areco 11. andde childr benefi other -2- III•SUMMARY OFTHEOPERATIONS OFTHEFUNDDURING THEYEARENDED 31DECEMBER 1984 12. actu cons IvaluII'subm Fund 31D Comm subm' 13. prep futur fora remun incre year) wasa 1per there inter (ccrr resp remun andpI va1ua asat qrowtt 14.-L._iIMi 11.On31December 1984theFundwaspaying7,571retirement benefits, 7,514early anddeferred retirement benefits, 2,578widows' andwidowers' benefits, 4,199 children's benefits, 477disability benefits and39secondary dependants' benefits. Inthecourseoftheyearitalsopaid3,596lump-sum withdrawal and othersettlements '(seeannexI).9.Duringthesameperiodtheprincipal oftheFundincreased from$3,115,548,779 to$3,500,632,266 (seeannexII). 10.Theinvestment incomeoftheFundduringtheyearamounted to$334,556,580, comprising $232,165,067 ininterest anddividends and$102,391,513 innetprofiton salesof·investments. Afterdeduction ofinvestment management costsintheamount of$3,849,813, netinvestment incomeamounts to$330,706,767. Asummaryofthe investments asat31December 1984andacomparison oftheirbookandmarketvalues arecontained inannexII,schedules 2and3.8.Thenumberofparticipants intheFundincreased duringtheyearfrom52,432 to53,204. -3-'1, r fIII•MATTERS CONSIDERED BYTHEBOARD, INCLUDING RECOMMENDATIONSTOTHEGENERAL ASSEMBLY A.Actuarial valuation oftheFundasat31December 1984 12.Article 12oftheFundlsRegulations statesthat"theBoardshallhaveanactuarial valuation madeoftheFundatleastonceeverythreeyearsbytheconsulting actuary". Thepractice oftheBoardhasbeentohaveactuarialvaluations carried outeverytwoyears. Accordingly, theconsulting actuarysubmitted totheBoardatitsthirty-fourth session theactuarial valuation oftheFundasat31December 1984(theprevious valuation hadbeenasat31December 1982).1/ TheBoardalsohadbeforeittheobservations oftheCommittee ofActuaries, whichhadexamined thevaluat1,on reportpriolCtoitssubmission totheBoard. 13.Pursuant tothedecisions takenbytheBoardin1984,theconsulting actuaryprepared fourvaluations usingdifferent assumptions astoeconomic faotors andfuturegrowthoftheparticipant population. Twooftheassumptions werethesameforallfourvaluations, namely (a)therateofincrease inpensionableremuneration (6.5percentayearinaddition tostaticincreases), and(b)priceincreases, reflected inincreaaes ofpensions tobeneficiaries '(6percentayear). Inthreeofthefourvaluations futuregrowthoftheparticipant populationwasassumed tobe2.6percentayearfortheGeneral Service category and1percentfortheProfessional category duringthefirst20years,withnogrowththereafter. Thevariable inthesethreevaluations wasthenominal rateofinterest (investment return), whichwasassumed tobe8,9and10percentayear(ccrresponding toarealrateofreturnof2,3and4percentayearrespectively). The6.5/9/6 basis(i.e.rateofincrease ofpensionableremuneration of6.5percentayear;nominal rateofinterest of9percentayear;andpriceincreases of6percentayear)wasdesignated asthe"regularvaluation"; itcorresponded tothe"regular valuation" assumptions inthevaluationasat31December 1982.Thefourthvaluation usedthe6.5/9/6 basisbutassumed nogrowthintheparticipant population beyondthelevelasatthevaluation date.~ 14.Theresults ofthefourvaluations maybesummarized asfollows: -4- ./ l.,1:15. regu all 0.14Contribution ratereauired (asapercentage of totalpensionable remuneration) Valuation basis ~gular participant growthassumption Economic assumptionTotalreauired Imbalance !,/ 6.5/8/6 6.5/9/6 6.5/10/528.56 24.76 21.376.81 3.01 (0.38) !IExcessoveracontribution rateof21.75percent,provision for administrative expenses hasbeenassumed tobe0.14percentoftotal pensionable remun~ration. 15.Developments everthepastthreevaluations (usingthe6.5/9/6 basisandthe regular participant growthassumption) aresummarized inthefollowing table(in allcasestheprovision foradministrative expenses hasbeenassumed tobe 0.14percentofpensionable remuneration):Zeroparticipant growthassumption Econom~c assumption 6.5/9/6, 25.94 4.19 3 1 v. il at f la th ad ne by O. 1 fo ho re -5-Contribution raterequired (asapercentage oftotalpensionable remuneration) V~luation date 31December 1980 Beforedemographic changes Afterdemographic changes 31December 1982 Before1January 1983changes in FundRegulations andprocedures
**Analysis**
This text appears to be a report on the financial and actuarial performance of a pension fund, detailing its operations, investments, and financial statements. It does not seem to be related to any of the categories that involve natural resources, agriculture, forestry, fishing, humanitarian aid, culture, or science and technology. The text's focus on financial and economic aspects, such as investment income, contribution rates, and actuarial valuations, suggests that it is more closely related to the categories of economics, employment, or industry.

**Category**
Economic development, Employment