT THE SECOND SESSION Begun and held at the City of Washington on Friday, the third day of January, two thousand and twenty An Act To amend the Internal Revenue Code of 1986 to repeal the excise tax on high cost employer-sponsored health coverage. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ‘‘Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act’’. SEC. 2. TABLE OF CONTENTS. The table of contents for this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents. Sec. 3. References. DIVISION A—KEEPING WORKERS PAID AND EMPLOYED, HEALTH CARE SYSTEM ENHANCEMENTS, AND ECONOMIC STABILIZATION TITLE I—KEEPING AMERICAN WORKERS PAID AND EMPLOYED ACT Sec. 1101. Definitions. Sec. 1102. Paycheck protection program. Sec. 1103. Entrepreneurial development. Sec. 1104. State trade expansion program. Sec. 1105. Waiver of matching funds requirement under the women’s business cen- ter program. Sec. 1106. Loan forgiveness. Sec. 1107. Direct appropriations. Sec. 1108. Minority business development agency. Sec. 1109. United States Treasury Program Management Authority. Sec. 1110. Emergency EIDL grants. Sec. 1111. Resources and services in languages other than English. Sec. 1112. Subsidy for certain loan payments. Sec. 1113. Bankruptcy. Sec. 1114. Emergency rulemaking authority. TITLE II—ASSISTANCE FOR AMERICAN WORKERS, FAMILIES, AND BUSINESSES Subtitle A—Unemployment Insurance Provisions Sec. 2101. Short title. Sec. 2102. Pandemic Unemployment Assistance. Sec. 2103. Emergency unemployment relief for governmental entities and nonprofit organizations.
    [Show full text]
  • Work Environment Dialogue in a Swedish Municipality — Strengths and Limits of the Nordic Work Environment Model
    Nordic journal of working life studies Volume 3 ❚ Number 1 ❚ February 2013 Work Environment Dialogue in a Swedish Municipality — Strengths and Limits of the Nordic Work Environment Model ❚❚ Kaj Frick1 Professor em. ABSTRACT In the Nordic work environment model, health risks at work are mainly to be managed in cooperation with the employees and their representatives. The model is based on strong trade unions and is supported by the state through participatory rights and funding to pro- duce and disseminate knowledge on risks and solutions. The model is evident in the large Swedish municipal sector with its strong unions and extensive social dialogue. However, mu- nicipal employees also face widespread risks, mainly from mental and physical overload. They led the costly wave of rising sickness absence from the late 1990s. Municipal (and other) employers therefore attempt to reduce the absence. The rural municipality of Lek- sand started a project Hälsosam with the broad objectives to half the absence, implement a national agreement on better dialogue, make Leksand an attractive employer, and im- prove employee influence and work environment. The article’s objective is to use Hälsosam’s intervention project to explore the limits of what the Nordic work environment model can achieve against risks rooted in the employers’ prerogative of organizing, resourcing, and managing the operations that create the conditions at work. Hälsosam’s practice focused on sickness absence and the forms of the new national agreement. The absence was halved by reducing cases of long-term sickness. There was also workplace health promotion and the safety reps were supported through regular meetings.
    [Show full text]
  • Lan Airlines S.A. (Exact Name of Registrant As Specified in Its Charter)
    As filed with the Securities and Exchange Commission on June 29, 2010 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2009 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-14728 Lan Airlines S.A. (Exact name of registrant as specified in its charter) Lan Airlines S.A. Republic of Chile (Translation of registrant’s name into English) (Jurisdiction of incorporation or organization) Presidente Riesco 5711, 20th Floor Las Condes Santiago, Chile (Address of principal executive offices) Gisela Escobar Koch Tel.: 56-2-565-3944 ● E-mail: [email protected] Presidente Riesco 5711, 20th Floor Las Condes Santiago, Chile (Name, telephone, e-mail and/or facsimile number and address of company contact person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of each class: Name of each exchange on which registered: American Depositary Shares (as evidenced by New York Stock Exchange American Depositary Receipts), each representing one share of Common Stock, without par value Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 338,790,909.
    [Show full text]
  • Early Childhood Education and Care Policy in Finland
    Helena Grierson Early Childhood Education and Care Policy in Finland Background report prepared for the OECD Thematic Review of Early Childhood Education and Care Policy May 2000 Finland has granted the OECD permission to include this document on the OECD Internet Home Page. The views expressed in the document are those of the authors and not necessarily those of Finland, the OECD or its Member countries. The copyright conditions governing access to information on the OECD Home Page are provided at http://www.oecd.org/copyr.htm ii CONTENTS 1. Introduction .........................................................................................................1 1.1 General information on Finland .......................................................................... 1 1.2 Government policy.............................................................................................. 3 1.3 Provision of social and health care services in Finland ..................................... 3 Overview of Finnish family policy ..................................................................... 4 1.4 Provision of educational services in Finland ...................................................... 5 Overview of Finnish education policy ................................................................ 5 1.5 The Finnish ECEC system .................................................................................. 6 SECTION I: DEFINITIONS AND CONTEXTS............................................................... 9 2. Structural change in society.................................................................................9
    [Show full text]