Access the Retiree Self-Service (RSS) to obtain documents and services such as: Paystub, Pension Certificate or Form 1099-R.
The provisions of the pension plans are overseen by the Pension Committee, which is chaired by the President of the IDB Group and includes executive directors, senior management and elected representatives of active staff and retired participants.
The Staff Retirement Plan (SRP) is a qualified pension plan under the U.S. Internal Revenue Service’s Code Section 401(a).
The Pension Plans provide for annual Cost of Living Adjustments (COLA) for pensions received by retirees and beneficiaries.
Pursuant to Section 15 of the SRP, pensions are adjusted based upon the change in the U.S. Consumer Price Index for All Urban Consumers, U.S. City Average (CPI-U), published by the U.S. Department of Labor. The COLA, made effective on January 1 of each year, is based on the CPI-U Index’ change from November two years prior through November of the prior year.
Furthermore, section 9 of Article 15 of the SRP Document indicates that when the increase in the CPI is greater than 5%, the Pension Committee, after consultation with the Bank, may grant a pension supplement equal to some or all of the excess over 5%.
For more information, please refer to the latest available version of the SRP Annual Report.
The Local Retirement Plan (LRP) is a defined benefit pension plan, which establishes a defined formula to determine each participant’s benefit based on service, compensation, and a benefit accrual factor.
The Pension Plans provide for annual Cost of Living Adjustments (COLA) for pensions received by retirees and beneficiaries.
Pensions for national retirees are adjusted to reflect the percentage of increase of the Consumer Price Index (CPI) for each country in a period of twelve months ending in November of the previous year. The COLA, made effective on January 1 of each year, is based on the International Financial Statistics (IFS) published by the International Monetary Fund (IMF), or any other index adopted in its stead as approved by the Managing Committee.
For more information, please refer to the latest available version of the LRP annual report.
Contact the Executive Secretary of the Retirement Plans: Email VPF/SRP@iadb.org | Phone (202) 623-3560 | Address: 1300 New York Avenue, NW, E05
Here is a summary of the main provisions of the plans.
Von Horoch,Jorge Luis
Caldini,Damian Ezequiel
Olave,Maria Laura
Garcia Aliaga,Flavia Alejandra
2022
2021
2020
In case of the passing of a retiree or spouse of a retiree the beneficiary may contact the Office of the Staff Retirement Plans by any of the following means:
- SRP General Telephone Line: 202-623-3560
- E-mail: vpf/srp@iadb.org
- Regular mail:
Staff Retirement Plans
Inter-American Development Bank
1300 New York Avenue N.W. Stop EO507
Washington D.C. 20577
Once we have been informed of the death, the Retirement Plans Office will update its records and send information only to the beneficiary or the Attorney in Fact regarding the beneficiaries and any survivor or insurance benefits that may be applicable. Therefore, we strongly suggest that the Form Power of Attorney is kept up to date.
Please note that the last monthly pension payment to the deceased retiree will be made at the end of the month in which the retiree died, in the same stablished way. Therefore, we strongly recommend not to close that bank account until the following month.
If the retiree is survived by a qualified spouse, the spouse will be entitled to a lifetime pension. If the retiree is not survived by a qualified spouse, Section 4.5(f)(ii) of the Staff Retirement Plan establishes that a lump sum payment shall be made to the designated beneficiaries on record. Therefore, we strongly suggest that the form Designation of Beneficiaries is kept up to date.
If the retiree is survived by a qualified spouse, at the spouse’s death the Plan’s benefits are considered extinguished.
Additionally, retirees and spouses have a life insurance benefit that will be paid to the designated beneficiaries on record. The amount of this benefit is variable, depending on the option selected by the retiree at the time of retirement, but currently, it should not be less than $10,000 for the retiree or $5,000 for the spouse. If the retired participant took the High Option, the amount should not be less than 10% of the last salary or $15,000 whichever is greater. The spouse’s High Option is $7,500.
The following documentation must be forwarded to Staff Retirement Plans office in order to process the payments of benefits described above:
- Death Certificate; original or certified copy.
- Request of Survivor’s Pension or Authorization for Payment of Benefits signed by each of the beneficiaries, as applicable. Forms will be sent to beneficiaries.
- Authorization for Payment of Life Insurance signed by each of the beneficiaries. Forms will be sent to beneficiaries.
- Copy of tax returns and Form 1R, if the retiree was receiving tax advances.
- Copy of a Government issued identification with photography such as National ID, Driver’s license, Passport, etc., from each of the beneficiaries.
- Copy of a voided check for checking account or a copy of a bank statement for savings account where the beneficiary name and account number is shown for verification.
The IDB only makes electronic payments to a bank account under the beneficiaries’ names, so please indicate the type of bank account. If the bank is outside the U.S., the form for deposits outside the U.S. must be sent as well because the transaction would be processed via SWIFT.
For questions, please contact the Staff Retirement Plans Office.
- Request a Certification Pension Letter
- SRP-668: Retiree Life Insurance Program Designation of Beneficiary Card
- SRP-720: Certificate of Eligibility for Pension
- SRP-724: Designation of Beneficiaries in case of Non Qualified Spouse
- SRP-725: Durable Power of Attorney
- SRP-756: Authorization for Bank Deposits
- SRP-767: Annex to Authorization of Deposits