id	sid	tid	token	lemma	pos
faba-45	1	1	112	112	NUM
faba-45	1	2	finance	finance	NOUN
faba-45	1	3	,	,	PUNCT
faba-45	1	4	accounting	accounting	NOUN
faba-45	1	5	and	and	CCONJ
faba-45	1	6	business	business	NOUN
faba-45	1	7	analysis	analysis	NOUN
faba-45	1	8	volume	volume	NOUN
faba-45	1	9	2	2	NUM
faba-45	1	10	issue	issue	NOUN
faba-45	1	11	2	2	NUM
faba-45	1	12	,	,	PUNCT
faba-45	1	13	2020	2020	NUM
faba-45	1	14	http://faba.bg	http://faba.bg	PROPN
faba-45	1	15	bulgarian	bulgarian	ADJ
faba-45	1	16	pension	pension	NOUN
faba-45	1	17	system	system	NOUN
faba-45	1	18	–	–	PUNCT
faba-45	1	19	is	be	AUX
faba-45	1	20	it	it	PRON
faba-45	1	21	a	a	DET
faba-45	1	22	sustainable	sustainable	ADJ
faba-45	1	23	social	social	ADJ
faba-45	1	24	security	security	NOUN
faba-45	1	25	structure	structure	NOUN
faba-45	1	26	in	in	ADP
faba-45	1	27	the	the	DET
faba-45	1	28	long	long	ADJ
faba-45	1	29	term	term	NOUN
faba-45	1	30	jeko	jeko	NOUN
faba-45	1	31	nikolaev	nikolaev	ADV
faba-45	1	32	milev	milev	PROPN
faba-45	1	33	university	university	PROPN
faba-45	1	34	of	of	ADP
faba-45	1	35	national	national	ADJ
faba-45	1	36	and	and	CCONJ
faba-45	1	37	world	world	NOUN
faba-45	1	38	economy	economy	NOUN
faba-45	1	39	,	,	PUNCT
faba-45	1	40	sofia	sofia	PROPN
faba-45	1	41	,	,	PUNCT
faba-45	1	42	bulgaria	bulgaria	PROPN
faba-45	1	43	info	info	NOUN
faba-45	1	44	articles	article	NOUN
faba-45	1	45	abstract	abstract	ADJ
faba-45	1	46	history	history	NOUN
faba-45	1	47	article	article	NOUN
faba-45	1	48	:	:	PUNCT
faba-45	1	49	submitted	submit	VERB
faba-45	1	50	23	23	NUM
faba-45	1	51	january	january	PROPN
faba-45	1	52	2020	2020	NUM
faba-45	1	53	revised	revise	VERB
faba-45	1	54	4	4	NUM
faba-45	1	55	march	march	NOUN
faba-45	1	56	2020	2020	NUM
faba-45	1	57	accepted	accept	VERB
faba-45	1	58	17	17	NUM
faba-45	1	59	may	may	NOUN
faba-45	1	60	2020	2020	NUM
faba-45	1	61	bulgarian	bulgarian	ADJ
faba-45	1	62	pension	pension	NOUN
faba-45	1	63	system	system	NOUN
faba-45	1	64	consists	consist	VERB
faba-45	1	65	of	of	ADP
faba-45	1	66	three	three	NUM
faba-45	1	67	pillars	pillar	NOUN
faba-45	1	68	.	.	PUNCT
faba-45	2	1	the	the	DET
faba-45	2	2	first	first	ADJ
faba-45	2	3	one	one	NUM
faba-45	2	4	functions	function	NOUN
faba-45	2	5	on	on	ADP
faba-45	2	6	a	a	DET
faba-45	2	7	payas	payas	NOUN
faba-45	2	8	-	-	PUNCT
faba-45	2	9	you	you	PRON
faba-45	2	10	-	-	PUNCT
faba-45	2	11	go	go	VERB
faba-45	2	12	principle	principle	NOUN
faba-45	2	13	and	and	CCONJ
faba-45	2	14	is	be	AUX
faba-45	2	15	a	a	DET
faba-45	2	16	mandatory	mandatory	ADJ
faba-45	2	17	one	one	NOUN
faba-45	2	18	,	,	PUNCT
faba-45	2	19	the	the	DET
faba-45	2	20	second	second	ADJ
faba-45	2	21	and	and	CCONJ
faba-45	2	22	third	third	ADJ
faba-45	2	23	pillars	pillar	NOUN
faba-45	2	24	are	be	AUX
faba-45	2	25	fully	fully	ADV
faba-45	2	26	funded	fund	VERB
faba-45	2	27	.	.	PUNCT
faba-45	3	1	the	the	DET
faba-45	3	2	insurance	insurance	NOUN
faba-45	3	3	into	into	ADP
faba-45	3	4	the	the	DET
faba-45	3	5	second	second	ADJ
faba-45	3	6	column	column	NOUN
faba-45	3	7	is	be	AUX
faba-45	3	8	compulsory	compulsory	ADJ
faba-45	3	9	and	and	CCONJ
faba-45	3	10	that	that	SCONJ
faba-45	3	11	into	into	ADP
faba-45	3	12	the	the	DET
faba-45	3	13	third	third	ADJ
faba-45	3	14	one	one	NOUN
faba-45	3	15	is	be	AUX
faba-45	3	16	voluntary	voluntary	ADJ
faba-45	3	17	.	.	PUNCT
faba-45	4	1	the	the	DET
faba-45	4	2	unfavorable	unfavorable	ADJ
faba-45	4	3	demographic	demographic	ADJ
faba-45	4	4	trends	trend	NOUN
faba-45	4	5	in	in	ADP
faba-45	4	6	the	the	DET
faba-45	4	7	country	country	NOUN
faba-45	4	8	have	have	VERB
faba-45	4	9	an	an	DET
faba-45	4	10	adverse	adverse	ADJ
faba-45	4	11	effect	effect	NOUN
faba-45	4	12	on	on	ADP
faba-45	4	13	the	the	DET
faba-45	4	14	pay	pay	NOUN
faba-45	4	15	-	-	PUNCT
faba-45	4	16	as	as	SCONJ
faba-45	4	17	-	-	PUNCT
faba-45	4	18	you	you	PRON
faba-45	4	19	-	-	PUNCT
faba-45	4	20	go	go	VERB
faba-45	4	21	part	part	NOUN
faba-45	4	22	of	of	ADP
faba-45	4	23	the	the	DET
faba-45	4	24	system	system	NOUN
faba-45	4	25	.	.	PUNCT
faba-45	5	1	at	at	ADP
faba-45	5	2	the	the	DET
faba-45	5	3	same	same	ADJ
faba-45	5	4	time	time	NOUN
faba-45	5	5	the	the	DET
faba-45	5	6	minor	minor	ADJ
faba-45	5	7	accumulation	accumulation	NOUN
faba-45	5	8	of	of	ADP
faba-45	5	9	resources	resource	NOUN
faba-45	5	10	into	into	ADP
faba-45	5	11	the	the	DET
faba-45	5	12	second	second	ADJ
faba-45	5	13	and	and	CCONJ
faba-45	5	14	third	third	ADJ
faba-45	5	15	pillar	pillar	NOUN
faba-45	5	16	makes	make	VERB
faba-45	5	17	the	the	DET
faba-45	5	18	sustainability	sustainability	NOUN
faba-45	5	19	of	of	ADP
faba-45	5	20	the	the	DET
faba-45	5	21	pension	pension	NOUN
faba-45	5	22	system	system	NOUN
faba-45	5	23	under	under	ADP
faba-45	5	24	question	question	NOUN
faba-45	5	25	especially	especially	ADV
faba-45	5	26	in	in	ADP
faba-45	5	27	the	the	DET
faba-45	5	28	long	long	ADJ
faba-45	5	29	term	term	NOUN
faba-45	5	30	.	.	PUNCT
faba-45	6	1	the	the	DET
faba-45	6	2	current	current	ADJ
faba-45	6	3	research	research	NOUN
faba-45	6	4	is	be	AUX
faba-45	6	5	trying	try	VERB
faba-45	6	6	to	to	PART
faba-45	6	7	put	put	VERB
faba-45	6	8	some	some	DET
faba-45	6	9	light	light	NOUN
faba-45	6	10	on	on	ADP
faba-45	6	11	this	this	DET
faba-45	6	12	issue	issue	NOUN
faba-45	6	13	by	by	ADP
faba-45	6	14	following	follow	VERB
faba-45	6	15	the	the	DET
faba-45	6	16	reforms	reform	NOUN
faba-45	6	17	made	make	VERB
faba-45	6	18	in	in	ADP
faba-45	6	19	the	the	DET
faba-45	6	20	recent	recent	ADJ
faba-45	6	21	years	year	NOUN
faba-45	6	22	and	and	CCONJ
faba-45	6	23	the	the	DET
faba-45	6	24	tendencies	tendency	NOUN
faba-45	6	25	concerning	concern	VERB
faba-45	6	26	the	the	DET
faba-45	6	27	government	government	NOUN
faba-45	6	28	decisions	decision	NOUN
faba-45	6	29	on	on	ADP
faba-45	6	30	each	each	PRON
faba-45	6	31	of	of	ADP
faba-45	6	32	the	the	DET
faba-45	6	33	pillars	pillar	NOUN
faba-45	6	34	of	of	ADP
faba-45	6	35	the	the	DET
faba-45	6	36	pension	pension	NOUN
faba-45	6	37	system	system	NOUN
faba-45	6	38	.	.	PUNCT
faba-45	7	1	the	the	DET
faba-45	7	2	paper	paper	NOUN
faba-45	7	3	is	be	AUX
faba-45	7	4	structured	structure	VERB
faba-45	7	5	in	in	ADP
faba-45	7	6	two	two	NUM
faba-45	7	7	parts	part	NOUN
faba-45	7	8	.	.	PUNCT
faba-45	8	1	the	the	DET
faba-45	8	2	first	first	ADJ
faba-45	8	3	one	one	NOUN
faba-45	8	4	focuses	focus	VERB
faba-45	8	5	on	on	ADP
faba-45	8	6	the	the	DET
faba-45	8	7	pay	pay	NOUN
faba-45	8	8	-	-	PUNCT
faba-45	8	9	as	as	SCONJ
faba-45	8	10	-	-	PUNCT
faba-45	8	11	you	you	PRON
faba-45	8	12	-	-	PUNCT
faba-45	8	13	go	go	VERB
faba-45	8	14	part	part	NOUN
faba-45	8	15	of	of	ADP
faba-45	8	16	the	the	DET
faba-45	8	17	system	system	NOUN
faba-45	8	18	and	and	CCONJ
faba-45	8	19	the	the	DET
faba-45	8	20	factors	factor	NOUN
faba-45	8	21	that	that	PRON
faba-45	8	22	influence	influence	VERB
faba-45	8	23	its	its	PRON
faba-45	8	24	financial	financial	ADJ
faba-45	8	25	health	health	NOUN
faba-45	8	26	.	.	PUNCT
faba-45	9	1	the	the	DET
faba-45	9	2	second	second	ADJ
faba-45	9	3	one	one	NOUN
faba-45	9	4	concentrates	concentrate	VERB
faba-45	9	5	on	on	ADP
faba-45	9	6	the	the	DET
faba-45	9	7	current	current	ADJ
faba-45	9	8	problems	problem	NOUN
faba-45	9	9	of	of	ADP
faba-45	9	10	the	the	DET
faba-45	9	11	funded	fund	VERB
faba-45	9	12	component	component	NOUN
faba-45	9	13	of	of	ADP
faba-45	9	14	the	the	DET
faba-45	9	15	pension	pension	NOUN
faba-45	9	16	system	system	NOUN
faba-45	9	17	and	and	CCONJ
faba-45	9	18	the	the	DET
faba-45	9	19	way	way	NOUN
faba-45	9	20	it	it	PRON
faba-45	9	21	must	must	AUX
faba-45	9	22	be	be	AUX
faba-45	9	23	strengthened	strengthen	VERB
faba-45	9	24	in	in	ADP
faba-45	9	25	the	the	DET
faba-45	9	26	long	long	ADJ
faba-45	9	27	term	term	NOUN
faba-45	9	28	to	to	PART
faba-45	9	29	effectively	effectively	ADV
faba-45	9	30	support	support	VERB
faba-45	9	31	the	the	DET
faba-45	9	32	dominant	dominant	ADJ
faba-45	9	33	state	state	NOUN
faba-45	9	34	pension	pension	NOUN
faba-45	9	35	system	system	NOUN
faba-45	9	36	.	.	PUNCT
faba-45	10	1	further	further	ADJ
faba-45	10	2	reforms	reform	NOUN
faba-45	10	3	are	be	AUX
faba-45	10	4	needed	need	VERB
faba-45	10	5	to	to	PART
faba-45	10	6	raise	raise	VERB
faba-45	10	7	the	the	DET
faba-45	10	8	sustainability	sustainability	NOUN
faba-45	10	9	of	of	ADP
faba-45	10	10	the	the	DET
faba-45	10	11	pension	pension	NOUN
faba-45	10	12	system	system	NOUN
faba-45	10	13	as	as	ADP
faba-45	10	14	a	a	DET
faba-45	10	15	social	social	ADJ
faba-45	10	16	security	security	NOUN
faba-45	10	17	structure	structure	NOUN
faba-45	10	18	in	in	ADP
faba-45	10	19	the	the	DET
faba-45	10	20	long	long	ADJ
faba-45	10	21	term	term	NOUN
faba-45	10	22	.	.	PUNCT
faba-45	11	1	keywords	keyword	NOUN
faba-45	11	2	:	:	PUNCT
faba-45	11	3	bulgarian	bulgarian	ADJ
faba-45	11	4	pension	pension	NOUN
faba-45	11	5	system	system	NOUN
faba-45	11	6	,	,	PUNCT
faba-45	11	7	demographic	demographic	ADJ
faba-45	11	8	structure	structure	NOUN
faba-45	11	9	,	,	PUNCT
faba-45	11	10	risks	risk	NOUN
faba-45	11	11	,	,	PUNCT
faba-45	11	12	pay	pay	NOUN
faba-45	11	13	-	-	PUNCT
faba-45	11	14	as	as	ADP
faba-45	11	15	-	-	PUNCT
faba-45	11	16	you	you	PRON
faba-45	11	17	-	-	PUNCT
faba-45	11	18	go	go	VERB
faba-45	11	19	address	address	NOUN
faba-45	11	20	correspondence	correspondence	NOUN
faba-45	11	21	:	:	PUNCT
faba-45	12	1	e	e	X
faba-45	12	2	-	-	NOUN
faba-45	12	3	mail	mail	NOUN
faba-45	12	4	:	:	PUNCT
faba-45	12	5	j.milev@unwe.bg	j.milev@unwe.bg	NOUN
faba-45	12	6	jeko	jeko	NOUN
faba-45	12	7	nikolaev	nikolaev	ADV
faba-45	12	8	milev	milev	NOUN
faba-45	12	9	/	/	SYM
faba-45	12	10	finance	finance	NOUN
faba-45	12	11	,	,	PUNCT
faba-45	12	12	accounting	accounting	NOUN
faba-45	12	13	and	and	CCONJ
faba-45	12	14	business	business	NOUN
faba-45	12	15	analysis	analysis	NOUN
faba-45	12	16	2	2	NUM
faba-45	12	17	(	(	PUNCT
faba-45	12	18	2	2	NUM
faba-45	12	19	)	)	PUNCT
faba-45	12	20	2020	2020	NUM
faba-45	12	21	113	113	NUM
faba-45	12	22	introduction	introduction	NOUN
faba-45	12	23	the	the	DET
faba-45	12	24	payg	payg	NOUN
faba-45	12	25	part	part	NOUN
faba-45	12	26	of	of	ADP
faba-45	12	27	the	the	DET
faba-45	12	28	pension	pension	NOUN
faba-45	12	29	system	system	NOUN
faba-45	12	30	in	in	ADP
faba-45	12	31	bulgaria	bulgaria	PROPN
faba-45	12	32	has	have	AUX
faba-45	12	33	been	be	AUX
faba-45	12	34	effectively	effectively	ADV
faba-45	12	35	supplemented	supplement	VERB
faba-45	12	36	by	by	ADP
faba-45	12	37	fully	fully	ADV
faba-45	12	38	funded	fund	VERB
faba-45	12	39	columns	column	NOUN
faba-45	12	40	since	since	SCONJ
faba-45	12	41	the	the	DET
faba-45	12	42	beginning	beginning	NOUN
faba-45	12	43	of	of	ADP
faba-45	12	44	2000	2000	NUM
faba-45	12	45	’s	’s	NOUN
faba-45	12	46	.	.	PUNCT
faba-45	13	1	following	follow	VERB
faba-45	13	2	the	the	DET
faba-45	13	3	model	model	NOUN
faba-45	13	4	promoted	promote	VERB
faba-45	13	5	by	by	ADP
faba-45	13	6	the	the	DET
faba-45	13	7	world	world	PROPN
faba-45	13	8	bank	bank	PROPN
faba-45	13	9	in	in	ADP
faba-45	13	10	the	the	DET
faba-45	13	11	mid	mid	ADJ
faba-45	13	12	1990	1990	NUM
faba-45	13	13	’s	’	NOUN
faba-45	13	14	,	,	PUNCT
faba-45	13	15	the	the	DET
faba-45	13	16	policymakers	policymaker	NOUN
faba-45	13	17	in	in	ADP
faba-45	13	18	bulgaria	bulgaria	PROPN
faba-45	13	19	introduced	introduce	VERB
faba-45	13	20	pension	pension	NOUN
faba-45	13	21	insurance	insurance	NOUN
faba-45	13	22	similar	similar	ADJ
faba-45	13	23	to	to	ADP
faba-45	13	24	that	that	PRON
faba-45	13	25	in	in	ADP
faba-45	13	26	a	a	DET
faba-45	13	27	number	number	NOUN
faba-45	13	28	of	of	ADP
faba-45	13	29	countries	country	NOUN
faba-45	13	30	in	in	ADP
faba-45	13	31	central	central	ADJ
faba-45	13	32	and	and	CCONJ
faba-45	13	33	eastern	eastern	ADJ
faba-45	13	34	europe	europe	PROPN
faba-45	13	35	.	.	PUNCT
faba-45	14	1	the	the	DET
faba-45	14	2	insured	insure	VERB
faba-45	14	3	individuals	individual	NOUN
faba-45	14	4	in	in	ADP
faba-45	14	5	bulgaria	bulgaria	PROPN
faba-45	14	6	were	be	AUX
faba-45	14	7	given	give	VERB
faba-45	14	8	the	the	DET
faba-45	14	9	opportunity	opportunity	NOUN
faba-45	14	10	to	to	PART
faba-45	14	11	save	save	VERB
faba-45	14	12	and	and	CCONJ
faba-45	14	13	to	to	PART
faba-45	14	14	accumulate	accumulate	VERB
faba-45	14	15	resources	resource	NOUN
faba-45	14	16	for	for	ADP
faba-45	14	17	their	their	PRON
faba-45	14	18	future	future	ADJ
faba-45	14	19	retirement	retirement	NOUN
faba-45	14	20	.	.	PUNCT
faba-45	15	1	the	the	DET
faba-45	15	2	long	long	ADJ
faba-45	15	3	-	-	PUNCT
faba-45	15	4	term	term	NOUN
faba-45	15	5	goal	goal	NOUN
faba-45	15	6	of	of	ADP
faba-45	15	7	the	the	DET
faba-45	15	8	implemented	implement	VERB
faba-45	15	9	reform	reform	NOUN
faba-45	15	10	is	be	AUX
faba-45	15	11	to	to	PART
faba-45	15	12	achieve	achieve	VERB
faba-45	15	13	an	an	DET
faba-45	15	14	income	income	NOUN
faba-45	15	15	replacement	replacement	NOUN
faba-45	15	16	rate	rate	NOUN
faba-45	15	17	at	at	ADP
faba-45	15	18	around	around	ADP
faba-45	15	19	70%-75	70%-75	NUM
faba-45	15	20	%	%	NOUN
faba-45	15	21	of	of	ADP
faba-45	15	22	the	the	DET
faba-45	15	23	final	final	ADJ
faba-45	15	24	salary	salary	NOUN
faba-45	15	25	of	of	ADP
faba-45	15	26	the	the	DET
faba-45	15	27	insured	insured	ADJ
faba-45	15	28	person	person	NOUN
faba-45	15	29	.	.	PUNCT
faba-45	16	1	the	the	DET
faba-45	16	2	second	second	ADJ
faba-45	16	3	pillar	pillar	NOUN
faba-45	16	4	of	of	ADP
faba-45	16	5	the	the	DET
faba-45	16	6	system	system	NOUN
faba-45	16	7	takes	take	VERB
faba-45	16	8	the	the	DET
faba-45	16	9	form	form	NOUN
faba-45	16	10	of	of	ADP
faba-45	16	11	two	two	NUM
faba-45	16	12	types	type	NOUN
faba-45	16	13	of	of	ADP
faba-45	16	14	pension	pension	NOUN
faba-45	16	15	funds	fund	NOUN
faba-45	16	16	:	:	PUNCT
faba-45	16	17	universal	universal	ADJ
faba-45	16	18	and	and	CCONJ
faba-45	16	19	occupational	occupational	ADJ
faba-45	16	20	.	.	PUNCT
faba-45	17	1	all	all	DET
faba-45	17	2	persons	person	NOUN
faba-45	17	3	born	bear	VERB
faba-45	17	4	after	after	ADP
faba-45	17	5	31.12.1959	31.12.1959	NUM
faba-45	17	6	must	must	AUX
faba-45	17	7	insure	insure	VERB
faba-45	17	8	themselves	themselves	PRON
faba-45	17	9	in	in	ADP
faba-45	17	10	universal	universal	ADJ
faba-45	17	11	pension	pension	NOUN
faba-45	17	12	fund	fund	NOUN
faba-45	17	13	,	,	PUNCT
faba-45	17	14	while	while	SCONJ
faba-45	17	15	all	all	DET
faba-45	17	16	individuals	individual	NOUN
faba-45	17	17	working	work	VERB
faba-45	17	18	under	under	ADP
faba-45	17	19	the	the	DET
faba-45	17	20	first	first	ADJ
faba-45	17	21	and	and	CCONJ
faba-45	17	22	second	second	ADJ
faba-45	17	23	labor	labor	NOUN
faba-45	17	24	category	category	NOUN
faba-45	17	25	(	(	PUNCT
faba-45	17	26	i.e.	i.e.	X
faba-45	17	27	working	work	VERB
faba-45	17	28	in	in	ADP
faba-45	17	29	hard	hard	ADJ
faba-45	17	30	working	working	NOUN
faba-45	17	31	conditions	condition	NOUN
faba-45	17	32	)	)	PUNCT
faba-45	17	33	must	must	AUX
faba-45	17	34	insure	insure	VERB
faba-45	17	35	themselves	themselves	PRON
faba-45	17	36	in	in	ADP
faba-45	17	37	occupational	occupational	ADJ
faba-45	17	38	pension	pension	NOUN
faba-45	17	39	fund	fund	NOUN
faba-45	17	40	.	.	PUNCT
faba-45	18	1	this	this	DET
faba-45	18	2	rule	rule	NOUN
faba-45	18	3	was	be	AUX
faba-45	18	4	a	a	DET
faba-45	18	5	little	little	ADJ
faba-45	18	6	bit	bit	NOUN
faba-45	18	7	relaxed	relaxed	ADJ
faba-45	18	8	in	in	ADP
faba-45	18	9	2015	2015	NUM
faba-45	18	10	when	when	SCONJ
faba-45	18	11	the	the	DET
faba-45	18	12	insured	insure	VERB
faba-45	18	13	individuals	individual	NOUN
faba-45	18	14	into	into	ADP
faba-45	18	15	the	the	DET
faba-45	18	16	second	second	ADJ
faba-45	18	17	pillar	pillar	NOUN
faba-45	18	18	of	of	ADP
faba-45	18	19	the	the	DET
faba-45	18	20	system	system	NOUN
faba-45	18	21	were	be	AUX
faba-45	18	22	given	give	VERB
faba-45	18	23	the	the	DET
faba-45	18	24	opportunity	opportunity	NOUN
faba-45	18	25	to	to	PART
faba-45	18	26	opt	opt	VERB
faba-45	18	27	out	out	ADP
faba-45	18	28	of	of	ADP
faba-45	18	29	the	the	DET
faba-45	18	30	funded	fund	VERB
faba-45	18	31	component	component	NOUN
faba-45	18	32	of	of	ADP
faba-45	18	33	the	the	DET
faba-45	18	34	pension	pension	NOUN
faba-45	18	35	system	system	NOUN
faba-45	18	36	and	and	CCONJ
faba-45	18	37	to	to	PART
faba-45	18	38	contribute	contribute	VERB
faba-45	18	39	only	only	ADV
faba-45	18	40	into	into	ADP
faba-45	18	41	the	the	DET
faba-45	18	42	first	first	ADJ
faba-45	18	43	pillar	pillar	NOUN
faba-45	18	44	.	.	PUNCT
faba-45	19	1	the	the	DET
faba-45	19	2	third	third	ADJ
faba-45	19	3	pillar	pillar	NOUN
faba-45	19	4	of	of	ADP
faba-45	19	5	the	the	DET
faba-45	19	6	system	system	NOUN
faba-45	19	7	is	be	AUX
faba-45	19	8	supplementary	supplementary	ADJ
faba-45	19	9	voluntary	voluntary	ADJ
faba-45	19	10	pension	pension	NOUN
faba-45	19	11	insurance	insurance	NOUN
faba-45	19	12	,	,	PUNCT
faba-45	19	13	wherein	wherein	SCONJ
faba-45	19	14	all	all	DET
faba-45	19	15	participants	participant	NOUN
faba-45	19	16	can	can	AUX
faba-45	19	17	choose	choose	VERB
faba-45	19	18	to	to	PART
faba-45	19	19	make	make	VERB
faba-45	19	20	additional	additional	ADJ
faba-45	19	21	contributions	contribution	NOUN
faba-45	19	22	for	for	ADP
faba-45	19	23	supplementary	supplementary	ADJ
faba-45	19	24	benefits	benefit	NOUN
faba-45	19	25	.	.	PUNCT
faba-45	20	1	the	the	DET
faba-45	20	2	sustainability	sustainability	NOUN
faba-45	20	3	of	of	ADP
faba-45	20	4	the	the	DET
faba-45	20	5	pension	pension	NOUN
faba-45	20	6	system	system	NOUN
faba-45	20	7	in	in	ADP
faba-45	20	8	the	the	DET
faba-45	20	9	country	country	NOUN
faba-45	20	10	depends	depend	VERB
faba-45	20	11	on	on	ADP
faba-45	20	12	further	further	ADJ
faba-45	20	13	development	development	NOUN
faba-45	20	14	of	of	ADP
faba-45	20	15	each	each	PRON
faba-45	20	16	of	of	ADP
faba-45	20	17	the	the	DET
faba-45	20	18	pillars	pillar	NOUN
faba-45	20	19	.	.	PUNCT
faba-45	21	1	the	the	DET
faba-45	21	2	fully	fully	ADV
faba-45	21	3	funded	fund	VERB
faba-45	21	4	mandatory	mandatory	ADJ
faba-45	21	5	pillar	pillar	NOUN
faba-45	21	6	of	of	ADP
faba-45	21	7	the	the	DET
faba-45	21	8	pension	pension	NOUN
faba-45	21	9	system	system	NOUN
faba-45	21	10	in	in	ADP
faba-45	21	11	bulgaria	bulgaria	PROPN
faba-45	21	12	has	have	AUX
faba-45	21	13	been	be	AUX
faba-45	21	14	existing	exist	VERB
faba-45	21	15	for	for	ADP
faba-45	21	16	almost	almost	ADV
faba-45	21	17	20	20	NUM
faba-45	21	18	years	year	NOUN
