The World Bank Oct 2003 Pension Administration Kerry H. Mack 1818 Society Annual Meeting October 24, 2007

The World Bank Oct 2003 SRP Statistics Statistics as of September 30, 2007 Active Participants 12,946 Net Plan 9,804 Total Retirees 7,318 RetiredParticipants6,010 Gross Plan 3,142 Beneficiaries (spouse & children) 827 Deferred481 HQ5,702 CO4,102

The World Bank Oct 2003 Age Distribution of Active Staff Age Distribution of Active Participants Gross Plan Net Plan Age Age ,028 Age ,1983,162 Age 50 – 591,6461,562 Age 60 and over Total3,1429,804

The World Bank Oct 2003 Age Distribution of Retirees Age Distribution of Retiree Number of Participants Age Less than 50 4 Age 50 – Age 60 – Age 70 – Age 80 – Age 90 and Over 56 Total Retirees6010

The World Bank Oct 2003 Chennai Office Purpose: Business Continuity Leverage low-cost labor Leverage low-cost labor Time difference helps achieve round the clock processing Time difference helps achieve round the clock processing Responsibilities Pension Payroll processing Pension Accounting Handling of service account Application processing Monitoring participation records Ad hoc requests Strength Team consists of five staff members

The World Bank Oct 2003 May 2007 Plan Amendments Plan amendments affecting the Net Plan provisions Increased investment options Monthly rebalancing Voluntary Savings Component Rule of 60

The World Bank Oct 2003 Currency Election Intent:Pension payments in currency of country of principal residence at fixed exchange rate COLA based on CPI of that country to maintain local purchasing power You may elect to receive your pension in the currency of the country of principal residence provided you meet the residency requirements 60-month-end average exchange rate as of pension effective date between US dollars and chosen currency is used for conversion This exchange rate remains fixed for the life-time of your pension and also for the surviving spouse This converted amount will then be adjusted for COLA for the country of that chosen currency

The World Bank Oct 2003 Currency Election Currency option within 18 months of pension effective date If National of the country of elected currency then proof of resettlement is usually sufficient evidence If not, Certificate or attestation by local tax or immigration authorities that chosen country is your principal residence Currency option after 18 months of pension effective date One year residency requirement Documentary evidence demonstrating residence during 12- months immediately preceding your currency election date Acceptability of proof of residence determined on a case by case basis (refer to fact sheet)

The World Bank Oct 2003 Pension Payroll YearUSD FCNew FC elections Total FC payments ,294,722 19,603, ,358,454 27,485, ,495,513 33,626, ,609,279 40,362, YTD ,794,133 37,556,

The World Bank Oct 2003 COLA US dollar pension Non - US dollar pension US Consumer Price Index (CPI) US Consumer Price Index (CPI) Ratio of current March CPI Ratio of current March CPI to last March CPI to last March CPI Source Source Bureau of Labor Statistics Bureau of Labor Statistics CPI published for each countryCPI published for each country Ratio of latest available CPI as of Ratio of latest available CPI as of the last business day in April to the last business day in April to last year’s CPI last year’s CPI Source Source International Financial Statistics (IFS) International Financial Statistics (IFS) published by IMF published by IMF

The World Bank Oct 2003 Life Certificate Life Certificates will be mailed out in the last week of January You must sign the Life Certificate and have your signature witnessed by a non-family member Your duly completed Life Certificate must reach our office before May 15, 2008 Non-receipt of your Life Certificate will result in the suspension of your pension due at the end of May

The World Bank Oct 2003 Albert Einstein There are only two ways to live a life. One is as though nothing is a miracle. The other is as though everything is a miracle.