Retirement pension participant education

In accordance with ERBSA, it is mandatory for a plan sponsor to offer education on the current management status of a retirement pension system to plan participants at least once a year. Training can be delegated to a retirement pension plan provider. Hana Bank offers a variety of educational programs and contents, and retirement pension plan participants can also conveniently enjoy educational programs through multiple channels provided by Hana Bank.

Educational contents

Overview of retirement pension plans
  • Characteristics and differences by plan type including types of benefits, conditions for receiving benefits, benefit amount, etc.
  • Matters relating to management of retirement pension plan including loan on collateral, mid-term withdrawal, penalty interest for delayed contributions, etc.
  • Matters relating to standard wage amounts that determine the level of retirement benefits and contributions
  • Retirement benefit payment procedures and rollover to individual retirement pension (IRP) plan account
  • Tax guidance including annuity income tax, retirement income tax, etc.
  • Handling procedures in case of suspension and termination of retirement pension plans
  • Assetㆍliability management principles concerning participants’ income, assets, liability, age, and working years and the importance of retirement planning
  • Protection of pensionable right
  • Policy transfer
DB Plan
  • Contribution amount over the past 3 years
  • Standard benefits amount by benefit type
  • Reserve status compared with minimum reserves at the end of the previous business year
  • Financial stabilization planning report
  • Other matters including reserve management status, asset management goals, etc.
DC Plan
  • Contributions paid by the employer, and the date and status of contributions payment
  • Standard regulations and contracts of DC Plan enrolled by at least 2 participants in accordance with Article 23
  • Investment principles for stable asset management including asset allocation strategies, etc.
  • Profit structures, selling prices, fees, and risks of each investment option, etc. provided by retirement pension plan providers