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Minutes of the Meeting Nu. 08/17

Board of Directors of the Retirees Association of the IDB

Wednesday, September 27th, 2017

Room: SE-405- Time: 11:00 AM

 

 

 

 

 

 


Approved on October 25, 2017

Final Version

Original: Spanish

 

 

 

 

 

Attendees:

 

David Atkinson (18), President

Patricia Bermúdez (19), Vice-President

Rigoberto Ordóñez (18), Secretary

Jorge Lamas (19), Deputy Secretary

Germán Paraud (18), Treasurer

María Guadalupe Calderón (19), Deputy Treasurer (via Skype)

Alvaro Beca (19), Director (via Skype)

Rodrigo Mayen (19), Director (via Skype)

Gabriela Vega (18), Director

Marta Calderón (18), Director

Michael Gagnon (18), Director

Laura Bocalandro (19) Director

 


Absentees::

 

Guillermo Collich (18), Director

 

1. Verification of Quorum:

Once it was verified that there was quorum, the meeting started promptly at 11:00 am. The Deputy Secretary acted as the Secretary of the meeting.

 

2. Approval of the Agenda:

The Agenda was unanimously approved.

 

3. Approval and Recording of the Minutes Nu. 07/17 of July 26th, 2017

 

The Minutes Nu. 07/17 was unanimously approved and will be published immediately in the Web site of the Association.

 

4. President’s/Vice President’s Report:

a. Report on the results of the Managing Committee meeting held August 31st, 2017: During the meeting the Secretariat of the Staff Retirement Plan recommended and the Managing Committee approved the 2017 Actuarial Valuation Report, Financial Status and Funding Valuation for the Staff Retirement Plan, the Local Retirement Plan, the Post-Retirement Benefits Plan, and the Complementary Staff Retirement Plan. It was also recommended that the Committee concur with the Stable Contribution Rate approved for the plans in 2015.

b. Report on the results of the Pension Committee meeting held September 21st, 2017: During this meeting the Secretariat of the Staff Retirement Plan informed that the results of the last audits show that all pension plans are well funded. However, in spite of the fact that theoretical contributions needed for the plans were minor or not necessary, the Pension Committee concurred with the Stable Contribution Rates approved in 2015 of 20% of international remuneration for the Staff Retirement Plan, 25% of national remuneration Stable Contribution Rate, 12% Stable Contribution Rate for the Post-Retirement Benefits Plan, and 0.71% of international remuneration Stable Contribution for the Complementary Staff Retirement Plan. The Association was assured that the Bank’s contribution to the Plan will continue as approved in 2015. As it stands now, the plans have sufficient funds to cover all future payments to all retirees. After the meeting, and given the outstanding performance of the plans, the representative from the Association approached the Secretariat of the Pensions Plans to inquire about the possibility of considering an adjustment to the death benefit of the plans, which was last adjusted ten years ago. The Secretariat indicated that it was available to discuss this issue with the Association to determine its feasibility and appropriate time to propose and adjustment.

c. Progress Report on activities for the 2016-2018 Plan: Two goals of the Plan have been achieved: meeting with the Association Chapters (meeting held in Lima in October 2016) and providing more representation in the Board to members residing outside the USA, in accordance with the bylaws approved in April 2017. The status of the rest of the goals is as follows:

• Modernization of the Web site: There has been substantial progress in meeting this goal. The deadline for the revised Web site to be operational is October 16th. Point 6 below provides more detail on the progress of this goal.

• Increase the membership from 62% to 75% of all Retirees: There has not been much progress on this goal since the Membership Committee is still waiting to get from SRP the contact information of retirees that are not members. The Committee is also waiting for the completion of the re-design of the Association’s Web page before launching a marketing campaign to non-member retirees. The Association made the commitment to contact SRP’s staff to see what was the response of retirees giving permission to provide their contact information to the Association and also request a new list of retirees.

• Establish a support system for Surviving Beneficiari (Widow/Widowers/thers): Point 10 a below provides more detailed information regarding the achievement of this goal.

• Create the Program “Telling our Stories”: The Committee Chairperson informed the Board that a video has been produced that provides information about the program, as well as requesting stories for the program from members. Many members have signed up for the program and will provide salient stories regarding their experiences at the Bank. The Board recommended creating a “trailer” for each story and if a member is interested in accessing the full story, he or she would have to sign in. It is hoped that in this way we can increase membership.

