Decides that, for the purposes of contributions payable to the United Nations Joint Staff Pension Fund, the pensionable remuneration of the staff with effect from 1 April 1961 shall be established as follows:
a
Base pensionable remuneration:
i
For staff who are subject to the Staff Assessment Plan under staff regulation 3.3, the base pensionable remuneration shall be the annual rate of the United Nations gross salary, expressed in United States dollars or such other currency as may be agreed between the United Nations Joint Staff Pension Board and the organization, applicable to the grade and step (including any language allowance) of the official, less one half of the
amount of staff assessment deductible from such gross salary under the Staff Assessment Plan;
ii
For staff who have been exempted from staff assessment under the provisions of paragraph (a)
of staff regulation 3.3, base pensionable remuneration shall be the annual rate of salary, expressed in United States dollars or such other currency as may be agreed between the Board and the organization, applicable to the grade and step ( including any language allowance) of the official;
( b) Adjustments to the base pensionable remuneration :
i
There shall be added to the base pensionable remuneration, calculated as above, the net amount of any non-resident's allowance which may be payable, expressed in United States dollars or such other currency as may be agreed between the Boatd and the organization ;
ii
In the case of staff in the Professional category or above, who are subject to the post adjustment system under annex I of the Staff Regulations,
the base pensionable remuneration shall be adjusted in multiples of 5 per cent whenever the weighted average of the post adjustment classifications of the headquarters and regional offices of.the member organizations varies by 5 per cent measured from 1 January 1956; such adjustment shall be effective from the 1 January following the date on which each 5 per cent variation in the weighted average was accomplished.
2
Decides that, for the purposes of benefits payable to. participants leaving the Fund after 31 March 1961, final average remuneration shall·, subject to the option granted under article X.4 of the Regulations of the Fund set out in section II of the present resolution, be calculated as though the pensionable remuneration of such participants had been established in accordance with paragraphs 1 (a) and 1 ( b) above from the date of entry into the Fund; in the case of staff subject to paragraph 1 ( b) (ii) above, the base pensionable remuneration shall be deemed to have been increased by 5 per cent with effect from 1 January 1959;
3
Recommendsthat, in the interest of maintaining the common system of salaries, allowances and conditions of service, the other member organizations in the Fund take appropriate action to ensure that the pensionable remuneration of their staffs be increased to the same extent as that of United Nations staff;
II.AMENDMENTS TO THE REGULATIONS OF THE FUND
Resolves that the Regulations of the United Nations Joint Staff Pension Fund shall be amended as follows with effect from 1 April 1961:
(Definitions)
Add the following new paragraphs:
"8. 'Survivor' means a widow, or a disabled widower,
or a child, or a secondary dependant, who survives the participant or former participant and is entitled to a benefit under the present Regulations.
"9. 'Secondary dependant' means a mother, or a father,
or an unmarried brother, or an unmarried sister, who was recognized as a dependant under the staff rules of a member organization and in respect of whom a dependency allowance was being paid to a participant at the time his service ceased.
"10. 'Basic benefit' means the retirement or disability benefit to which a participant is entitled when he leaves the service, or, if he dies in the service, the disability or retirement benefit to which he would have been entitled had he qualified for such benefit at the date of death."
( Participation)
Paragraph 1, after sub-paragraph (d), should read:
" ( e) If, having formerly been a participant in virtue of this article and "(i) His participation having been interrupte<l for a period not exceeding three years, or " (ii) His prior contributory service having been restored in accordance with article XII,
he re-enters employment under a fixed-term contract for at least one year, or has completed one year's employment, provided that he is under sixty years of age at the time of entry or re-entry into the Fund and that his participation 1s not excluded by his contract of employment."