faba-45	21	19	.	.	PUNCT
faba-45	22	1	the	the	DET
faba-45	22	2	fully	fully	ADV
faba-45	22	3	funded	fund	VERB
faba-45	22	4	voluntary	voluntary	ADJ
faba-45	22	5	pension	pension	NOUN
faba-45	22	6	pillar	pillar	NOUN
faba-45	22	7	is	be	AUX
faba-45	22	8	even	even	ADV
faba-45	22	9	older	old	ADJ
faba-45	22	10	(	(	PUNCT
faba-45	22	11	the	the	DET
faba-45	22	12	first	first	ADJ
faba-45	22	13	voluntary	voluntary	ADJ
faba-45	22	14	pension	pension	NOUN
faba-45	22	15	funds	fund	NOUN
faba-45	22	16	in	in	ADP
faba-45	22	17	bulgaria	bulgaria	PROPN
faba-45	22	18	started	start	VERB
faba-45	22	19	their	their	PRON
faba-45	22	20	activity	activity	NOUN
faba-45	22	21	in	in	ADP
faba-45	22	22	the	the	DET
faba-45	22	23	mid	mid	ADJ
faba-45	22	24	1990	1990	NUM
faba-45	22	25	’s	’s	PART
faba-45	22	26	)	)	PUNCT
faba-45	22	27	.	.	PUNCT
faba-45	23	1	in	in	ADP
faba-45	23	2	the	the	DET
faba-45	23	3	early	early	ADJ
faba-45	23	4	2000	2000	NUM
faba-45	23	5	’s	’	VERB
faba-45	23	6	these	these	DET
faba-45	23	7	two	two	NUM
faba-45	23	8	new	new	ADJ
faba-45	23	9	pillars	pillar	NOUN
faba-45	23	10	of	of	ADP
faba-45	23	11	the	the	DET
faba-45	23	12	pension	pension	NOUN
faba-45	23	13	scheme	scheme	NOUN
faba-45	23	14	were	be	AUX
faba-45	23	15	seen	see	VERB
faba-45	23	16	as	as	ADP
faba-45	23	17	supplementary	supplementary	ADJ
faba-45	23	18	elements	element	NOUN
faba-45	23	19	of	of	ADP
faba-45	23	20	the	the	DET
faba-45	23	21	pay	pay	NOUN
faba-45	23	22	-	-	PUNCT
faba-45	23	23	as	as	SCONJ
faba-45	23	24	-	-	PUNCT
faba-45	23	25	you	you	PRON
faba-45	23	26	go	go	VERB
faba-45	23	27	part	part	NOUN
faba-45	23	28	of	of	ADP
faba-45	23	29	the	the	DET
faba-45	23	30	system	system	NOUN
faba-45	23	31	that	that	PRON
faba-45	23	32	would	would	AUX
faba-45	23	33	allow	allow	VERB
faba-45	23	34	future	future	ADJ
faba-45	23	35	generation	generation	NOUN
faba-45	23	36	retirees	retiree	NOUN
faba-45	23	37	achieve	achieve	VERB
faba-45	23	38	replacement	replacement	NOUN
faba-45	23	39	rates	rate	NOUN
faba-45	23	40	adequate	adequate	ADJ
faba-45	23	41	to	to	ADP
faba-45	23	42	their	their	PRON
faba-45	23	43	preretirement	preretirement	ADJ
faba-45	23	44	income	income	NOUN
faba-45	23	45	.	.	PUNCT
faba-45	24	1	the	the	DET
faba-45	24	2	world	world	NOUN
faba-45	24	3	financial	financial	ADJ
faba-45	24	4	crises	crisis	NOUN
faba-45	24	5	of	of	ADP
faba-45	24	6	2008	2008	NUM
faba-45	24	7	changed	change	VERB
faba-45	24	8	the	the	DET
faba-45	24	9	attitude	attitude	NOUN
faba-45	24	10	toward	toward	ADP
faba-45	24	11	the	the	DET
faba-45	24	12	pension	pension	NOUN
faba-45	24	13	funds	fund	NOUN
faba-45	24	14	in	in	ADP
faba-45	24	15	bulgaria	bulgaria	PROPN
faba-45	24	16	.	.	PUNCT
faba-45	25	1	that	that	PRON
faba-45	25	2	could	could	AUX
faba-45	25	3	easily	easily	ADV
faba-45	25	4	be	be	AUX
faba-45	25	5	seen	see	VERB
faba-45	25	6	by	by	ADP
faba-45	25	7	the	the	DET
faba-45	25	8	promoted	promote	VERB
faba-45	25	9	policy	policy	NOUN
faba-45	25	10	of	of	ADP
faba-45	25	11	the	the	DET
faba-45	25	12	governments	government	NOUN
faba-45	25	13	since	since	SCONJ
faba-45	25	14	then	then	ADV
faba-45	25	15	.	.	PUNCT
faba-45	26	1	the	the	DET
faba-45	26	2	funded	funded	ADJ
faba-45	26	3	part	part	NOUN
faba-45	26	4	of	of	ADP
faba-45	26	5	the	the	DET
faba-45	26	6	pension	pension	NOUN
faba-45	26	7	system	system	NOUN
faba-45	26	8	is	be	AUX
faba-45	26	9	not	not	PART
faba-45	26	10	seen	see	VERB
faba-45	26	11	as	as	ADP
faba-45	26	12	a	a	DET
faba-45	26	13	priority	priority	NOUN
faba-45	26	14	element	element	NOUN
faba-45	26	15	anymore	anymore	ADV
faba-45	26	16	.	.	PUNCT
faba-45	27	1	review	review	NOUN
faba-45	27	2	of	of	ADP
faba-45	27	3	the	the	DET
faba-45	27	4	literature	literature	NOUN
faba-45	27	5	according	accord	VERB
faba-45	27	6	to	to	ADP
faba-45	27	7	davis	davis	PROPN
faba-45	27	8	(	(	PUNCT
faba-45	27	9	1995	1995	NUM
faba-45	27	10	)	)	PUNCT
faba-45	27	11	the	the	DET
faba-45	27	12	funded	fund	VERB
faba-45	27	13	component	component	NOUN
faba-45	27	14	of	of	ADP
faba-45	27	15	the	the	DET
faba-45	27	16	pension	pension	NOUN
faba-45	27	17	system	system	NOUN
faba-45	27	18	if	if	SCONJ
faba-45	27	19	structured	structure	VERB
faba-45	27	20	in	in	ADP
faba-45	27	21	a	a	DET
faba-45	27	22	proper	proper	ADJ
faba-45	27	23	way	way	NOUN
faba-45	27	24	,	,	PUNCT
faba-45	27	25	could	could	AUX
faba-45	27	26	support	support	VERB
faba-45	27	27	effectively	effectively	ADV
faba-45	27	28	the	the	DET
faba-45	27	29	payg	payg	NOUN
faba-45	27	30	part	part	NOUN
faba-45	27	31	of	of	ADP
faba-45	27	32	the	the	DET
faba-45	27	33	system	system	NOUN
faba-45	27	34	in	in	ADP
faba-45	27	35	a	a	DET
faba-45	27	36	time	time	NOUN
faba-45	27	37	of	of	ADP
faba-45	27	38	consistent	consistent	ADJ
faba-45	27	39	population	population	NOUN
faba-45	27	40	aging	aging	NOUN
faba-45	27	41	.	.	PUNCT
faba-45	28	1	blake	blake	NOUN
faba-45	28	2	(	(	PUNCT
faba-45	28	3	2006	2006	NUM
faba-45	28	4	)	)	PUNCT
faba-45	28	5	also	also	ADV
faba-45	28	6	considers	consider	VERB
faba-45	28	7	funded	funded	ADJ
faba-45	28	8	pillars	pillar	NOUN
faba-45	28	9	of	of	ADP
faba-45	28	10	the	the	DET
faba-45	28	11	pension	pension	NOUN
faba-45	28	12	system	system	NOUN
faba-45	28	13	as	as	ADP
faba-45	28	14	a	a	DET
faba-45	28	15	must	must	NOUN
faba-45	28	16	if	if	SCONJ
faba-45	28	17	government	government	NOUN
faba-45	28	18	really	really	ADV
faba-45	28	19	wishes	wish	VERB
faba-45	28	20	to	to	PART
faba-45	28	21	effectively	effectively	ADV
faba-45	28	22	manage	manage	VERB
faba-45	28	23	the	the	DET
faba-45	28	24	risk	risk	NOUN
faba-45	28	25	of	of	ADP
faba-45	28	26	poverty	poverty	NOUN
faba-45	28	27	among	among	ADP
faba-45	28	28	the	the	DET
faba-45	28	29	elderly	elderly	ADJ
faba-45	28	30	.	.	PUNCT
faba-45	29	1	szczepanski	szczepanski	PROPN
faba-45	29	2	(	(	PUNCT
faba-45	29	3	2015	2015	NUM
faba-45	29	4	)	)	PUNCT
faba-45	29	5	notes	note	VERB
faba-45	29	6	that	that	SCONJ
faba-45	29	7	in	in	ADP
faba-45	29	8	a	a	DET
faba-45	29	9	situation	situation	NOUN
faba-45	29	10	of	of	ADP
faba-45	29	11	demographic	demographic	ADJ
faba-45	29	12	aging	age	VERB
faba-45	29	13	state	state	NOUN
faba-45	29	14	payg	payg	NOUN
faba-45	29	15	pension	pension	NOUN
faba-45	29	16	systems	system	NOUN
faba-45	29	17	“	"	PUNCT
faba-45	29	18	can	can	AUX
faba-45	29	19	not	not	PART
faba-45	29	20	guarantee	guarantee	VERB
faba-45	29	21	the	the	DET
faba-45	29	22	level	level	NOUN
faba-45	29	23	of	of	ADP
faba-45	29	24	benefits	benefit	NOUN
faba-45	29	25	and	and	CCONJ
faba-45	29	26	financial	financial	ADJ
faba-45	29	27	security	security	NOUN
faba-45	29	28	in	in	ADP
faba-45	29	29	old	old	ADJ
faba-45	29	30	age	age	NOUN
faba-45	29	31	as	as	SCONJ
faba-45	29	32	was	be	AUX
faba-45	29	33	possible	possible	ADJ
faba-45	29	34	in	in	ADP
faba-45	29	35	the	the	DET
faba-45	29	36	1980	1980	NUM
faba-45	29	37	’s	’s	NOUN
faba-45	29	38	and	and	CCONJ
faba-45	29	39	1990	1990	NUM
faba-45	29	40	’s	’s	PART
faba-45	29	41	”	"	PUNCT
faba-45	29	42	.	.	PUNCT
faba-45	30	1	daneva	daneva	PROPN
faba-45	30	2	(	(	PUNCT
faba-45	30	3	2018	2018	NUM
faba-45	30	4	)	)	PUNCT
faba-45	30	5	notes	note	VERB
faba-45	30	6	that	that	SCONJ
faba-45	30	7	this	this	DET
faba-45	30	8	type	type	NOUN
faba-45	30	9	of	of	ADP
faba-45	30	10	reform	reform	NOUN
faba-45	30	11	is	be	AUX
faba-45	30	12	needed	need	VERB
faba-45	30	13	in	in	ADP
faba-45	30	14	countries	country	NOUN
faba-45	30	15	with	with	ADP
faba-45	30	16	high	high	ADJ
faba-45	30	17	emigration	emigration	NOUN
faba-45	30	18	rates	rate	NOUN
faba-45	30	19	,	,	PUNCT
faba-45	30	20	where	where	SCONJ
faba-45	30	21	the	the	DET
faba-45	30	22	deficits	deficit	NOUN
faba-45	30	23	of	of	ADP
faba-45	30	24	the	the	DET
faba-45	30	25	payg	payg	NOUN
faba-45	30	26	part	part	NOUN
faba-45	30	27	of	of	ADP
faba-45	30	28	the	the	DET
faba-45	30	29	system	system	NOUN
faba-45	30	30	tend	tend	VERB
faba-45	30	31	to	to	PART
faba-45	30	32	become	become	VERB
faba-45	30	33	constant	constant	ADJ
faba-45	30	34	.	.	PUNCT
faba-45	31	1	in	in	ADP
faba-45	31	2	a	a	DET
faba-45	31	3	research	research	NOUN
faba-45	31	4	of	of	ADP
faba-45	31	5	manov	manov	NOUN
faba-45	31	6	(	(	PUNCT
faba-45	31	7	2003	2003	NUM
faba-45	31	8	)	)	PUNCT
faba-45	31	9	for	for	ADP
faba-45	31	10	the	the	DET
faba-45	31	11	private	private	ADJ
faba-45	31	12	pension	pension	NOUN
faba-45	31	13	funds	fund	NOUN
faba-45	31	14	it	it	PRON
faba-45	31	15	is	be	AUX
faba-45	31	16	shown	show	VERB
faba-45	31	17	the	the	DET
faba-45	31	18	positive	positive	ADJ
faba-45	31	19	relationship	relationship	NOUN
faba-45	31	20	between	between	ADP
faba-45	31	21	contributions	contribution	NOUN
faba-45	31	22	paid	pay	VERB
faba-45	31	23	into	into	ADP
faba-45	31	24	a	a	DET
faba-45	31	25	personal	personal	ADJ
faba-45	31	26	pension	pension	NOUN
faba-45	31	27	account	account	NOUN
faba-45	31	28	and	and	CCONJ
faba-45	31	29	the	the	DET
faba-45	31	30	wish	wish	NOUN
faba-45	31	31	for	for	ADP
faba-45	31	32	paying	pay	VERB
faba-45	31	33	those	those	DET
faba-45	31	34	contributions	contribution	NOUN
faba-45	31	35	on	on	ADP
faba-45	31	36	the	the	DET
faba-45	31	37	“	"	PUNCT
faba-45	31	38	real	real	ADJ
faba-45	31	39	wage	wage	NOUN
faba-45	31	40	”	"	PUNCT
faba-45	31	41	.	.	PUNCT
faba-45	32	1	the	the	DET
faba-45	32	2	fully	fully	ADV
faba-45	32	3	funded	fund	VERB
faba-45	32	4	pension	pension	NOUN
faba-45	32	5	insurance	insurance	NOUN
faba-45	32	6	is	be	AUX
faba-45	32	7	seen	see	VERB
faba-45	32	8	as	as	ADP
faba-45	32	9	a	a	DET
faba-45	32	10	method	method	NOUN
faba-45	32	11	for	for	ADP
faba-45	32	12	managing	manage	VERB
faba-45	32	13	the	the	DET
faba-45	32	14	grey	grey	ADJ
faba-45	32	15	sector	sector	NOUN
faba-45	32	16	in	in	ADP
faba-45	32	17	economy	economy	NOUN
faba-45	32	18	.	.	PUNCT
faba-45	33	1	however	however	ADV
faba-45	33	2	,	,	PUNCT
faba-45	33	3	orzag	orzag	NOUN
faba-45	33	4	and	and	CCONJ
faba-45	33	5	stigliz	stigliz	NOUN
faba-45	33	6	(	(	PUNCT
faba-45	33	7	2001	2001	NUM
faba-45	33	8	)	)	PUNCT
faba-45	33	9	consider	consider	VERB
faba-45	33	10	the	the	DET
faba-45	33	11	funded	fund	VERB
faba-45	33	12	component	component	NOUN
faba-45	33	13	of	of	ADP
faba-45	33	14	the	the	DET
faba-45	33	15	pension	pension	NOUN
faba-45	33	16	system	system	NOUN
faba-45	33	17	as	as	ADP
faba-45	33	18	not	not	PART
faba-45	33	19	suitable	suitable	ADJ
faba-45	33	20	for	for	ADP
faba-45	33	21	all	all	DET
faba-45	33	22	the	the	DET
faba-45	33	23	countries	country	NOUN
faba-45	33	24	.	.	PUNCT
faba-45	34	1	they	they	PRON
faba-45	34	2	disagree	disagree	VERB
faba-45	34	3	with	with	ADP
faba-45	34	4	many	many	ADJ
faba-45	34	5	of	of	ADP
faba-45	34	6	the	the	DET
faba-45	34	7	ideas	idea	NOUN
faba-45	34	8	in	in	ADP
faba-45	34	9	the	the	DET
faba-45	34	10	main	main	ADJ
faba-45	34	11	report	report	NOUN
faba-45	34	12	of	of	ADP
faba-45	34	13	the	the	DET
faba-45	34	14	world	world	PROPN
faba-45	34	15	bank	bank	PROPN
faba-45	34	16	(	(	PUNCT
faba-45	34	17	1994	1994	NUM
faba-45	34	18	)	)	PUNCT
faba-45	34	19	which	which	PRON
faba-45	34	20	was	be	AUX
faba-45	34	21	the	the	DET
faba-45	34	22	basis	basis	NOUN
faba-45	34	23	for	for	ADP
faba-45	34	24	promoting	promote	VERB
faba-45	34	25	the	the	DET
faba-45	34	26	private	private	ADJ
faba-45	34	27	pension	pension	NOUN
faba-45	34	28	schemes	scheme	NOUN
faba-45	34	29	in	in	ADP
faba-45	34	30	central	central	ADJ
faba-45	34	31	and	and	CCONJ
faba-45	34	32	east	east	ADJ
faba-45	34	33	european	european	ADJ
faba-45	34	34	countries	country	NOUN
faba-45	34	35	.	.	PUNCT
faba-45	35	1	according	accord	VERB
faba-45	35	2	to	to	ADP
faba-45	35	3	them	they	PRON
faba-45	35	4	the	the	DET
faba-45	35	5	administrative	administrative	ADJ
faba-45	35	6	costs	cost	NOUN
faba-45	35	7	are	be	AUX
faba-45	35	8	too	too	ADV
faba-45	35	9	high	high	ADJ
faba-45	35	10	and	and	CCONJ
faba-45	35	11	many	many	ADJ
faba-45	35	12	of	of	ADP
faba-45	35	13	the	the	DET
faba-45	35	14	countries	country	NOUN
faba-45	35	15	do	do	AUX
faba-45	35	16	not	not	PART
faba-45	35	17	have	have	VERB
faba-45	35	18	capacity	capacity	NOUN
faba-45	35	19	to	to	PART
faba-45	35	20	manage	manage	VERB
faba-45	35	21	this	this	DET
faba-45	35	22	type	type	NOUN
faba-45	35	23	of	of	ADP
faba-45	35	24	schemes	scheme	NOUN
faba-45	35	25	.	.	PUNCT
faba-45	36	1	szczepanski	szczepanski	NOUN
faba-45	36	2	(	(	PUNCT
faba-45	36	3	2015	2015	NUM
faba-45	36	4	)	)	PUNCT
faba-45	36	5	also	also	ADV
faba-45	36	6	notes	note	VERB
faba-45	36	7	that	that	SCONJ
faba-45	36	8	many	many	ADJ
faba-45	36	9	of	of	ADP
faba-45	36	10	the	the	DET
faba-45	36	11	supposed	suppose	VERB
faba-45	36	12	advantages	advantage	NOUN
faba-45	36	13	of	of	ADP
faba-45	36	14	the	the	DET
faba-45	36	15	private	private	ADJ
faba-45	36	16	pension	pension	NOUN
faba-45	36	17	schemes	scheme	NOUN
faba-45	36	18	did	do	AUX
faba-45	36	19	not	not	PART
faba-45	36	20	materialize	materialize	VERB
faba-45	36	21	in	in	ADP
faba-45	36	22	practice	practice	NOUN
faba-45	36	23	and	and	CCONJ
faba-45	36	24	significant	significant	ADJ
faba-45	36	25	normative	normative	ADJ
faba-45	36	26	changes	change	NOUN
faba-45	36	27	were	be	AUX
faba-45	36	28	needed	need	VERB
faba-45	36	29	in	in	ADP
faba-45	36	30	order	order	NOUN
faba-45	36	31	to	to	PART
faba-45	36	32	raise	raise	VERB
faba-45	36	33	the	the	DET
faba-45	36	34	effectiveness	effectiveness	NOUN
faba-45	36	35	of	of	ADP
faba-45	36	36	the	the	DET
faba-45	36	37	second	second	ADJ
faba-45	36	38	and	and	CCONJ
faba-45	36	39	third	third	ADJ
faba-45	36	40	pillar	pillar	NOUN
faba-45	36	41	of	of	ADP
faba-45	36	42	the	the	DET
faba-45	36	43	system	system	NOUN
faba-45	36	44	.	.	PUNCT
faba-45	37	1	methods	method	NOUN
faba-45	37	2	for	for	ADP
faba-45	37	3	the	the	DET
faba-45	37	4	purpose	purpose	NOUN
faba-45	37	5	of	of	ADP
faba-45	37	6	the	the	DET
faba-45	37	7	analyses	analysis	NOUN
faba-45	37	8	statistical	statistical	ADJ
faba-45	37	9	data	datum	NOUN
faba-45	37	10	is	be	AUX
faba-45	37	11	used	use	VERB
faba-45	37	12	for	for	ADP
faba-45	37	13	the	the	DET
faba-45	37	14	development	development	NOUN
faba-45	37	15	of	of	ADP
faba-45	37	16	the	the	DET
faba-45	37	17	demographic	demographic	ADJ
faba-45	37	18	tendencies	tendency	NOUN
faba-45	37	19	in	in	ADP
faba-45	37	20	the	the	DET
faba-45	37	21	country	country	NOUN
faba-45	37	22	and	and	CCONJ
faba-45	37	23	their	their	PRON
faba-45	37	24	impact	impact	NOUN
faba-45	37	25	on	on	ADP
faba-45	37	26	the	the	DET
faba-45	37	27	payg	payg	NOUN
faba-45	37	28	part	part	NOUN
faba-45	37	29	of	of	ADP
faba-45	37	30	the	the	DET
faba-45	37	31	pension	pension	NOUN
faba-45	37	32	system	system	NOUN
faba-45	37	33	.	.	PUNCT
faba-45	38	1	the	the	DET
faba-45	38	2	reforms	reform	NOUN
faba-45	38	3	regarding	regard	VERB
faba-45	38	4	fully	fully	ADV
faba-45	38	5	funded	fund	VERB
faba-45	38	6	pension	pension	NOUN
faba-45	38	7	pillar	pillar	NOUN
faba-45	38	8	are	be	AUX
faba-45	38	9	researched	research	VERB
faba-45	38	10	and	and	CCONJ
faba-45	38	11	analysed	analyse	VERB
faba-45	38	12	with	with	ADP
faba-45	38	13	the	the	DET
faba-45	38	14	aim	aim	NOUN
faba-45	38	15	to	to	PART
faba-45	38	16	put	put	VERB
faba-45	38	17	some	some	DET
faba-45	38	18	light	light	NOUN
faba-45	38	19	on	on	ADP
faba-45	38	20	the	the	DET
faba-45	38	21	possibilities	possibility	NOUN
faba-45	38	22	of	of	ADP
faba-45	38	23	this	this	DET
faba-45	38	24	part	part	NOUN
faba-45	38	25	of	of	ADP
faba-45	38	26	the	the	DET
faba-45	38	27	pension	pension	NOUN
faba-45	38	28	system	system	NOUN
faba-45	38	29	to	to	PART
faba-45	38	30	contribute	contribute	VERB
faba-45	38	31	effectively	effectively	ADV
faba-45	38	32	to	to	ADP
faba-45	38	33	the	the	DET
faba-45	38	34	sustainability	sustainability	NOUN
faba-45	38	35	of	of	ADP
faba-45	38	36	the	the	DET
faba-45	38	37	pension	pension	NOUN
faba-45	38	38	system	system	NOUN
faba-45	38	39	in	in	ADP
faba-45	38	40	the	the	DET
faba-45	38	41	long	long	ADJ
faba-45	38	42	term	term	NOUN
faba-45	38	43	.	.	PUNCT
faba-45	39	1	pay	pay	VERB
faba-45	39	2	-	-	PUNCT
faba-45	39	3	as	as	ADP
faba-45	39	4	-	-	PUNCT
faba-45	39	5	you	you	PRON
faba-45	39	6	-	-	PUNCT
faba-45	39	7	go	go	VERB
faba-45	39	8	(	(	PUNCT
faba-45	39	9	payg	payg	NOUN
faba-45	39	10	)	)	PUNCT
faba-45	39	11	pillar	pillar	NOUN
faba-45	39	12	of	of	ADP
faba-45	39	13	the	the	DET
faba-45	39	14	bulgarian	bulgarian	ADJ
faba-45	39	15	pension	pension	NOUN
faba-45	39	16	system	system	NOUN
faba-45	39	17	in	in	ADP
faba-45	39	18	2020	2020	NUM
faba-45	39	19	–	–	PUNCT
faba-45	39	20	reforms	reform	NOUN
faba-45	39	21	,	,	PUNCT
faba-45	39	22	problems	problem	NOUN
faba-45	39	23	and	and	CCONJ
faba-45	39	24	challenges	challenge	VERB
faba-45	39	25	the	the	DET
faba-45	39	26	main	main	ADJ
faba-45	39	27	motives	motive	NOUN
faba-45	39	28	about	about	ADP
faba-45	39	29	the	the	DET
faba-45	39	30	reform	reform	NOUN
faba-45	39	31	made	make	VERB
faba-45	39	32	in	in	ADP
faba-45	39	33	the	the	DET
faba-45	39	34	late	late	ADJ
faba-45	39	35	1990	1990	NUM
faba-45	39	36	’s	’	VERB
faba-45	39	37	were	be	AUX
faba-45	39	38	closely	closely	ADV
faba-45	39	39	related	relate	VERB
faba-45	39	40	to	to	ADP
faba-45	39	41	the	the	DET
faba-45	39	42	unfavorable	unfavorable	ADJ
faba-45	39	43	prognosis	prognosis	NOUN
faba-45	39	44	regarding	regard	VERB
faba-45	39	45	the	the	DET
faba-45	39	46	future	future	ADJ
faba-45	39	47	demographic	demographic	ADJ
faba-45	39	48	trends	trend	NOUN
faba-45	39	49	in	in	ADP
faba-45	39	50	the	the	DET
faba-45	39	51	country	country	NOUN
faba-45	39	52	influenced	influence	VERB
faba-45	39	53	by	by	ADP
faba-45	39	54	both	both	CCONJ
faba-45	39	55	the	the	DET
faba-45	39	56	high	high	ADJ
faba-45	39	57	emigration	emigration	NOUN
faba-45	39	58	rates	rate	NOUN
faba-45	39	59	of	of	ADP
faba-45	39	60	young	young	ADJ
faba-45	39	61	individuals	individual	NOUN
faba-45	39	62	in	in	ADP
faba-45	39	63	the	the	DET
faba-45	39	64	mid	mid	ADJ
faba-45	39	65	1990	1990	NUM
faba-45	39	66	’s	’	NOUN
faba-45	39	67	and	and	CCONJ
faba-45	39	68	the	the	DET
faba-45	39	69	expected	expect	VERB
faba-45	39	70	low	low	ADJ
faba-45	39	71	birth	birth	NOUN
faba-45	39	72	rates	rate	NOUN
faba-45	39	73	in	in	ADP
faba-45	39	74	the	the	DET
faba-45	39	75	coming	come	VERB
faba-45	39	76	years	year	NOUN
faba-45	39	77	.	.	PUNCT
faba-45	40	1	the	the	DET
faba-45	40	2	oldage	oldage	NOUN
faba-45	40	3	dependency	dependency	NOUN
faba-45	40	4	ratio	ratio	NOUN
faba-45	40	5	(	(	PUNCT
faba-45	40	6	the	the	DET
faba-45	40	7	ratio	ratio	NOUN
faba-45	40	8	between	between	ADP
