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Website Tutorial

Retirement Plans

Our main goal is to provide relevant information about your Retirement Plan.
The provisions of the Retirement 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.

International Staff Retirement Plan Document

 

Annual Reports

Cost of Living Adjustments (COLA)

The Pension Plans provide for annual Cost of Living Adjustments (COLA) for pensions received by retirees and beneficiaries. The COLA is made effective on January 1st of each year and will be reflected on all pensions.

National Staff Retirement Plan Document

Annual Reports

Cost of Living Adjustments (COLA)

The Pension Plans provide for annual Cost of Living Adjustments (COLA) for pensions received by retirees and beneficiaries. The COLA is made effective on January 1st of each year and will be reflected on all pensions.

Retiree Self-Services (RSS)

This is an online tool to help retirees, including surviving beneficiaries, safely use IDB services anytime, anywhere with Internet access.

What can be found in the RSS?

  • Pay stub: Retirees can view their most recent pay stub, on the first of each month. They can also see their previous pay stubs at any time.
  • Pension verification letter: Retirees can download and print an official pension certification in seconds. They no longer have to wait for it to be mailed to them.
  • Information on Personal Data and Beneficiaries: Retirees can manage their personal data and beneficiary information in real time.
  • Tax Form for US Residents: Retirees who pay taxes in the United States can view and print their 1099 form to process their taxes.

NEED HELP?

E-mail: vpf/srp@iadb.org
Phone: +1 (202) 623-3560
(Monday through Friday, 9:30 a.m. to 5:00 p.m., EST Time)
Website: https://www.iadb.org/es/retirees/jubilados

The Pension Plans provide for annual Cost of Living Adjustments (COLA) for pensions received by retirees and beneficiaries. The COLA is made effective on January 1st of each year and will be reflected on all pensions.

International Retirees

Pursuant to Section 15 of the Staff Retirement Plan (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%.

National Retirees

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, 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 on cost-of-living adjustments for international and national retirees, please refer to the latest available version of the SRP or LRP annual report, as appropriate.

General Information about the passing of a retiree or spouse of the retiree

 

The beneficiary needs to contact the Office of the Staff Retirement Plans by any of the following means:

 

SRP General Telephone Line: +1 (202) 623-3560
E-mail: vpf/srp@iadb.org
Regular mail:
Staff Retirement Plan
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. Payment of this benefit is subject to retentions for possible excess of payment; therefore, verification and authorization from the Medical Insurance, Taxes, and Payroll offices will be needed.

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.
Updates on April 2020.

SRP-668 Designation of Beneficiary

Retirement Plan Office:
Address:
1300 New York Ave, NW,
Stop E-507
Washington, DC 20577
Office: SE 539
Phone: +1 (202) 623-3560
Fax: +1 (202) 623-2177
Email: VPF/SRP@iadb.org

SRP Frequently Asked Questions (FAQs)

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Association Headquarters

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IDB Retirees Association
1300 New York Avenue, N.W.
Stop W-0424
Washington, DC 20577

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