( Retirement benefits) Replace the present text by the following :
"l. (a) A participant who reaches the age of sixty shall, upon retirement, be entitled: during the remainder of his life to an annual retirement benefit, payable monthly, equal to one fifty-fifth of his final average remuneration multiplie<l by the number of years of his c-ontributorv service not exceeding thirty years ;
· "(b) This retirement benefit shall be not less than whichever is the smaller of: "(i) 120 dollars multiplied by the number of years of his contributory service not exceeding ten ; or "(ii) One-thirtieth of his final average remuneration multiplied by the number of years of his contributory service not exceeding ten ;
" ( c) A participant who reaches the age of fifty-five shall be entitled, at any time before he reaches the age of sixty, to retire with an immediate retirement benefit equal in actuarial value to the benefit he would have received under sub-paragraph (a) above had he been sixty at the date his service ceased; sub-paragraph ( /,) above shall not apply in this case.
"2. A participant, other than a participa,Jt whose retirement benefit under paragraph 1 (a) above is increased as a result of the application of paragraph 1 (b), may, with the consent of the Joint Staff Pension Board, prior to the date on which the first payment of his retirement benefit becomes due, elect to receive a lump sum not greater than one-third of the actuarial equivalent of the retirement benefit payable to him, and his retirement benefit shall be reduced in the proportion that such lump sum bears to the actuarial equivalent of his retirement benefit prior to reduction.
"3. A participant, other than a participant whose retirement benefit under paragraph I (a) above is increased as a result of the application of paragraph I (b), who is entitled under this article to a benefit which is less than 300 dollars per annum may, prior to the date on which the first payment of his retirement benefit becomes due and with the consent of the Joint Staff Pension Board, receive the whole benefit payable to him in the form of a lump sum which is the actuarial equivalent of his benefit. A participant who is married at the date of retirement may also receive the actuarial equivalent of the prospective benefit which would be payable on his death under article VII.Z(a).
"4. A participant whose retirement benefit would be increased as a result of the application of paragraph 1 ( b) above may, at the date of retirement, elect to waive the
additional amount which he would thereby receive; if he so elects, he shall be entitled to a retirement benefit calculated under paragraph l(a); and shall then be entitled to receive a lump sum under the conditions of paragraph 2 or 3 above."
(Minimum return of accumulated contributions)
Add the following new article:
"A participant who becomes entitled to a retirement benefit under article IV shall be entitled to elect, at the date his service ceases, to receive a reduced benefit with a guarantee that the total benefits paid on his account under these Regulations shall not be less than the amount payable under article VII ter.l as at the date of retirement. Where the participant, at the date of retirement, has a wife, the amount of the reduction shall be one-half of 1 per cent of his own and his survivors' benefits ; in other cases, the amount of the reduction shall be 1½ per cent of his own and his survivors' benefits."
(Disability benefits)
Replace the present text by the following :
"Subject to the provisions of article XVI, a participant who, before reaching the age of sixty, has, in the opinion of the Joint Staff Pension Board, become unable to perform duties appropriate to his grade owing to serious physical or mental impairment shall be entitled, subject to article IX, while such di~ability continues, to a disability benefit payable in the same manner as a retirement benefit and equal to one fifty-fifth of his final average remuneration multiplied by the number of years of his contributory service not exceeding thirty years; this disability benefit shall be not less than the smaller of :
"(a) One-third of the final average remuneration; or "(IJ.) The retirement benefit to which he would have been entitled if he had remained in service until he had reached the age of sixty and his final average remuneration had remained unchanged."
(Commencement, discontinuance and reduction of disability benefits)
Replace the present text by the following:
"l. The Joint Staff Pension Board shall determine, in accordance with article V and the procedure laid down in the administrative rules made under these Regulations, when a participant qualified for a disability benefit. The participant shall not, however, be entitled to a disability benefit so long as he is entitled to receive any larger payments under the staff regulations applying to him other than payments under a scheme of compensation for disability attributable to the performance of official duties on behalf of a member organization.
"2. Until the recipient of a disability benefit reaches the age of sixty, the Joint Staff Pension Board may require evidence of the continuance of disability and review his eligibility to a disability benefit in the light of such evidence. Where the Board decides that the recipient is no longer eligible for a disability benefit, it shall, after giving such notice as it considers proper in each case, discontinue the disability benefit. Where the disability benefit is discontinued and the recipient is not re-employed by a member organization, the recipient shall be entitled to a withdrawal settlement as though he had withdrawn under the provisions of article X at the date disability payments began, except that the amount of the withdrawal settlement which would have been awarded under article X shall be reduced by the amount of the disability payments made to him.
