In relation to amendments in the Implementing Regulations for the Pensions Act (revoked) of 01.01.1997 a Pension Fund for Teachers (managed by the National Social Security Institute) was established on extra-budgetary account. The resources for this Fund are collected from social security contributions on the gross labor remunerations of the teachers, which are at the expense of their employers. For the period from the beginning of 1997 till the end of 1999 the amounts were determined in the Act on the Budget of the Social Security Fund for each calendar year – 3%. The resources are spent for payment of exigent pensions for early retirement and for the supplements to the pensions of the teachers, which are at the expense of the Pension Fund for Teaches.
Pursuant to § 22, Para. 1 of the Transitional and Final Provisions of the Social Security Code, the Pension Fund for Teachers established with the revoked Act on the Social Security Fund continues to exist until its’ transformation into a universal pension fund.
The social security contribution to the Pension Fund for Teachers is determined annually in the Act on the Budget of the State Social Security for each separate year.
The social security contribution to the Pension Fund for Teachers for 2012 amounts to 4,3% and is entirely at the expense of the social security contributor.
The contributions due to the Pension Fund for Teachers are paid though the bank accounts of the National Revenue Agency for the collection of social security contributions for state social security.