#2017-484Creation of Dedicated Organizations for Supplementary Professional Retirement Activities
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
This law creates organizations specifically for handling supplementary professional retirement activities, expanding on how professional retirement pensions are managed and structured. It introduces new rules for the operation and governance of these funds, which aim to supplement statutory pension entitlements. Companies must adapt to these changes by forming supervisory committees to ensure contract execution, impacting employers, employees, and insurers.
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Key Changes
- Introduction of supplementary professional retirement funds
- Establishment of supervisory committees for funds
- New governance rules for retirement fund management
Obligations
What this law requires
Establish a supervisory committee (comité de surveillance) within six months of exceeding the member threshold for each supplementary professional retirement contract, composed equally of employee and employer representatives
Supervisory committee members must maintain professional confidentiality regarding confidential information shared by consulted parties, under penalty of articles 226-13 and 226-14 of the penal code
Deposit and hold contract assets with one or more depositaries that are distinct from the fund/insurance company, which must be approved financial institutions operating in France or other EU/EEA states
Establish and review at least every three years a placement policy report indicating investment policy and corresponding technical and financial risks; update within three months of any major policy change
Inform each member and beneficiary upon rights liquidation of due benefit amounts and corresponding payment options, under conditions specified by ministerial order