"3. The Joint Staff Pension Board may make rules regarding the extent to and the circumstances in which a disability benefit may be reduced when the recipient, although remaining disabled in accordance with the provisions of article V, is nevertheless in paid employment."
(Widow's (or disabled widower's) benefit)
Replace the present text of paragraphs 1 and 2 by the following:
"1. Subject to the provisions of article XVI, if a married male participant dies, his widow shall be entitled, subject to article IX, to a widow's benefit amounting to half of the basic benefit; this benefit shall cease on the widow's remarriage.
"2. (a) If a married man who is a recipient of a retirement benefit as provided under article IV dies, his widow, provided she was his wife at the time of the cessation of his service with the member organization, shall be entitled to a widow's benefit half as large as the benefit which was being paid to the deceased at the time of his death; however, if the deceased at the time of his retirement had received a lump sum as provided in article IV, in lieu of part or the whole of the retirement benefit to which he was entitled, the widow's benefit shall be half of the total retirement benefit to which the staff member was entitled at the cessation of his service, except that in the case where a married man received the actuarial equivalent of a prospective widow's benefit, no widow's benefit shall be payable; this benefit shall cease on the widow's remarriage;
" ( b) If a married man who is a recipient of a disability benefit dies, his widow, provided she was his wife at the time he qualified for the disability benefit, shall be entitled to a widow's benefit half as large as the benefit being paid to the deceased at the time of his death; this benefit shall cease on the widow's remarriage." Delete the present text of paragraph 3. Replace the present text of paragraphs 4 to 7 by the following:
"3. Upon ceasing to be entitled to a widow's benefit by reason of remarriage, the widow shall be entitled to a lumpsum payment equal to twice the annual amount of her widow's benefit.
"4. Wherever the amount of the widow's benefit determined under paragraph 1 or 2 above would be less than 750 dollars per annum, it shall be increased to the smaller of:
" (a) 750 dollars per annum; or "(b) Twice the original amount determined.
"S. A widow whose annual benefit under the present article is less than 200 dollars may, prior to the first payment of such benefit and with the consent of the Joint Staff Pension Board, receive in lieu thereof a lump sum which is the actuarial equivalent of such benefit.
"6. Should a married woman participant, or a married woman in receipt of a retirement or disability benefit, die and her widower be found by the Joint Staff Pension Board on the basis of a medical examination to be totally and permanently incapable either physically or mentally of providing for his own support, at the time of her death, he shall be entitled, subject to the same conditions as would apply to a widow, to the same benefits as set forth in the present article, as would the widow of a male participant."
(Secondary depe1'1dant's benefit)
Add the following new article :
"l. Upon the death of a participant who does not leave a widow, or a disabled widower, or a child, entitled to a benefit, but who leaves a secondary dependant, the secondary dependant shall be entitled to a benefit under the conditions in paragraph 3 below.
"2. Upon the death of a recipient of a retirement or disability benefit who, at the time his service ceased, had neither a spouse nor a child eligible for benefit, but who at
that time had a secondary dependant, the secondary dependant shall, if he can prove to the satisfaction of the Joint Staff Pension Board that the former pensioner had continued to contribute materially to his support between the date of separation from service and the date of death, be entitled to a benefit under the conditions in paragraph 3 below.
"3. The amount of a secondary dependant's benefit under paragraph 1 or 2 above shall be:
"(a) In the case of a mother or father, the amodnt of a widow's or disabled widower's benefit, respectively, under article VII ;
"(b) In the case of a brother Dr sister, the a111011nt of a child's benefit under article VIII.2(a);
the benefit under sub-paragraph (a) above shall be payable under the same conditions as the benefit to a widow, except that in the event of the remarriage of the dependent parent the Board shall have discretion to continue the benefit if it deems fit. The benefit under sub-paragraph ( /J) above shall be payable under the same conditions as a child's benefit under article VIII. I.
