Short-Term Advisor (company) to the Fund Solvency and Assets And Liabilities Monitoring Committee (FSLAMC) of the United Nations Joint Staff Pension Fund

The Fund is a defined benefit plan and was established by the General Assembly of the United Nations to provide retirement, deferred, death, disability and related benefits for the staff of the United Nations and of 23 other international intergovernmental organizations that participate in the Common System of salaries, allowances and benefits. The United Nations Joint Staff Pension Board (Board) that has been established as a subsidiary organ of the General Assembly of the United Nations, a staff pension committee for each member organization (24 organizations) and a secretariat to the Board. Actuarial valuations of the Fund are completed biennially. Actuarial assumptions used in the valuations are also studied biennially. The Fund’s Consulting Actuary completes both analyses as well as any other actuarial calculations as deemed necessary by the Board. The Board is also advised by a Committee of Actuaries, which consists of 9 independent accredited actuaries from around the world. The Fund completes an asset liability study every 4 years and can complete one more frequently, if necessary. As of 31 December 2023, the market value of assets held for investment was $88 billion. As of 31 December 2021, date of the most recent actuarial valuation (https://www.unjspf.org/the-fund/actuarial-matters/)the open group valuation showed an actuarial surplus of 2.3% of pensionable remuneration and a closed group valuation that equated a funding ratio of 117%. Please visit the Fund’s website at www.unjspf.org for additional information related to plan design and investments. Purpose of this Request The UNJSPF seeks to contract for a short-term advisor (company) on industry best practices and recommendations for the Committee to use in monitoring the solvency of the Fund. The provider of service will advise on the methods of working, frequency of meetings and relevant information needed to effectively fulfill the Committee’s mandate. The provider of services (Advisor) shall meet with the Committee, the Secretary of the Pension Board, a representative of the Representative of Secretary-General (RSG), and a representative of the Pension Administration to gather background material on the Fund and to understand the Committee’s specific needs and capabilities. Background material will include the information provided to the Committee for review of both assets and liabilities over the past two years. The Advisor will develop a summary of industry best practices for similar/like pension funds for ongoing review of assets, liabilities, and solvency measures. This should include how similar committees operate in relation to their boards and whether specific committee member skills or education are required. In addition, the Advisor will provide specific suggestions for the Committee to develop an ongoing annual and more frequent, if deemed necessary, list of material it should receive in order to meet its requirements to advise the Board and, subsequently the United Nations General Assembly on the continued financial long-term viability of the Fund. Further, examples of information/best practices show the information that committees provide to their boards. All advice should consider the bifurcated allocation of responsibilities between the Administration of the Fund and the Secretary-General, enshrined in the Fund’s Regulations. The selected company will work with the Fund Solvency and Assets And Liabilities Monitoring Committee (FSLAMC)