Amitim is the unified organization that incorporates the eight senior pension funds under special management: Mivtachim, Central Retirement Fund, Makefet, Hadassah, Binyan, Haklaim, Egged and Nativ.
Amitim is managed by Mr. Yoav Ben Or, appointed as the Special Manager of all eight funds in 2011.
Amitim provides services to over 200,000 pensioners, 10,000 employers as well as 200,000 actively insured.
Amitim is currently one of Israel's largest institutional entities, with over 150 Billion NIS under management locally and worldwide. The funds' portfolio includes 65% designated bonds issued by the State of Israel, and the remaining 35% is invested in government bonds and notes, corporate bonds, stock shares and other investments.
Starting in 2003, the special management for the senior funds had been implemented, after a bill passed and became a law as a part of a plan to recover the Israeli economy. This arrangement was intended to provide the funds with the necessary balance that will enable them to fulfill their members' commitments.
In order to accomplish the task of actuarial balance, the State of Israel had committed by law to aid the funds with a governmental assistance of 78 Billion NIS (in 2003 values), transferred over the arrangement's years. To complement the process, other measures were taken:
1. Establishing a unified code for all members and abolishing the differentiation within a single pension fund.
2. Increasing the members' contributions and charging management fees.
3. Increasing the retirement age.
4. Setting up an actuarial balancing mechanism, similar to the mechanism at the new and the actuarially-balanced pension funds. This will insure future financial stability and fulfillment of the future commitments.
5. Discontinuing the issuance of government designated bonds and lifting the barriers to diverse local and international investments.