"4. Not more than one secondary dependant of a participant shall be eligible for a benefit."
(Other death payments)
Add the following new article:
"l. Upon th~ death of a participant who docs not leave a survivor entitled to a benefit, there shall be paid to his designated recipient a sum equal to:
"(a) His own contrihutions to the Pension Fund, with compound interest at the rate designated in article XXIX; plus " ( b) Such amount as may have been transferred on his account to the Pension Fund from the Provident Fund of a member organization at the time of his entry into the Fund, without interest; plus " ( c) If he has validated a period of prior non-pensionable service under article III, such amount, not exceeding 5 per cent of his pensionable remuneration for that period, as h•i mav have received from the Provident Fund of a member organization in excess of his own contributions thereto and have refunded to that member organization ;
If a designated recipient does not survive a participant or if a participant has not made, or has revoked, a designation, such sum shall be paid to the participant's estate.
"2. If, in the event of the death of a participant who leaves a survivor entitled to a benefit under these Regulations, or of a former participant who is in receipt of a disability benefit, the total benefits paid to him and to all his survivors amount to less than the amount which would have becn payable under paragraph I ahove, there shall be paid to his designated recipient the difference between the sum total of the benefits paid and the amount in paragraph l. If a designated recipient has died before the last benefit payment is made under articles V, VII, VII bis or VIII, or if a participant has not made, or has revoked, a designation, such sum shall be payable to the estate of the former participant.
"3. If the total benefits paid to a former participant who has elected to ,eceive a reduced retirement benefit under article IV bis, and to all his survivors, amount to less than the sum which would have been payable under paragraph 1 above had he died on the date his service ceased and quaiified for a benefit under that paragraph, there shall be paid to his designated recipient the difference between the sum total of the benefits paid and the amount in paragraph l. If a designated recipient has died before the last benefit payment is made under articles IV, VII, VII bis or VIII, or if the former participant has not made or has revoked a designation, such sum shall be payable to the estate of the former participant."
(Child's benefits)
Heplace the present text by the following:
"I. Subject to paragraph 4 below, each unmarried child of a participant who dies or on whose account a bemf1t becomes payable under articles IV, V or VJ I shaH be entitled to a child's benefit. The child's benefit shall he payable monthly up to and including the month in which tlw child shall attain the age of eighteen, or, if the child is in full time attcmlaucc at a school or university or similar educational institution, the age of twenty-one. If the child is total! y disabied by reason of physical or mental incapacity, there shall be no age limit so lung as the disaoility continues.
"2. The annual bcnefit on account d each child shall be
determined as follows:
"(a) If there is a surviving parent ( except in the case where a surviving parent is a widow who is not receiving a henefit or a widower who has not become cntitlccl to a benefit and who, in the opinion of the Board, is unable to support the former participant's children), the am, 1unt of each child's benefit shall be equal to one-third of the basic benefit, subject to a minimmn of 300 dollars and a maximum of WO <ldlars per child, and subject further to an over-all maximum as in paragraph 3 below;
" ( /,) If there is no parent surviving, or if the surviving parent is a widow who is not receiving a hcnelit or a widower who had not bccnine entitled to a lwndit under these Regulations and who, in the opinion of the Board, is unable to support the former participant's children, the total children's benefits shall be calculated as under sub-paragraph (a) above, with the addition of the following amount :
"'(i) Where tlll're is only one eligible child. hy whichcn-r is the greater of 300 dollars or 25 pl'r crnt of the basic benefit:
" (ii) If there arc two or more eligible children, hv whichever is the greater of 600 dollars Qr 50 pe1: crnt of the basic benefit ; The total children's benefits payable under sub-paragraph (ii) above shall be divided equally among all the eligible children to determirw the amount of any one child's benefit. As and when a child ceases to be eligible, the total benefit payable to the remainder should be recalculated in accordance with this sub-paragraph.
