The Staff Retirement Plan functions are classified into two main activities:
Pension Benefits administration & Retirement fund management
These activities are detailed as follows:
- maintain the participants and retirees records (registration of new participants, manage basic record keeping and documentations on the active participants and the retirees);
- administer the retirement and benefit authorization process of new retirees, make regular pension payments;
- follow up collection of pension contributions from participants and the Bank;
- administer the financial accounting of the pension fund and transfer surplus capital to the asset manager for investment;
- manage regular communications with participants & retirees, introduce ID cards for the retirees, and set up proper filing & archiving of documents;
- conduct the day-to-day operational and financial business of the Plan, provide administrative and secretarial support to the committees and acts as the official representative of the Plan. Report all activities and performance of the section; and
- manage regular valuations, studies, researches and auditing being carried out on the Plan.
Investment Fund Management
The investment management of the fund involves the following tasks:
- assess the situation of the international financial markets and develop an investment strategy that would take account of the risk and return factors of on pension fund capital;
- communicate and supervise the performance of the external asset manager on its adherence to the investment guidelines;
- undertake researches and analysis to advise the Investment Committee on adequate and appropriate investment strategies;
- assess the liabilities and currency requirements of the Plan with a view of generating corresponding asset growth and currency demands of the Plan;
- advise the Investment Committee regarding the re-balancing of the Plan’s assets and any changes to Investment Policy, and allocation of cash flows;
- prepare Annual and Quarterly Reports on the performance and investment activity of the total resources of the plan for the Steering and Investment Committees;
- advise the Investment Committee on required information systems for the monitoring of the investment and orientation of investment policy decisions;
- manage and supervise the financial movements of the accounts of the Plan; and
- transfer any surplus capital to the Investment Section for accumulation of capital for investment.
The Plan Administrator reports functionally to the Steering Committee and administratively to the human resources management director.
- all organizational units on services related to the Staff Retirement Plan;
- human resources management department on newly recruited staff & update of staff information, contributions, medical information and budgets;
- FFCO on Plan accounts;
- FTRY on cash balances, bank accounts and cash transfers; and
- GECL on rules and regulations, Legal opinions, verification and authentication of legal documents,
- External Asset Manager on investment consultations;
- Scheme Actuary on various actuarial, financial and fund administration issues;
- other multilateral Development Banks on pension scheme administrations; and
- Internal and external auditors on Plan’s operations and finance.