Accrual basis accounting

The organization's liability for after service health insurance has been estimated by a consulting actuary.

The provision of 463,000 is made for the services of a consulting actuary who will provide the following services, in accordance with article 10 of the regulations of the Fund

An independent consulting actuary was engaged to carry out a valuation of post retirement health insurance benefits as of 31 December 2003.

At the time of the present report, the General Assembly has not invoked this provision. The result of the actuarial valuation as at 31 December 2003 was an actuarial surplus of 1.14 per cent of pensionable remuneration.

The Tribunal continues to work with the Department of Management on issues relating to after service health insurance benefits (a recent actuarial report has been issued) and it will continue to monitor and take appropriate action.

Based on the results of the most recent actuarial valuation, the Committee of Actuaries and the Fund's Consulting Actuary were of the opinion that the present contribution rate of 23.70 per cent was sufficient to meet the benefit requirements under the Plan.

Chairperson and Vice Chairperson

(a) Preparation of an actuarial valuation to be performed in 2006, on the basis of data as at 31 December 2005, including production of the formal report and preparation of various papers for the Committee of Actuaries and United Nations Joint Staff Pension Board pertaining to the regular actuarial valuation work.

(a) Election of the President and Vice Presidents

Chairperson Ms. Palm (Vice Chairperson)

Botswana

Chairman Mr. Maertens (Vice Chairman) (Belgium)

Chairman Mr. Saizonou (Vice Chairman) (Benin)

Chairperson Ms. Groux (Vice Chairperson) (Switzerland)

Chairman Ms. Carvalho (Vice Chairman). (Portugal)

Chairman Mr. Anshor (Vice Chairman) (Indonesia)

Chairman Mr. Zyman (Vice Chairman) (Poland)

Chairman Ms. Groux (Vice Chairman) (Switzerland)

Chairman Mr. Simon (Vice Chairman) (Hungary)

Chairman Mr. Zyman (Vice Chairman) (Poland)

Chairman Mr. Gujadhur (Vice Chairman) (Mauritius) later Mr. Aliyev (Chairman) (Azerbaijan)

Chairman Mr. Hart (Vice Chairman) (Barbados)

Chairman Mr. Toscano (Vice Chairman) (Switzerland)

Chairman Ms. Groux (Vice Chairperson) (Switzerland)

Chairman Ms. Carvalho (Vice Chairman) (Portugal)

Chairman Mr. Gerts (Vice Chairman) (Netherlands)

Chairman Mr. Gujadhur (Vice Chairman) (Mauritius)

Chairman Mr. Koudelka (Vice Chairman) (Czech Republic)

Chairman Ms. Lock (Vice Chairman) (South Africa)

The Vice Chairperson shall replace the Chairperson in the event of his or her absence.

The Chairperson and the Vice Chairperson shall not receive any remuneration.

U.S. President Grover Cleveland was an honorary vice president from 1905 to 1908 U.S. President Theodore Roosevelt was an honorary vice president from 1905 to 1919.

Replacement of officers

Replacement of officers

3. Notes that the Board approved the recommendation of the Working Group to eliminate the 1.5 percentage point reduction in the first consumer price index adjustment due to existing and future beneficiaries, subject to an actuarial surplus being revealed in the actuarial valuation to be performed as at 31 December 2003

Robert R. Briner

Chairperson

President

The Bureau was thus composed of the following members

(Signed) I.

Annex II

Chair

Ms. Kusorgbor (Ghana), Vice Chairman, took the Chair.

Replacement of officers