"3. The total children's benefits payable under paragraph 2 (a) above shall not exceed 1,800 dollars a year. Further, the sum of children's benefits, plus any retirement benefit payable umler article IV.l, or disability benefit or widow's bendit, shall not exceed the final average remuneration of the former participant plus the children's allowances which were paid by a member organization at the cessation of his employment.
"4. Entitlement to a child's benefit is limited to dependent children existing at the time of eligibility for retirement or disability benefit or at the time of the death of the participant, provided that, if the benefit on account of the participant is payable under article IV.I (c), the entitlement to a child's benefit shall not arise until the date on which the participant reaches or would have reached the age of sixty. The Joint Staff Pension Board shall define 'dependent child', having regard to the provisions of the staff rules of the member organization.
"5. In no circumstances shall more than one child's henefit be payable in respect of any one child."
(Commencement of cntitleme11t to suruiz1or's benefit) Add the following new article:
"I. Entitlement to a survivor's benefit under articles VII. I, VII bis.I and VIII of these Regulations shall begin on the day following the death of the participant, except as otherwise provided in these Regulations.
"2. Entitlement to a survivor's benefit under articles VII.2 and VII bis.2 shall begin on the first day of the month following the death of the primary beneficiary.
"3. The Joint Staff Pension Board may, however, decide for any particular ea tegory of cases that an earlier date of commencement should apply if deemed more appropriate."
(Eligibility for disability and death b,enefits)
Replace the present text by the following :
"1. The Joint Staff Pension Board shall require every entrant or re-entrant, before admission to coverage by the benefits provided under articles V, VII.1 and VII bis.l, to undergo a medical examination to be prescribed in the administrative rules made under these Regulations, unless the Board decides to accept the findings of a medical examination previously undergone by the entrant.
"2. On the basis of the medical examinations referred to in paragraph 1 above, the Joint Staff Pension Board shall decide whether the participant concerned shall be covered by the provisions of articles V, VII.1, and VII bis.1 immediately, or shall not be covered by those provisions until he has completed five years of contributory service or, in the case of a re-entrant, until he has completed five years of contributory service subsequent to his re-entrance. However, no participant shall be excluded from the benefits provided under articles V, VII.I and VII bis.I, if the disability or death is the direct result of accident or damage to health arising from service in an unhealthy area, nor shall his survivor be excluded from the provisions of articles VII.I, or VII bis.I, if he has attained the age of sixty."
(Withdrawal settlements) Replace the present text by the following :
"1. If a participant ceases to be in the employment of a member organization for reasons other than death, or dismissal for serious misconduct, as defined in the staff regulations, and is not eligible for a disability or retirement benefit, he shall be entitled to a withdrawal settlement in accordance with paragraph 2 or 3 below.
"2. If the participant has less than five years of contributory service, he shall be paid a sum equal to :
"(a) His own contributions to the Pension Fund, with compound interest at the rate <lesignated in article XXIX; plus "(b) Such amount as may have been transferred on his account to the Pension Fund from the Provident Fund of a member organization at the time of his entry into the Pension Fund, without interest; plus "(c) If he has validated a period of prior non-pensionable service under article III, such amount, not exceeding 5 per cent of his pensionable remuneration for that period, as he may have received from the Provident Fund of a member organization in excess of his own contributions thereto and have refunded to that member organization.
"3. If the participant has five or more years of contributory service he shall be entitled to elect, at the date his service ceases, to receive one of the following:
"(a) Subject to article XII.I a life annuity, deferred to age sixty, equal to one fifty-fifth of his final average remuneration multiplied by the number of years of his contributory service not exceeding thirty years, with survivor benefits in accordance with paragraph 6 below;
"(b) Subject to article XII.2:
"(i) An amount in cash equal to the amounts in paragraphs 2 (a), 2 (b) and 2 (c) above; plus "(ii) A life annuity, deferred to age sixty, equal in value to the difference between the amount he receives in cash and the actuarial equivalent, at the date his employment ceased, of the retirement benefit payable at the age of sixty calculated on the basis of his con- Fifteenth SeHion
tributory service and final average remuneration ;
where the amount of this annuity at age sixty is less than 300 dollars a year, he shall be entitled to receive,
at the date his service ceases, in lieu of the annuity, a cash sum of equal actuarial value;
" ( c) A final cash settlement, which shall extinguish all his entitlements under these Regulations, consisting of:
"(i) A sum in cash equal to the amounts in paragraph 2 above; plus "(ii) For each completed year of service in excess of five,
10 per cent of the amount in paragraph 2(a) above,
subject to a maximum of the amount in paragraph Z(a).
