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Diet enacts defined-contribution pension law.

Publication: Japan Weekly Monitor
Publication Date: 23-JUN-01
Format: Online
Delivery: Immediate Online Access

Article Excerpt
TOKYO, June 22 Kyodo

The Diet on Friday passed into law a new defined-contribution pension bill to take effect Oct. 1 that introduces a scheme modeled on the U.S. 401(k) plan, the benefits of which hinge on investment performance.

The House of Councillors endorsed the bill at a plenary session to complete the legislative process in the Japanese bicameral parliament, as the bill was already approved by the House of Representatives last week.

The new law will...

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