-----Original Message-----
From: Alan Prien, President FFOA
>
> Communiqué from the United Nations Joint Staff Pension Board*
>
> At the conclusion of the 63rd UN Joint Staff Pension Board meeting
> that took place at the IAEA Headquarters in Vienna, Austria from the
> 14 - 22 July 2016; following seven days of presentations,
> considerations and debates the Board drafted the following statement for immediate release.
>
> Vienna, Austria: 22 July 2016 - The United Nations Joint Staff Pension
> Fund is in a sound financial position and has a positive actuarial
> status as confirmed by the Consulting Actuary and Committee of
> Actuaries. As at 21 July 2016 the assets of the Fund were valued at
> US$ 54.2 billion. The members of the Board want to reassure the
> participants, the retirees and the beneficiaries that the Fund is able
> to meet its pension and benefit payment obligations over the long term.
>
> The Fund's investments adhere to the criteria of Safety, Liquidity,
> Convertibility, and Profitability as established by the UN General
> Assembly, and the long-term rate of return investment objective of the
> Fund is 3.5%. This criteria and rate ensure that the Fund is invested
> conservatively.
>
> The Board recognized the adverse impact that the delayed payment of
> pension benefits is having on some new retirees. Aware of the multiple
> causes for these delays, the Board addressed the responsibility of the
> Fund, and supported measures introduced by the Fund to improve
> caseload processing and welcomed initiatives to strengthen client services and communications.
> The Board also took extraordinary measures, approving additional
> temporary resources and accepting that the Fund look into making
> provisional payments. The Board will continue to provide support to
> the management of the Fund and will inform stakeholders of
> developments as these delays are resolved.
>
> The Board welcomed the establishment of the Fund's own financial rules
> along with the updated investment policy (which includes strategic
> asset allocation). In addition, the Board considered a range of
> matters related to the Fund's administration, investments, and oversight.
>
> The Board recognizes and supports the efforts and dedication of the
> Fund's management and staff who fulfil, on a daily basis, a complex
> mandate, serving over 126,000 participants and some 71,000 retirees
> and beneficiaries.
>
> The Board is confident that the Fund is safe and that the Fund's
> future is secure. The Board will meet again in July 2017.
>
> * The United Nations Joint Staff Pension Board administers the Fund
> and is composed of three constituent groups representing Participants,
> Governing Bodies and the Executive Heads with participation of
> representatives of the Federation of Associations of Former
> International Civil Servants and observers. There are numerous checks
> and balances built into the governance of the Fund, including audits
> by internal and external auditors and the Board's Audit Committee.
>
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