The Russian government appointed Vneshekonombank the state managing company to execute the trust management of pension funds of insured persons who did not use their right to select an investment portfolio (of the managing company). According to the Government Information Department's report, the corresponding decree was signed by Russian Prime Minister Mikhail Kasyanov in order to implement the federal law "On Investments Designated To Finance the Accumulative Part of Labor Pensions in Russia".
The Russian Pension Fund was commissioned with making an agreement with Vneshekonombank about the trust management of pensions in accordance with the specified law. The Finance Ministry, the Ministry of Economic Development and Trade, the Federal Commission for Securities Market and the Russian Pension Fund were commissioned with submitting proposals to the government in the first quarter of 2003 that will cover the procedure of approving the investment declaration of the state managing company.
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