"4. Notwithstanding the provisions of paragraph 3(c) above, a participant in the Pension Fund on 31 March 1961 who subsequently becomes eligible for a final cash settlement under paragraph 3(c) above shall be entitled to receive, in lieu of and if greater than the amount in paragraph 3(c), the following:
"(a) If he withdraws on or before 31 December 1966:
"(i) The amount of the lump-sum withdrawal benefit which he would have received had the regulations, actuarial bases and other provisions in force at 31 March 1961 been still in force at the date his service ceased ;
together with "(ii) The amount by which his own contribution to the Pension Fund after 1 April 1961 exceeds the amount he would have contributed under the regulations,
actuarial bases and other provisions in force at 31 March 1961, with compound interest on this excess at the rate designated under article XXIX ;
"(b) If he withdraws on or after 1 January 1967:
"(i) The amount of the lump sum which he would have received under sub-paragraph (a) above had he withdrawn on 31 December 1966; plus "(ii) The amount of his own contribution to the Pension Fund from 1 January 1967 until the date his service ceases, with compound interest at the rate designated under article XXIX, which amount shall be increased by 10 per cent for each of his completed years of contributory service in excess of five, whether before or after 1 January 1967, subject to a maximum increase of 100 per cent.
"S. Where, under this article, a deferred annuity to a participant is payable at the age of sixty, he may elect to receive the annuity from an earlier age, provided that this age shall not be less than fifty-five. In such event, the value of the annuity shall be subject to an appropriate actuarial reduction to be determined by the Joint Staff Pension Board.
"6. On the death of a former participant who elected to receive a deferred annuity under paragraph 3 (a) above:
"(a) If he leaves a widow who was his wife at the time his service ceased, a widow's benefit shall be payable as from the date of his death, of an amount calculated as follows:
"(i) If death occurred after the commencement of the annuity, the widow's benefit shall be one-half of the amount of that annuity;
"(ii) If death occurred before the commencement of the annuity, the widow's benefit shall be one-half of the annuity which, had it been payable to the former participant from the date of his death, would have had the same actuarial value as the annuity he would have received at the age of sixty ;
"(b) If he leaves no widow, but leaves a dependent mother or father who, at the time his service ceased, was recognized as a secondary dependant, a secondary dependan1's benefit shall be payable, of an amount calculated as in sub-paragraph
a
(i) or (a) (ii) above, as may be appropriate;
"(c) A survivor's benefit payable under sub-paragraph (a) or (b) above shall be subject to the same conditions as if the benefit had been payable under article VII or VII bis;
"(d) If he dies before the commencement of the annuity and leaves no survivor entitled to a benefit under sub-
paragraph (a) or (b) above, there shall be paid to his designated recipient an amount equal to the sums in paragraph 2 above as at the date his service ceased. If a designated recipient does not survive the former participant, or if no designation has been made, or if the designation has been revoked, such sum shall be paid to the former participant's estate."
(Re-employment)
Replace the present text by the following :
"If a person who has ceased to be a participant again becomes a participant by virtue of a new appointment, the following provisions shall apply, subject to article IX :
"1. If the participant, when he previously left the service, had elected to receive a deferred annuity under article X.3 (a) :
"(a) If payment of the annuity had not commenced, his contributory service credit prior to separation shall be restored and his benefits when he again ceases to be a participant shall be calculated on the basis of his total period of contributory service;
"(b) If payment of the annuity had commenced, such payment shall cease and if the participant repays all payments of his benefit received with compound interest at the rate designated in article XXIX, his contributory service credit prior to separation shall be restored; if the participant does not so repay the payments of his benefit received, then the lump sum which is the actuarial equivalent of the discontinued benefit at the date upon which payments were discontinued shall be credited as an additional contribution in accordance with the provisions of article XVIII 2 and 3.
