Fraud in pension systems
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages
Fraud in pension systems
Fraud in public pension systems is a serious problem that can have significant negative effects on both the pensioners and the taxpayers who fund the pensions. Public pension systems, also known as defined benefit plans, provide a set amount of money to retirees based on a formula that takes into account factors such as years of service and salary. These systems are typically funded by a combination of employee and employer contributions, as well as investment income.
One type of fraud that can occur in public pension systems is the misappropriation of funds. This can happen when someone in a position of authority, such as a pension board member or administrator, steals or misuses funds from the pension system for personal gain. This can lead to a significant shortfall in the pension system’s assets, which can negatively impact the ability of the system to pay out benefits to retirees.
Another type of fraud that can occur in public pension systems is the falsification of records. This can happen when someone falsifies information about an employee’s service or salary in order to increase the amount of benefits the employee is entitled to receive. This can lead to a significant overpayment of benefits, which can also negatively impact the ability of the system to pay out benefits to retirees.
In addition to misappropriation of funds and falsification of records, public pension systems can also be vulnerable to fraud through Ponzi scheme and other investment frauds. This can happen when a pension board member or investment advisor misrepresents the performance of investments in order to attract more investments into the pension system. This can also lead to a significant shortfall in the pension system’s assets, which can negatively impact the ability of the system to pay out benefits to retirees.
There are several steps that can be taken to prevent and detect fraud in public pension systems. One important step is to establish and enforce strong internal controls, such as segregation of duties and regular audits. This can help to ensure that there are checks and balances in place to prevent and detect fraud.
Another important step is to establish and enforce strong ethical standards for all employees and board members of the pension system. This can help to ensure that everyone involved in the pension system is committed to acting in the best interests of the pensioners and taxpayers.
Finally, to detect and prevent fraud, it is important to establish a strong whistle-blower protection program that encourages employees and other stakeholders to report any suspicious activity. This can help to ensure that any potential fraud is identified and dealt with quickly, before it can do significant harm to the pension system.
In conclusion, fraud in public pension systems is a serious problem that can have significant negative effects on both the pensioners and the taxpayers who fund the pensions. By establishing and enforcing strong internal controls, ethical standards, and whistle-blower protection programs, public pension systems can help to prevent and detect fraud and protect the integrity of the system. It is important for government to put in place regulations and oversight to ensure the proper functioning of these pension systems, so that the public can trust them as a reliable source of income for retirees.
Fraud in pension systems
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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