faba-45	40	9	the	the	DET
faba-45	40	10	individuals	individual	NOUN
faba-45	40	11	aged	age	VERB
faba-45	40	12	65	65	NUM
faba-45	40	13	and	and	CCONJ
faba-45	40	14	more	more	ADJ
faba-45	40	15	and	and	CCONJ
faba-45	40	16	individuals	individual	NOUN
faba-45	40	17	aged	age	VERB
faba-45	40	18	between	between	ADP
faba-45	40	19	jeko	jeko	NOUN
faba-45	40	20	nikolaev	nikolaev	ADV
faba-45	40	21	milev	milev	NOUN
faba-45	40	22	/	/	SYM
faba-45	40	23	finance	finance	NOUN
faba-45	40	24	,	,	PUNCT
faba-45	40	25	accounting	accounting	NOUN
faba-45	40	26	and	and	CCONJ
faba-45	40	27	business	business	NOUN
faba-45	40	28	analysis	analysis	NOUN
faba-45	40	29	2	2	NUM
faba-45	40	30	(	(	PUNCT
faba-45	40	31	2	2	NUM
faba-45	40	32	)	)	PUNCT
faba-45	40	33	2020	2020	NUM
faba-45	40	34	114	114	NUM
faba-45	40	35	15	15	NUM
faba-45	40	36	and	and	CCONJ
faba-45	40	37	65	65	NUM
faba-45	40	38	)	)	PUNCT
faba-45	40	39	constantly	constantly	ADV
faba-45	40	40	rises	rise	VERB
faba-45	40	41	.	.	PUNCT
faba-45	41	1	table	table	NOUN
faba-45	41	2	1	1	NUM
faba-45	41	3	.	.	PUNCT
faba-45	41	4	old	old	ADJ
faba-45	41	5	age	age	NOUN
faba-45	41	6	dependency	dependency	NOUN
faba-45	41	7	ratio	ratio	NOUN
faba-45	41	8	in	in	ADP
faba-45	41	9	bulgaria	bulgaria	PROPN
faba-45	41	10	(	(	PUNCT
faba-45	41	11	2007	2007	NUM
faba-45	41	12	–	–	PUNCT
faba-45	41	13	2019	2019	NUM
faba-45	41	14	)	)	PUNCT
faba-45	41	15	year	year	NOUN
faba-45	41	16	dependency	dependency	NOUN
faba-45	41	17	ratio	ratio	NOUN
faba-45	41	18	in	in	ADP
faba-45	41	19	bulgaria	bulgaria	PROPN
faba-45	41	20	(	(	PUNCT
faba-45	41	21	2000	2000	NUM
faba-45	41	22	-	-	SYM
faba-45	41	23	2019	2019	NUM
faba-45	41	24	)	)	PUNCT
faba-45	41	25	2007	2007	NUM
faba-45	42	1	25,0	25,0	NUM
faba-45	42	2	2008	2008	NUM
faba-45	43	1	25,2	25,2	NUM
faba-45	43	2	2009	2009	NUM
faba-45	43	3	25,4	25,4	NUM
faba-45	43	4	2010	2010	NUM
faba-45	43	5	25,9	25,9	NUM
faba-45	43	6	2011	2011	NUM
faba-45	43	7	27,8	27,8	NUM
faba-45	43	8	2012	2012	NUM
faba-45	43	9	28,5	28,5	NUM
faba-45	43	10	2013	2013	NUM
faba-45	43	11	29,3	29,3	NUM
faba-45	43	12	2014	2014	NUM
faba-45	43	13	30,2	30,2	NUM
faba-45	43	14	2015	2015	NUM
faba-45	43	15	31,1	31,1	NUM
faba-45	43	16	2016	2016	NUM
faba-45	43	17	31,8	31,8	NOUN
faba-45	43	18	2017	2017	NUM
faba-45	43	19	32,5	32,5	NUM
faba-45	43	20	2018	2018	NUM
faba-45	43	21	33,2	33,2	NUM
faba-45	43	22	2019	2019	NUM
faba-45	43	23	33.8	33.8	NUM
faba-45	43	24	source	source	NOUN
faba-45	43	25	:	:	PUNCT
faba-45	43	26	national	national	ADJ
faba-45	43	27	statistical	statistical	ADJ
faba-45	43	28	institute	institute	NOUN
faba-45	43	29	in	in	ADP
faba-45	43	30	bulgaria	bulgaria	PROPN
faba-45	43	31	(	(	PUNCT
faba-45	43	32	www.nsi.bg	www.nsi.bg	PROPN
faba-45	43	33	)	)	PUNCT
faba-45	43	34	the	the	DET
faba-45	43	35	ratio	ratio	NOUN
faba-45	43	36	between	between	ADP
faba-45	43	37	the	the	DET
faba-45	43	38	number	number	NOUN
faba-45	43	39	of	of	ADP
faba-45	43	40	pensioners	pensioner	NOUN
faba-45	43	41	and	and	CCONJ
faba-45	43	42	the	the	DET
faba-45	43	43	number	number	NOUN
faba-45	43	44	of	of	ADP
faba-45	43	45	those	those	DET
faba-45	43	46	individuals	individual	NOUN
faba-45	43	47	who	who	PRON
faba-45	43	48	contribute	contribute	VERB
faba-45	43	49	to	to	ADP
faba-45	43	50	the	the	DET
faba-45	43	51	system	system	NOUN
faba-45	43	52	is	be	AUX
faba-45	43	53	also	also	ADV
faba-45	43	54	quite	quite	ADV
faba-45	43	55	unfavourable	unfavourable	ADJ
faba-45	43	56	.	.	PUNCT
faba-45	44	1	it	it	PRON
faba-45	44	2	is	be	AUX
faba-45	44	3	not	not	PART
faba-45	44	4	a	a	DET
faba-45	44	5	surprise	surprise	NOUN
faba-45	44	6	that	that	SCONJ
faba-45	44	7	the	the	DET
faba-45	44	8	share	share	NOUN
faba-45	44	9	of	of	ADP
faba-45	44	10	pensioners	pensioner	NOUN
faba-45	44	11	constantly	constantly	ADV
faba-45	44	12	rises	rise	VERB
faba-45	44	13	in	in	ADP
faba-45	44	14	relation	relation	NOUN
faba-45	44	15	to	to	ADP
faba-45	44	16	the	the	DET
faba-45	44	17	whole	whole	ADJ
faba-45	44	18	population	population	NOUN
faba-45	44	19	and	and	CCONJ
faba-45	44	20	to	to	ADP
faba-45	44	21	the	the	DET
faba-45	44	22	insured	insure	VERB
faba-45	44	23	individuals	individual	NOUN
faba-45	44	24	.	.	PUNCT
faba-45	45	1	table	table	NOUN
faba-45	45	2	2	2	NUM
faba-45	45	3	.	.	X
faba-45	45	4	number	number	NOUN
faba-45	45	5	of	of	ADP
faba-45	45	6	pensioners	pensioner	NOUN
faba-45	45	7	,	,	PUNCT
faba-45	45	8	insured	insure	VERB
faba-45	45	9	individuals	individual	NOUN
faba-45	45	10	and	and	CCONJ
faba-45	45	11	population	population	NOUN
faba-45	45	12	in	in	ADP
faba-45	45	13	bulgaria	bulgaria	PROPN
faba-45	45	14	(	(	PUNCT
faba-45	45	15	2007	2007	NUM
faba-45	45	16	-	-	SYM
faba-45	45	17	2017	2017	NUM
faba-45	45	18	)	)	PUNCT
faba-45	45	19	year	year	NOUN
faba-45	45	20	number	number	NOUN
faba-45	45	21	of	of	ADP
faba-45	45	22	pensioners	pensioner	NOUN
faba-45	45	23	(	(	PUNCT
faba-45	45	24	in	in	ADP
faba-45	45	25	thousands	thousand	NOUN
faba-45	45	26	)	)	PUNCT
faba-45	45	27	number	number	NOUN
faba-45	45	28	of	of	ADP
faba-45	45	29	insured	insured	ADJ
faba-45	45	30	individuals	individual	NOUN
faba-45	45	31	(	(	PUNCT
faba-45	45	32	in	in	ADP
faba-45	45	33	thousands	thousand	NOUN
faba-45	45	34	)	)	PUNCT
faba-45	45	35	number	number	NOUN
faba-45	45	36	of	of	ADP
faba-45	45	37	population	population	NOUN
faba-45	45	38	(	(	PUNCT
faba-45	45	39	in	in	ADP
faba-45	45	40	thousands	thousand	NOUN
faba-45	45	41	)	)	PUNCT
faba-45	45	42	relative	relative	ADJ
faba-45	45	43	share	share	NOUN
faba-45	45	44	pensioners	pensioner	NOUN
faba-45	45	45	/	/	SYM
faba-45	45	46	insured	insure	VERB
faba-45	45	47	individuals	individual	NOUN
faba-45	45	48	relative	relative	ADJ
faba-45	45	49	share	share	NOUN
faba-45	45	50	pensioners	pensioner	NOUN
faba-45	45	51	/	/	SYM
faba-45	45	52	population	population	NOUN
faba-45	45	53	2007	2007	NUM
faba-45	45	54	2252	2252	NUM
faba-45	45	55	2863.5	2863.5	NUM
faba-45	45	56	7659.8	7659.8	NUM
faba-45	45	57	78.6	78.6	NUM
faba-45	45	58	%	%	NOUN
faba-45	45	59	29.4	29.4	NUM
faba-45	45	60	%	%	NOUN
faba-45	45	61	2008	2008	NUM
faba-45	45	62	2214.9	2214.9	NUM
faba-45	45	63	2851.2	2851.2	NUM
faba-45	45	64	7623.4	7623.4	NUM
faba-45	45	65	77.7	77.7	NUM
faba-45	45	66	%	%	NOUN
faba-45	45	67	29.1	29.1	NUM
faba-45	45	68	%	%	NOUN
faba-45	45	69	2009	2009	NUM
faba-45	45	70	2192.5	2192.5	NUM
faba-45	45	71	2829.8	2829.8	NUM
faba-45	45	72	7585.1	7585.1	NUM
faba-45	45	73	77.5	77.5	NUM
faba-45	45	74	%	%	NOUN
faba-45	45	75	28.9	28.9	NUM
faba-45	45	76	%	%	NOUN
faba-45	45	77	2010	2010	NUM
faba-45	46	1	2191.9	2191.9	NUM
faba-45	46	2	2831.5	2831.5	NUM
faba-45	46	3	7534.3	7534.3	NUM
faba-45	46	4	77.4	77.4	NUM
faba-45	46	5	%	%	NOUN
faba-45	46	6	29.1	29.1	NUM
faba-45	46	7	%	%	NOUN
faba-45	46	8	2011	2011	NUM
faba-45	46	9	2199.6	2199.6	NUM
faba-45	46	10	2765.7	2765.7	NUM
faba-45	46	11	7416.1	7416.1	NUM
faba-45	46	12	79.5	79.5	NUM
faba-45	46	13	%	%	NOUN
faba-45	46	14	29.7	29.7	NUM
faba-45	46	15	%	%	NOUN
faba-45	46	16	2012	2012	NUM
faba-45	46	17	2217.6	2217.6	NUM
faba-45	46	18	2770	2770	NUM
faba-45	46	19	7305.9	7305.9	NUM
faba-45	46	20	80.1	80.1	NUM
faba-45	46	21	%	%	NOUN
faba-45	46	22	30.4	30.4	NUM
faba-45	46	23	%	%	NOUN
faba-45	46	24	2013	2013	NUM
faba-45	46	25	2195.9	2195.9	NUM
faba-45	46	26	2729.8	2729.8	NUM
faba-45	46	27	7265.1	7265.1	NUM
faba-45	46	28	80.4	80.4	NUM
faba-45	46	29	%	%	NOUN
faba-45	46	30	30.2	30.2	NUM
faba-45	46	31	%	%	NOUN
faba-45	46	32	2014	2014	NUM
faba-45	46	33	2181.9	2181.9	NUM
faba-45	46	34	2735.1	2735.1	NUM
faba-45	46	35	7223.9	7223.9	NUM
faba-45	46	36	79.8	79.8	NUM
faba-45	46	37	%	%	NOUN
faba-45	46	38	30.2	30.2	NUM
faba-45	46	39	%	%	NOUN
faba-45	46	40	2015	2015	NUM
faba-45	46	41	2177.7	2177.7	NUM
faba-45	46	42	2755.9	2755.9	NUM
faba-45	46	43	7178.0	7178.0	NUM
faba-45	46	44	79.0	79.0	NUM
faba-45	46	45	%	%	NOUN
faba-45	46	46	30.3	30.3	NUM
faba-45	46	47	%	%	NOUN
faba-45	46	48	2016	2016	NUM
faba-45	46	49	2180.9	2180.9	NUM
faba-45	46	50	2765.1	2765.1	NUM
faba-45	46	51	7127.8	7127.8	NUM
faba-45	46	52	78.9	78.9	NUM
faba-45	46	53	%	%	NOUN
faba-45	46	54	30.6	30.6	NUM
faba-45	46	55	%	%	NOUN
faba-45	46	56	2017	2017	NUM
faba-45	46	57	2172.8	2172.8	NUM
faba-45	46	58	2779.8	2779.8	NUM
faba-45	46	59	7075.9	7075.9	NUM
faba-45	46	60	78.2	78.2	NUM
faba-45	46	61	%	%	NOUN
faba-45	46	62	30.7	30.7	NUM
faba-45	46	63	%	%	NOUN
faba-45	46	64	2018	2018	NUM
faba-45	46	65	2162.9	2162.9	NUM
faba-45	46	66	2790.2	2790.2	NUM
faba-45	46	67	7025.0	7025.0	NUM
faba-45	46	68	77.5	77.5	NUM
faba-45	46	69	%	%	NOUN
faba-45	46	70	30.8	30.8	NUM
faba-45	46	71	%	%	NOUN
faba-45	46	72	source	source	NOUN
faba-45	46	73	:	:	PUNCT
faba-45	46	74	national	national	ADJ
faba-45	46	75	social	social	PROPN
faba-45	46	76	security	security	PROPN
faba-45	46	77	institute	institute	PROPN
faba-45	46	78	(	(	PUNCT
faba-45	46	79	www.nssi.bg	www.nssi.bg	PROPN
faba-45	46	80	)	)	PUNCT
faba-45	46	81	the	the	DET
faba-45	46	82	numbers	number	NOUN
faba-45	46	83	of	of	ADP
faba-45	46	84	the	the	DET
faba-45	46	85	above	above	ADJ
faba-45	46	86	table	table	NOUN
faba-45	46	87	indicate	indicate	VERB
faba-45	46	88	that	that	SCONJ
faba-45	46	89	financing	financing	NOUN
faba-45	46	90	of	of	ADP
faba-45	46	91	the	the	DET
faba-45	46	92	pay	pay	NOUN
faba-45	46	93	-	-	PUNCT
faba-45	46	94	as	as	ADP
faba-45	46	95	-	-	PUNCT
faba-45	46	96	you	you	PRON
faba-45	46	97	-	-	PUNCT
faba-45	46	98	go	go	NOUN
faba-45	46	99	column	column	NOUN
faba-45	46	100	of	of	ADP
faba-45	46	101	the	the	DET
faba-45	46	102	pension	pension	NOUN
faba-45	46	103	system	system	NOUN
faba-45	46	104	is	be	AUX
faba-45	46	105	not	not	PART
faba-45	46	106	an	an	DET
faba-45	46	107	easy	easy	ADJ
faba-45	46	108	process	process	NOUN
faba-45	46	109	.	.	PUNCT
faba-45	47	1	the	the	DET
faba-45	47	2	ratio	ratio	NOUN
faba-45	47	3	between	between	ADP
faba-45	47	4	the	the	DET
faba-45	47	5	contributing	contribute	VERB
faba-45	47	6	workers	worker	NOUN
faba-45	47	7	and	and	CCONJ
faba-45	47	8	pensioners	pensioner	NOUN
faba-45	47	9	is	be	AUX
faba-45	47	10	almost	almost	ADV
faba-45	47	11	1:1	1:1	NUM
faba-45	47	12	which	which	PRON
faba-45	47	13	means	mean	VERB
faba-45	47	14	that	that	SCONJ
faba-45	47	15	the	the	DET
faba-45	47	16	sustainability	sustainability	NOUN
faba-45	47	17	of	of	ADP
faba-45	47	18	the	the	DET
faba-45	47	19	future	future	ADJ
faba-45	47	20	deficits	deficit	NOUN
faba-45	47	21	of	of	ADP
faba-45	47	22	the	the	DET
faba-45	47	23	state	state	NOUN
faba-45	47	24	pension	pension	NOUN
faba-45	47	25	insurance	insurance	NOUN
faba-45	47	26	system	system	NOUN
faba-45	47	27	is	be	AUX
faba-45	47	28	out	out	ADP
faba-45	47	29	of	of	ADP
faba-45	47	30	question	question	NOUN
faba-45	47	31	.	.	PUNCT
faba-45	48	1	this	this	PRON
faba-45	48	2	could	could	AUX
faba-45	48	3	easily	easily	ADV
faba-45	48	4	be	be	AUX
faba-45	48	5	turned	turn	VERB
faba-45	48	6	into	into	ADP
faba-45	48	7	a	a	DET
faba-45	48	8	significant	significant	ADJ
faba-45	48	9	crisis	crisis	NOUN
faba-45	48	10	of	of	ADP
faba-45	48	11	the	the	DET
faba-45	48	12	pay	pay	NOUN
faba-45	48	13	-	-	PUNCT
faba-45	48	14	as	as	SCONJ
faba-45	48	15	-	-	PUNCT
faba-45	48	16	you	you	PRON
faba-45	48	17	-	-	PUNCT
faba-45	48	18	go	go	VERB
faba-45	48	19	part	part	NOUN
faba-45	48	20	of	of	ADP
faba-45	48	21	the	the	DET
faba-45	48	22	system	system	NOUN
faba-45	48	23	.	.	PUNCT
faba-45	49	1	this	this	DET
faba-45	49	2	gloomy	gloomy	ADJ
faba-45	49	3	perspective	perspective	NOUN
faba-45	49	4	is	be	AUX
faba-45	49	5	a	a	DET
faba-45	49	6	fundamental	fundamental	ADJ
faba-45	49	7	factor	factor	NOUN
faba-45	49	8	that	that	PRON
faba-45	49	9	presumably	presumably	ADV
faba-45	49	10	must	must	AUX
faba-45	49	11	force	force	VERB
faba-45	49	12	the	the	DET
faba-45	49	13	government	government	NOUN
faba-45	49	14	to	to	PART
faba-45	49	15	introduce	introduce	VERB
faba-45	49	16	additional	additional	ADJ
faba-45	49	17	reforms	reform	NOUN
faba-45	49	18	into	into	ADP
faba-45	49	19	the	the	DET
faba-45	49	20	funded	funded	ADJ
faba-45	49	21	part	part	NOUN
faba-45	49	22	of	of	ADP
faba-45	49	23	the	the	DET
faba-45	49	24	pension	pension	NOUN
faba-45	49	25	system	system	NOUN
faba-45	49	26	in	in	ADP
faba-45	49	27	order	order	NOUN
faba-45	49	28	to	to	PART
faba-45	49	29	further	far	ADV
faba-45	49	30	strengthen	strengthen	VERB
faba-45	49	31	it	it	PRON
faba-45	49	32	financially	financially	ADV
faba-45	49	33	.	.	PUNCT
faba-45	50	1	the	the	DET
faba-45	50	2	basic	basic	ADJ
faba-45	50	3	idea	idea	NOUN
faba-45	50	4	behind	behind	ADP
faba-45	50	5	the	the	DET
faba-45	50	6	reform	reform	NOUN
faba-45	50	7	made	make	VERB
faba-45	50	8	in	in	ADP
faba-45	50	9	the	the	DET
faba-45	50	10	late	late	ADJ
faba-45	50	11	1990	1990	NUM
faba-45	50	12	’s	’s	PART
faba-45	50	13	is	be	AUX
faba-45	50	14	still	still	ADV
faba-45	50	15	actual	actual	ADJ
faba-45	50	16	in	in	ADP
faba-45	50	17	2020	2020	NUM
faba-45	50	18	.	.	PUNCT
faba-45	51	1	however	however	ADV
faba-45	51	2	,	,	PUNCT
faba-45	51	3	after	after	ADP
faba-45	51	4	the	the	DET
faba-45	51	5	financial	financial	ADJ
faba-45	51	6	crisis	crisis	NOUN
faba-45	51	7	of	of	ADP
faba-45	51	8	2008	2008	NUM
faba-45	51	9	the	the	DET
faba-45	51	10	government	government	NOUN
faba-45	51	11	stopped	stop	VERB
faba-45	51	12	all	all	PRON
faba-45	51	13	of	of	ADP
faba-45	51	14	the	the	DET
faba-45	51	15	reforms	reform	NOUN
faba-45	51	16	needed	need	VERB
faba-45	51	17	to	to	PART
faba-45	51	18	support	support	VERB
faba-45	51	19	the	the	DET
faba-45	51	20	funded	funded	ADJ
faba-45	51	21	part	part	NOUN
faba-45	51	22	of	of	ADP
faba-45	51	23	the	the	DET
faba-45	51	24	pension	pension	NOUN
faba-45	51	25	system	system	NOUN
faba-45	51	26	(	(	PUNCT
faba-45	51	27	the	the	DET
faba-45	51	28	envisaged	envisaged	ADJ
faba-45	51	29	gradual	gradual	ADJ
faba-45	51	30	increase	increase	NOUN
faba-45	51	31	of	of	ADP
faba-45	51	32	the	the	DET
faba-45	51	33	contribution	contribution	NOUN
faba-45	51	34	rate	rate	NOUN
faba-45	51	35	,	,	PUNCT
faba-45	51	36	the	the	DET
faba-45	51	37	multifund	multifund	NOUN
faba-45	51	38	system	system	NOUN
faba-45	51	39	,	,	PUNCT
faba-45	51	40	the	the	DET
faba-45	51	41	detailed	detailed	ADJ
faba-45	51	42	regulation	regulation	NOUN
faba-45	51	43	of	of	ADP
faba-45	51	44	the	the	DET
faba-45	51	45	pay	pay	VERB
faba-45	51	46	-	-	PUNCT
faba-45	51	47	out	out	ADP
faba-45	51	48	phase	phase	NOUN
faba-45	51	49	)	)	PUNCT
faba-45	51	50	.	.	PUNCT
faba-45	52	1	it	it	PRON
faba-45	52	2	even	even	ADV
faba-45	52	3	adopted	adopt	VERB
faba-45	52	4	a	a	DET
faba-45	52	5	regulation	regulation	NOUN
faba-45	52	6	change	change	NOUN
faba-45	52	7	that	that	PRON
faba-45	52	8	allowed	allow	VERB
faba-45	52	9	insured	insure	VERB
faba-45	52	10	individuals	individual	NOUN
faba-45	52	11	to	to	PART
faba-45	52	12	transfer	transfer	VERB
faba-45	52	13	their	their	PRON
faba-45	52	14	resources	resource	NOUN
faba-45	52	15	into	into	ADP
faba-45	52	16	the	the	DET
faba-45	52	17	first	first	ADJ
faba-45	52	18	pillar	pillar	NOUN
faba-45	52	19	of	of	ADP
faba-45	52	20	the	the	DET
faba-45	52	21	pension	pension	NOUN
faba-45	52	22	system	system	NOUN
faba-45	52	23	.	.	PUNCT
faba-45	53	1	the	the	DET
faba-45	53	2	basic	basic	ADJ
faba-45	53	3	factor	factor	NOUN
faba-45	53	4	that	that	PRON
faba-45	53	5	made	make	VERB
faba-45	53	6	possible	possible	ADJ
faba-45	53	7	behavior	behavior	NOUN
faba-45	53	8	like	like	ADP
faba-45	53	9	this	this	PRON
faba-45	53	10	was	be	AUX
faba-45	53	11	the	the	DET
faba-45	53	12	economic	economic	ADJ
faba-45	53	13	growth	growth	NOUN
faba-45	53	14	realized	realize	VERB
faba-45	53	15	in	in	ADP
faba-45	53	16	the	the	DET
faba-45	53	17	years	year	NOUN
faba-45	53	18	after	after	ADP
faba-45	53	19	2008	2008	NUM
faba-45	53	20	.	.	PUNCT
faba-45	54	1	the	the	DET
faba-45	54	2	unprecedented	unprecedented	ADJ
faba-45	54	3	growth	growth	NOUN
faba-45	54	4	of	of	ADP
faba-45	54	5	the	the	DET
faba-45	54	6	insurable	insurable	ADJ
faba-45	54	7	income	income	NOUN
faba-45	54	8	and	and	CCONJ
faba-45	54	9	the	the	DET
faba-45	54	10	tax	tax	NOUN
faba-45	54	11	revenues	revenue	NOUN
faba-45	54	12	lets	let	VERB
faba-45	54	13	government	government	NOUN
faba-45	54	14	finance	finance	VERB
faba-45	54	15	the	the	DET
faba-45	54	16	pay	pay	VERB
faba-45	54	17	-	-	PUNCT
faba-45	54	18	as	as	SCONJ
faba-45	54	19	-	-	PUNCT
faba-45	54	20	you	you	PRON
faba-45	54	21	-	-	PUNCT
faba-45	54	22	go	go	VERB
faba-45	54	23	part	part	NOUN
faba-45	54	24	of	of	ADP
faba-45	54	25	the	the	DET
faba-45	54	26	system	system	NOUN
faba-45	54	27	and	and	CCONJ
faba-45	54	28	even	even	ADV
faba-45	54	29	increase	increase	VERB
faba-45	54	30	the	the	DET
faba-45	54	31	pension	pension	NOUN
faba-45	54	32	benefits	benefit	NOUN
faba-45	54	33	of	of	ADP
faba-45	54	34	the	the	DET
faba-45	54	35	current	current	ADJ
faba-45	54	36	pensioners	pensioner	NOUN
faba-45	54	37	.	.	PUNCT
faba-45	55	1	the	the	DET
faba-45	55	2	return	return	NOUN
faba-45	55	3	to	to	ADP
faba-45	55	4	the	the	DET
faba-45	55	5	pay	pay	VERB
faba-45	55	6	-	-	PUNCT
faba-45	55	7	as	as	SCONJ
faba-45	55	8	-	-	PUNCT
faba-45	55	9	you	you	PRON
faba-45	55	10	-	-	PUNCT
faba-45	55	11	go	go	VERB
faba-45	55	12	part	part	NOUN
faba-45	55	13	of	of	ADP
faba-45	55	14	jeko	jeko	NOUN
faba-45	55	15	nikolaev	nikolaev	ADV
faba-45	55	16	milev	milev	NOUN
faba-45	55	17	/	/	SYM
faba-45	55	18	finance	finance	NOUN
faba-45	55	19	,	,	PUNCT
faba-45	55	20	accounting	accounting	NOUN
faba-45	55	21	and	and	CCONJ
faba-45	55	22	business	business	NOUN
faba-45	55	23	analysis	analysis	NOUN
faba-45	55	24	2	2	NUM
faba-45	55	25	(	(	PUNCT
faba-45	55	26	2	2	NUM
faba-45	55	27	)	)	PUNCT
faba-45	55	28	2020	2020	NUM
faba-45	55	29	115	115	NUM
faba-45	55	30	the	the	DET
faba-45	55	31	system	system	NOUN
faba-45	55	32	depends	depend	VERB
faba-45	55	33	on	on	ADP
faba-45	55	34	two	two	NUM
faba-45	55	35	factors	factor	NOUN
faba-45	55	36	the	the	DET
faba-45	55	37	growth	growth	NOUN
faba-45	55	38	rate	rate	NOUN
faba-45	55	39	of	of	ADP
faba-45	55	40	the	the	DET
faba-45	55	41	average	average	ADJ
faba-45	55	42	earnings	earning	NOUN
faba-45	55	43	(	(	PUNCT
faba-45	55	44	which	which	PRON
faba-45	55	45	determines	determine	VERB
faba-45	55	46	the	the	DET
faba-45	55	47	growth	growth	NOUN
faba-45	55	48	in	in	ADP
faba-45	55	49	total	total	ADJ
faba-45	55	50	contributions	contribution	NOUN
faba-45	55	51	)	)	PUNCT
faba-45	55	52	and	and	CCONJ
faba-45	55	53	the	the	DET