"2. If the participant, when he previously left the service, had elected to receive a cash refund together with a deferred annuity under article X.3(b):
"(a) If he has not, at the time he again becomes a participant, begun to receive the annuity payable under article X.3(b) (ii), he may pay into the Pension Fund, in a manner acceptable to the Joint Staff Pension Board, a sum or sums equivalent to the amount he received under article X.3 ( b) (i), with compound interest at the rate designated in article XXIX:
"(i) If he does so, his contributory service credit prior to separation shall be restored and his benefits, when he again ceases to be a participant, shall be calculated on the basis of his total period of contributory service;
"(ii) If he does not do so, the annuity arising from the earlier period of service shall not begin until he again ceases to be a participant, and his entitlement to
further benefits shall be determined solely by reference to his contributory service after re-employment, provided however that the total benefits paid or payable to him in respect of two or more periods of employment shall not exceed the benefits he would have received had all his employment been continuous ;
"(b) If he has, at the time he again becomes a participant, begun to draw the annuity payable under article X.3(b) (ii), payment of that annuity shall cease, and the provisions of paragraph 1 (b) above shall be applied.
"3. If the participant received a final cash settlement under article X.3(c) or X.4, or if he commuted a deferred annuity under article X.3(a), or X.3(b), his entitlement to
further benefits shall be determined solely by reference to his contributory service after re-employment, provided however that the total benefits paid or payable to him Jn respect of two or more periods of employment shall not exceed the benefits he would have received had all his employment been continuous.
"4. If the participant was in receipt of a disability benefit under article V, payment of that benefit shall cease, and ;
"(a) He shall re-enter the Pension Fund as a participant with credit for the contributory service which he had accumulated when his disability benefit began ;
"(b) In making any withdrawal settlement to which he may become entitled within five years after his re-entry into the Pension Fund, the Joint Staff Pension Board may take into account the amount of the disability benefit payments made to him, and the amount of any retirement benefit which may become payable to him within one year after his re-- entry into the Fund may be reduced by the Board to an amount not exceeding the sum of the disability benefit of which he had been in receipt and the retirement benefit earned during his period of contributory service since reappointment."
(Contributions on account of participa11ts)
Replace the present text of paragraph 5 by the following:
"5. (a) A participant on leave without pay who is not covered by the full benefits provided under the present Regulations, who reaches the age of sixty and retires, shall be entitled to a retirement benefit as provided under article IV;
"(b) Any such participant who before reaching the age of sixty becomes disabled, or withdraws from the Pension Fund, or dies, shall be deemed to have withdrawn from the Fund on the date his appointment terminated, his contributorv service being reckoned to his last day of actual service;
"(c) If a participant on leave without pay, granted for the performance of military service, becomes disabled or dirs before reaching the age of sixty, the benefit payable under sub-paragraph ( b) above shall not be less than the individual actuarial reserve of such participant calcu'iated at the time disability or death occurred."
( Investment of assrts of the Fu,ui)
Replace the present text by the following :
"Subject to the complete separation to be maintained between the assets of the Pension Fund and the assets of the United Nations as provided in article XIV, the investment of the assets of the Fund shall be decided upon hy the Secretary-General of the United Nations, after consultation with an Investments Committee and after having heard any observations or suggestions by the Joint Staff Pension Board concerning the investments policy. The Investments Committee shall consist of six members appointed by the Secretary-General after consultation with the Advisory Committee on Administrative and Budgetary Questions, subirct to subsequent confirmation by the General Assembh "
( Adoption of basic tablrs)
Replace the present text by the following:
"I. The Joint Staff Pension Board, upon the advice of a committee of three independent actuaries to be appointed hy the Secretary-General of the United Nations on the recommendation of the Board, shall adopt from time to time service, mortality and other tables and shall decide upon the rate of interest which is to be used in each actuarial valuation of the Pension Fund.
