Provident Fund Expert

The IDLO Provident Fund (PF) is a key element of the social security scheme established by IDLO in accordance with the IDLO Employee Regulations and Rules and the Headquarters Agreement with Italy. It is essential that the PF operates effectively and is well-administered and that information about the PF and management of employee contributions is clearly communicated to all members. The PF is a defined contribution scheme with a consistent basic framework since its establishment in the year 2000 – a plan under which employees are obliged to set aside 7% of their salary and IDLO contributes an additional 14%.The PF offers eligible employees the opportunity to invest their contributions in accordance with the general ethical principles of IDLO and according to the accepted risk profile for investments.

The Director-General has created a Task Force (TF), the purpose of which is to prepare recommendations with a view to overhauling a regulatory framework for the PF. The framework is anticipated to improve the management of the PF, communicate the PF plan to its members, and mitigate exposure of IDLO to any risks related to its operation. To support the TF to formulate its recommendations a Provident Fund Expert (Expert) will be engaged to review the identified priorities and advise on specific actions and the operationalisation of a revised framework of the PF.

The engagement of the Expert shall ideally not exceed a period of three (3) months, from the date of selection, but can be extended if needed. The Expert is mandated to present his/her findings, recommendations, and action plans to the TF in a report no later than August 23, 2021 (TBD).

The period of engagement (03 months) may be split and allocated to the priority issues as indicated below or to the phases of the project as the TF may deem it necessary.

THE ASSIGNMENT

Responsibilities and Deliverables

The Expert will work independently, and in close coordination and cooperation with the TF, as guided by the Co-Chairs of the TF. Working modalities for the Expert may include participation in meetings of the TF. He/she shall advise, guide, and support the TF on all elements stipulated in the identified priority areas indicated below. He/she shall deliver the draft internal regulatory framework for the PF, and draft TORs (Terms of Reference) for the procurement action to engage an external PF management company. All recommendations, draft proposals and action plans developed by the Expert shall be discussed in the TF meetings. Based on a consensus decision of the TF the submission of recommendations to the Director-General will be finalized.

The Expert shall support the TF in delivering on the following TF recommendations:

1.Establish a revised institutional framework for the PF.

2.Identify and contract with a single external management entity for the PF under an all-inclusive and integrated model to establish a clear and reliable relationship with individual PF members.

Elements of these tasks will include the following:

•  Provide an analysis of alternative investment options that are suitable for comparable Intergovernmental Organizations, considering ethical standards and desired risk profiles.
• Provide an assessment of services offered by available Investment Fund providers and investment managers suitable for comparable Intergovernmental Organizations, including with respect to performance and reporting mechanisms.
• Advise on other available mechanisms for managing the relationship between the investment provider and the PF members, including a review of mechanisms utilized by other Intergovernmental Organizations and/or UN agencies.
• Develop and provide a recommended draft TORs for an external PF management company providing an all-inclusive and integrated model service in the light of the alternatives researched.
• Propose alternative and suitable options and ways to improve the internal management of the PF.
• Provide guidance to the TF during the technical evaluation phase of the procurement process to select an external PF management company.
• Provide a comparison analysis for discussion with the TF of the regulatory frameworks of other comparable Intergovernmental Organizations.

Upon its engagement, the Expert will develop a work plan with a timeline that demonstrates coordination and collaborative approach with the TF and other stakeholders as the Co-Chairs of the TF may deem necessary.

IDEAL CANDIDATE PROFILE

The Consultant should have the required expertise as follows:

• University Degree in Public Administration, Management Studies, Finance or Accounting.
• A minimum of ten (10) years of experience in social security and retirement schemes, Provident Fund and/or pension administration matters, including participation in organizational reviews of, and/or establishment of new schemes and frameworks relating to Provident Fund matters and fund management in Intergovernmental Organizations.
• Sound knowledge and experience of statutes/legislations/regulations/policies and procedures governing retirement schemes, including in Intergovernmental Organizations.
• Sound knowledge of the International Public Sector Accounting Standards (IPSAS).
• Experience in analysing and trading retirement and investment funds.
• Experience in the calculation of benefits for members of retirement schemes.
• Managerial and customer service skills, customer orientation.
• Fluent oral and writing skills in English.
• Strong organizational and time management skills, with the ability to work independently and flexibly to deliver the agreed outputs in a timely and professional manner.
• Desirable: Experience in and knowledge of actuary services.

TERMS AND CONDITIONS

The assignment is for three (3) months, ideally starting in June/July through September 2021.

This is a deliverables-based assignment whereby payments are made upon timely production of satisfactory deliverables.

The work may be done as a combination of home-based and at the IDLO Headquarters in Rome, Italy.

DISCLAIMER AND CLOSING DATE

The above statements are intended to describe the general nature and level of the work being performed by the Consultant assigned to this work. This is not an exhaustive list of all duties and responsibilities.

The Director-General of IDLO reserves the right to amend and change responsibilities or even to cancel the consultancy opportunity to meet business and organizational needs, as necessary.

Application deadline: 25 June 2021.