The National Association of Non-State Pension Funds awarded Chairman of Magnitogorsk Iron & Steel Works (MMK) Viktor Rashnikov with a special decoration; MMK employees were given an honorary certificate as a sign of public recognition of their achievements.

The ceremony took place in Moscow in the course of a solemn gathering devoted to the fifteenth anniversary of non-state pension funds in Russia. The event was attended by the State Duma Deputies, members of the Soviet of the Federation, and representatives of different ministries.

Magnitogorsk-based non-state pension fund called Social Protection of the Elderly was represented by the fund’s Director Maxim Tikhomirov, who was given the honorary certificates for MMK Chairman Viktor Rashnikov and the company’s employees. These were given for great contribution to the development of non-state pension funds and improvements on the corporate culture and building up on the Russian business community’s good reputation.

Social Protection of the Elderly was set up by Magnitogorsk Iron & Steel Works (MMK) on May 17, 1995 and now cooperates with 104 businesses and organizations in Chelyabinsk and Sverdlovsk Regions; the number of people using the program comes to 108,922 people. The fund has paid its pensioners 37.264 million RUR since the beginning of the year and 134.406 million RUR over the whole period of its existence. The company is servicing 5,849 retirees now who get their additional pension and 11,745 retirees who get their primary pension. The volume of all customers’ savings now amounted to 123.777 million RUR on October 1, 2007.