faba-45	55	54	ratio	ratio	NOUN
faba-45	55	55	between	between	ADP
faba-45	55	56	contributing	contribute	VERB
faba-45	55	57	workers	worker	NOUN
faba-45	55	58	and	and	CCONJ
faba-45	55	59	pensioners	pensioner	NOUN
faba-45	55	60	(	(	PUNCT
faba-45	55	61	dependency	dependency	NOUN
faba-45	55	62	ratio	ratio	NOUN
faba-45	55	63	)	)	PUNCT
faba-45	55	64	.	.	PUNCT
faba-45	56	1	the	the	DET
faba-45	56	2	return	return	NOUN
faba-45	56	3	to	to	ADP
faba-45	56	4	the	the	DET
faba-45	56	5	funded	funded	ADJ
faba-45	56	6	part	part	NOUN
faba-45	56	7	of	of	ADP
faba-45	56	8	the	the	DET
faba-45	56	9	system	system	NOUN
faba-45	56	10	depends	depend	VERB
faba-45	56	11	on	on	ADP
faba-45	56	12	the	the	DET
faba-45	56	13	rate	rate	NOUN
faba-45	56	14	of	of	ADP
faba-45	56	15	return	return	NOUN
faba-45	56	16	on	on	ADP
faba-45	56	17	accumulated	accumulate	VERB
faba-45	56	18	assets	asset	NOUN
faba-45	56	19	and	and	CCONJ
faba-45	56	20	the	the	DET
faba-45	56	21	“	"	PUNCT
faba-45	56	22	passivity	passivity	NOUN
faba-45	56	23	”	"	PUNCT
faba-45	56	24	ratio	ratio	NOUN
faba-45	56	25	(	(	PUNCT
faba-45	56	26	number	number	NOUN
faba-45	56	27	of	of	ADP
faba-45	56	28	years	year	NOUN
faba-45	56	29	in	in	ADP
faba-45	56	30	retirement	retirement	NOUN
faba-45	56	31	relative	relative	ADJ
faba-45	56	32	to	to	ADP
faba-45	56	33	the	the	DET
faba-45	56	34	working	working	NOUN
faba-45	56	35	age	age	NOUN
faba-45	56	36	)	)	PUNCT
faba-45	56	37	(	(	PUNCT
faba-45	56	38	aaron	aaron	PROPN
faba-45	56	39	’s	’s	PART
faba-45	56	40	rule	rule	NOUN
faba-45	56	41	)	)	PUNCT
faba-45	56	42	.	.	PUNCT
faba-45	57	1	many	many	ADJ
faba-45	57	2	empirical	empirical	ADJ
faba-45	57	3	studies	study	NOUN
faba-45	57	4	(	(	PUNCT
faba-45	57	5	davis	davis	PROPN
faba-45	57	6	,	,	PUNCT
faba-45	57	7	1995	1995	NUM
faba-45	57	8	)	)	PUNCT
faba-45	57	9	show	show	VERB
faba-45	57	10	that	that	SCONJ
faba-45	57	11	under	under	ADP
faba-45	57	12	certain	certain	ADJ
faba-45	57	13	normal	normal	ADJ
faba-45	57	14	circumstances	circumstance	NOUN
faba-45	57	15	the	the	DET
faba-45	57	16	return	return	NOUN
faba-45	57	17	on	on	ADP
faba-45	57	18	financial	financial	ADJ
faba-45	57	19	assets	asset	NOUN
faba-45	57	20	exceeds	exceed	VERB
faba-45	57	21	the	the	DET
faba-45	57	22	growth	growth	NOUN
faba-45	57	23	rate	rate	NOUN
faba-45	57	24	of	of	ADP
faba-45	57	25	average	average	ADJ
faba-45	57	26	earnings	earning	NOUN
faba-45	57	27	which	which	PRON
faba-45	57	28	means	mean	VERB
faba-45	57	29	that	that	SCONJ
faba-45	57	30	if	if	SCONJ
faba-45	57	31	equality	equality	NOUN
faba-45	57	32	is	be	AUX
faba-45	57	33	assumed	assume	VERB
faba-45	57	34	between	between	ADP
faba-45	57	35	the	the	DET
faba-45	57	36	dependency	dependency	NOUN
faba-45	57	37	ratio	ratio	NOUN
faba-45	57	38	and	and	CCONJ
faba-45	57	39	the	the	DET
faba-45	57	40	passivity	passivity	NOUN
faba-45	57	41	ratio	ratio	NOUN
faba-45	57	42	,	,	PUNCT
faba-45	57	43	the	the	DET
faba-45	57	44	return	return	NOUN
faba-45	57	45	to	to	ADP
faba-45	57	46	the	the	DET
faba-45	57	47	funded	fund	VERB
faba-45	57	48	pension	pension	NOUN
faba-45	57	49	system	system	NOUN
faba-45	57	50	must	must	AUX
faba-45	57	51	exceed	exceed	VERB
faba-45	57	52	that	that	PRON
faba-45	57	53	to	to	ADP
faba-45	57	54	the	the	DET
faba-45	57	55	pay	pay	VERB
faba-45	57	56	-	-	PUNCT
faba-45	57	57	as	as	ADP
faba-45	57	58	-	-	PUNCT
faba-45	57	59	you	you	PRON
faba-45	57	60	-	-	PUNCT
faba-45	57	61	go	go	VERB
faba-45	57	62	one	one	NUM
faba-45	57	63	.	.	PUNCT
faba-45	58	1	however	however	ADV
faba-45	58	2	,	,	PUNCT
faba-45	58	3	in	in	ADP
faba-45	58	4	bulgaria	bulgaria	PROPN
faba-45	58	5	,	,	PUNCT
faba-45	58	6	the	the	DET
faba-45	58	7	opposite	opposite	NOUN
faba-45	58	8	is	be	AUX
faba-45	58	9	true	true	ADJ
faba-45	58	10	for	for	ADP
faba-45	58	11	the	the	DET
faba-45	58	12	period	period	NOUN
faba-45	58	13	(	(	PUNCT
faba-45	58	14	2002	2002	NUM
faba-45	58	15	-	-	SYM
faba-45	58	16	2019	2019	NUM
faba-45	58	17	)	)	PUNCT
faba-45	58	18	.	.	PUNCT
faba-45	59	1	table	table	NOUN
faba-45	59	2	3	3	NUM
faba-45	59	3	.	.	PUNCT
faba-45	59	4	insurable	insurable	ADJ
faba-45	59	5	income	income	NOUN
faba-45	59	6	and	and	CCONJ
faba-45	59	7	contributory	contributory	NOUN
faba-45	59	8	rate	rate	NOUN
faba-45	59	9	for	for	ADP
faba-45	59	10	pension	pension	NOUN
faba-45	59	11	for	for	ADP
faba-45	59	12	the	the	DET
faba-45	59	13	period	period	NOUN
faba-45	59	14	2002	2002	NUM
faba-45	59	15	-	-	SYM
faba-45	59	16	2019	2019	NUM
faba-45	59	17	year	year	NOUN
faba-45	59	18	average	average	ADJ
faba-45	59	19	monthly	monthly	ADJ
faba-45	59	20	contributory	contributory	NOUN
faba-45	59	21	income	income	NOUN
faba-45	59	22	(	(	PUNCT
faba-45	59	23	euro	euro	NOUN
faba-45	59	24	)	)	PUNCT
faba-45	59	25	rate	rate	NOUN
faba-45	59	26	of	of	ADP
faba-45	59	27	increase	increase	NOUN
faba-45	59	28	of	of	ADP
faba-45	59	29	average	average	ADJ
faba-45	59	30	monthly	monthly	ADJ
faba-45	59	31	contributory	contributory	NOUN
faba-45	59	32	income	income	NOUN
faba-45	59	33	yield	yield	NOUN
faba-45	59	34	realized	realize	VERB
faba-45	59	35	by	by	ADP
faba-45	59	36	pension	pension	NOUN
faba-45	59	37	funds	fund	NOUN
faba-45	59	38	2002	2002	NUM
faba-45	60	1	132.81	132.81	NUM
faba-45	60	2	10.58	10.58	NUM
faba-45	60	3	%	%	NOUN
faba-45	60	4	2003	2003	NUM
faba-45	60	5	143.55	143.55	NUM
faba-45	60	6	8.09	8.09	NUM
faba-45	60	7	%	%	NOUN
faba-45	60	8	10.99	10.99	NUM
faba-45	60	9	%	%	NOUN
faba-45	60	10	2004	2004	NUM
faba-45	60	11	157.89	157.89	NUM
faba-45	60	12	9.99	9.99	NUM
faba-45	60	13	%	%	NOUN
faba-45	60	14	11.92	11.92	NUM
faba-45	60	15	%	%	NOUN
faba-45	60	16	2005	2005	NUM
faba-45	60	17	169.55	169.55	NUM
faba-45	60	18	7.39	7.39	NUM
faba-45	60	19	%	%	NOUN
faba-45	60	20	7.86	7.86	NUM
faba-45	60	21	%	%	NOUN
faba-45	60	22	2006	2006	NUM
faba-45	60	23	181.25	181.25	NUM
faba-45	60	24	6.90	6.90	NUM
faba-45	60	25	%	%	NOUN
faba-45	60	26	8.31	8.31	NUM
faba-45	60	27	%	%	NOUN
faba-45	60	28	2007	2007	NUM
faba-45	60	29	203.58	203.58	NUM
faba-45	60	30	12.32	12.32	NUM
faba-45	60	31	%	%	NOUN
faba-45	60	32	15.67	15.67	NUM
faba-45	60	33	%	%	NOUN
faba-45	60	34	2008	2008	NUM
faba-45	60	35	255.93	255.93	NUM
faba-45	60	36	25.72	25.72	NUM
faba-45	60	37	%	%	NOUN
faba-45	60	38	-20.76	-20.76	NUM
faba-45	60	39	%	%	NOUN
faba-45	60	40	2009	2009	NUM
faba-45	60	41	283.65	283.65	NUM
faba-45	60	42	10.83	10.83	NUM
faba-45	60	43	%	%	NOUN
faba-45	60	44	7.22	7.22	NUM
faba-45	60	45	%	%	NOUN
faba-45	60	46	2010	2010	NUM
faba-45	60	47	291.61	291.61	NUM
faba-45	60	48	2	2	NUM
faba-45	60	49	.80	.80	NUM
faba-45	60	50	%	%	NOUN
faba-45	60	51	5.18	5.18	NUM
faba-45	60	52	%	%	NOUN
faba-45	60	53	2011	2011	NUM
faba-45	60	54	303.78	303.78	NUM
faba-45	60	55	4.18	4.18	NUM
faba-45	60	56	%	%	NOUN
faba-45	60	57	-0.96	-0.96	NUM
faba-45	60	58	%	%	NOUN
faba-45	60	59	2012	2012	NUM
faba-45	60	60	316.01	316.01	NUM
faba-45	60	61	4.02	4.02	NUM
faba-45	60	62	%	%	NOUN
faba-45	60	63	7.49	7.49	NUM
faba-45	60	64	%	%	NOUN
faba-45	60	65	2013	2013	NUM
faba-45	60	66	331.69	331.69	NUM
faba-45	60	67	4.96	4.96	NUM
faba-45	60	68	%	%	NOUN
faba-45	60	69	4.50	4.50	NUM
faba-45	60	70	%	%	NOUN
faba-45	60	71	2014	2014	NUM
faba-45	60	72	349.39	349.39	NUM
faba-45	60	73	5.34	5.34	NUM
faba-45	60	74	%	%	NOUN
faba-45	60	75	5.70	5.70	NUM
faba-45	60	76	%	%	NOUN
faba-45	60	77	2015	2015	NUM
faba-45	60	78	371.40	371.40	NUM
faba-45	60	79	6.3	6.3	NUM
faba-45	60	80	%	%	NOUN
faba-45	60	81	1.37	1.37	NUM
faba-45	60	82	%	%	NOUN
faba-45	60	83	2016	2016	NUM
faba-45	60	84	393.73	393.73	NUM
faba-45	60	85	6.01	6.01	NUM
faba-45	60	86	%	%	NOUN
faba-45	60	87	4.01	4.01	NUM
faba-45	60	88	%	%	NOUN
faba-45	60	89	2017	2017	NUM
faba-45	60	90	416.70	416.70	NUM
faba-45	60	91	6.68	6.68	NUM
faba-45	60	92	%	%	NOUN
faba-45	60	93	6.09	6.09	NUM
faba-45	60	94	%	%	NOUN
faba-45	60	95	2018	2018	NUM
faba-45	60	96	455.00	455.00	NUM
faba-45	60	97	8.32	8.32	NUM
faba-45	60	98	%	%	NOUN
faba-45	60	99	-4.15	-4.15	NOUN
faba-45	60	100	%	%	NOUN
faba-45	60	101	2019	2019	NUM
faba-45	60	102	504.40	504.40	NUM
faba-45	60	103	10.86	10.86	NUM
faba-45	60	104	%	%	NOUN
faba-45	60	105	6.45	6.45	NUM
faba-45	60	106	%	%	NOUN
faba-45	60	107	source	source	NOUN
faba-45	60	108	:	:	PUNCT
faba-45	60	109	national	national	ADJ
faba-45	60	110	social	social	PROPN
faba-45	60	111	security	security	PROPN
faba-45	60	112	institute	institute	NOUN
faba-45	60	113	,	,	PUNCT
faba-45	60	114	www.nssi.bg	www.nssi.bg	VERB
faba-45	60	115	financial	financial	ADJ
faba-45	60	116	supervisory	supervisory	ADJ
faba-45	60	117	commission	commission	NOUN
faba-45	60	118	,	,	PUNCT
faba-45	60	119	www.fsc.bg	www.fsc.bg	X
faba-45	60	120	–	–	PUNCT
faba-45	60	121	statistics	statistic	NOUN
faba-45	60	122	,	,	PUNCT
faba-45	60	123	insurance	insurance	NOUN
faba-45	60	124	market	market	NOUN
faba-45	60	125	(	(	PUNCT
faba-45	60	126	value	value	NOUN
faba-45	60	127	of	of	ADP
faba-45	60	128	1	1	NUM
faba-45	60	129	pension	pension	NOUN
faba-45	60	130	unit	unit	NOUN
faba-45	60	131	unidex	unidex	NOUN
faba-45	60	132	for	for	ADP
faba-45	60	133	the	the	DET
faba-45	60	134	last	last	ADJ
faba-45	60	135	working	work	VERB
faba-45	60	136	day	day	NOUN
faba-45	60	137	of	of	ADP
faba-45	60	138	each	each	DET
faba-45	60	139	calendar	calendar	NOUN
faba-45	60	140	year	year	NOUN
faba-45	60	141	for	for	ADP
faba-45	60	142	the	the	DET
faba-45	60	143	period	period	NOUN
faba-45	60	144	2005	2005	NUM
faba-45	60	145	-	-	SYM
faba-45	60	146	2019	2019	NUM
faba-45	60	147	)	)	PUNCT
faba-45	60	148	the	the	DET
faba-45	60	149	basic	basic	ADJ
faba-45	60	150	reason	reason	NOUN
faba-45	60	151	behind	behind	ADP
faba-45	60	152	the	the	DET
faba-45	60	153	cited	cite	VERB
faba-45	60	154	high	high	ADJ
faba-45	60	155	growth	growth	NOUN
faba-45	60	156	rate	rate	NOUN
faba-45	60	157	of	of	ADP
faba-45	60	158	the	the	DET
faba-45	60	159	average	average	ADJ
faba-45	60	160	income	income	NOUN
faba-45	60	161	is	be	AUX
faba-45	60	162	the	the	DET
faba-45	60	163	existence	existence	NOUN
faba-45	60	164	of	of	ADP
faba-45	60	165	extremely	extremely	ADV
faba-45	60	166	low	low	ADJ
faba-45	60	167	basis	basis	NOUN
faba-45	60	168	in	in	ADP
faba-45	60	169	the	the	DET
faba-45	60	170	late	late	ADJ
faba-45	60	171	1990	1990	NUM
faba-45	60	172	’s	’s	NOUN
faba-45	60	173	.	.	PUNCT
faba-45	61	1	in	in	ADP
faba-45	61	2	1997	1997	NUM
faba-45	61	3	,	,	PUNCT
faba-45	61	4	the	the	DET
faba-45	61	5	average	average	ADJ
faba-45	61	6	wage	wage	NOUN
faba-45	61	7	in	in	ADP
faba-45	61	8	the	the	DET
faba-45	61	9	country	country	NOUN
faba-45	61	10	equals	equal	VERB
faba-45	61	11	$	$	SYM
faba-45	61	12	63.92	63.92	NUM
faba-45	61	13	.	.	PUNCT
faba-45	62	1	the	the	DET
faba-45	62	2	growth	growth	NOUN
faba-45	62	3	rate	rate	NOUN
faba-45	62	4	of	of	ADP
faba-45	62	5	the	the	DET
faba-45	62	6	average	average	ADJ
faba-45	62	7	income	income	NOUN
faba-45	62	8	is	be	AUX
faba-45	62	9	a	a	DET
faba-45	62	10	result	result	NOUN
faba-45	62	11	from	from	ADP
faba-45	62	12	the	the	DET
faba-45	62	13	growth	growth	NOUN
faba-45	62	14	rate	rate	NOUN
faba-45	62	15	of	of	ADP
faba-45	62	16	the	the	DET
faba-45	62	17	economy	economy	NOUN
faba-45	62	18	.	.	PUNCT
faba-45	63	1	table	table	NOUN
faba-45	63	2	4	4	NUM
faba-45	63	3	.	.	X
faba-45	64	1	gdp	gdp	NOUN
faba-45	64	2	,	,	PUNCT
faba-45	64	3	growth	growth	NOUN
faba-45	64	4	of	of	ADP
faba-45	64	5	gdp	gdp	NOUN
faba-45	64	6	and	and	CCONJ
faba-45	64	7	inflation	inflation	NOUN
faba-45	64	8	rate	rate	NOUN
faba-45	64	9	in	in	ADP
faba-45	64	10	bulgaria	bulgaria	PROPN
faba-45	64	11	(	(	PUNCT
faba-45	64	12	2000	2000	NUM
faba-45	64	13	-	-	SYM
faba-45	64	14	2019	2019	NUM
faba-45	64	15	)	)	PUNCT
faba-45	64	16	year	year	NOUN
faba-45	64	17	gdp	gdp	PROPN
faba-45	64	18	,	,	PUNCT
faba-45	64	19	mln	mln	PROPN
faba-45	64	20	.	.	PUNCT
faba-45	64	21	euro	euro	NOUN
faba-45	64	22	%	%	NOUN
faba-45	64	23	growth	growth	NOUN
faba-45	64	24	inflation	inflation	NOUN
faba-45	64	25	rate	rate	NOUN
faba-45	64	26	real	real	ADJ
faba-45	64	27	growth	growth	NOUN
faba-45	64	28	2000	2000	NUM
faba-45	64	29	14	14	NUM
faba-45	64	30	380	380	NUM
faba-45	64	31	2001	2001	NUM
faba-45	64	32	15	15	NUM
faba-45	64	33	843	843	NUM
faba-45	64	34	10,18	10,18	NUM
faba-45	64	35	%	%	NOUN
faba-45	64	36	4,82	4,82	NOUN
faba-45	64	37	%	%	NOUN
faba-45	64	38	5,11	5,11	NUM
faba-45	64	39	%	%	NOUN
faba-45	64	40	2002	2002	NUM
faba-45	64	41	17	17	NUM
faba-45	64	42	419	419	NUM
faba-45	64	43	9,95	9,95	NUM
faba-45	64	44	%	%	NOUN
faba-45	64	45	3,81	3,81	NUM
faba-45	64	46	%	%	NOUN
faba-45	64	47	5,91	5,91	NUM
faba-45	64	48	%	%	NOUN
faba-45	64	49	2003	2003	NUM
faba-45	64	50	18	18	NUM
faba-45	64	51	733	733	NUM
faba-45	64	52	7,54	7,54	NUM
faba-45	64	53	%	%	NOUN
faba-45	64	54	5,64	5,64	NUM
faba-45	64	55	%	%	NOUN
faba-45	64	56	1,80	1,80	NUM
faba-45	64	57	%	%	NOUN
faba-45	64	58	2004	2004	NUM
faba-45	64	59	21	21	NUM
faba-45	64	60	066	066	NUM
faba-45	64	61	12,46	12,46	NUM
faba-45	64	62	%	%	NOUN
faba-45	64	63	3,98	3,98	NUM
faba-45	64	64	%	%	NOUN
faba-45	64	65	8,15	8,15	NUM
faba-45	64	66	%	%	NOUN
faba-45	64	67	2005	2005	NUM
faba-45	64	68	24	24	NUM
faba-45	64	69	040	040	NUM
faba-45	64	70	14,12	14,12	NUM
faba-45	64	71	%	%	NOUN
faba-45	64	72	6,45	6,45	NUM
faba-45	64	73	%	%	NOUN
faba-45	64	74	7,20	7,20	NUM
faba-45	64	75	%	%	NOUN
faba-45	64	76	2006	2006	NUM
faba-45	64	77	27	27	NUM
faba-45	64	78	410	410	NUM
faba-45	64	79	14,02	14,02	NUM
faba-45	64	80	%	%	NOUN
faba-45	64	81	6,49	6,49	NOUN
faba-45	64	82	%	%	NOUN
faba-45	64	83	7,07	7,07	NUM
faba-45	64	84	%	%	NOUN
faba-45	64	85	2007	2007	NUM
faba-45	64	86	32	32	NUM
faba-45	64	87	444	444	NUM
faba-45	64	88	18,37	18,37	NUM
faba-45	64	89	%	%	NOUN
faba-45	64	90	12,48	12,48	NUM
faba-45	64	91	%	%	NOUN
faba-45	64	92	5,23	5,23	NUM
faba-45	64	93	%	%	NOUN
faba-45	64	94	2008	2008	NUM
faba-45	64	95	37	37	NUM
faba-45	64	96	217	217	NUM
faba-45	64	97	14,71	14,71	NUM
faba-45	64	98	%	%	NOUN
faba-45	64	99	7,76	7,76	NUM
faba-45	64	100	%	%	NOUN
faba-45	64	101	6,46	6,46	NUM
faba-45	64	102	%	%	NOUN
faba-45	64	103	2009	2009	NUM
faba-45	64	104	37	37	NUM
faba-45	64	105	400	400	NUM
faba-45	64	106	0,49	0,49	NUM
faba-45	64	107	%	%	NOUN
faba-45	64	108	0,56	0,56	NOUN
faba-45	64	109	%	%	NOUN
faba-45	65	1	-0,07	-0,07	NOUN
faba-45	65	2	%	%	NOUN
faba-45	65	3	2010	2010	NUM
faba-45	65	4	38	38	NUM
faba-45	65	5	044	044	NUM
faba-45	65	6	1,72	1,72	NUM
faba-45	65	7	%	%	NOUN
faba-45	65	8	4,53	4,53	NUM
faba-45	65	9	%	%	NOUN
faba-45	65	10	-2,69	-2,69	INTJ
faba-45	65	11	%	%	NOUN
faba-45	65	12	2011	2011	NUM
faba-45	65	13	41	41	NUM
faba-45	65	14	252	252	NUM
faba-45	65	15	8,43	8,43	NUM
faba-45	65	16	%	%	NOUN
faba-45	65	17	2,75	2,75	NUM
faba-45	65	18	%	%	NOUN
faba-45	65	19	5,53	5,53	NUM
faba-45	65	20	%	%	NOUN
faba-45	65	21	2012	2012	NUM
faba-45	65	22	42	42	NUM
faba-45	65	23	033	033	NUM
faba-45	65	24	1,89	1,89	NUM
faba-45	65	25	%	%	NOUN
faba-45	65	26	4,25	4,25	NUM
faba-45	65	27	%	%	NOUN
faba-45	66	1	-2,26	-2,26	ADP
faba-45	66	2	%	%	NOUN
faba-45	66	3	2013	2013	NUM
faba-45	66	4	41	41	NUM
faba-45	66	5	885	885	NUM
faba-45	66	6	-0,35	-0,35	NOUN
faba-45	66	7	%	%	NOUN
faba-45	66	8	-1,59	-1,59	NOUN
faba-45	66	9	%	%	NOUN
faba-45	66	10	1,26	1,26	NUM
faba-45	66	11	%	%	NOUN
faba-45	66	12	2014	2014	NUM
faba-45	66	13	42	42	NUM
faba-45	66	14	875	875	NUM
faba-45	66	15	2,37	2,37	NUM
faba-45	66	16	%	%	NOUN
faba-45	66	17	-0,88	-0,88	ADP
faba-45	66	18	%	%	NOUN
faba-45	66	19	3,27	3,27	NUM
faba-45	66	20	%	%	NOUN
faba-45	66	21	jeko	jeko	NOUN
faba-45	66	22	nikolaev	nikolaev	ADV
faba-45	66	23	milev	milev	NOUN
faba-45	66	24	/	/	SYM
faba-45	66	25	finance	finance	NOUN
faba-45	66	26	,	,	PUNCT
faba-45	66	27	accounting	accounting	NOUN
faba-45	66	28	and	and	CCONJ
faba-45	66	29	business	business	NOUN
faba-45	66	30	analysis	analysis	NOUN
faba-45	66	31	2	2	NUM
faba-45	66	32	(	(	PUNCT
faba-45	66	33	2	2	NUM
faba-45	66	34	)	)	PUNCT
faba-45	66	35	2020	2020	NUM
faba-45	66	36	116	116	NUM
faba-45	66	37	2015	2015	NUM
faba-45	66	38	45	45	NUM
faba-45	66	39	675	675	NUM
faba-45	66	40	6,53	6,53	NUM
faba-45	66	41	%	%	NOUN
faba-45	66	42	-0,38	-0,38	NOUN
faba-45	66	43	%	%	NOUN
faba-45	66	44	6,93	6,93	NUM
faba-45	66	45	%	%	NOUN
faba-45	66	46	2016	2016	NUM
faba-45	66	47	48	48	NUM
faba-45	66	48	620	620	NUM
faba-45	66	49	6,45	6,45	NUM
faba-45	66	50	%	%	NOUN
faba-45	66	51	0,09	0,09	NOUN
faba-45	66	52	%	%	NOUN
faba-45	66	53	6,35	6,35	NUM
faba-45	66	54	%	%	NOUN
faba-45	66	55	2017	2017	NUM
faba-45	66	56	52	52	NUM
faba-45	66	57	309	309	NUM
faba-45	66	58	7,59	7,59	NUM
faba-45	66	59	%	%	NOUN
faba-45	66	60	2,77	2,77	NUM
faba-45	66	61	%	%	NOUN
faba-45	66	62	4,69	4,69	NUM
faba-45	66	63	%	%	NOUN
faba-45	66	64	2018	2018	NUM
faba-45	66	65	56	56	NUM
faba-45	66	66	086	086	NUM
faba-45	66	67	7,22	7,22	NUM
faba-45	66	68	%	%	NOUN
faba-45	66	69	2,67	2,67	NUM
faba-45	66	70	%	%	NOUN
faba-45	66	71	4,43	4,43	NUM
faba-45	66	72	%	%	NOUN
faba-45	66	73	2019	2019	NUM
faba-45	66	74	*	*	SYM
faba-45	66	75	60	60	NUM
faba-45	66	76	674	674	NUM
faba-45	66	77	8,18	8,18	NUM
faba-45	66	78	%	%	NOUN
faba-45	66	79	3.82	3.82	NUM
faba-45	66	80	%	%	NOUN
faba-45	66	81	4,20	4,20	NUM
faba-45	66	82	%	%	NOUN
faba-45	66	83	source	source	NOUN
faba-45	66	84	:	:	PUNCT
faba-45	66	85	national	national	ADJ
faba-45	66	86	statistical	statistical	ADJ
faba-45	66	87	institute	institute	NOUN
faba-45	66	88	in	in	ADP
faba-45	66	89	bulgaria	bulgaria	PROPN
faba-45	66	90	(	(	PUNCT
faba-45	66	91	www.nsi.bg	www.nsi.bg	PROPN
faba-45	66	92	)	)	PUNCT
faba-45	66	93	.	.	PUNCT
faba-45	67	1	*	*	PUNCT
faba-45	67	2	2019	2019	NUM
faba-45	67	3	gdp	gdp	NOUN
faba-45	67	4	data	datum	NOUN
faba-45	67	5	is	be	AUX
faba-45	67	6	a	a	DET
faba-45	67	7	prognosis	prognosis	NOUN
faba-45	67	8	)	)	PUNCT
faba-45	67	9	if	if	SCONJ
faba-45	67	10	the	the	DET
faba-45	67	11	size	size	NOUN
faba-45	67	12	of	of	ADP
faba-45	67	13	the	the	DET
faba-45	67	14	economy	economy	NOUN
faba-45	67	15	is	be	AUX
faba-45	67	16	measured	measure	VERB
faba-45	67	17	by	by	ADP
faba-45	67	18	using	use	VERB
faba-45	67	19	data	datum	NOUN
faba-45	67	20	for	for	ADP
faba-45	67	21	the	the	DET
faba-45	67	22	realized	realize	VERB
faba-45	67	23	gdp	gdp	NOUN
faba-45	67	24	for	for	ADP
faba-45	67	25	the	the	DET
faba-45	67	26	period	period	NOUN
faba-45	67	27	2000	2000	NUM
faba-45	67	28	–	–	PUNCT
faba-45	67	29	2019	2019	NUM
faba-45	67	30	,	,	PUNCT
faba-45	67	31	the	the	DET
faba-45	67	32	conclusion	conclusion	NOUN
faba-45	67	33	is	be	AUX
faba-45	67	34	that	that	SCONJ