"2. At least once in each three years, the Joint Staff Pension Board shall have an actuarial investigation made intn the service, mortality and compensation experience of the participants and beneficiaries of the Pension Fund, and,
taking into account the results of such investigation, the Board shall adopt such service, mortality and other tables as it shall deem appropriate.
"3. Without prejudice to the power of the Joint Staff Pension Board to establish a rate of interest for actuarial valuations purposes under paragraph I above, the rate of interest which shall be used in all actuarial calculations required in connexion with these Regulations shall be 2½ per cent per annum through 31 December 1957, 3 per cent per annum for the period I January 1958 to 31 March 1961 and 3¼ per cent per annum thereafter unless and until changed by the Board."
(Documentary euidencc)
Replace the present text by the following:
"l. Every participant and every beneficiary under these regulations shall furnish such documentary evidence as may be required under the administrative rules.
"2. If the Joint Staff Pension Board finds that any material fact so required has been omitted or misrepresented,
the Board shall be cmpowcrc,l to take such omission or misrepresentation into account in deciding 011 the individual's entitlement to benefits or participation in the Pension Fund or in modifying any such decision,
provided that the individual's entitlement to benefits and participation in the Fund in such case shall be no less favourable than it would have been had the material facts been disclosed or accurately represented."
Ill
ADJUSTMENTS IN BENEFITS AFTER AWARD
Decides that:
1
The supplement of 5 per cent to pensions and life annuities authorized, pending the outcome of the comprehensive review, by paragraph 5 of General Assembly resolution 1310 (XIII) shall cease to be paid after 31 March 1961, provided that if in any case the increases resulting from paragraph 2 below in the benefits of a participant or his widow, taken together with the benefits payable to his children, shall amount to less than the amount of the 5 per cent supplement, the differenctt shall continue to be paid;
2
With effect from 1 April 1961, all pensions and life annuities in payment or payable under the provisions of articles IV, V, VII, VIII and X.1 (d) of the Regulations of the United Nations Joint Staff Pension Fund as in force on 31 March 1961, shall, with the exception stated in paragraph 3 below, be adjusted to the amount which would have been payable had they been awarded under the provisions of articles IV, V, VII, VIII, and X.3 (a) or X.3 (b), as approved in section II of the present resolution, and had their final average remuneration been calculated on a base salary at the mid-point between their actual net base salary and the corresponding United Nations gross salary; in the case of staff subject to the post adjustment system who retired between 1 January 1959 and 31 March 1961, the base pensionable remuneration shall be deemed to have been further increased by 5 per cent with effect from 1 January 1959;
3
No adjustment shall be made in the amount of lump-sum payments paid or payable under the Regulations in force on 31 March 1961, nor shall the new provisions of article IV .1 ( b) applied retroactively to any retirement benefit of which the recipient commuted a part to a lump sum ;
4
Where part of any retirement benefit has been commuted to a lump sum, the amount of any remaining part which is paid or payable as an annuity shall be increased pro rata to the increase which would have been granted under paragraph 2 above in the full retirement benefit, other than as a result of article IV .1 ( b), had no part of it been commuted;
5 The present resolution shall create no entitlement to a pension or annuity to which no entitlement existed at the date a former participant left the service;
6
The United Natic,ns Joint Staff Pension Board is reouested to studv, at its next session, methods by which any foture adjmtmerits in benefits, after their award, might be made; pending the outcome of such study, the Board is invited to establish, fron~ the e~cess yield on its investments, a Reserve for Pension Ad Justments, and to credit annually to such Reserve a.n amount sufficient to cover the actuarial value of an increase of 1 per cent in benefits and annuities in payment and in deferred annuities payable under article X of the Regulations.
954th plenary mectinr,.
18 December l<JMJ.
ARTICLE II ARTICLE IV
ARTICLE I
ARTICLE VII ARTICLE IV bis ARTICLE V ARTICLE VI ARTICLE VII bis
