Proposal to extend the progressive retirement programme

Following a detailed assessment of the impact of the progressive retirement programme on the balance of the Pension Fund, the Governing Board of the Pension Fund concluded, in its meeting of 1st February 2000, on a positive opinion on the extension of the programme. Therefore, the Management invites the Finance Committee to recommend to Council, at its June 2000 session, the approval of the extension of the progressive retirement programme, as proposed in the attached document (already distributed in December 1999). The Management considers that a discontinuity in this programme would be detrimental to its smooth implementation. It therefore proposes that the programme continues as from 1st April 2000, i.e. at the end of the initial three year period of implementation. Taking into account this requirement, and since the approval of this proposal lies in the Council's competence, the Finance Committee and the Committee of Council are invited to recommend to Council to approve it. They are also invited to agree that the extension be effective as from 1st April 2000, subject to confirmation by Council at its June 2000 session.