faba-45	67	35	bulgarian	bulgarian	ADJ
faba-45	67	36	economy	economy	NOUN
faba-45	67	37	almost	almost	ADV
faba-45	67	38	tripled	triple	VERB
faba-45	67	39	for	for	ADP
faba-45	67	40	that	that	DET
faba-45	67	41	period	period	NOUN
faba-45	67	42	.	.	PUNCT
faba-45	68	1	this	this	PRON
faba-45	68	2	is	be	AUX
faba-45	68	3	the	the	DET
faba-45	68	4	basic	basic	ADJ
faba-45	68	5	reason	reason	NOUN
faba-45	68	6	why	why	SCONJ
faba-45	68	7	the	the	DET
faba-45	68	8	government	government	NOUN
faba-45	68	9	can	can	AUX
faba-45	68	10	finance	finance	VERB
faba-45	68	11	the	the	DET
faba-45	68	12	promised	promise	VERB
faba-45	68	13	pension	pension	NOUN
faba-45	68	14	benefits	benefit	NOUN
faba-45	68	15	and	and	CCONJ
faba-45	68	16	at	at	ADP
faba-45	68	17	the	the	DET
faba-45	68	18	same	same	ADJ
faba-45	68	19	time	time	NOUN
faba-45	68	20	postpone	postpone	VERB
faba-45	68	21	reforms	reform	NOUN
faba-45	68	22	needed	need	VERB
faba-45	68	23	for	for	ADP
faba-45	68	24	strengthening	strengthen	VERB
faba-45	68	25	the	the	DET
faba-45	68	26	funded	funded	ADJ
faba-45	68	27	components	component	NOUN
faba-45	68	28	of	of	ADP
faba-45	68	29	the	the	DET
faba-45	68	30	pension	pension	NOUN
faba-45	68	31	system	system	NOUN
faba-45	68	32	.	.	PUNCT
faba-45	69	1	however	however	ADV
faba-45	69	2	,	,	PUNCT
faba-45	69	3	the	the	DET
faba-45	69	4	crises	crisis	NOUN
faba-45	69	5	of	of	ADP
faba-45	69	6	the	the	DET
faba-45	69	7	pay	pay	NOUN
faba-45	69	8	-	-	PUNCT
faba-45	69	9	as	as	SCONJ
faba-45	69	10	-	-	PUNCT
faba-45	69	11	you	you	PRON
faba-45	69	12	-	-	PUNCT
faba-45	69	13	go	go	VERB
faba-45	69	14	part	part	NOUN
faba-45	69	15	of	of	ADP
faba-45	69	16	the	the	DET
faba-45	69	17	system	system	NOUN
faba-45	69	18	could	could	AUX
faba-45	69	19	be	be	AUX
faba-45	69	20	seen	see	VERB
faba-45	69	21	quite	quite	ADV
faba-45	69	22	well	well	ADV
faba-45	69	23	if	if	SCONJ
faba-45	69	24	the	the	DET
faba-45	69	25	budget	budget	NOUN
faba-45	69	26	of	of	ADP
faba-45	69	27	the	the	DET
faba-45	69	28	state	state	NOUN
faba-45	69	29	pension	pension	NOUN
faba-45	69	30	system	system	NOUN
faba-45	69	31	is	be	AUX
faba-45	69	32	taken	take	VERB
faba-45	69	33	into	into	ADP
faba-45	69	34	consideration	consideration	NOUN
faba-45	69	35	.	.	PUNCT
faba-45	70	1	table	table	NOUN
faba-45	70	2	5	5	NUM
faba-45	70	3	.	.	PUNCT
faba-45	71	1	budget	budget	NOUN
faba-45	71	2	of	of	ADP
faba-45	71	3	the	the	DET
faba-45	71	4	state	state	NOUN
faba-45	71	5	payg	payg	NOUN
faba-45	71	6	pension	pension	NOUN
faba-45	71	7	fund	fund	NOUN
faba-45	71	8	(	(	PUNCT
faba-45	71	9	thousands	thousand	NOUN
faba-45	71	10	euro	euro	NOUN
faba-45	71	11	)	)	PUNCT
faba-45	71	12	year	year	NOUN
faba-45	71	13	revenue	revenue	NOUN
faba-45	71	14	expenses	expense	NOUN
faba-45	71	15	deficit	deficit	NOUN
faba-45	71	16	year	year	NOUN
faba-45	71	17	revenue	revenue	NOUN
faba-45	71	18	expenses	expense	NOUN
faba-45	71	19	deficit	deficit	NOUN
faba-45	71	20	2002	2002	NUM
faba-45	71	21	1	1	NUM
faba-45	71	22	053	053	NUM
faba-45	71	23	438	438	NUM
faba-45	71	24	1	1	NUM
faba-45	71	25	507	507	NUM
faba-45	71	26	915	915	NUM
faba-45	71	27	-30,14	-30,14	NUM
faba-45	71	28	%	%	NOUN
faba-45	71	29	2011	2011	NUM
faba-45	71	30	1	1	NUM
faba-45	71	31	576	576	NUM
faba-45	71	32	099	099	NUM
faba-45	71	33	3	3	NUM
faba-45	71	34	440	440	NUM
faba-45	71	35	775	775	NUM
faba-45	71	36	-54,19	-54,19	NOUN
faba-45	71	37	%	%	NOUN
faba-45	71	38	2003	2003	NUM
faba-45	71	39	1	1	NUM
faba-45	71	40	236	236	NUM
faba-45	71	41	585	585	NUM
faba-45	71	42	1	1	NUM
faba-45	71	43	600	600	NUM
faba-45	71	44	872	872	NUM
faba-45	71	45	-22,76	-22,76	NUM
faba-45	71	46	%	%	NOUN
faba-45	71	47	2012	2012	NUM
faba-45	71	48	1	1	NUM
faba-45	71	49	500	500	NUM
faba-45	71	50	770	770	NUM
faba-45	71	51	3	3	NUM
faba-45	71	52	564	564	NUM
faba-45	71	53	282	282	NUM
faba-45	71	54	-57,89	-57,89	NUM
faba-45	71	55	%	%	NOUN
faba-45	71	56	2004	2004	NUM
faba-45	71	57	1	1	NUM
faba-45	71	58	285	285	NUM
faba-45	71	59	491	491	NUM
faba-45	71	60	1	1	NUM
faba-45	71	61	763	763	NUM
faba-45	71	62	583	583	NUM
faba-45	71	63	-27,11	-27,11	NOUN
faba-45	71	64	%	%	NOUN
faba-45	71	65	2013	2013	NUM
faba-45	71	66	1	1	NUM
faba-45	71	67	692	692	NUM
faba-45	71	68	897	897	NUM
faba-45	71	69	3	3	NUM
faba-45	71	70	850	850	NUM
faba-45	71	71	580	580	NUM
faba-45	71	72	-56,04	-56,04	ADJ
faba-45	71	73	%	%	NOUN
faba-45	71	74	2005	2005	NUM
faba-45	71	75	1	1	NUM
faba-45	71	76	236	236	NUM
faba-45	71	77	399	399	NUM
faba-45	71	78	1	1	NUM
faba-45	71	79	946	946	NUM
faba-45	71	80	351	351	NUM
faba-45	71	81	-36,48	-36,48	NUM
faba-45	71	82	%	%	NOUN
faba-45	71	83	2014	2014	NUM
faba-45	71	84	1	1	NUM
faba-45	71	85	723	723	NUM
faba-45	71	86	721	721	NUM
faba-45	71	87	3	3	NUM
faba-45	71	88	974	974	NUM
faba-45	71	89	404	404	NUM
faba-45	71	90	-56,63	-56,63	NUM
faba-45	71	91	%	%	NOUN
faba-45	71	92	2006	2006	NUM
faba-45	71	93	1	1	NUM
faba-45	71	94	187	187	NUM
faba-45	71	95	306	306	NUM
faba-45	71	96	2	2	NUM
faba-45	71	97	129	129	NUM
faba-45	71	98	118	118	NUM
faba-45	71	99	-44,23	-44,23	NUM
faba-45	71	100	%	%	NOUN
faba-45	71	101	2015	2015	NUM
faba-45	71	102	1	1	NUM
faba-45	71	103	780	780	NUM
faba-45	71	104	841	841	NUM
faba-45	71	105	4	4	NUM
faba-45	71	106	095	095	NUM
faba-45	71	107	209	209	NUM
faba-45	71	108	-56,51	-56,51	NOUN
faba-45	71	109	%	%	NOUN
faba-45	71	110	2007	2007	NUM
faba-45	71	111	1	1	NUM
faba-45	71	112	317	317	NUM
faba-45	71	113	640	640	NUM
faba-45	71	114	2	2	NUM
faba-45	71	115	293	293	NUM
faba-45	71	116	997	997	NUM
faba-45	71	117	-42,56	-42,56	NOUN
faba-45	71	118	%	%	NOUN
faba-45	71	119	2016	2016	NUM
faba-45	71	120	1	1	NUM
faba-45	71	121	941	941	NUM
faba-45	71	122	680	680	NUM
faba-45	71	123	4	4	NUM
faba-45	71	124	271	271	NUM
faba-45	71	125	086	086	NUM
faba-45	71	126	-54,54	-54,54	NUM
faba-45	71	127	%	%	NOUN
faba-45	71	128	2008	2008	NUM
faba-45	71	129	1	1	NUM
faba-45	71	130	560	560	NUM
faba-45	71	131	631	631	NUM
faba-45	71	132	2	2	NUM
faba-45	71	133	597	597	NUM
faba-45	71	134	717	717	NUM
faba-45	71	135	-39,92	-39,92	NUM
faba-45	71	136	%	%	NOUN
faba-45	71	137	2017	2017	NUM
faba-45	71	138	2	2	NUM
faba-45	71	139	230	230	NUM
faba-45	71	140	717	717	NUM
faba-45	71	141	4	4	NUM
faba-45	71	142	382	382	NUM
faba-45	71	143	906	906	NUM
faba-45	71	144	-49,10	-49,10	SYM
faba-45	71	145	%	%	NOUN
faba-45	71	146	2009	2009	NUM
faba-45	71	147	1	1	NUM
faba-45	71	148	716	716	NUM
faba-45	71	149	268	268	NUM
faba-45	71	150	3	3	NUM
faba-45	71	151	216	216	NUM
faba-45	71	152	613	613	NUM
faba-45	71	153	-46,64	-46,64	NUM
faba-45	71	154	%	%	NOUN
faba-45	71	155	2018	2018	NUM
faba-45	71	156	2	2	NUM
faba-45	71	157	610	610	NUM
faba-45	71	158	417	417	NUM
faba-45	71	159	4	4	NUM
faba-45	71	160	657	657	NUM
faba-45	71	161	449	449	NUM
faba-45	71	162	-43,95	-43,95	NUM
faba-45	71	163	%	%	NOUN
faba-45	71	164	2010	2010	NUM
faba-45	71	165	1	1	NUM
faba-45	71	166	333	333	NUM
faba-45	71	167	735	735	NUM
faba-45	71	168	3	3	NUM
faba-45	71	169	448	448	NUM
faba-45	71	170	400	400	NUM
faba-45	71	171	-61,32	-61,32	NUM
faba-45	71	172	%	%	NOUN
faba-45	71	173	2019	2019	NUM
faba-45	71	174	2	2	NUM
faba-45	71	175	967	967	NUM
faba-45	71	176	203	203	NUM
faba-45	71	177	4	4	NUM
faba-45	71	178	934	934	NUM
faba-45	71	179	954	954	NUM
faba-45	71	180	-39.87	-39.87	PUNCT
faba-45	71	181	%	%	NOUN
faba-45	71	182	source	source	NOUN
faba-45	71	183	:	:	PUNCT
faba-45	71	184	national	national	ADJ
faba-45	71	185	social	social	PROPN
faba-45	71	186	security	security	PROPN
faba-45	71	187	institute	institute	NOUN
faba-45	71	188	,	,	PUNCT
faba-45	71	189	www.nssi.bg	www.nssi.bg	VERB
faba-45	71	190	the	the	DET
faba-45	71	191	above	above	ADJ
faba-45	71	192	numbers	number	NOUN
faba-45	71	193	show	show	VERB
faba-45	71	194	that	that	SCONJ
faba-45	71	195	the	the	DET
faba-45	71	196	deficit	deficit	NOUN
faba-45	71	197	of	of	ADP
faba-45	71	198	the	the	DET
faba-45	71	199	pension	pension	NOUN
faba-45	71	200	fund	fund	NOUN
faba-45	71	201	of	of	ADP
faba-45	71	202	the	the	DET
faba-45	71	203	state	state	NOUN
faba-45	71	204	social	social	ADJ
faba-45	71	205	security	security	NOUN
faba-45	71	206	system	system	NOUN
faba-45	71	207	is	be	AUX
faba-45	71	208	enormous	enormous	ADJ
faba-45	71	209	.	.	PUNCT
faba-45	72	1	there	there	PRON
faba-45	72	2	is	be	VERB
faba-45	72	3	a	a	DET
faba-45	72	4	slight	slight	ADJ
faba-45	72	5	decrease	decrease	NOUN
faba-45	72	6	in	in	ADP
faba-45	72	7	the	the	DET
faba-45	72	8	last	last	ADJ
faba-45	72	9	years	year	NOUN
faba-45	72	10	mostly	mostly	ADV
faba-45	72	11	due	due	ADP
faba-45	72	12	to	to	ADP
faba-45	72	13	the	the	DET
faba-45	72	14	growth	growth	NOUN
faba-45	72	15	of	of	ADP
faba-45	72	16	the	the	DET
faba-45	72	17	average	average	ADJ
faba-45	72	18	earnings	earning	NOUN
faba-45	72	19	and	and	CCONJ
faba-45	72	20	the	the	DET
faba-45	72	21	new	new	ADJ
faba-45	72	22	retirement	retirement	NOUN
faba-45	72	23	conditions	condition	NOUN
faba-45	72	24	(	(	PUNCT
faba-45	72	25	higher	high	ADJ
faba-45	72	26	pension	pension	NOUN
faba-45	72	27	age	age	NOUN
faba-45	72	28	and	and	CCONJ
faba-45	72	29	length	length	NOUN
faba-45	72	30	of	of	ADP
faba-45	72	31	service	service	NOUN
faba-45	72	32	)	)	PUNCT
faba-45	72	33	.	.	PUNCT
faba-45	73	1	in	in	ADP
faba-45	73	2	these	these	DET
faba-45	73	3	circumstances	circumstance	NOUN
faba-45	73	4	the	the	DET
faba-45	73	5	government	government	NOUN
faba-45	73	6	is	be	AUX
faba-45	73	7	forced	force	VERB
faba-45	73	8	to	to	PART
faba-45	73	9	use	use	VERB
faba-45	73	10	part	part	NOUN
faba-45	73	11	of	of	ADP
faba-45	73	12	the	the	DET
faba-45	73	13	revenues	revenue	NOUN
faba-45	73	14	collected	collect	VERB
faba-45	73	15	via	via	ADP
faba-45	73	16	general	general	ADJ
faba-45	73	17	taxation	taxation	NOUN
faba-45	73	18	to	to	PART
faba-45	73	19	finance	finance	VERB
faba-45	73	20	the	the	DET
faba-45	73	21	pension	pension	NOUN
faba-45	73	22	benefits	benefit	NOUN
faba-45	73	23	of	of	ADP
faba-45	73	24	the	the	DET
faba-45	73	25	current	current	ADJ
faba-45	73	26	retirees	retiree	NOUN
faba-45	73	27	.	.	PUNCT
faba-45	74	1	in	in	ADP
faba-45	74	2	this	this	DET
faba-45	74	3	sense	sense	NOUN
faba-45	74	4	one	one	PRON
faba-45	74	5	may	may	AUX
faba-45	74	6	assert	assert	VERB
faba-45	74	7	that	that	SCONJ
faba-45	74	8	pensioners	pensioner	NOUN
faba-45	74	9	in	in	ADP
faba-45	74	10	bulgaria	bulgaria	PROPN
faba-45	74	11	finance	finance	NOUN
faba-45	74	12	almost	almost	ADV
faba-45	74	13	50	50	NUM
faba-45	74	14	%	%	NOUN
faba-45	74	15	of	of	ADP
faba-45	74	16	their	their	PRON
faba-45	74	17	pension	pension	NOUN
faba-45	74	18	benefit	benefit	NOUN
faba-45	74	19	by	by	ADP
faba-45	74	20	paying	pay	VERB
faba-45	74	21	their	their	PRON
faba-45	74	22	taxes	taxis	NOUN
faba-45	74	23	.	.	PUNCT
faba-45	75	1	having	have	VERB
faba-45	75	2	in	in	ADP
faba-45	75	3	mind	mind	NOUN
faba-45	75	4	the	the	DET
faba-45	75	5	extremely	extremely	ADV
faba-45	75	6	low	low	ADJ
faba-45	75	7	pension	pension	NOUN
faba-45	75	8	benefits	benefit	NOUN
faba-45	75	9	,	,	PUNCT
faba-45	75	10	the	the	DET
faba-45	75	11	worsening	worsen	VERB
faba-45	75	12	demographic	demographic	ADJ
faba-45	75	13	structure	structure	NOUN
faba-45	75	14	and	and	CCONJ
faba-45	75	15	the	the	DET
faba-45	75	16	huge	huge	ADJ
faba-45	75	17	deficit	deficit	NOUN
faba-45	75	18	of	of	ADP
faba-45	75	19	the	the	DET
faba-45	75	20	state	state	NOUN
faba-45	75	21	pension	pension	NOUN
faba-45	75	22	system	system	NOUN
faba-45	75	23	,	,	PUNCT
faba-45	75	24	the	the	DET
faba-45	75	25	implication	implication	NOUN
faba-45	75	26	is	be	AUX
faba-45	75	27	obvious	obvious	ADJ
faba-45	75	28	pay	pay	NOUN
faba-45	75	29	-	-	PUNCT
faba-45	75	30	as	as	SCONJ
faba-45	75	31	-	-	PUNCT
faba-45	75	32	you	you	PRON
faba-45	75	33	-	-	PUNCT
faba-45	75	34	go	go	VERB
faba-45	75	35	part	part	NOUN
faba-45	75	36	of	of	ADP
faba-45	75	37	the	the	DET
faba-45	75	38	pension	pension	NOUN
faba-45	75	39	system	system	NOUN
faba-45	75	40	in	in	ADP
faba-45	75	41	the	the	DET
faba-45	75	42	country	country	NOUN
faba-45	75	43	is	be	AUX
faba-45	75	44	not	not	PART
faba-45	75	45	a	a	DET
faba-45	75	46	sustainable	sustainable	ADJ
faba-45	75	47	social	social	ADJ
faba-45	75	48	security	security	NOUN
faba-45	75	49	structure	structure	NOUN
faba-45	75	50	in	in	ADP
faba-45	75	51	the	the	DET
faba-45	75	52	long	long	ADJ
faba-45	75	53	term	term	NOUN
faba-45	75	54	.	.	PUNCT
faba-45	76	1	of	of	ADP
faba-45	76	2	course	course	NOUN
faba-45	76	3	,	,	PUNCT
faba-45	76	4	its	its	PRON
faba-45	76	5	existence	existence	NOUN
faba-45	76	6	is	be	AUX
faba-45	76	7	out	out	ADP
faba-45	76	8	of	of	ADP
faba-45	76	9	question	question	NOUN
faba-45	76	10	,	,	PUNCT
faba-45	76	11	but	but	CCONJ
faba-45	76	12	the	the	DET
faba-45	76	13	amount	amount	NOUN
faba-45	76	14	of	of	ADP
faba-45	76	15	the	the	DET
faba-45	76	16	pension	pension	NOUN
faba-45	76	17	benefit	benefit	NOUN
faba-45	76	18	is	be	AUX
faba-45	76	19	not	not	PART
faba-45	76	20	to	to	PART
faba-45	76	21	be	be	AUX
faba-45	76	22	adequate	adequate	ADJ
faba-45	76	23	to	to	ADP
faba-45	76	24	the	the	DET
faba-45	76	25	preretirement	preretirement	ADJ
faba-45	76	26	income	income	NOUN
faba-45	76	27	of	of	ADP
faba-45	76	28	the	the	DET
faba-45	76	29	pensioner	pensioner	NOUN
faba-45	76	30	and	and	CCONJ
faba-45	76	31	the	the	DET
faba-45	76	32	risk	risk	NOUN
faba-45	76	33	of	of	ADP
faba-45	76	34	poverty	poverty	NOUN
faba-45	76	35	among	among	ADP
faba-45	76	36	individuals	individual	NOUN
faba-45	76	37	within	within	ADP
faba-45	76	38	this	this	DET
faba-45	76	39	group	group	NOUN
faba-45	76	40	of	of	ADP
faba-45	76	41	society	society	NOUN
faba-45	76	42	is	be	AUX
faba-45	76	43	significant	significant	ADJ
faba-45	76	44	.	.	PUNCT
faba-45	77	1	from	from	ADP
faba-45	77	2	this	this	DET
faba-45	77	3	point	point	NOUN
faba-45	77	4	of	of	ADP
faba-45	77	5	view	view	NOUN
faba-45	77	6	the	the	DET
faba-45	77	7	government	government	NOUN
faba-45	77	8	must	must	AUX
faba-45	77	9	continue	continue	VERB
faba-45	77	10	making	make	VERB
faba-45	77	11	reforms	reform	NOUN
faba-45	77	12	that	that	PRON
faba-45	77	13	could	could	AUX
faba-45	77	14	strengthen	strengthen	VERB
faba-45	77	15	financially	financially	ADV
faba-45	77	16	the	the	DET
faba-45	77	17	pension	pension	NOUN
faba-45	77	18	system	system	NOUN
faba-45	77	19	.	.	PUNCT
faba-45	78	1	any	any	DET
faba-45	78	2	delayed	delay	VERB
faba-45	78	3	efforts	effort	NOUN
faba-45	78	4	now	now	ADV
faba-45	78	5	could	could	AUX
faba-45	78	6	cost	cost	VERB
faba-45	78	7	more	more	ADJ
faba-45	78	8	in	in	ADP
faba-45	78	9	the	the	DET
faba-45	78	10	future	future	NOUN
faba-45	78	11	.	.	PUNCT
faba-45	79	1	the	the	DET
faba-45	79	2	fully	fully	ADV
faba-45	79	3	funded	fund	VERB
faba-45	79	4	pillar	pillar	NOUN
faba-45	79	5	–	–	PUNCT
faba-45	79	6	could	could	AUX
faba-45	79	7	it	it	PRON
faba-45	79	8	efectively	efectively	ADV
faba-45	79	9	support	support	VERB
faba-45	79	10	the	the	DET
faba-45	79	11	payg	payg	NOUN
faba-45	79	12	part	part	NOUN
faba-45	79	13	of	of	ADP
faba-45	79	14	the	the	DET
faba-45	79	15	pension	pension	NOUN
faba-45	79	16	system	system	NOUN
faba-45	79	17	in	in	ADP
faba-45	79	18	bulgaria	bulgaria	PROPN
faba-45	79	19	two	two	NUM
faba-45	79	20	basic	basic	ADJ
faba-45	79	21	arguments	argument	NOUN
faba-45	79	22	are	be	AUX
faba-45	79	23	stated	state	VERB
faba-45	79	24	by	by	ADP
faba-45	79	25	some	some	DET
faba-45	79	26	officials	official	NOUN
faba-45	79	27	as	as	ADP
faba-45	79	28	problems	problem	NOUN
faba-45	79	29	of	of	ADP
faba-45	79	30	the	the	DET
faba-45	79	31	second	second	ADJ
faba-45	79	32	pillar	pillar	NOUN
faba-45	79	33	of	of	ADP
faba-45	79	34	the	the	DET
faba-45	79	35	pension	pension	NOUN
faba-45	79	36	system	system	NOUN
faba-45	79	37	:	:	PUNCT
faba-45	79	38	first	first	ADV
faba-45	79	39	,	,	PUNCT
faba-45	79	40	the	the	DET
faba-45	79	41	accumulation	accumulation	NOUN
faba-45	79	42	of	of	ADP
faba-45	79	43	resources	resource	NOUN
faba-45	79	44	into	into	ADP
faba-45	79	45	individual	individual	ADJ
faba-45	79	46	accounts	account	NOUN
faba-45	79	47	is	be	AUX
faba-45	79	48	small	small	ADJ
faba-45	79	49	for	for	ADP
faba-45	79	50	a	a	DET
faba-45	79	51	number	number	NOUN
faba-45	79	52	of	of	ADP
faba-45	79	53	insured	insure	VERB
faba-45	79	54	individuals	individual	NOUN
faba-45	79	55	and	and	CCONJ
faba-45	79	56	second	second	ADJ
faba-45	79	57	,	,	PUNCT
faba-45	79	58	the	the	DET
faba-45	79	59	stock	stock	NOUN
faba-45	79	60	exchange	exchange	NOUN
faba-45	79	61	in	in	ADP
faba-45	79	62	bulgaria	bulgaria	PROPN
faba-45	79	63	is	be	AUX
faba-45	79	64	still	still	ADV
faba-45	79	65	characterized	characterize	VERB
faba-45	79	66	by	by	ADP
faba-45	79	67	lack	lack	NOUN
faba-45	79	68	of	of	ADP
faba-45	79	69	instruments	instrument	NOUN
faba-45	79	70	,	,	PUNCT
faba-45	79	71	low	low	ADJ
faba-45	79	72	turnover	turnover	NOUN
faba-45	79	73	and	and	CCONJ
faba-45	79	74	many	many	ADJ
faba-45	79	75	possibilities	possibility	NOUN
faba-45	79	76	for	for	ADP
faba-45	79	77	manipulation	manipulation	NOUN
faba-45	79	78	.	.	PUNCT
faba-45	80	1	so	so	ADV
faba-45	80	2	,	,	PUNCT
faba-45	80	3	could	could	AUX
faba-45	80	4	private	private	ADJ
faba-45	80	5	pension	pension	NOUN
faba-45	80	6	funds	fund	NOUN
faba-45	80	7	in	in	ADP
faba-45	80	8	bulgaria	bulgaria	PROPN
faba-45	80	9	raise	raise	VERB
faba-45	80	10	the	the	DET
faba-45	80	11	sustainability	sustainability	NOUN
faba-45	80	12	of	of	ADP
faba-45	80	13	the	the	DET
faba-45	80	14	pension	pension	NOUN
faba-45	80	15	system	system	NOUN
faba-45	80	16	in	in	ADP
faba-45	80	17	the	the	DET
faba-45	80	18	country	country	NOUN
faba-45	80	19	in	in	ADP
faba-45	80	20	the	the	DET
faba-45	80	21	long	long	ADJ
faba-45	80	22	term	term	NOUN
faba-45	80	23	?	?	PUNCT
faba-45	81	1	why	why	SCONJ
faba-45	81	2	the	the	DET
faba-45	81	3	accumulation	accumulation	NOUN
faba-45	81	4	of	of	ADP
faba-45	81	5	funds	fund	NOUN
faba-45	81	6	into	into	ADP
faba-45	81	7	individual	individual	ADJ
faba-45	81	8	accounts	account	NOUN
faba-45	81	9	is	be	AUX
faba-45	81	10	considered	consider	VERB
faba-45	81	11	as	as	ADV
faba-45	81	12	low	low	ADJ
faba-45	81	13	?	?	PUNCT
faba-45	82	1	there	there	PRON
faba-45	82	2	is	be	VERB
faba-45	82	3	a	a	DET
faba-45	82	4	special	special	ADJ
faba-45	82	5	rule	rule	NOUN
faba-45	82	6	in	in	ADP
faba-45	82	7	bulgarian	bulgarian	ADJ
faba-45	82	8	social	social	ADJ
faba-45	82	9	security	security	NOUN
faba-45	82	10	legislation	legislation	NOUN
faba-45	82	11	,	,	PUNCT
faba-45	82	12	which	which	PRON
