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Retirement Fund (Incorporated)

Retirement Fund (Incorporated) (Malay: Kumpulan Wang Persaraan (Diperbadankan); KWAP) is a statutory body which manages the pension scheme for Malaysia's public employees. KWAP is the investment manager of the Retirement Fund, which is applied towards financing the government's pension liability, and is responsible for the administration and payment of pension to public sector retirees. KWAP is one of three main bodies in Malaysia's pension system, the others being the Employees Provident Fund (for private sector employees) and Armed Forces Fund Board (for military personnel). It is also regarded as one of Malaysia's government-linked investment companies (GLICs).

History
Prior to KWAP's establishment, the public pension fund in Malaysia was managed by the Pensions Trust Fund (), whose operations fell under the responsibility of the Accountant General. The Pensions Trust Fund grew from an initial government grant of RM500 million in 1991 to RM42 billion in 2007. The fund launches its online app called MyPesara in November 2018 to help retirees to planning their future effectively. In August 2022, KWAP launches the Teras 5 that based on its five main cores as part of its long-term plan to strengthening its basis in facing the future challenges. ==Operations==
Operations
The fund receives contributions from the Federal Government of Malaysia, statutory bodies and local authorities. The fund's Investment Panel determines the fund's investment policy and asset allocation strategy. KWAP also operates the Pension Services Department (PeSD) in Cyberjaya which processes payment of pensions and other benefits to public pensioners. ==References==
Source: Wikipedia ↗
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