On April 13, 2023, the National Council of the Principality of Monaco adopted a law establishing the Caisse Monégasque de Retraite Complémentaire (CMRC), under the impetus of the Federation of Monegasque Companies and the Union of Trade Unions of Monaco. This fund completes the Principality’s retirement insurance system, which was previously affiliated with the French fund Agirc-Arrco since an agreement of 1964. The management of the CMRC will be ensured by boards of directors made up of representatives of employees, employers and government.
The CMRC will take over the management of all periods of activity in Monaco of employees who have not yet asserted their pension rights with Agirc-Arrco. The new supplementary pension scheme will apply to people retiring after January 1, 2024. It mainly concerns private sector employees who work or have worked in Monaco, i.e. nearly 168,000 people according to the Monegasque government. If a retiree has had a mixed career, his periods of activity in France will continue to be managed by Agirc-Arrco.
Finally, according to the government of the Principality, approximately 30,000 people could claim a bonus in their pension, if the amount of the new supplementary pension were to be higher than that granted by Agirc-Arrco. Those concerned will be informed by the CMRC as soon as it is launched.
