United Nations joint staff pension fund

United Nations joint staff pension fund

110 Views
Added in PENSIONS

Thanks! Share it with your friends!

URL

You disliked this video. Thanks for the feedback!

Sorry, only registred users can create playlists.
URL

Description:

Speakers: Denis Latulippe, Carolyn Kaiser

The United Nations Joint Staff Pension Fund (UNJSPF) is a 60+ year old defined benefit plan providing retirement, disability, and death benefits to over 120,000 staff members of the United Nations and 23 other international organizations. The Fund pays benefits to over 72,000 retires and beneficiaries in over 190 countries in 15 different currencies. Assets are close to 60 billion $US. This paper provides background on the UNJSPF, focusing on the singular aspects of its governance, plan design, and actuarial and funding approach. The governance of the UNJSPF is bifurcated with assets and liabilities managed separately with technical coordination through asset liability management studies. The United Nations General Assembly has ultimate responsibility for the UNJSPF but has created a tripartite Pension Board and a secretariat to administer the Fund. Assets are managed mostly internally, under the responsibility of the United Nations Secretary-General. Key provisions of the UNJSPF consist of a benefit formula based on final average remuneration and service, with some variants regarding accrual rates, retirement age and payout options. In particular, the Fund has a unique two track system which allows retirees to receive benefits in local currency but comparing the value of their original benefit established in US dollars. The UNJSPF actuarial approach includes establishing its own actuarial assumptions, long-term open group funding method and sophisticated approach to determining the value of its two track system. There is an objective of maintaining constant the contribution rate. Finally, a Committee of Actuaries, as well as an Investment Committee and an Audit Committee are involved to assist the stakeholders.

Post your comment

Sign in or sign up to post comments.
Be the first to comment