Global tendencies to population aging, demand new approaches to provision of economic safety all increasing quantity of the American pensioners.

In the USA pensioners are today the most socially protected national group.

Forming of the state and private retirement systems providing to the American pensioners warranted replacement of lost labor earnings after a retirement and liberty of choice concerning additional pension accruals, is one of the main achievements of the country in social sphere.

Pension incomes of Americans depend first of all on they to themselves have earned what pensions, instead of from the sizes of the state help from budgetary funds. The total sum of pension benefits within the limits of the state and private retirement systems annually exceeds 900 bln. dollars, and money allowances to needing persons of the retirement age, financed from budgetary funds constitute all about 4,8 bln. dollars in a year.

Growth of incomes of persons of retirement age promoted decrease in their dependence on the state support. About 1975 number of pensioners-addressees of money allowances has decreased from 2,3 million to 1,2 million persons in 2002.

The basic component of cash incomes of persons of retirement age are pension benefits - 61 % of cumulative incomes of pensioners.

The American pension model combines managed on a national level the federal program of pension insurance; pension schemes for federal officers, congressmen, railwaymen, military men; programs at level of states and regional authorities with pension schemes being in private management, personal retirement accounts. All these programs differ on financing sources, conditions, charge methods, forms of pension benefits, and also on state guarantees acting according to the legislation.

In 2002 cumulative pension assets constituted about 12 bln. dollars, from them about 10,7 bln. dollars it was necessary on pension accruals in state and private pension funds.

In view of the high social importance of the state insurance funds the last are under the special control from the power. On investment of the means accumulated in these funds, strict restrictions are imposed. Investments of the means accumulated in federal financing banks can be performed exclusively in government securities. They are direct commitment of the government of the USA and are considered as the most reliable financial tools. However their profitableness in comparison with other debt obligations the lowest.

Legislations of states order placing of pension means in corporate shares, bonds, in real estate, and also in government securities and other obligations according to the restrictions imposed by councils of trustees.

Structures of investments of pension means in states and local systems can essentially differ, however practically for all the wide diversification of investment portfolios is characteristic.

On the average on the country on government securities it is necessary only 10 % of pension accruals states and local retirement systems, and on nonstate - 77 %.

In the conditions of a favorable economic conjuncture and the weighed investment policy pension means bring in the income which sizes essentially exceed current payments to pensioners, accumulating in pension funds.

Receipts in pension funds of states and regional authorities are formed substantially at the expense of an investment revenue.

Recession in the American economy of assets of public pension funds.

Pension funds of states and regional authorities remain the largest segment of the market of pension accruals in the USA, yielding only to pension accruals on personal retirement accounts.

At increase in number of receivers of pensions at level of states and regional authorities the volume of payments on the average in a year has increased by one pensioner about 9500 dollars to 19700 dollars In many states and districts the sizes of pensions essentially exceed this level.

Even in the conditions of economic contraction, stock market fluctuations clever management of pension assets has allowed in a number of local and states retirement systems to receive a good investment revenue.

The decrease in value of the shares which have mentioned the sizes of investment incomes in this kind of assets practically in all pension funds, has forced many to review from them structure of the investments.

On the first place in an investment portfolio states and local retirement systems - corporate shares.

On the second place in an investment portfolio states and local retirement systems - corporate bonds. These investments urged to give stability to an investment portfolio, and also to provide stabler income.

Falling of incomes of pension funds substantially connected with investments in corporate shares, has shown that the investment strategy of almost all pension funds needs revision. The range of re-structuring of investments of pension means is extremely wide. The American experience testifies, what even in unsuccessful from the point of view of a financial conjuncture years of an investment in socially focused programs can remain a stable source of the income.

Development states and local retirement systems shows that they are a source not only the warranted income for persons of retirement age, but also long-term predicted investments, including into socially focused projects.

As a whole on the country about 77 % of investments states and local pension funds it is necessary on nonstate securities, and only about 10 % on government securities.

Along with public sector pension schemes at level of states and regional authorities the major source of the income of the American pensioners, private pensions and accumulatings on personal retirement accounts are.