Pension Administration

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Pension Administration Kerry H. Mack 1818
Society Annual Meeting October 24, 2007
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SRP Statistics
Active Participants 12,946
Total Retirees 7,318
Retired Participants 6,010
Gross Plan 3,142
Net Plan 9,804
Beneficiaries (spouse children) 827
HQ 5,702
CO 4,102
Deferred 481
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Age Distribution of Active Staff
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Age Distribution of Retirees
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Chennai Office
Purpose Business Continuity Leverage
low-cost labor Time difference helps
achieve round the clock processing
Strength Team consists of five staff members
Responsibilities Pension Payroll
processing Pension Accounting Handling of
service account Application processing Monitor
ing participation records Ad hoc requests
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May 2007 Plan Amendments

• Plan amendments affecting the Net Plan provisions
• Increased investment options
• Monthly rebalancing
• Voluntary Savings Component
• Rule of 60

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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
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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)
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Pension Payroll
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COLA
US dollar pension
Non - US dollar pension

• CPI published for each country
• Ratio of latest available CPI as of
• the last business day in April to
• last years CPI
• Source
• International Financial Statistics (IFS)
• published by IMF

• US Consumer Price Index (CPI)
• Ratio of current March CPI
• to last March CPI
• Source
• Bureau of Labor Statistics

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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

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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.