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Lessons from Pension Reform in the Americas$
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Stephen J. Kay and Tapen Sinha

Print publication date: 2007

Print ISBN-13: 9780199226801

Published to Oxford Scholarship Online: January 2008

DOI: 10.1093/acprof:oso/9780199226801.001.0001

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Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change *

Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change *

(p.317) Chapter 12 Costa Rica's Pension Reform: A Decade of Negotiated Incremental Change*
Lessons from Pension Reform in the Americas

Juliana Martínez Franzoni

Oxford University Press

During the past two decades, Costa Rica has transformed its pension system into a ‘mixed model’ that combines collective and individual savings. This chapter focuses on the structural reform approved in 2000 and in effect since May 2001 and the parametric reform approved in May 2005. The 2000 reform created a multipillar system, which included the R égimen de Invalidez, Vejez y Muerte (RIVM, or the Disability, Old-Age, and Survivorship Regime). The RIVM was created in 1943 and currently reaches nine out of every ten insured workers in the country. The 2005 parametric reform modified requirements and benefits of the RIVM and created new benefits while seeking to strengthen the collective capitalization system. Both reforms strengthened the administrative effectiveness of the RIVM. The chapter discusses the main historical characteristics of the pension system, focusing on the RIVM; describes the political context for the design and adoption of the main reforms of the past five years; and explains both reforms in detail. It also examines the strengths and weaknesses of the implementation process and concludes with an exploration of tensions within the Costa Rican pension reform.

Keywords:   pension system, mixed model, collective savings, individual savings, structural reform

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