faba-45	82	13	specifies	specify	VERB
faba-45	82	14	the	the	DET
faba-45	82	15	reduction	reduction	NOUN
faba-45	82	16	of	of	ADP
faba-45	82	17	the	the	DET
faba-45	82	18	so	so	ADV
faba-45	82	19	called	call	VERB
faba-45	82	20	individual	individual	ADJ
faba-45	82	21	coefficient1	coefficient1	NOUN
faba-45	82	22	for	for	ADP
faba-45	82	23	those	those	DET
faba-45	82	24	individuals	individual	NOUN
faba-45	82	25	who	who	PRON
faba-45	82	26	have	have	VERB
faba-45	82	27	right	right	NOUN
faba-45	82	28	to	to	PART
faba-45	82	29	pay	pay	VERB
faba-45	82	30	contributions	contribution	NOUN
faba-45	82	31	into	into	ADP
faba-45	82	32	the	the	DET
faba-45	82	33	second	second	ADJ
faba-45	82	34	pillar	pillar	NOUN
faba-45	82	35	of	of	ADP
faba-45	82	36	the	the	DET
faba-45	82	37	system	system	NOUN
faba-45	82	38	(	(	PUNCT
faba-45	82	39	all	all	DET
faba-45	82	40	persons	person	NOUN
faba-45	82	41	born	bear	VERB
faba-45	82	42	after	after	ADP
faba-45	82	43	31.12.1959	31.12.1959	NUM
faba-45	82	44	)	)	PUNCT
faba-45	82	45	.	.	PUNCT
faba-45	83	1	the	the	DET
faba-45	83	2	idea	idea	NOUN
faba-45	83	3	here	here	ADV
faba-45	83	4	is	be	AUX
faba-45	83	5	straightforward	straightforward	ADJ
faba-45	83	6	–	–	PUNCT
faba-45	83	7	those	those	PRON
faba-45	83	8	who	who	PRON
faba-45	83	9	make	make	VERB
faba-45	83	10	contributions	contribution	NOUN
faba-45	83	11	into	into	ADP
faba-45	83	12	private	private	ADJ
faba-45	83	13	pension	pension	NOUN
faba-45	83	14	fund	fund	NOUN
faba-45	83	15	receive	receive	VERB
faba-45	83	16	part	part	NOUN
faba-45	83	17	of	of	ADP
faba-45	83	18	their	their	PRON
faba-45	83	19	pension	pension	NOUN
faba-45	83	20	benefit	benefit	NOUN
faba-45	83	21	by	by	ADP
faba-45	83	22	the	the	DET
faba-45	83	23	second	second	ADJ
faba-45	83	24	pillar	pillar	NOUN
faba-45	83	25	,	,	PUNCT
faba-45	83	26	that	that	PRON
faba-45	83	27	’s	’	VERB
faba-45	83	28	why	why	SCONJ
faba-45	83	29	the	the	DET
faba-45	83	30	pension	pension	NOUN
faba-45	83	31	amount	amount	NOUN
faba-45	83	32	obtained	obtain	VERB
faba-45	83	33	by	by	ADP
faba-45	83	34	the	the	DET
faba-45	83	35	first	first	ADJ
faba-45	83	36	pillar	pillar	NOUN
faba-45	83	37	should	should	AUX
faba-45	83	38	be	be	AUX
faba-45	83	39	reduced	reduce	VERB
faba-45	83	40	.	.	PUNCT
faba-45	84	1	this	this	DET
faba-45	84	2	approach	approach	NOUN
faba-45	84	3	seems	seem	VERB
faba-45	84	4	fair	fair	ADJ
faba-45	84	5	since	since	SCONJ
faba-45	84	6	the	the	DET
faba-45	84	7	contribution	contribution	NOUN
faba-45	84	8	rate	rate	NOUN
faba-45	84	9	for	for	ADP
faba-45	84	10	the	the	DET
faba-45	84	11	first	first	ADJ
faba-45	84	12	pillar	pillar	NOUN
faba-45	84	13	was	be	AUX
faba-45	84	14	lowered	lower	VERB
faba-45	84	15	for	for	ADP
faba-45	84	16	those	those	PRON
faba-45	84	17	born	bear	VERB
faba-45	84	18	after	after	ADP
faba-45	84	19	31.12.1959	31.12.1959	NUM
faba-45	84	20	and	and	CCONJ
faba-45	84	21	the	the	DET
faba-45	84	22	deduction	deduction	NOUN
faba-45	84	23	was	be	AUX
faba-45	84	24	forward	forward	ADV
faba-45	84	25	to	to	ADP
faba-45	84	26	the	the	DET
faba-45	84	27	private	private	ADJ
faba-45	84	28	1	1	NUM
faba-45	84	29	individual	individual	ADJ
faba-45	84	30	coefficient	coefficient	NOUN
faba-45	84	31	is	be	AUX
faba-45	84	32	a	a	DET
faba-45	84	33	special	special	ADJ
faba-45	84	34	ratio	ratio	NOUN
faba-45	84	35	between	between	ADP
faba-45	84	36	the	the	DET
faba-45	84	37	contributory	contributory	NOUN
faba-45	84	38	income	income	NOUN
faba-45	84	39	of	of	ADP
faba-45	84	40	the	the	DET
faba-45	84	41	insured	insure	VERB
faba-45	84	42	and	and	CCONJ
faba-45	84	43	the	the	DET
faba-45	84	44	average	average	ADJ
faba-45	84	45	national	national	PROPN
faba-45	84	46	contributory	contributory	PROPN
faba-45	84	47	income	income	NOUN
faba-45	84	48	.	.	PUNCT
faba-45	85	1	the	the	PRON
faba-45	85	2	higher	high	ADJ
faba-45	85	3	the	the	DET
faba-45	85	4	coefficient	coefficient	NOUN
faba-45	85	5	is	be	AUX
faba-45	85	6	,	,	PUNCT
faba-45	85	7	the	the	PRON
faba-45	85	8	bigger	big	ADJ
faba-45	85	9	the	the	DET
faba-45	85	10	pension	pension	NOUN
faba-45	85	11	amount	amount	NOUN
faba-45	85	12	will	will	AUX
faba-45	85	13	be	be	AUX
faba-45	85	14	.	.	PUNCT
faba-45	86	1	http://www.nsi.bg/	http://www.nsi.bg/	PROPN
faba-45	86	2	jeko	jeko	NOUN
faba-45	86	3	nikolaev	nikolaev	ADV
faba-45	86	4	milev	milev	NOUN
faba-45	86	5	/	/	SYM
faba-45	86	6	finance	finance	NOUN
faba-45	86	7	,	,	PUNCT
faba-45	86	8	accounting	accounting	NOUN
faba-45	86	9	and	and	CCONJ
faba-45	86	10	business	business	NOUN
faba-45	86	11	analysis	analysis	NOUN
faba-45	86	12	2	2	NUM
faba-45	86	13	(	(	PUNCT
faba-45	86	14	2	2	NUM
faba-45	86	15	)	)	PUNCT
faba-45	86	16	2020	2020	NUM
faba-45	86	17	117	117	NUM
faba-45	86	18	pension	pension	NOUN
faba-45	86	19	fund	fund	NOUN
faba-45	86	20	.	.	PUNCT
faba-45	87	1	in	in	ADP
faba-45	87	2	this	this	DET
faba-45	87	3	way	way	NOUN
faba-45	87	4	the	the	DET
faba-45	87	5	second	second	ADJ
faba-45	87	6	pillar	pillar	NOUN
faba-45	87	7	of	of	ADP
faba-45	87	8	the	the	DET
faba-45	87	9	system	system	NOUN
faba-45	87	10	was	be	AUX
faba-45	87	11	supposed	suppose	VERB
faba-45	87	12	to	to	PART
faba-45	87	13	support	support	VERB
faba-45	87	14	financially	financially	ADV
faba-45	87	15	the	the	DET
faba-45	87	16	pay	pay	VERB
faba-45	87	17	-	-	PUNCT
faba-45	87	18	asyou	asyou	NOUN
faba-45	87	19	-	-	PUNCT
faba-45	87	20	go	go	NOUN
faba-45	87	21	column	column	NOUN
faba-45	87	22	in	in	ADP
faba-45	87	23	the	the	DET
faba-45	87	24	long	long	ADJ
faba-45	87	25	term	term	NOUN
faba-45	87	26	.	.	PUNCT
faba-45	88	1	the	the	DET
faba-45	88	2	problem	problem	NOUN
faba-45	88	3	comes	come	VERB
faba-45	88	4	from	from	ADP
faba-45	88	5	the	the	DET
faba-45	88	6	methodology	methodology	NOUN
faba-45	88	7	applied	apply	VERB
faba-45	88	8	for	for	ADP
faba-45	88	9	reducing	reduce	VERB
faba-45	88	10	the	the	DET
faba-45	88	11	individual	individual	ADJ
faba-45	88	12	coefficient	coefficient	NOUN
faba-45	88	13	elaborated	elaborate	VERB
faba-45	88	14	still	still	ADV
faba-45	88	15	at	at	ADP
faba-45	88	16	the	the	DET
faba-45	88	17	beginning	beginning	NOUN
faba-45	88	18	of	of	ADP
faba-45	88	19	the	the	DET
faba-45	88	20	reform	reform	NOUN
faba-45	88	21	.	.	PUNCT
faba-45	89	1	it	it	PRON
faba-45	89	2	prescribes	prescribe	VERB
faba-45	89	3	that	that	SCONJ
faba-45	89	4	the	the	DET
faba-45	89	5	individual	individual	ADJ
faba-45	89	6	coefficient	coefficient	NOUN
faba-45	89	7	must	must	AUX
faba-45	89	8	be	be	AUX
faba-45	89	9	corrected	correct	VERB
faba-45	89	10	with	with	ADP
faba-45	89	11	a	a	DET
faba-45	89	12	ratio	ratio	NOUN
faba-45	89	13	that	that	PRON
faba-45	89	14	roughly	roughly	ADV
faba-45	89	15	equals	equal	VERB
faba-45	89	16	the	the	DET
faba-45	89	17	contribution	contribution	NOUN
faba-45	89	18	rate	rate	NOUN
faba-45	89	19	for	for	ADP
faba-45	89	20	the	the	DET
faba-45	89	21	first	first	ADJ
faba-45	89	22	pillar	pillar	NOUN
faba-45	89	23	for	for	ADP
faba-45	89	24	those	those	PRON
faba-45	89	25	born	bear	VERB
faba-45	89	26	before	before	ADP
faba-45	89	27	01.01.1960	01.01.1960	ADP
faba-45	89	28	and	and	CCONJ
faba-45	89	29	the	the	DET
faba-45	89	30	contribution	contribution	NOUN
faba-45	89	31	rate	rate	NOUN
faba-45	89	32	for	for	ADP
faba-45	89	33	the	the	DET
faba-45	89	34	second	second	ADJ
faba-45	89	35	one	one	NUM
faba-45	89	36	for	for	ADP
faba-45	89	37	those	those	PRON
faba-45	89	38	born	bear	VERB
faba-45	89	39	after	after	ADP
faba-45	89	40	31.12.1959	31.12.1959	NUM
faba-45	89	41	.	.	PUNCT
faba-45	90	1	this	this	DET
faba-45	90	2	methodology	methodology	NOUN
faba-45	90	3	could	could	AUX
faba-45	90	4	be	be	AUX
faba-45	90	5	valid	valid	ADJ
faba-45	90	6	only	only	ADV
faba-45	90	7	if	if	SCONJ
faba-45	90	8	the	the	DET
faba-45	90	9	pay	pay	NOUN
faba-45	90	10	-	-	PUNCT
faba-45	90	11	as	as	ADP
faba-45	90	12	-	-	PUNCT
faba-45	90	13	you	you	PRON
faba-45	90	14	-	-	PUNCT
faba-45	90	15	go	go	VERB
faba-45	90	16	part	part	NOUN
faba-45	90	17	of	of	ADP
faba-45	90	18	the	the	DET
faba-45	90	19	system	system	NOUN
faba-45	90	20	were	be	AUX
faba-45	90	21	able	able	ADJ
faba-45	90	22	to	to	PART
faba-45	90	23	finance	finance	VERB
faba-45	90	24	the	the	DET
faba-45	90	25	whole	whole	ADJ
faba-45	90	26	amount	amount	NOUN
faba-45	90	27	of	of	ADP
faba-45	90	28	pension	pension	NOUN
faba-45	90	29	benefits	benefit	NOUN
faba-45	90	30	using	use	VERB
faba-45	90	31	money	money	NOUN
faba-45	90	32	collected	collect	VERB
faba-45	90	33	via	via	ADP
faba-45	90	34	pension	pension	NOUN
faba-45	90	35	contributions	contribution	NOUN
faba-45	90	36	.	.	PUNCT
faba-45	91	1	the	the	DET
faba-45	91	2	reality	reality	NOUN
faba-45	91	3	is	be	AUX
faba-45	91	4	somehow	somehow	ADV
faba-45	91	5	different	different	ADJ
faba-45	91	6	almost	almost	ADV
faba-45	91	7	50	50	NUM
faba-45	91	8	%	%	NOUN
faba-45	91	9	of	of	ADP
faba-45	91	10	the	the	DET
faba-45	91	11	amount	amount	NOUN
faba-45	91	12	of	of	ADP
faba-45	91	13	the	the	DET
faba-45	91	14	pension	pension	NOUN
faba-45	91	15	benefits	benefit	NOUN
faba-45	91	16	is	be	AUX
faba-45	91	17	covered	cover	VERB
faba-45	91	18	by	by	ADP
faba-45	91	19	subsidy	subsidy	NOUN
faba-45	91	20	from	from	ADP
faba-45	91	21	the	the	DET
faba-45	91	22	state	state	NOUN
faba-45	91	23	budget	budget	NOUN
faba-45	91	24	.	.	PUNCT
faba-45	92	1	the	the	DET
faba-45	92	2	accumulated	accumulate	VERB
faba-45	92	3	funds	fund	NOUN
faba-45	92	4	into	into	ADP
faba-45	92	5	individual	individual	ADJ
faba-45	92	6	accounts	account	NOUN
faba-45	92	7	are	be	AUX
faba-45	92	8	not	not	PART
faba-45	92	9	enough	enough	ADJ
faba-45	92	10	if	if	SCONJ
faba-45	92	11	they	they	PRON
faba-45	92	12	must	must	AUX
faba-45	92	13	compensate	compensate	VERB
faba-45	92	14	for	for	ADP
faba-45	92	15	a	a	DET
faba-45	92	16	reduction	reduction	NOUN
faba-45	92	17	that	that	PRON
faba-45	92	18	is	be	AUX
faba-45	92	19	not	not	PART
faba-45	92	20	proportionate	proportionate	ADJ
faba-45	92	21	to	to	ADP
faba-45	92	22	the	the	DET
faba-45	92	23	real	real	ADJ
faba-45	92	24	contributions	contribution	NOUN
faba-45	92	25	paid	pay	VERB
faba-45	92	26	for	for	ADP
faba-45	92	27	both	both	PRON
faba-45	92	28	of	of	ADP
faba-45	92	29	the	the	DET
faba-45	92	30	pillars	pillar	NOUN
faba-45	92	31	.	.	PUNCT
faba-45	93	1	if	if	SCONJ
faba-45	93	2	one	one	PRON
faba-45	93	3	considers	consider	VERB
faba-45	93	4	the	the	DET
faba-45	93	5	strong	strong	ADJ
faba-45	93	6	subsidy	subsidy	NOUN
faba-45	93	7	that	that	PRON
faba-45	93	8	comes	come	VERB
faba-45	93	9	from	from	ADP
faba-45	93	10	the	the	DET
faba-45	93	11	state	state	NOUN
faba-45	93	12	budget	budget	NOUN
faba-45	93	13	,	,	PUNCT
faba-45	93	14	then	then	ADV
faba-45	93	15	the	the	DET
faba-45	93	16	amount	amount	NOUN
faba-45	93	17	of	of	ADP
faba-45	93	18	the	the	DET
faba-45	93	19	real	real	ADJ
faba-45	93	20	contribution	contribution	NOUN
faba-45	93	21	for	for	ADP
faba-45	93	22	the	the	DET
faba-45	93	23	first	first	ADJ
faba-45	93	24	pillar	pillar	NOUN
faba-45	93	25	must	must	AUX
faba-45	93	26	be	be	AUX
faba-45	93	27	almost	almost	ADV
faba-45	93	28	twice	twice	ADV
faba-45	93	29	as	as	ADV
faba-45	93	30	much	much	ADJ
faba-45	93	31	as	as	ADP
faba-45	93	32	its	its	PRON
faba-45	93	33	current	current	ADJ
faba-45	93	34	figure	figure	NOUN
faba-45	93	35	.	.	PUNCT
faba-45	94	1	in	in	ADP
faba-45	94	2	other	other	ADJ
faba-45	94	3	words	word	NOUN
faba-45	94	4	,	,	PUNCT
faba-45	94	5	there	there	PRON
faba-45	94	6	is	be	VERB
faba-45	94	7	no	no	DET
faba-45	94	8	clear	clear	ADJ
faba-45	94	9	implication	implication	NOUN
faba-45	94	10	just	just	ADV
faba-45	94	11	from	from	ADP
faba-45	94	12	the	the	DET
faba-45	94	13	fact	fact	NOUN
faba-45	94	14	that	that	SCONJ
faba-45	94	15	universal	universal	ADJ
faba-45	94	16	pension	pension	NOUN
faba-45	94	17	funds	fund	NOUN
faba-45	94	18	could	could	AUX
faba-45	94	19	not	not	PART
faba-45	94	20	compensate	compensate	VERB
faba-45	94	21	the	the	DET
faba-45	94	22	insured	insure	VERB
faba-45	94	23	individuals	individual	NOUN
faba-45	94	24	for	for	ADP
faba-45	94	25	the	the	DET
faba-45	94	26	reduction	reduction	NOUN
faba-45	94	27	of	of	ADP
faba-45	94	28	the	the	DET
faba-45	94	29	first	first	ADJ
faba-45	94	30	pillar	pillar	NOUN
faba-45	94	31	pension	pension	NOUN
faba-45	94	32	benefit	benefit	NOUN
faba-45	94	33	,	,	PUNCT
faba-45	94	34	that	that	SCONJ
faba-45	94	35	they	they	PRON
faba-45	94	36	have	have	AUX
faba-45	94	37	n’t	not	PART
faba-45	94	38	been	be	AUX
faba-45	94	39	managed	manage	VERB
faba-45	94	40	effectively	effectively	ADV
faba-45	94	41	.	.	PUNCT
faba-45	95	1	in	in	ADP
faba-45	95	2	theory	theory	NOUN
faba-45	95	3	it	it	PRON
faba-45	95	4	is	be	AUX
faba-45	95	5	even	even	ADV
faba-45	95	6	possible	possible	ADJ
faba-45	95	7	the	the	DET
faba-45	95	8	government	government	NOUN
faba-45	95	9	to	to	PART
faba-45	95	10	equalize	equalize	VERB
faba-45	95	11	the	the	DET
faba-45	95	12	contributions	contribution	NOUN
faba-45	95	13	paid	pay	VERB
faba-45	95	14	for	for	ADP
faba-45	95	15	the	the	DET
faba-45	95	16	first	first	ADJ
faba-45	95	17	and	and	CCONJ
faba-45	95	18	for	for	ADP
faba-45	95	19	the	the	DET
faba-45	95	20	second	second	ADJ
faba-45	95	21	pillar	pillar	NOUN
faba-45	95	22	making	make	VERB
faba-45	95	23	them	they	PRON
faba-45	95	24	5	5	NUM
faba-45	95	25	%	%	NOUN
faba-45	95	26	(	(	PUNCT
faba-45	95	27	the	the	DET
faba-45	95	28	percentage	percentage	NOUN
faba-45	95	29	applied	apply	VERB
faba-45	95	30	for	for	ADP
faba-45	95	31	the	the	DET
faba-45	95	32	second	second	ADJ
faba-45	95	33	pillar	pillar	NOUN
faba-45	95	34	)	)	PUNCT
faba-45	95	35	and	and	CCONJ
faba-45	95	36	then	then	ADV
faba-45	95	37	to	to	PART
faba-45	95	38	ask	ask	VERB
faba-45	95	39	pension	pension	NOUN
faba-45	95	40	funds	fund	NOUN
faba-45	95	41	to	to	PART
faba-45	95	42	bear	bear	VERB
faba-45	95	43	50	50	NUM
faba-45	95	44	%	%	NOUN
faba-45	95	45	of	of	ADP
faba-45	95	46	the	the	DET
faba-45	95	47	financial	financial	ADJ
faba-45	95	48	burden	burden	NOUN
faba-45	95	49	for	for	ADP
faba-45	95	50	the	the	DET
faba-45	95	51	payment	payment	NOUN
faba-45	95	52	of	of	ADP
faba-45	95	53	the	the	DET
faba-45	95	54	pension	pension	NOUN
faba-45	95	55	benefits	benefit	NOUN
faba-45	95	56	.	.	PUNCT
faba-45	96	1	in	in	ADP
faba-45	96	2	addition	addition	NOUN
faba-45	96	3	,	,	PUNCT
faba-45	96	4	those	those	DET
faba-45	96	5	individuals	individual	NOUN
faba-45	96	6	who	who	PRON
faba-45	96	7	first	first	ADV
faba-45	96	8	are	be	AUX
faba-45	96	9	going	go	VERB
faba-45	96	10	to	to	PART
faba-45	96	11	receive	receive	VERB
faba-45	96	12	pension	pension	NOUN
faba-45	96	13	benefits	benefit	NOUN
faba-45	96	14	from	from	ADP
faba-45	96	15	the	the	DET
faba-45	96	16	second	second	ADJ
faba-45	96	17	pillar	pillar	NOUN
faba-45	96	18	of	of	ADP
faba-45	96	19	the	the	DET
faba-45	96	20	pension	pension	NOUN
faba-45	96	21	system	system	NOUN
faba-45	96	22	were	be	AUX
faba-45	96	23	in	in	ADP
faba-45	96	24	their	their	PRON
faba-45	96	25	mid	mid	ADJ
faba-45	96	26	40	40	NUM
faba-45	96	27	’s	’s	NOUN
faba-45	96	28	when	when	SCONJ
faba-45	96	29	they	they	PRON
faba-45	96	30	started	start	VERB
faba-45	96	31	effectively	effectively	ADV
faba-45	96	32	to	to	PART
faba-45	96	33	accumulate	accumulate	VERB
faba-45	96	34	money	money	NOUN
faba-45	96	35	into	into	ADP
faba-45	96	36	their	their	PRON
faba-45	96	37	personal	personal	ADJ
faba-45	96	38	accounts	account	NOUN
faba-45	96	39	.	.	PUNCT
faba-45	97	1	at	at	ADP
faba-45	97	2	that	that	DET
faba-45	97	3	time	time	NOUN
faba-45	97	4	almost	almost	ADV
faba-45	97	5	half	half	NOUN
faba-45	97	6	of	of	ADP
faba-45	97	7	their	their	PRON
faba-45	97	8	length	length	NOUN
faba-45	97	9	of	of	ADP
faba-45	97	10	service	service	NOUN
faba-45	97	11	had	have	AUX
faba-45	97	12	been	be	AUX
faba-45	97	13	passed	pass	VERB
faba-45	97	14	.	.	PUNCT
faba-45	98	1	in	in	ADP
faba-45	98	2	reality	reality	NOUN
faba-45	98	3	,	,	PUNCT
faba-45	98	4	these	these	DET
faba-45	98	5	individuals	individual	NOUN
faba-45	98	6	are	be	AUX
faba-45	98	7	not	not	PART
faba-45	98	8	going	go	VERB
faba-45	98	9	to	to	PART
faba-45	98	10	have	have	VERB
faba-45	98	11	enough	enough	ADJ
faba-45	98	12	money	money	NOUN
faba-45	98	13	to	to	PART
faba-45	98	14	finance	finance	VERB
faba-45	98	15	pension	pension	NOUN
faba-45	98	16	benefit	benefit	NOUN
faba-45	98	17	proportionate	proportionate	ADJ
faba-45	98	18	to	to	ADP
faba-45	98	19	the	the	DET
faba-45	98	20	envisaged	envisage	VERB
faba-45	98	21	reduction	reduction	NOUN
faba-45	98	22	but	but	CCONJ
faba-45	98	23	this	this	PRON
faba-45	98	24	have	have	VERB
faba-45	98	25	nothing	nothing	PRON
faba-45	98	26	in	in	ADP
faba-45	98	27	common	common	ADJ
faba-45	98	28	with	with	ADP
faba-45	98	29	the	the	DET
faba-45	98	30	management	management	NOUN
faba-45	98	31	of	of	ADP
faba-45	98	32	the	the	DET
faba-45	98	33	pension	pension	NOUN
faba-45	98	34	funds	fund	NOUN
faba-45	98	35	and	and	CCONJ
faba-45	98	36	their	their	PRON
faba-45	98	37	rule	rule	NOUN
faba-45	98	38	for	for	ADP
faba-45	98	39	the	the	DET
faba-45	98	40	future	future	NOUN
faba-45	98	41	of	of	ADP
faba-45	98	42	the	the	DET
faba-45	98	43	bulgarian	bulgarian	ADJ
faba-45	98	44	pension	pension	NOUN
faba-45	98	45	system	system	NOUN
faba-45	98	46	.	.	PUNCT
faba-45	99	1	the	the	DET
faba-45	99	2	second	second	ADJ
faba-45	99	3	argument	argument	NOUN
faba-45	99	4	against	against	ADP
faba-45	99	5	the	the	DET
faba-45	99	6	funded	fund	VERB
faba-45	99	7	component	component	NOUN
faba-45	99	8	of	of	ADP
faba-45	99	9	the	the	DET
faba-45	99	10	pension	pension	NOUN
faba-45	99	11	system	system	NOUN
faba-45	99	12	regards	regard	VERB
faba-45	99	13	the	the	DET
faba-45	99	14	illiquid	illiquid	ADJ
faba-45	99	15	and	and	CCONJ
faba-45	99	16	underdeveloped	underdeveloped	ADJ
faba-45	99	17	stock	stock	NOUN
faba-45	99	18	exchange	exchange	NOUN
faba-45	99	19	in	in	ADP
faba-45	99	20	the	the	DET
faba-45	99	21	country	country	NOUN
faba-45	99	22	.	.	PUNCT
faba-45	100	1	the	the	DET
faba-45	100	2	opponents	opponent	NOUN
faba-45	100	3	of	of	ADP
faba-45	100	4	the	the	DET
faba-45	100	5	private	private	ADJ
faba-45	100	6	pension	pension	NOUN
faba-45	100	7	funds	fund	NOUN
faba-45	100	8	state	state	NOUN
faba-45	100	9	that	that	SCONJ
faba-45	100	10	it	it	PRON
faba-45	100	11	is	be	AUX
faba-45	100	12	not	not	PART
faba-45	100	13	possible	possible	ADJ
faba-45	100	14	to	to	PART
faba-45	100	15	have	have	VERB
faba-45	100	16	financially	financially	ADV
faba-45	100	17	strong	strong	ADJ
