Effect of 2014 PRA on Management of Retirement Benefits in Public Sector Organizations
The study is on the effect of 2014 Pension Reform Act in management of retirement benefits of selected public sector organizations (federal parastatals in Anambra state). The study examined the appropriateness of documentation by Pension Fund Administrators and its effects on the time lag before pensioners receive their lump sum (gratuity).It also determined the level of accuracy in computation of pension. To streamline the study, two research questions and two hypotheses were formulated. A descriptive survey research design was adopted for the study. The population of the study consisted of 128 pensioners from NIPOST, INEC and NPC Anambra state who retired under 2014 Pension Reform Act. Due to the smallness of the population size, the entire population was used as the sample size. Data for the study was collated through primary source (questionnaires).The reliability of the instrument was ensured using pilot test and analyzed using Cronbach Alpha, it yielded a reliability coefficient of 0.85. Analysis of variance was used to analyze the data collated. The result of the analysis revealed that the level of accuracy in computation of pension is not very satisfactory. This means that pensioners are still being under paid. Furthermore, the analysis also showed that payment of pension is irregular. The study recommended that the PFAs should improve on the level of accuracy in computation of pension contributions to eliminate the underpayment of pensioners. Finally, the payment of pension under 2014 Pension Reform Act should be made regular.
