Auxiliary fund starts investing
All the reserves of the new auxiliary social security entity (TEKA), which currently amount to approximately 50.2 million euros, are expected to pass by the end of the year to the responsibility and management of the new fund. They are the first few savings of its approximately 213,500 new insured employees.
Already the staffing of the main departments, the appointment of a board of directors as well as the selection of a new managing director have progressed at a rapid pace, though there is still a lot to be done.
By the fall, the fund’s investment committee must be operational, while by the end of the year the strategic allocation of investments should be determined, perhaps the most important stage for the future of the TEKA funds and consequently of the supplementary pensions of the new insured persons.
At the same time, the staffing of the fund, its organization, as well as the forced – at least for the first period – cooperation with the private sector in areas such as accounting, actuarial etc are proceeding.
For the first period it has been deemed necessary to cooperate with EDEKT, the special purpose company that manages EFKA’s funds.