faba-45	100	18	funded	funded	ADJ
faba-45	100	19	pension	pension	NOUN
faba-45	100	20	system	system	NOUN
faba-45	100	21	without	without	ADP
faba-45	100	22	well	well	ADV
faba-45	100	23	-	-	PUNCT
faba-45	100	24	developed	develop	VERB
faba-45	100	25	and	and	CCONJ
faba-45	100	26	transparent	transparent	ADJ
faba-45	100	27	capital	capital	NOUN
faba-45	100	28	market	market	NOUN
faba-45	100	29	.	.	PUNCT
faba-45	101	1	as	as	ADP
faba-45	101	2	a	a	DET
faba-45	101	3	matter	matter	NOUN
faba-45	101	4	of	of	ADP
faba-45	101	5	fact	fact	NOUN
faba-45	101	6	,	,	PUNCT
faba-45	101	7	this	this	DET
faba-45	101	8	argument	argument	NOUN
faba-45	101	9	is	be	AUX
faba-45	101	10	a	a	DET
faba-45	101	11	robust	robust	ADJ
faba-45	101	12	one	one	NUM
faba-45	101	13	.	.	PUNCT
faba-45	102	1	it	it	PRON
faba-45	102	2	is	be	AUX
faba-45	102	3	true	true	ADJ
faba-45	102	4	that	that	SCONJ
faba-45	102	5	still	still	ADV
faba-45	102	6	pension	pension	NOUN
faba-45	102	7	funds	fund	NOUN
faba-45	102	8	can	can	AUX
faba-45	102	9	not	not	PART
faba-45	102	10	rely	rely	VERB
faba-45	102	11	on	on	ADP
faba-45	102	12	the	the	DET
faba-45	102	13	capital	capital	NOUN
faba-45	102	14	market	market	NOUN
faba-45	102	15	in	in	ADP
faba-45	102	16	the	the	DET
faba-45	102	17	country	country	NOUN
faba-45	102	18	to	to	PART
faba-45	102	19	trade	trade	VERB
faba-45	102	20	actively	actively	ADV
faba-45	102	21	financial	financial	ADJ
faba-45	102	22	instruments	instrument	NOUN
faba-45	102	23	.	.	PUNCT
faba-45	103	1	the	the	DET
faba-45	103	2	lack	lack	NOUN
faba-45	103	3	of	of	ADP
faba-45	103	4	deep	deep	ADJ
faba-45	103	5	and	and	CCONJ
faba-45	103	6	liquid	liquid	ADJ
faba-45	103	7	market	market	NOUN
faba-45	103	8	means	mean	VERB
faba-45	103	9	that	that	SCONJ
faba-45	103	10	pension	pension	NOUN
faba-45	103	11	funds	fund	NOUN
faba-45	103	12	in	in	ADP
faba-45	103	13	the	the	DET
faba-45	103	14	country	country	NOUN
faba-45	103	15	do	do	AUX
faba-45	103	16	not	not	PART
faba-45	103	17	have	have	VERB
faba-45	103	18	adequate	adequate	ADJ
faba-45	103	19	market	market	NOUN
faba-45	103	20	valuation	valuation	NOUN
faba-45	103	21	for	for	ADP
faba-45	103	22	many	many	ADJ
faba-45	103	23	of	of	ADP
faba-45	103	24	the	the	DET
faba-45	103	25	instruments	instrument	NOUN
faba-45	103	26	in	in	ADP
faba-45	103	27	their	their	PRON
faba-45	103	28	portfolios	portfolio	NOUN
faba-45	103	29	.	.	PUNCT
faba-45	104	1	the	the	DET
faba-45	104	2	pay	pay	VERB
faba-45	104	3	-	-	PUNCT
faba-45	104	4	out	out	ADP
faba-45	104	5	phase	phase	NOUN
faba-45	104	6	is	be	AUX
faba-45	104	7	coming	come	VERB
faba-45	104	8	closer	close	ADV
faba-45	104	9	and	and	CCONJ
faba-45	104	10	if	if	SCONJ
faba-45	104	11	the	the	DET
faba-45	104	12	sale	sale	NOUN
faba-45	104	13	of	of	ADP
faba-45	104	14	a	a	DET
faba-45	104	15	significant	significant	ADJ
faba-45	104	16	part	part	NOUN
faba-45	104	17	of	of	ADP
faba-45	104	18	the	the	DET
faba-45	104	19	portfolios	portfolio	NOUN
faba-45	104	20	is	be	AUX
faba-45	104	21	put	put	VERB
faba-45	104	22	under	under	ADP
faba-45	104	23	pressure	pressure	NOUN
faba-45	104	24	,	,	PUNCT
faba-45	104	25	this	this	PRON
faba-45	104	26	could	could	AUX
faba-45	104	27	mean	mean	VERB
faba-45	104	28	severe	severe	ADJ
faba-45	104	29	problems	problem	NOUN
faba-45	104	30	both	both	CCONJ
faba-45	104	31	for	for	ADP
faba-45	104	32	the	the	DET
faba-45	104	33	pension	pension	NOUN
faba-45	104	34	companies	company	NOUN
faba-45	104	35	and	and	CCONJ
faba-45	104	36	the	the	DET
faba-45	104	37	insured	insured	ADJ
faba-45	104	38	individuals	individual	NOUN
faba-45	104	39	.	.	PUNCT
faba-45	105	1	due	due	ADP
faba-45	105	2	to	to	ADP
faba-45	105	3	a	a	DET
faba-45	105	4	number	number	NOUN
faba-45	105	5	of	of	ADP
faba-45	105	6	factors2	factors2	NOUN
faba-45	105	7	pension	pension	NOUN
faba-45	105	8	funds	fund	NOUN
faba-45	105	9	in	in	ADP
faba-45	105	10	bulgaria	bulgaria	PROPN
faba-45	105	11	have	have	AUX
faba-45	105	12	not	not	PART
faba-45	105	13	been	be	AUX
faba-45	105	14	able	able	ADJ
faba-45	105	15	to	to	PART
faba-45	105	16	contribute	contribute	VERB
faba-45	105	17	effectively	effectively	ADV
faba-45	105	18	for	for	ADP
faba-45	105	19	a	a	DET
faba-45	105	20	significant	significant	ADJ
faba-45	105	21	development	development	NOUN
faba-45	105	22	of	of	ADP
faba-45	105	23	the	the	DET
faba-45	105	24	stock	stock	NOUN
faba-45	105	25	exchange	exchange	NOUN
faba-45	105	26	–	–	PUNCT
faba-45	105	27	something	something	PRON
faba-45	105	28	that	that	PRON
faba-45	105	29	was	be	AUX
faba-45	105	30	observed	observe	VERB
faba-45	105	31	,	,	PUNCT
faba-45	105	32	for	for	ADP
faba-45	105	33	example	example	NOUN
faba-45	105	34	,	,	PUNCT
faba-45	105	35	in	in	ADP
faba-45	105	36	chile	chile	PROPN
faba-45	105	37	,	,	PUNCT
faba-45	105	38	after	after	ADP
faba-45	105	39	the	the	DET
faba-45	105	40	initial	initial	ADJ
faba-45	105	41	start	start	NOUN
faba-45	105	42	of	of	ADP
faba-45	105	43	the	the	DET
faba-45	105	44	funded	fund	VERB
faba-45	105	45	pension	pension	NOUN
faba-45	105	46	system	system	NOUN
faba-45	105	47	in	in	ADP
faba-45	105	48	1980	1980	NUM
faba-45	105	49	’s	’s	NOUN
faba-45	105	50	.	.	PUNCT
faba-45	106	1	however	however	ADV
faba-45	106	2	,	,	PUNCT
faba-45	106	3	the	the	DET
faba-45	106	4	significance	significance	NOUN
faba-45	106	5	of	of	ADP
faba-45	106	6	this	this	DET
faba-45	106	7	argument	argument	NOUN
faba-45	106	8	should	should	AUX
faba-45	106	9	not	not	PART
faba-45	106	10	be	be	AUX
faba-45	106	11	exaggerated	exaggerate	VERB
faba-45	106	12	.	.	PUNCT
faba-45	107	1	bulgaria	bulgaria	PROPN
faba-45	107	2	is	be	AUX
faba-45	107	3	part	part	NOUN
faba-45	107	4	of	of	ADP
faba-45	107	5	the	the	DET
faba-45	107	6	eu	eu	PROPN
faba-45	107	7	and	and	CCONJ
faba-45	107	8	currently	currently	ADV
faba-45	107	9	bulgarian	bulgarian	ADJ
faba-45	107	10	pension	pension	NOUN
faba-45	107	11	funds	fund	NOUN
faba-45	107	12	have	have	VERB
faba-45	107	13	access	access	NOUN
faba-45	107	14	to	to	ADP
faba-45	107	15	all	all	DET
faba-45	107	16	european	european	ADJ
faba-45	107	17	stock	stock	NOUN
faba-45	107	18	exchanges	exchange	NOUN
faba-45	107	19	and	and	CCONJ
faba-45	107	20	to	to	ADP
faba-45	107	21	all	all	DET
faba-45	107	22	instruments	instrument	NOUN
faba-45	107	23	traded	trade	VERB
faba-45	107	24	on	on	ADP
faba-45	107	25	them	they	PRON
faba-45	107	26	.	.	PUNCT
faba-45	108	1	the	the	DET
faba-45	108	2	investment	investment	NOUN
faba-45	108	3	regulations	regulation	NOUN
faba-45	108	4	do	do	AUX
faba-45	108	5	not	not	PART
faba-45	108	6	differentiate	differentiate	VERB
faba-45	108	7	between	between	ADP
faba-45	108	8	bulgarian	bulgarian	ADJ
faba-45	108	9	corporate	corporate	ADJ
faba-45	108	10	instruments	instrument	NOUN
faba-45	108	11	and	and	CCONJ
faba-45	108	12	european	european	PROPN
faba-45	108	13	union	union	PROPN
faba-45	108	14	ones	one	NOUN
faba-45	108	15	.	.	PUNCT
faba-45	109	1	the	the	DET
faba-45	109	2	current	current	ADJ
faba-45	109	3	portfolio	portfolio	NOUN
faba-45	109	4	structure	structure	NOUN
faba-45	109	5	of	of	ADP
faba-45	109	6	the	the	DET
faba-45	109	7	bulgarian	bulgarian	ADJ
faba-45	109	8	pension	pension	NOUN
faba-45	109	9	funds	fund	NOUN
faba-45	109	10	could	could	AUX
faba-45	109	11	be	be	AUX
faba-45	109	12	considered	consider	VERB
faba-45	109	13	as	as	ADP
faba-45	109	14	a	a	DET
faba-45	109	15	balanced	balanced	ADJ
faba-45	109	16	one	one	NOUN
faba-45	109	17	with	with	ADP
faba-45	109	18	many	many	ADJ
faba-45	109	19	instruments	instrument	NOUN
faba-45	109	20	traded	trade	VERB
faba-45	109	21	abroad	abroad	ADV
faba-45	109	22	and	and	CCONJ
faba-45	109	23	evaluated	evaluate	VERB
faba-45	109	24	correctly	correctly	ADV
faba-45	109	25	at	at	ADP
faba-45	109	26	the	the	DET
faba-45	109	27	market	market	NOUN
faba-45	109	28	.	.	PUNCT
faba-45	110	1	at	at	ADP
faba-45	110	2	the	the	DET
faba-45	110	3	same	same	ADJ
faba-45	110	4	time	time	NOUN
faba-45	110	5	,	,	PUNCT
faba-45	110	6	the	the	DET
faba-45	110	7	fact	fact	NOUN
faba-45	110	8	that	that	SCONJ
faba-45	110	9	bulgarian	bulgarian	ADJ
faba-45	110	10	corporate	corporate	ADJ
faba-45	110	11	instruments	instrument	NOUN
faba-45	110	12	are	be	AUX
faba-45	110	13	not	not	PART
faba-45	110	14	traded	trade	VERB
faba-45	110	15	actively	actively	ADV
faba-45	110	16	does	do	AUX
faba-45	110	17	not	not	PART
faba-45	110	18	mean	mean	VERB
faba-45	110	19	that	that	SCONJ
faba-45	110	20	they	they	PRON
faba-45	110	21	do	do	AUX
faba-45	110	22	not	not	PART
faba-45	110	23	bear	bear	VERB
faba-45	110	24	yield	yield	NOUN
faba-45	110	25	for	for	ADP
faba-45	110	26	their	their	PRON
faba-45	110	27	owners	owner	NOUN
faba-45	110	28	.	.	PUNCT
faba-45	111	1	currently	currently	ADV
faba-45	111	2	many	many	ADJ
faba-45	111	3	of	of	ADP
faba-45	111	4	the	the	DET
faba-45	111	5	bonds	bond	NOUN
faba-45	111	6	issued	issue	VERB
faba-45	111	7	by	by	ADP
faba-45	111	8	private	private	ADJ
faba-45	111	9	companies	company	NOUN
faba-45	111	10	are	be	AUX
faba-45	111	11	just	just	ADV
faba-45	111	12	held	hold	VERB
faba-45	111	13	until	until	ADP
faba-45	111	14	maturity	maturity	NOUN
faba-45	111	15	bringing	bring	VERB
faba-45	111	16	an	an	DET
faba-45	111	17	extra	extra	ADJ
faba-45	111	18	yield	yield	NOUN
faba-45	111	19	for	for	ADP
faba-45	111	20	the	the	DET
faba-45	111	21	low	low	ADJ
faba-45	111	22	liquidity	liquidity	NOUN
faba-45	111	23	they	they	PRON
faba-45	111	24	have	have	VERB
faba-45	111	25	.	.	PUNCT
faba-45	112	1	regarding	regard	VERB
faba-45	112	2	the	the	DET
faba-45	112	3	equities	equity	NOUN
faba-45	112	4	,	,	PUNCT
faba-45	112	5	possessed	possess	VERB
faba-45	112	6	by	by	ADP
faba-45	112	7	the	the	DET
faba-45	112	8	funds	fund	NOUN
faba-45	112	9	–	–	PUNCT
faba-45	112	10	the	the	DET
faba-45	112	11	risk	risk	NOUN
faba-45	112	12	here	here	ADV
faba-45	112	13	is	be	AUX
faba-45	112	14	much	much	ADV
faba-45	112	15	higher	high	ADJ
faba-45	112	16	but	but	CCONJ
faba-45	112	17	also	also	ADV
faba-45	112	18	their	their	PRON
faba-45	112	19	potential	potential	NOUN
faba-45	112	20	for	for	ADP
faba-45	112	21	growth	growth	NOUN
faba-45	112	22	and	and	CCONJ
faba-45	112	23	expected	expect	VERB
faba-45	112	24	return	return	NOUN
faba-45	112	25	.	.	PUNCT
faba-45	113	1	many	many	ADJ
faba-45	113	2	shares	share	NOUN
faba-45	113	3	,	,	PUNCT
faba-45	113	4	traded	trade	VERB
faba-45	113	5	at	at	ADP
faba-45	113	6	the	the	DET
faba-45	113	7	bulgarian	bulgarian	ADJ
faba-45	113	8	stock	stock	NOUN
faba-45	113	9	exchange	exchange	NOUN
faba-45	113	10	could	could	AUX
faba-45	113	11	be	be	AUX
faba-45	113	12	viewed	view	VERB
faba-45	113	13	as	as	ADP
faba-45	113	14	undervalued	undervalue	VERB
faba-45	113	15	having	have	VERB
faba-45	113	16	price	price	NOUN
faba-45	113	17	/	/	SYM
faba-45	113	18	book	book	NOUN
faba-45	113	19	ratio	ratio	NOUN
faba-45	113	20	at	at	ADP
faba-45	113	21	around	around	ADP
faba-45	113	22	one	one	NUM
faba-45	113	23	.	.	PUNCT
faba-45	114	1	pension	pension	NOUN
faba-45	114	2	funds	fund	NOUN
faba-45	114	3	can	can	AUX
faba-45	114	4	really	really	ADV
faba-45	114	5	benefit	benefit	VERB
faba-45	114	6	from	from	ADP
faba-45	114	7	their	their	PRON
faba-45	114	8	equity	equity	NOUN
faba-45	114	9	holdings	holding	NOUN
faba-45	114	10	,	,	PUNCT
faba-45	114	11	but	but	CCONJ
faba-45	114	12	they	they	PRON
faba-45	114	13	must	must	AUX
faba-45	114	14	well	well	ADV
faba-45	114	15	know	know	VERB
faba-45	114	16	the	the	DET
faba-45	114	17	core	core	NOUN
faba-45	114	18	business	business	NOUN
faba-45	114	19	of	of	ADP
faba-45	114	20	the	the	DET
faba-45	114	21	chosen	choose	VERB
faba-45	114	22	companies	company	NOUN
faba-45	114	23	and	and	CCONJ
faba-45	114	24	exert	exert	VERB
faba-45	114	25	continuous	continuous	ADJ
faba-45	114	26	control	control	NOUN
faba-45	114	27	on	on	ADP
faba-45	114	28	them	they	PRON
faba-45	114	29	.	.	PUNCT
faba-45	115	1	both	both	PRON
faba-45	115	2	stated	state	VERB
faba-45	115	3	arguments	argument	NOUN
faba-45	115	4	against	against	ADP
faba-45	115	5	the	the	DET
faba-45	115	6	funded	fund	VERB
faba-45	115	7	component	component	NOUN
faba-45	115	8	of	of	ADP
faba-45	115	9	the	the	DET
faba-45	115	10	pension	pension	NOUN
faba-45	115	11	system	system	NOUN
faba-45	115	12	are	be	AUX
faba-45	115	13	not	not	PART
faba-45	115	14	of	of	ADP
faba-45	115	15	such	such	ADJ
faba-45	115	16	scale	scale	NOUN
faba-45	115	17	to	to	PART
faba-45	115	18	undermine	undermine	VERB
faba-45	115	19	the	the	DET
faba-45	115	20	idea	idea	NOUN
faba-45	115	21	that	that	SCONJ
faba-45	115	22	funded	fund	VERB
faba-45	115	23	elements	element	NOUN
faba-45	115	24	could	could	AUX
faba-45	115	25	contribute	contribute	VERB
faba-45	115	26	to	to	ADP
faba-45	115	27	the	the	DET
faba-45	115	28	sustainability	sustainability	NOUN
faba-45	115	29	of	of	ADP
faba-45	115	30	the	the	DET
faba-45	115	31	pension	pension	NOUN
faba-45	115	32	system	system	NOUN
faba-45	115	33	in	in	ADP
faba-45	115	34	the	the	DET
faba-45	115	35	country	country	NOUN
faba-45	115	36	.	.	PUNCT
faba-45	116	1	at	at	ADP
faba-45	116	2	the	the	DET
faba-45	116	3	same	same	ADJ
faba-45	116	4	time	time	NOUN
faba-45	116	5	there	there	PRON
faba-45	116	6	are	be	VERB
faba-45	116	7	some	some	DET
faba-45	116	8	additional	additional	ADJ
faba-45	116	9	reforms	reform	NOUN
faba-45	116	10	that	that	PRON
faba-45	116	11	must	must	AUX
faba-45	116	12	be	be	AUX
faba-45	116	13	done	do	VERB
faba-45	116	14	as	as	ADV
faba-45	116	15	soon	soon	ADV
faba-45	116	16	as	as	ADP
faba-45	116	17	possible	possible	ADJ
faba-45	116	18	if	if	SCONJ
faba-45	116	19	funded	funded	ADJ
faba-45	116	20	component	component	NOUN
faba-45	116	21	is	be	AUX
faba-45	116	22	seen	see	VERB
faba-45	116	23	as	as	ADP
faba-45	116	24	a	a	DET
faba-45	116	25	long	long	ADJ
faba-45	116	26	-	-	PUNCT
faba-45	116	27	term	term	NOUN
faba-45	116	28	solution	solution	NOUN
faba-45	116	29	of	of	ADP
faba-45	116	30	the	the	DET
faba-45	116	31	current	current	ADJ
faba-45	116	32	systemic	systemic	ADJ
faba-45	116	33	problems	problem	NOUN
faba-45	116	34	of	of	ADP
faba-45	116	35	the	the	DET
faba-45	116	36	pension	pension	NOUN
faba-45	116	37	system	system	NOUN
faba-45	116	38	.	.	PUNCT
faba-45	117	1	first	first	ADV
faba-45	117	2	,	,	PUNCT
faba-45	117	3	bulgarian	bulgarian	ADJ
faba-45	117	4	pension	pension	NOUN
faba-45	117	5	insurance	insurance	NOUN
faba-45	117	6	companies	company	NOUN
faba-45	117	7	keep	keep	VERB
faba-45	117	8	on	on	ADP
faba-45	117	9	managing	manage	VERB
faba-45	117	10	just	just	ADV
faba-45	117	11	one	one	NUM
faba-45	117	12	portfolio	portfolio	NOUN
faba-45	117	13	of	of	ADP
faba-45	117	14	assets	asset	NOUN
faba-45	117	15	without	without	ADP
faba-45	117	16	considering	consider	VERB
faba-45	117	17	the	the	DET
faba-45	117	18	investment	investment	NOUN
faba-45	117	19	horizon	horizon	NOUN
faba-45	117	20	of	of	ADP
faba-45	117	21	the	the	DET
faba-45	117	22	insured	insure	VERB
faba-45	117	23	individuals	individual	NOUN
faba-45	117	24	.	.	PUNCT
faba-45	118	1	the	the	DET
faba-45	118	2	so	so	ADV
faba-45	118	3	called	call	VERB
faba-45	118	4	multi	multi	ADJ
faba-45	118	5	-	-	ADJ
faba-45	118	6	fund	fund	ADJ
faba-45	118	7	system	system	NOUN
faba-45	118	8	has	have	AUX
faba-45	118	9	been	be	AUX
faba-45	118	10	discussed	discuss	VERB
faba-45	118	11	for	for	ADP
faba-45	118	12	a	a	DET
faba-45	118	13	decade	decade	NOUN
faba-45	118	14	and	and	CCONJ
faba-45	118	15	it	it	PRON
faba-45	118	16	is	be	AUX
faba-45	118	17	still	still	ADV
faba-45	118	18	not	not	PART
faba-45	118	19	introduced	introduce	VERB
faba-45	118	20	in	in	ADP
faba-45	118	21	practice	practice	NOUN
faba-45	118	22	.	.	PUNCT
faba-45	119	1	second	second	ADV
faba-45	119	2	,	,	PUNCT
faba-45	119	3	the	the	DET
faba-45	119	4	pay	pay	VERB
faba-45	119	5	-	-	PUNCT
faba-45	119	6	out	out	ADP
faba-45	119	7	phase	phase	NOUN
faba-45	119	8	of	of	ADP
faba-45	119	9	the	the	DET
faba-45	119	10	universal	universal	ADJ
faba-45	119	11	pension	pension	NOUN
faba-45	119	12	funds	fund	NOUN
faba-45	119	13	must	must	AUX
faba-45	119	14	be	be	AUX
faba-45	119	15	elaborated	elaborate	VERB
faba-45	119	16	in	in	ADP
faba-45	119	17	detail	detail	NOUN
faba-45	119	18	in	in	ADP
faba-45	119	19	the	the	DET
faba-45	119	20	next	next	ADJ
faba-45	119	21	few	few	ADJ
faba-45	119	22	months	month	NOUN
faba-45	119	23	.	.	PUNCT
faba-45	120	1	the	the	DET
faba-45	120	2	first	first	ADJ
faba-45	120	3	insured	insure	VERB
faba-45	120	4	individuals	individual	NOUN
faba-45	120	5	that	that	PRON
faba-45	120	6	have	have	VERB
faba-45	120	7	right	right	NOUN
faba-45	120	8	to	to	PART
faba-45	120	9	receive	receive	VERB
faba-45	120	10	pension	pension	NOUN
faba-45	120	11	benefits	benefit	NOUN
faba-45	120	12	by	by	ADP
faba-45	120	13	the	the	DET
faba-45	120	14	second	second	ADJ
faba-45	120	15	pillar	pillar	NOUN
faba-45	120	16	pension	pension	NOUN
faba-45	120	17	funds	fund	NOUN
faba-45	120	18	are	be	AUX
faba-45	120	19	going	go	VERB
faba-45	120	20	to	to	PART
faba-45	120	21	retire	retire	VERB
faba-45	120	22	in	in	ADP
faba-45	120	23	2021	2021	NUM
faba-45	120	24	.	.	PUNCT
faba-45	121	1	there	there	PRON
faba-45	121	2	is	be	VERB
faba-45	121	3	still	still	ADV
faba-45	121	4	legislative	legislative	ADJ
faba-45	121	5	vacuum	vacuum	NOUN
faba-45	121	6	on	on	ADP
faba-45	121	7	this	this	DET
faba-45	121	8	very	very	ADV
faba-45	121	9	important	important	ADJ
faba-45	121	10	and	and	CCONJ
faba-45	121	11	specific	specific	ADJ
faba-45	121	12	issue	issue	NOUN
faba-45	121	13	.	.	PUNCT
faba-45	122	1	third	third	ADJ
faba-45	122	2	,	,	PUNCT
faba-45	122	3	if	if	SCONJ
faba-45	122	4	pension	pension	NOUN
faba-45	122	5	funds	fund	NOUN
faba-45	122	6	are	be	AUX
faba-45	122	7	to	to	PART
faba-45	122	8	be	be	AUX
faba-45	122	9	used	use	VERB
faba-45	122	10	as	as	ADP
faba-45	122	11	an	an	DET
faba-45	122	12	element	element	NOUN
faba-45	122	13	of	of	ADP
faba-45	122	14	the	the	DET
faba-45	122	15	long	long	ADJ
faba-45	122	16	-	-	PUNCT
faba-45	122	17	term	term	NOUN
faba-45	122	18	future	future	NOUN
faba-45	122	19	of	of	ADP
faba-45	122	20	the	the	DET
faba-45	122	21	bulgarian	bulgarian	ADJ
faba-45	122	22	pension	pension	NOUN
faba-45	122	23	system	system	NOUN
faba-45	122	24	,	,	PUNCT
faba-45	122	25	there	there	PRON
faba-45	122	26	is	be	VERB
faba-45	122	27	a	a	DET
faba-45	122	28	clear	clear	ADJ
faba-45	122	29	need	need	NOUN
faba-45	122	30	to	to	PART
faba-45	122	31	reduce	reduce	VERB
faba-45	122	32	the	the	DET
faba-45	122	33	political	political	ADJ
