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ECCK Members First to Receive Kyobo Life’s New Umbrella DC Plan
Kyobo Life announced on October 13 that its newly designed “Umbrella DC plan” has received the “contract approval” from the Financial Supervisory Service following a “plan document approval” from the Ministry of Employment and Labor. Kyobo Life’s “Umbrella DC Plan” has paved the way for plan adoption among small and mid-sized companies which have been hesitant in the past due to time and money issues. The “Umbrella DC Plan” is a multiple employer (sponsor) Defined Contribution (DC) Plan where multiple companies can easily join the plan based on a single standardized plan document. The advantages of having a standardized corporate pension plan are simplified administrative work, easier maintenance of the plan and lesser fees.
Kyobo Life has made its first agreement on the Umbrella DC Plan with the ECCK and is planning to give priority in using its Umbrella DC Plan service to approximately 300 members of the ECCK.
For more details, please read the Korean articles below:
ECCK Members First to Receive Kyobo Life’s New Umbrella DC Plan
Kyobo Life announced on October 13 that its newly designed “Umbrella DC plan” has received the “contract approval” from the Financial Supervisory Service following a “plan document approval” from the Ministry of Employment and Labor. Kyobo Life’s “Umbrella DC Plan” has paved the way for plan adoption among small and mid-sized companies which have been hesitant in the past due to time and money issues. The “Umbrella DC Plan” is a multiple employer (sponsor) Defined Contribution (DC) Plan where multiple companies can easily join the plan based on a single standardized plan document. The advantages of having a standardized corporate pension plan are simplified administrative work, easier maintenance of the plan and lesser fees.
Kyobo Life has made its first agreement on the Umbrella DC Plan with the ECCK and is planning to give priority in using its Umbrella DC Plan service to approximately 300 members of the ECCK.
For more details, please read the Korean articles below:
[Yonhap News] 교보생명, 복수사업자 가입하는 표준형 퇴직연금제 도입
[Herald] 교보생명, 가입 편하고 비용 줄인 표준형 퇴직연금 첫 선
[ChosunBiz] 교보생명, 중소기업 근로자 위한 표준형 퇴직연금 국내 최초 출시