Retirement and Savings Plans
at the GS/OAS
AGENDA
– Regulations that direct the Retirement and Savings Plans at
the OAS
– Current Situation
– New Hires and Separations
– Retirement and Saving Plans distribution at the GS/OAS
– Conclusions
Regulations that direct the Retirement and Savings Plans
at the OAS
-Article 50 of the General Standards makes reference to Social Security as follows:
“The General Secretariat shall maintain a system of social security for the staff which shall include, to the extent determined by the
competent organs of the Organization, provisions for health protection, sick leave and maternity leave, reasonable compensation in the
event of illness, accident, or death resulting from the performance of official duties in the service of the General Secretariat, and retirement
and pension or savings”
-Staff Rule 107.1 on Participation in the OAS Retirement and Pension Plan and Staff Rule 107.2 on Participation in Retirement Savings
Plans provide definitions of each of the plans, rights and benefits of participants, and institute the staff members who are required and or
eligible to participate.
- Staff Rule 107.2 (d) states that the GS may terminate any of the saving plans. In the event of termination, the GS/OAS shall pay or cause
to be paid to the participants the full amount in their accounts, and the GS/OAS shall make arrangements for them to participate in an
alternative retirement savings plan for the remaining duration of their contracts, with the same percentage GS/OAS contribution that they
had previously enjoyed.
CURRENT SITUATION
GS/OAS Current Staff Composition
Distribution of staff source of funding as of February 28, 2014
GS/OAS Current Staff Composition
Source of Financing of staff from 2007 to 2014 as of February 28, 2014
NEW HIRES
GS/OAS New Hires Composition
60% of staff hired since 2010 are financed by specific funds
66% of staff hired since 2010 are 20-39 years old
SEPARATIONS
GS/OAS Separating Staff Composition
Separation from Service
From 2007 to 2013
Average turnover in last 7 years: 12%
New Appointments from 2007 to 2013
Half of staff hired over the last 7 years separated from service
GS/OAS Separating Staff Composition
Years of service of staff members at moment of separation from 2007 to 2013
Half of staff members who separated in the last 7 years had 0-3 years of service
GS/OAS Separating Staff Composition
Source of financing of staff members at the moment of separation from 2007- 2013
Half of staff members who separated in the last 7 years were financed by the regular fund and half by other funds
Retirement and Saving Plans
distribution at the GS/OAS
Retirement and Savings Plans
distribution at the GS/OAS
Participation in Retirement and Savings Plans as of February 28, 2014
As of February 28, 2014, 69% of staff members participate in the OAS RPP, 19% in the 401(m), and 12% in other plans
Retirement and Savings Plans
distribution at the GS/OAS
Participation in Retirement and Savings Plans by Years of Service (Excluding “Provident Plan
(SOC)” and “n/a” category) as of February 28, 2014
After 7 years of service most staff members participate in the OAS RPP
Retirement and Savings Plans
distribution at the GS/OAS
Participation in Retirement and Savings Plans by Category (Professional – General
Services) as of February 28, 2014
General Services staff are more likely to participate in the OAS RPP over the 401(m) than Professional staff
Retirement and Savings Plans
distribution at the GS/OAS
Participation in Retirement and Savings Plans by Type of Contract (Excluding SOCs, Continuing
contract, career and associates) as of February 28, 2014
Staff with long-term contracts are more likely to participate in the OAS RPP than staff with short-term and trust contracts
Retirement and Savings Plans
distribution at the GS/OAS
Participation in Retirement and Savings Plans by source of financing (Regular Fund,
ICR, Specific Funds) as of February 28, 2014
Staff financed by the regular fund are more likely to participate in the OAS RPP than staff financed by ICR and specific funds.
Retirement and Savings Plans
distribution at the GS/OAS
Participation in Retirement and Savings Plans by Source of Financing - From 2007 to 2013
Ret. and Pension Plan
401M Plan
Credit Union Plan
Provident Plan
Provident Plan (SOC)
Direct Savings Plan
n/a*
TOTAL
2007
ICR
20
4
RF
467
45
4
19
12
3
3
541
3
8
47
SF
63
32
RF
457
61
4
8
16
30
3
19
163
1
3
534
2008
ICR
36
8
SF
53
36
9
11
31
6
10
147
4
14
71
RF
433
73
4
12
2009
ICR
39
13
11
4
3
529
1
1
65
SF
52
44
RF
414
70
4
6
10
25
2
31
164
2010
ICR
37
16
7
1
3
497
61
SF
52
51
RF
360
69
3
1
15
34
5
39
196
2011
ICR
59
19
13
1
3
436
92
SF
54
47
RF
368
66
3
3
16
26
2
29
174
2
2
444
%
100
90
80
70
60
50
40
30
20
10
0
RF
ICR
2007
SF
RF
ICR
2008
SF
RF
ICR
2009
SF
RF
ICR
2010
Ret. a nd Pens i on Pl a n
SF
RF
ICR
2011
401M Pl a n
SF
RF
ICR
2012
SF
RF
ICR
2013
SF
2012
ICR
28
17
1
46
SF
53
46
7
24
2
33
165
RF
345
66
3
6
1
2
423
2013
ICR
25
15
SF
57
35
40
4
20
1
37
154
Retirement and Savings Plans distribution
at the GS/OAS
Participation in Retirement and Savings Plans at the moment of separation by year
Retirement and Savings Plans
distribution at the GS/OAS
Staff members hired since 2007 and currently working at the SG/OAS
2007
19
9
Ret. and Pension Plan
401M Plan
Provident Plan
Provident Plan (SOC)*
Direct Savings Plan
n/a*
TOTAL
28
14
6%
6
3%
2
1%
2008
22
12
2009
16
15
2010
13
7
2011
14
21
2012
10
16
2
1
4
2
5
32
1
25
37
2
33
36
2013
13
9
6
2
13
43
16
7%
107
45%
Ret. and Pension Plan
401M Plan
Provident Plan
Provident Plan (SOC)*
Direct Savings Plan
n/a*
89
38%
Among current staff hired since 2007, 46% participate in the OAS RPP, 38% in the 401(m), and 16% in other plans
TOTAL
107
89
6
14
2
16
234
Conclusions
• 60% of staff hired since 2010 are financed by specific funds
• 36% of staff hired since 2010 are 20-29 years old and 30% are 30-39 years
old
• Average turnover in last 7 years: 12%
• Half of staff members who separated in the last 7 years had 0-3 years of
service
• Half of staff members who separated in the last 7 years were financed by
the regular fund and half by ICR and specific funds.
• Half of staff hired over the last 7 years separated from service
Conclusions
•As of February 28, 2014, 69% of staff members participate in the OAS RPP, 19% in the
401(m), and 12% in other plans
•Among current staff hired since 2007, 46% participate in the OAS RPP, 38% in the
401(m), and 16% in other plans
•After 7 years of service most staff members participate in the OAS RPP
•Staff financed by the regular fund are more likely to participate in the OAS RPP than
staff financed by ICR and specific funds.
•Staff with long-term contracts are more likely to participate in the OAS RPP than staff
with short-term and trust contracts