-----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. > ######################################################################## To unsubscribe from the FFOA4engWORLD-L list, click the following link: https://listserv.fao.org/cgi-bin/wa?SUBED1=FFOA4engWORLD-L&A=1