• Collaborate with the Bank’s Administration in assuring the financial sustainability and the most efficient and effective use of the health plan. The Chairperson of the Medical and Life Insurance Committee informed the Board the results of the meeting regarding the medical plan that took place in early September with representatives of the Human Resource Department. The Plan continues to be in a good financial situation and is well funded. Even with reserves declining over the last few years, the reserves were so large that they still remain above recommended industry standards. The HR representatives restated that the Plan benefits will not be changing and will remain a PPO based plan. If the Bank changes plan administrators at the beginning of next year, it has to inform beneficiaries of the change well before January 1st, 2018. Moreover, the Bank has the responsibility to inform beneficiaries of any possible changes in the plan and the reasons for any premium increases. The Committee members will continue holding regular meetings with the Bank Administration and the Association will inform its members of the results of those meetings and express its concerns to the Bank, if any changes are made to the medical benefits.

• Collaborate with the Bank Administration in supporting members to comply with their tax requirements: This is an on-going effort of the Association. The Association sent a reminder on September 2017 to all members reminding them to file and pay their 3rd quarter taxes. There was also the commitment from Deloitte LLP to complete all tax settlements by the end of September 2017, but there are still some settlements pending. It is expected that this work will be completed shortly.

• Provide surviving beneficiaries an informative package about the Association and facilitate the incorporation of the widowed as members of the Association: This goal is also part of the goal related to establishing a Support System for Surviving Beneficiaries. See point 10 a for more details.

• Review the regulations of the Board of Directors: The President proposed to work with the Governance Committee in reviewing and establishing clear rules and regulations based on best practices for the workings of the Board.

• Create a Historical Obituary of Deceased Members: The establishment of a Historical Obituary of Deceased Members was approved by the Board in this meeting. See point 10 b below for more details.

• Improve the communication strategy of the Association, create a Facebook page, consider the possible elimination of postal mail: This is an on-going effort. The new version of the Web page will be a key pillar of this strategy since it will provide the means for an improved communication system with members. However, the development of a comprehensive communications strategy is still pending.

• Establish new Chapters and strengthen the existing ones: The process of establishing new Chapters is still on-going. A meeting with the Chapters to take place in March 2018 in Panama was approved by the Board. The Association sent a communication to the Regional Manager and Bank Representative in Panama about its intention of holding the meeting in Panama and requesting her support and non-objection to the meeting. She has expressed her support for our event.

 

 

 

5. Deputy Secretary’s Report:

New Members Registration: The Deputy Secretary reported that August 1st and September 25th, 2017 nine new members were admitted to the Association: Mia Harbitz; Elizabeth Licther; Cristian Santelices; Winsome Leslie; Cynthia Gooden; Claudia Mercedes Cajina de Saenz; Lilian Scovazzo; Michelle Fryer; Matilde Carmen Marin. It was also proposed that the list of deceased members occurring during a particular time period be also included in the Secretary’s Report. The motion was approved.

 

6. Web Page Committee: :

The developer of the Web page provided a detailed demonstration of the pilot version of the newly designed Web page. The page is in both languages (English and Spanish). Any search on the page is done simultaneously in both languages. It features a top post with the latest news. The application uses a semantically driven engine that shows all related articles to specific search. The platform has the ability to incorporate additional features at a low cost. The Association staff will be trained in the usage of the application so that they can make updates to the page. One comment made was that the banners were considered too invasive and efforts will be made to reduce their size, if possible. Additional comments need to be received by October 9th and the goal is to have the new page operational by October 16th, 2017. There will be a training session for the Directors on October 18th, 2017.

 

7. Annual Report-Internal Committees:

The goal is to have 90% of the information required for writing the Annual Report ready by the end of 2017. The President requested that the respective Committee Chairperson prepare summaries of the major contributions of each committee as input for the preparation of the Annual Report. Once the Resolutions are prepared, the Annual Report will be written.


8. Nomination Committee:

 It was agreed that the composition of the Committee should be representative of the membership of the Association. Candidates for Coordinator of the Committee will be contacted and once a candidate has been identified, his or her name will be sent to the Board for approval. Once the Coordinator is named, he or she will present a proposal of the rest committee to the Board. It was pointed out the need of someone from the Chapters to be part of the Committee, considering that in the next election a resident outside the United States should be elected.


9. Medical and Life Insurance Program:

See point 4 c (Collaborate with the Bank’s Administration in assuring the financial sustainability and the most efficient and effective use of the health plan) for details regarding this report.

10. Membership and Affiliate Committee:

 

11. Other Business:

 

 

 

 

 

 

 

 

 

The meeting ended at 2:00 pm