Requirements for Security Bank Retirement Fund Application

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List of Requirements for Security Bank Retirement Fund Application (Company / SBC Trust)

REQUIREMENTS FOR SECURITY BANK RETIREMENT FUND – Here is a guide on the documents that companies or SBC Trust must prepare.

Nowadays, companies who want to do more for the protection of their employees have a lot of options. One of these is the retirement fund which secures the benefits for the worker in the event of retirement or separation.

One of the banks with the said offer is Security Bank. It opens its offer provided that the company must have at least ten (10) headcount for the plan. According to Security Bank, the following are the considerations in having this type of fund:

  • It must be a definite written program;
  • It must be a permanent and continuing program unless terminated by virtue of a valid business reason;
  • Must cover at least 70% of all officials and employees;
  • It must be non-discriminatory;
  • It must provide for non-forfeitable rights;
  • It must be non-diversionary;
  • It must be administered by a Trust.
Requirements for Security Bank Retirement Fund Application

There are two (2) options under the Security Bank Retirement Fund. It can be through a Fixed Benefit Plan that is based on the worker’s length of stay with the company and the salary or the Contributory Plan which is based on the contributions made by both the employer and the employee.

Requirements for Security Bank Retirement Fund Application

From the company:

  1. Articles of Incorporation/ Partnership and By-laws
  2. SEC Registration
  3. Retirement Plan Rules & Regulations
  4. Actuarial Valuation Report
  5. BIR Form 17.60
  6. Government Issued IDs of Authorized Signatory/s
  7. Secretary’s Certificate

From SBC Trust:

  1. Trust or IMA Agreement
  2. Account Opening Forms
  3. Investment Guidelines
  4. Sample of Retirement Plan Rules & Regulations

To apply, you may bring the said documents to the branch of Security Bank nearest to you.

Thank you for visiting our website. We hope we have helped you with regards to this Security Bank offer. You may keep coming back for more informative guides.

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