A Brief Note on the 54th FAFICS Council, Bangkok (22-25 July 2024) : Marashetty Seenappa & A.K. Masood Ahmed
The Federation of Associations of Former International Civil Servants (FAFICS) held its 54th Council meeting at the United Nations Conference Centre, ESCAP Bangkok during 22-25 July 2024. A total of 65 member associations 35 participated. This was a hybrid meeting with both virtual and physical attendance.
The Council was presided by Ms Adriana Gomez AFICS Chile, and Mr Jerry Barton as the President of FAFICS. UNJSPF was represented by Ms Rosemarie McClean CEPA (Chief Executive of the Pension Administration and Mr Pedro Guazo the RSG (Representative of the Secretary General).
Key points from the meeting:
The Pension Fund investments are performing well with a Market Value that exceeded USD 92 Billion by 30 June 2024
Acturial Evaluation: As at 31 December 2023, showed a well funded status (to meet all liabilities) and revealed a modest surplus in the required contribution rate (23.02 % PR as against the current CR of 23.70)
The long-term (15 year) absolute return was 3.6% as against a policy bench mark of 3.5 %.
The actuary predicts the fund solvency to be at least 50 years if the funding, funding ratios and Fund performance continues to be positive
UNJSPF served a total of 235,800 members (both active staff and retirees)
FAFICS will continue to appraise the Pension Board of its key priorities such as the Minimum pensions, small pensions and about the long-standing balance of 0.5% Cost of Living Adjustment in initial pension calculation.
FAFICS released new FAFICS brochure in English, French and Spanish. Also FAFICS has a new website and will soon be replacing the old one. This will have hyperlinks to all 65 member associations and to UNJSPF
FAFICS Council approved four Standing Committees as 4 pillars of FAFICS. These being the Standing Committee on Pension Issues, The Communications Standing Committee, the ASHI (After Service Health and Life Insurance) Standing Committee and the Standing Committee on Membership and Membership Issues.
UNFCU Representative Mr Mwangi made an excellent presentation on the UNFCU membership benefits. Also UNFCU hosted a wonderful cocktail.
Marashetty Seenappa was elected as FAFICS Vice President for 2 years.
Following the Council, FAFICS hosted a Pre-retirement Seminar for UN staff based in Bangkok. 88 virtual and 15 physical participants benefitted. The facilitators included Jerry Barton, Marashetty Seenappa and Nanjundappa Srinivasan.
The Pension Fund investments are performing well with a Market Value that exceeded USD 92 Billion by 30 June 2024
Acturial Evaluation: As at 31 December 2023, showed a well funded status (to meet all liabilities) and revealed a modest surplus in the required contribution rate (23.02 % PR as against the current CR of 23.70)
The long-term (15 year) absolute return was 3.6% as against a policy bench mark of 3.5 %.
The actuary predicts the fund solvency to be at least 50 years if the funding, funding ratios and Fund performance continues to be positive
UNJSPF served a total of 235,800 members (both active staff and retirees)
FAFICS will continue to appraise the Pension Board of its key priorities such as the Minimum pensions, small pensions and about the long-standing balance of 0.5% Cost of Living Adjustment in initial pension calculation.
FAFICS released new FAFICS brochure in English, French and Spanish. Also FAFICS has a new website and will soon be replacing the old one. This will have hyperlinks to all 65 member associations and to UNJSPF
FAFICS Council approved four Standing Committees as 4 pillars of FAFICS. These being the Standing Committee on Pension Issues, The Communications Standing Committee, the ASHI (After Service Health and Life Insurance) Standing Committee and the Standing Committee on Membership and Membership Issues.
UNFCU Representative Mr Mwangi made an excellent presentation on the UNFCU membership benefits. Also UNFCU hosted a wonderful cocktail.
Marashetty Seenappa was elected as FAFICS Vice President for 2 years.
Following the Council, FAFICS hosted a Pre-retirement Seminar for UN staff based in Bangkok. 88 virtual and 15 physical participants benefitted. The facilitators included Jerry Barton, Marashetty Seenappa and Nanjundappa Srinivasan.
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