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Retirement Plan Set-up

 

Requisites Under Revenue Regulations No. 1-68

  • Written retirement program
  • Permanent and Continuing
  • Coverage
    • Percentage basis
    • Classification basis
  • Contribution
  • Impossibility of diversion
  • Non-discriminatory
  • Non-forfeitable rights
  • Forfeitures must be used to reduce employer’s contributions
  • Administered by a trust

Funding Vehicle

  • Self-Funded
  • Trustee Bank
  • Insurance Company

BIR Requirements

 

  • Signed Retirement Plan Rules and Regulations
  • Accomplished BIR Form 17.60
  • Actuarial Valuation (1 year validity)
  • Trust Agreement with Trustee Bank
  • TIN of the Fund

Download Retirement Plan Set-up

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