Zalamea Actuarial

Retirement

Retirement planning has never been so convenient and easy for your company and employees.

With the expertise of Zalamea’s retirement plan administrators and its integrated hr platform, employees can now keep track of their retirement contributions and balances at their own convenience.

Retirement Plans

Defined Benefit

The benefits to be received by the members are defined by formulas fixed in the plan rules. An actuary estimates the contributions necessary to meet the promised benefits periodically.


Defined Contribution

The employer contributions are fixed in the plan rules. Separate accounts are maintained for each member to which all contributions and earnings on these contributions are credited. Benefits are a function of both the total contributions made and the investment performance of the fund.

Hybrid Plan

Definted Benefit plan that allows incorporates a savings program. The employee may voluntarily contributes to the retirement fund and the employer matches his/her contributions.


PROCESS

1. Do the Plan Design

Determine the type of benefits you want to provide for your employees.
2. Draft the Retirement Plan Rules and Regulations
Hire an actuarial firm to draft based on your plan design.
3. Request for an Actuarial Valuation

Request for a Funding Valuation to determine what the recommended contribution is based on the Retirement Plan and current employee profile.
4. Appoint a Trustee

Appoint a Trustee to manage the retirement fund. The common set up is appointing the Trust Department of the bank.
5. Apply for Tax Exemption

Submit all the required documents to the BIR head office.