I take note of this recommendation ITU has transferred its insurance plan from Closed Remedial measures for Negative the Health Insurance Fund (SHIF) to Rec. 6 and inform you that a process to Net Asset due to post-employment Cigna-van Breda on 1st May 2014. A full 2012 perform a full actuarial review and See new recommendation benefits actuarial study will take place in 2016. ASHI provisions contribute define different scenarios is in related to ASHI actuarial Corrective measures have already been considerably to the negative Net progress to evaluate corrective review. taken and will be monitored and adjusted in Assets, although financial health is measures for diminishing the order to ensure the financing on a pay as assured in the short-term, it is not unfunded ASHI obligation. you go basis as well as the funding of the possible to evaluate in this period ASHI obligation on a long-term basis. when the ITU financial health Thus, the ITU contribution to the SHIF has might be compromised Therefore, been increased from 3.31% to 3.91% for the we recommend Management to be 2014-2015 budget. The ASHI reserve has assisted by a full actuarial review been created and CHF 2 million transferred into it from the budgetary surplus 2013. study in the coming years that it Moreover, according to Res. 1359, CHF 4 might produce answers, and million from ITU Reserve Account have possible solutions, to this question. been allocated to a reserve for ASHI funding. Furthermore, the Financial Plan for 2016-2019 will include further corrective measures in order to ensure the long-term funding of the ASHI obligation. It is to be further noted that the increase of the discount rate used in the 2013 actuarial valuation impacted the net assets positively and significantly as the actuarial gains amounted to CHF 26.5 million. Recommendation raised Comments received from Status as Status on actions by Italian court of Auditors Secretary-General at the time of reported by ITU Management by Management as evaluated by the issuance of the report Italian Court of Auditors
Rec. 6 2012 Remedial measures for Negative Net Asset due to post-employment benefits ASHI provisions contribute considerably to the negative Net Assets, although financial health is assured in the short-term, it is not possible to evaluate in this period when the ITU financial health might be compromised Therefore, we recommend Management to be assisted by a full actuarial review study in the coming years that it might produce answers, and possible solutions, to this question. I take note of this recommendation and inform you that a process to perform a full actuarial review and define different scenarios is in progress to evaluate corrective measures for diminishing the unfunded ASHI obligation. ITU has transferred its insurance plan from the Health Insurance Fund (SHIF) to Cigna-van Breda on 1st May 2014. A full actuarial study will take place in 2016. Corrective measures have already been taken and will be monitored and adjusted in order to ensure the financing on a pay as you go basis as well as the funding of the ASHI obligation on a long-term basis. Thus, the ITU contribution to the SHIF has been increased from 3.31% to 3.91% for the 2014-2015 budget. The ASHI reserve has been created and CHF 2 million transferred into it from the budgetary surplus 2013. Moreover, according to Res. 1359, CHF 4 million from ITU Reserve Account have been allocated to a reserve for ASHI funding. Furthermore, the Financial Plan for 2016-2019 will include further corrective measures in order to ensure the long-term funding of the ASHI obligation. It is to be further noted that the increase of the discount rate used in the 2013 actuarial valuation impacted the net assets positively and significantly as the actuarial gains amounted to CHF 26.5 million. Closed See new recommendation related to ASHI actuarial review. Recommendation raised by Italian court of Auditors Comments received from Secretary-General at the time of the issuance of the report Status as reported by ITU Management Status on actions by Management as evaluated by Italian Court of Auditors