Introductory Procedure
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- Design of the retirement pension plan
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- Provide seminars and presentations to employer and employee to help them select an appropriate plan.
- Design a plan reflecting the company’s wage system, personnel structure, financial situation, etc.
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- Execution of pension regulations and report
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- Enact retirement pension regulations through labor-management agreement and report to the competent labor office.
- The employer’s representative refers to the labor union comprising a majority of employees, or a majority of the entire workforce.
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- Signing of agreement and implementation of plan
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- Conclude operational management and asset management contracts with the pension provider.
- Prepare a list of subscribers and submit documents required for calculating contributions.
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- Payment of contributions
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- Pay contributions are calculated on a regular basis according to retirement pension regulations.
- For DB plan, pay contributions are calculated through actuarial valuation to the pension provider.
- For DC plan, pay 1/12th or more of total annual salaries.
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- Operation of reserves
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- Under a DB plan, the company selects/manages financial products and retains operational returns.
- Under a DC plan, the employee selects/manages financial products and retains operational returns.
- Report on operational status including reserves and returns is provided at least once a year.