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  Initially, upon the institution of the Republic of China’s civil service retirement pension system in 1943, funding was derived from budgeted pension contributions and the general tax revenue pool. In line with the changing times, in 1973 a task force was assembled to look into ways to ease the government’s financial burden and conduct reasonable improvements to the retirement system. After many years in the making, the new retirement pension program was unveiled first for civil servants on 1 July 1995. Under the new structure, seniority pension funding was discarded in favor of the Public Service Pension Fund (hereinafter also to be known as “the Pension Fund”), which draws upon funds contributed monthly by both the government and civil servants. Education staff and military personnel also joined the new pension system on 1 February 1996 and 1 January 1997, respectively.

  In the effort to stabilize retirement pension financial revenue and expenditure and appropriately utilize accumulated funds, the Public Service Pension Fund Management Board (hereinafter also to be known as “the PSPFMB”) was established under the Ministry of Civil Service of the Examination Yuan. The PSPFMB is tasked with the management and deployment of Pension Fund revenue and expenditures in order to raise Pension Fund income via effective dedicated operation as the revenue source from which retirement payments are derived. The Public Service Pension Fund Supervisory Board (hereinafter also to be known as “the PSPFSB”) was also established to review, oversee, and evaluate Pension Fund contributions and payments, management, and utilization.