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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.
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.
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.