faba-45	122	34	risk	risk	NOUN
faba-45	122	35	on	on	ADP
faba-45	122	36	which	which	PRON
faba-45	122	37	they	they	PRON
faba-45	122	38	are	be	AUX
faba-45	122	39	currently	currently	ADV
faba-45	122	40	exposed	expose	VERB
faba-45	122	41	.	.	PUNCT
faba-45	123	1	after	after	ADP
faba-45	123	2	almost	almost	ADV
faba-45	123	3	two	two	NUM
faba-45	123	4	decades	decade	NOUN
faba-45	123	5	of	of	ADP
faba-45	123	6	operation	operation	NOUN
faba-45	123	7	it	it	PRON
faba-45	123	8	became	become	VERB
faba-45	123	9	2	2	NUM
faba-45	123	10	tough	tough	ADJ
faba-45	123	11	regulation	regulation	NOUN
faba-45	123	12	rules	rule	NOUN
faba-45	123	13	,	,	PUNCT
faba-45	123	14	2008	2008	NUM
faba-45	123	15	financial	financial	ADJ
faba-45	123	16	crises	crisis	NOUN
faba-45	123	17	,	,	PUNCT
faba-45	123	18	the	the	DET
faba-45	123	19	policy	policy	NOUN
faba-45	123	20	of	of	ADP
faba-45	123	21	zero	zero	NUM
faba-45	123	22	interest	interest	NOUN
faba-45	123	23	rates	rate	NOUN
faba-45	123	24	promoted	promote	VERB
faba-45	123	25	by	by	ADP
faba-45	123	26	the	the	DET
faba-45	123	27	central	central	ADJ
faba-45	123	28	banks	bank	NOUN
faba-45	123	29	in	in	ADP
faba-45	123	30	the	the	DET
faba-45	123	31	last	last	ADJ
faba-45	123	32	years	year	NOUN
faba-45	123	33	.	.	PUNCT
faba-45	124	1	jeko	jeko	NOUN
faba-45	124	2	nikolaev	nikolaev	ADV
faba-45	124	3	milev	milev	NOUN
faba-45	124	4	/	/	SYM
faba-45	124	5	finance	finance	NOUN
faba-45	124	6	,	,	PUNCT
faba-45	124	7	accounting	accounting	NOUN
faba-45	124	8	and	and	CCONJ
faba-45	124	9	business	business	NOUN
faba-45	124	10	analysis	analysis	NOUN
faba-45	124	11	2	2	NUM
faba-45	124	12	(	(	PUNCT
faba-45	124	13	2	2	NUM
faba-45	124	14	)	)	PUNCT
faba-45	124	15	2020	2020	NUM
faba-45	124	16	118	118	NUM
faba-45	124	17	obvious	obvious	ADJ
faba-45	124	18	that	that	SCONJ
faba-45	124	19	private	private	ADJ
faba-45	124	20	pension	pension	NOUN
faba-45	124	21	companies	company	NOUN
faba-45	124	22	are	be	AUX
faba-45	124	23	exposed	expose	VERB
faba-45	124	24	to	to	ADP
faba-45	124	25	a	a	DET
faba-45	124	26	significant	significant	ADJ
faba-45	124	27	political	political	ADJ
faba-45	124	28	risk	risk	NOUN
faba-45	124	29	as	as	ADV
faba-45	124	30	well	well	ADV
faba-45	124	31	.	.	PUNCT
faba-45	125	1	the	the	DET
faba-45	125	2	ruling	rule	VERB
faba-45	125	3	political	political	ADJ
faba-45	125	4	party	party	NOUN
faba-45	125	5	can	can	AUX
faba-45	125	6	change	change	VERB
faba-45	125	7	the	the	DET
faba-45	125	8	rules	rule	NOUN
faba-45	125	9	of	of	ADP
faba-45	125	10	the	the	DET
faba-45	125	11	game	game	NOUN
faba-45	125	12	in	in	ADP
faba-45	125	13	such	such	DET
faba-45	125	14	a	a	DET
faba-45	125	15	way	way	NOUN
faba-45	125	16	that	that	PRON
faba-45	125	17	it	it	PRON
faba-45	125	18	can	can	AUX
faba-45	125	19	motivate	motivate	VERB
faba-45	125	20	insured	insured	ADJ
faba-45	125	21	individuals	individual	NOUN
faba-45	125	22	to	to	PART
faba-45	125	23	replace	replace	VERB
faba-45	125	24	their	their	PRON
faba-45	125	25	insurance	insurance	NOUN
faba-45	125	26	from	from	ADP
faba-45	125	27	one	one	NUM
faba-45	125	28	pillar	pillar	NOUN
faba-45	125	29	into	into	ADP
faba-45	125	30	the	the	DET
faba-45	125	31	other	other	ADJ
faba-45	125	32	and	and	CCONJ
faba-45	125	33	vice	vice	ADV
faba-45	125	34	versa	versa	ADV
faba-45	125	35	.	.	PUNCT
faba-45	126	1	the	the	DET
faba-45	126	2	pension	pension	NOUN
faba-45	126	3	system	system	NOUN
faba-45	126	4	in	in	ADP
faba-45	126	5	the	the	DET
faba-45	126	6	country	country	NOUN
faba-45	126	7	is	be	AUX
faba-45	126	8	exposed	expose	VERB
faba-45	126	9	to	to	ADP
faba-45	126	10	a	a	DET
faba-45	126	11	few	few	ADJ
faba-45	126	12	risks	risk	NOUN
faba-45	126	13	but	but	CCONJ
faba-45	126	14	the	the	DET
faba-45	126	15	political	political	ADJ
faba-45	126	16	one	one	NOUN
faba-45	126	17	seems	seem	VERB
faba-45	126	18	to	to	PART
faba-45	126	19	be	be	AUX
faba-45	126	20	the	the	DET
faba-45	126	21	most	most	ADV
faba-45	126	22	important	important	ADJ
faba-45	126	23	one	one	NUM
faba-45	126	24	.	.	PUNCT
faba-45	127	1	the	the	DET
faba-45	127	2	wish	wish	NOUN
faba-45	127	3	for	for	ADP
faba-45	127	4	attracting	attract	VERB
faba-45	127	5	voters	voter	NOUN
faba-45	127	6	in	in	ADP
faba-45	127	7	the	the	DET
faba-45	127	8	short	short	ADJ
faba-45	127	9	term	term	NOUN
faba-45	127	10	makes	make	VERB
faba-45	127	11	politicians	politician	NOUN
faba-45	127	12	avoid	avoid	VERB
faba-45	127	13	important	important	ADJ
faba-45	127	14	but	but	CCONJ
faba-45	127	15	sometimes	sometimes	ADV
faba-45	127	16	painful	painful	ADJ
faba-45	127	17	reforms	reform	NOUN
faba-45	127	18	.	.	PUNCT
faba-45	128	1	if	if	SCONJ
faba-45	128	2	the	the	DET
faba-45	128	3	above	above	ADV
faba-45	128	4	mentioned	mention	VERB
faba-45	128	5	issues	issue	NOUN
faba-45	128	6	are	be	AUX
faba-45	128	7	effectively	effectively	ADV
faba-45	128	8	addressed	address	VERB
faba-45	128	9	,	,	PUNCT
faba-45	128	10	then	then	ADV
faba-45	128	11	funded	funded	ADJ
faba-45	128	12	component	component	NOUN
faba-45	128	13	of	of	ADP
faba-45	128	14	the	the	DET
faba-45	128	15	pension	pension	NOUN
faba-45	128	16	insurance	insurance	NOUN
faba-45	128	17	could	could	AUX
faba-45	128	18	be	be	AUX
faba-45	128	19	seen	see	VERB
faba-45	128	20	more	more	ADV
faba-45	128	21	obviously	obviously	ADV
faba-45	128	22	as	as	ADP
faba-45	128	23	supplementary	supplementary	ADJ
faba-45	128	24	part	part	NOUN
faba-45	128	25	of	of	ADP
faba-45	128	26	the	the	DET
faba-45	128	27	payg	payg	NOUN
faba-45	128	28	system	system	NOUN
faba-45	128	29	in	in	ADP
faba-45	128	30	the	the	DET
faba-45	128	31	long	long	ADJ
faba-45	128	32	term	term	NOUN
faba-45	128	33	.	.	PUNCT
faba-45	129	1	and	and	CCONJ
faba-45	129	2	only	only	ADV
faba-45	129	3	if	if	SCONJ
faba-45	129	4	each	each	PRON
faba-45	129	5	of	of	ADP
faba-45	129	6	the	the	DET
faba-45	129	7	pillars	pillar	NOUN
faba-45	129	8	of	of	ADP
faba-45	129	9	the	the	DET
faba-45	129	10	pension	pension	NOUN
faba-45	129	11	system	system	NOUN
faba-45	129	12	in	in	ADP
faba-45	129	13	bulgaria	bulgaria	PROPN
faba-45	129	14	continue	continue	VERB
faba-45	129	15	to	to	PART
faba-45	129	16	exist	exist	VERB
faba-45	129	17	,	,	PUNCT
faba-45	129	18	the	the	DET
faba-45	129	19	sustainability	sustainability	NOUN
faba-45	129	20	of	of	ADP
faba-45	129	21	the	the	DET
faba-45	129	22	system	system	NOUN
faba-45	129	23	is	be	AUX
faba-45	129	24	to	to	PART
faba-45	129	25	be	be	AUX
faba-45	129	26	raised	raise	VERB
faba-45	129	27	for	for	ADP
faba-45	129	28	the	the	DET
faba-45	129	29	next	next	ADJ
faba-45	129	30	generation	generation	NOUN
faba-45	129	31	retirees	retiree	NOUN
faba-45	129	32	.	.	PUNCT
faba-45	130	1	conclusion	conclusion	NOUN
faba-45	130	2	bulgarian	bulgarian	ADJ
faba-45	130	3	pension	pension	NOUN
faba-45	130	4	insurance	insurance	NOUN
faba-45	130	5	system	system	NOUN
faba-45	130	6	has	have	VERB
faba-45	130	7	a	a	DET
faba-45	130	8	modern	modern	ADJ
faba-45	130	9	structure	structure	NOUN
faba-45	130	10	but	but	CCONJ
faba-45	130	11	at	at	ADP
faba-45	130	12	the	the	DET
faba-45	130	13	same	same	ADJ
faba-45	130	14	time	time	NOUN
faba-45	130	15	its	its	PRON
faba-45	130	16	sustainability	sustainability	NOUN
faba-45	130	17	in	in	ADP
faba-45	130	18	the	the	DET
faba-45	130	19	long	long	ADJ
faba-45	130	20	term	term	NOUN
faba-45	130	21	is	be	AUX
faba-45	130	22	problematic	problematic	ADJ
faba-45	130	23	.	.	PUNCT
faba-45	131	1	the	the	DET
faba-45	131	2	worsening	worsen	VERB
faba-45	131	3	demographic	demographic	ADJ
faba-45	131	4	structure	structure	NOUN
faba-45	131	5	deteriorates	deteriorate	VERB
faba-45	131	6	the	the	DET
faba-45	131	7	pay	pay	VERB
faba-45	131	8	-	-	PUNCT
faba-45	131	9	as	as	SCONJ
faba-45	131	10	-	-	PUNCT
faba-45	131	11	you	you	PRON
faba-45	131	12	-	-	PUNCT
faba-45	131	13	go	go	VERB
faba-45	131	14	part	part	NOUN
faba-45	131	15	of	of	ADP
faba-45	131	16	the	the	DET
faba-45	131	17	system	system	NOUN
faba-45	131	18	.	.	PUNCT
faba-45	132	1	at	at	ADP
faba-45	132	2	the	the	DET
faba-45	132	3	same	same	ADJ
faba-45	132	4	time	time	NOUN
faba-45	132	5	,	,	PUNCT
faba-45	132	6	many	many	ADJ
faba-45	132	7	delayed	delay	VERB
faba-45	132	8	reforms	reform	NOUN
faba-45	132	9	regarding	regard	VERB
faba-45	132	10	the	the	DET
faba-45	132	11	pension	pension	NOUN
faba-45	132	12	funds	fund	NOUN
faba-45	132	13	in	in	ADP
faba-45	132	14	the	the	DET
faba-45	132	15	country	country	NOUN
faba-45	132	16	make	make	VERB
faba-45	132	17	them	they	PRON
faba-45	132	18	vulnerable	vulnerable	ADJ
faba-45	132	19	on	on	ADP
faba-45	132	20	current	current	ADJ
faba-45	132	21	market	market	NOUN
faba-45	132	22	conditions	condition	NOUN
faba-45	132	23	and	and	CCONJ
faba-45	132	24	populist	populist	ADJ
faba-45	132	25	political	political	ADJ
faba-45	132	26	decisions	decision	NOUN
faba-45	132	27	.	.	PUNCT
faba-45	133	1	if	if	SCONJ
faba-45	133	2	adequate	adequate	ADJ
faba-45	133	3	pension	pension	NOUN
faba-45	133	4	amounts	amount	NOUN
faba-45	133	5	are	be	AUX
faba-45	133	6	set	set	VERB
faba-45	133	7	to	to	PART
faba-45	133	8	be	be	AUX
faba-45	133	9	an	an	DET
faba-45	133	10	important	important	ADJ
faba-45	133	11	goal	goal	NOUN
faba-45	133	12	for	for	ADP
faba-45	133	13	the	the	DET
faba-45	133	14	future	future	ADJ
faba-45	133	15	generation	generation	NOUN
faba-45	133	16	retirees	retiree	NOUN
faba-45	133	17	,	,	PUNCT
faba-45	133	18	then	then	ADV
faba-45	133	19	all	all	DET
faba-45	133	20	pillars	pillar	NOUN
faba-45	133	21	of	of	ADP
faba-45	133	22	the	the	DET
faba-45	133	23	pension	pension	NOUN
faba-45	133	24	system	system	NOUN
faba-45	133	25	are	be	AUX
faba-45	133	26	needed	need	VERB
faba-45	133	27	.	.	PUNCT
faba-45	134	1	current	current	ADJ
faba-45	134	2	workers	worker	NOUN
faba-45	134	3	’	'	PUNCT
faba-45	134	4	savings	saving	NOUN
faba-45	134	5	are	be	AUX
faba-45	134	6	going	go	VERB
faba-45	134	7	to	to	PART
faba-45	134	8	be	be	AUX
faba-45	134	9	an	an	DET
faba-45	134	10	important	important	ADJ
faba-45	134	11	part	part	NOUN
faba-45	134	12	of	of	ADP
faba-45	134	13	their	their	PRON
faba-45	134	14	future	future	ADJ
faba-45	134	15	income	income	NOUN
faba-45	134	16	.	.	PUNCT
faba-45	135	1	pension	pension	NOUN
faba-45	135	2	funds	fund	NOUN
faba-45	135	3	could	could	AUX
faba-45	135	4	be	be	AUX
faba-45	135	5	viewed	view	VERB
faba-45	135	6	as	as	ADP
faba-45	135	7	only	only	ADV
faba-45	135	8	one	one	NUM
faba-45	135	9	of	of	ADP
faba-45	135	10	the	the	DET
faba-45	135	11	possible	possible	ADJ
faba-45	135	12	vehicles	vehicle	NOUN
faba-45	135	13	for	for	ADP
faba-45	135	14	saving	saving	NOUN
faba-45	135	15	,	,	PUNCT
faba-45	135	16	but	but	CCONJ
faba-45	135	17	currently	currently	ADV
faba-45	135	18	they	they	PRON
faba-45	135	19	are	be	AUX
faba-45	135	20	among	among	ADP
faba-45	135	21	the	the	DET
faba-45	135	22	most	most	ADV
faba-45	135	23	transparent	transparent	ADJ
faba-45	135	24	financial	financial	ADJ
faba-45	135	25	institutions	institution	NOUN
faba-45	135	26	in	in	ADP
faba-45	135	27	the	the	DET
faba-45	135	28	country	country	NOUN
faba-45	135	29	and	and	CCONJ
faba-45	135	30	if	if	SCONJ
faba-45	135	31	policymakers	policymaker	NOUN
faba-45	135	32	manage	manage	VERB
faba-45	135	33	to	to	PART
faba-45	135	34	raise	raise	VERB
faba-45	135	35	their	their	PRON
faba-45	135	36	efficiency	efficiency	NOUN
faba-45	135	37	by	by	ADP
faba-45	135	38	implementing	implement	VERB
faba-45	135	39	some	some	DET
faba-45	135	40	additional	additional	ADJ
faba-45	135	41	reforms	reform	NOUN
faba-45	135	42	,	,	PUNCT
faba-45	135	43	they	they	PRON
faba-45	135	44	could	could	AUX
faba-45	135	45	really	really	ADV
faba-45	135	46	turn	turn	VERB
faba-45	135	47	into	into	ADP
faba-45	135	48	a	a	DET
faba-45	135	49	crucial	crucial	ADJ
faba-45	135	50	element	element	NOUN
faba-45	135	51	of	of	ADP
faba-45	135	52	the	the	DET
faba-45	135	53	future	future	ADJ
faba-45	135	54	pension	pension	NOUN
faba-45	135	55	system	system	NOUN
faba-45	135	56	in	in	ADP
faba-45	135	57	bulgaria	bulgaria	PROPN
faba-45	135	58	.	.	PUNCT
faba-45	136	1	references	reference	NOUN
faba-45	136	2	blake	blake	PROPN
faba-45	136	3	,	,	PUNCT
faba-45	136	4	d.	d.	PROPN
faba-45	136	5	(	(	PUNCT
faba-45	136	6	2006	2006	NUM
faba-45	136	7	)	)	PUNCT
faba-45	136	8	.	.	PUNCT
faba-45	137	1	pension	pension	NOUN
faba-45	137	2	finance	finance	NOUN
faba-45	137	3	.	.	PUNCT
faba-45	138	1	uk	uk	PROPN
faba-45	138	2	:	:	PUNCT
faba-45	138	3	john	john	PROPN
faba-45	138	4	willey	willey	PROPN
faba-45	138	5	&	&	CCONJ
faba-45	138	6	sons	sons	PROPN
faba-45	138	7	ltd	ltd	PROPN
faba-45	138	8	,	,	PUNCT
faba-45	138	9	.	.	PUNCT
faba-45	139	1	daneva	daneva	PROPN
faba-45	139	2	,	,	PUNCT
faba-45	139	3	i.	i.	PROPN
faba-45	139	4	(	(	PUNCT
faba-45	139	5	2018	2018	NUM
faba-45	139	6	)	)	PUNCT
faba-45	139	7	.	.	PUNCT
faba-45	140	1	insurance	insurance	NOUN
faba-45	140	2	and	and	CCONJ
faba-45	140	3	insurance	insurance	NOUN
faba-45	140	4	market	market	NOUN
faba-45	140	5	,	,	PUNCT
faba-45	140	6	new	new	ADJ
faba-45	140	7	bulgarian	bulgarian	PROPN
faba-45	140	8	university	university	PROPN
faba-45	140	9	davis	davis	PROPN
faba-45	140	10	,	,	PUNCT
faba-45	140	11	e.p	e.p	PROPN
faba-45	140	12	.	.	PROPN
faba-45	140	13	(	(	PUNCT
faba-45	140	14	1995	1995	NUM
faba-45	140	15	)	)	PUNCT
faba-45	140	16	.	.	PUNCT
faba-45	141	1	pension	pension	NOUN
faba-45	141	2	funds	fund	NOUN
faba-45	141	3	retirement	retirement	PROPN
faba-45	141	4	income	income	NOUN
faba-45	141	5	security	security	NOUN
faba-45	141	6	and	and	CCONJ
faba-45	141	7	capital	capital	NOUN
faba-45	141	8	markets	market	NOUN
faba-45	141	9	.	.	PUNCT
faba-45	142	1	an	an	DET
faba-45	142	2	international	international	ADJ
faba-45	142	3	perspective	perspective	NOUN
faba-45	142	4	.	.	PUNCT
faba-45	143	1	uk	uk	PROPN
faba-45	143	2	:	:	PUNCT
faba-45	143	3	oxford	oxford	PROPN
faba-45	143	4	university	university	PROPN
faba-45	143	5	press	press	NOUN
faba-45	143	6	.	.	PUNCT
faba-45	144	1	european	european	PROPN
faba-45	144	2	commission	commission	PROPN
faba-45	144	3	(	(	PUNCT
faba-45	144	4	2018	2018	NUM
faba-45	144	5	)	)	PUNCT
faba-45	144	6	.	.	PUNCT
faba-45	145	1	pension	pension	NOUN
faba-45	145	2	adequacy	adequacy	NOUN
faba-45	145	3	report	report	NOUN
faba-45	145	4	2018	2018	NUM
faba-45	145	5	,	,	PUNCT
faba-45	145	6	current	current	ADJ
faba-45	145	7	and	and	CCONJ
faba-45	145	8	future	future	ADJ
faba-45	145	9	income	income	NOUN
faba-45	145	10	adequacy	adequacy	NOUN
faba-45	145	11	in	in	ADP
faba-45	145	12	old	old	ADJ
faba-45	145	13	age	age	NOUN
faba-45	145	14	in	in	ADP
faba-45	145	15	eu	eu	PROPN
faba-45	145	16	,	,	PUNCT
faba-45	145	17	volume	volume	NOUN
faba-45	145	18	2	2	NUM
faba-45	145	19	–	–	PUNCT
faba-45	145	20	country	country	NOUN
faba-45	145	21	profiles	profile	NOUN
faba-45	145	22	,	,	PUNCT
faba-45	145	23	publications	publication	NOUN
faba-45	145	24	office	office	NOUN
faba-45	145	25	of	of	ADP
faba-45	145	26	eu	eu	PROPN
faba-45	145	27	.	.	PROPN
faba-45	145	28	gochev	gochev	PROPN
faba-45	145	29	,	,	PUNCT
faba-45	145	30	g.	g.	PROPN
faba-45	145	31	,	,	PUNCT
faba-45	145	32	manov	manov	PROPN
faba-45	145	33	,	,	PUNCT
faba-45	145	34	b.	b.	PROPN
faba-45	145	35	(	(	PUNCT
faba-45	145	36	2003	2003	NUM
faba-45	145	37	)	)	PUNCT
faba-45	145	38	.	.	PUNCT
faba-45	146	1	social	social	ADJ
faba-45	146	2	security	security	NOUN
faba-45	146	3	–	–	PUNCT
faba-45	146	4	theory	theory	NOUN
faba-45	146	5	and	and	CCONJ
faba-45	146	6	practice	practice	NOUN
faba-45	146	7	,	,	PUNCT
faba-45	146	8	trakia	trakia	NOUN
faba-45	146	9	m	m	PROPN
faba-45	146	10	,	,	PUNCT
faba-45	146	11	bulgaria	bulgaria	PROPN
faba-45	146	12	orszag	orszag	PROPN
faba-45	146	13	,	,	PUNCT
faba-45	146	14	p.	p.	NOUN
faba-45	146	15	,	,	PUNCT
faba-45	146	16	stigliz	stigliz	NOUN
faba-45	146	17	,	,	PUNCT
faba-45	146	18	j.	j.	PROPN
faba-45	146	19	(	(	PUNCT
faba-45	146	20	2001	2001	NUM
faba-45	146	21	)	)	PUNCT
faba-45	146	22	rethinking	rethink	VERB
faba-45	146	23	pension	pension	NOUN
faba-45	146	24	reform	reform	NOUN
faba-45	146	25	:	:	PUNCT
faba-45	146	26	ten	ten	NUM
faba-45	146	27	myths	myth	NOUN
faba-45	146	28	about	about	ADP
faba-45	146	29	social	social	ADJ
faba-45	146	30	security	security	NOUN
faba-45	146	31	systems	system	NOUN
faba-45	146	32	,	,	PUNCT
faba-45	146	33	the	the	DET
faba-45	146	34	world	world	PROPN
faba-45	146	35	bank	bank	PROPN
faba-45	146	36	szczepanski	szczepanski	PROPN
faba-45	146	37	m	m	PROPN
faba-45	146	38	(	(	PUNCT
faba-45	146	39	2015	2015	NUM
faba-45	146	40	)	)	PUNCT
faba-45	146	41	barriers	barrier	NOUN
faba-45	146	42	and	and	CCONJ
faba-45	146	43	drivers	driver	NOUN
faba-45	146	44	of	of	ADP
faba-45	146	45	development	development	NOUN
faba-45	146	46	of	of	ADP
faba-45	146	47	occupational	occupational	ADJ
faba-45	146	48	pension	pension	NOUN
faba-45	146	49	schemes	scheme	NOUN
faba-45	146	50	in	in	ADP
faba-45	146	51	poland	poland	PROPN
faba-45	146	52	,	,	PUNCT
faba-45	146	53	poland	poland	PROPN
faba-45	146	54	,	,	PUNCT
faba-45	146	55	publishing	publish	VERB
faba-45	146	56	house	house	NOUN
faba-45	146	57	of	of	ADP
faba-45	146	58	put	put	VERB
faba-45	146	59	social	social	ADJ
faba-45	146	60	security	security	NOUN
faba-45	146	61	code	code	NOUN
faba-45	146	62	,	,	PUNCT
faba-45	146	63	promulgated	promulgate	VERB
faba-45	146	64	state	state	NOUN
faba-45	146	65	gazette	gazette	NOUN
faba-45	146	66	,	,	PUNCT
faba-45	146	67	no	no	INTJ
faba-45	146	68	.	.	NOUN
faba-45	146	69	110/17.12.1999	110/17.12.1999	NUM
faba-45	146	70	,	,	PUNCT
faba-45	146	71	effective	effective	ADJ
faba-45	146	72	1.01.2000	1.01.2000	NUM
faba-45	146	73	.	.	PUNCT
faba-45	147	1	world	world	PROPN
faba-45	147	2	bank	bank	PROPN
faba-45	147	3	(	(	PUNCT
faba-45	147	4	1994	1994	NUM
faba-45	147	5	)	)	PUNCT
faba-45	147	6	averting	avert	VERB
faba-45	147	7	the	the	DET
faba-45	147	8	old	old	ADJ
faba-45	147	9	age	age	NOUN
faba-45	147	10	crisis	crisis	NOUN
faba-45	147	11	:	:	PUNCT
faba-45	147	12	policies	policy	NOUN
faba-45	147	13	to	to	PART
faba-45	147	14	protect	protect	VERB
faba-45	147	15	the	the	DET
faba-45	147	16	old	old	ADJ
faba-45	147	17	and	and	CCONJ
faba-45	147	18	promote	promote	VERB
faba-45	147	19	growth	growth	NOUN
faba-45	147	20	.	.	PUNCT
faba-45	148	1	new	new	PROPN
faba-45	148	2	york	york	PROPN
faba-45	148	3	,	,	PUNCT
faba-45	148	4	n.y	n.y	PROPN
faba-45	148	5	.	.	PROPN
faba-45	148	6	:	:	PUNCT
faba-45	149	1	oxford	oxford	PROPN
faba-45	149	2	university	university	PROPN
faba-45	149	3	press	press	NOUN