(PRESS RELEASE) — The possibility for Chamber Members to offer their valued staff an opportunity to participate in an affordable Pension Plans to supplement existing National Insurance Provisions was discussed and explored by the St. Lucia Chamber of Commerce on Wednesday October 10th, 2018 over Breakfast at Bay Gardens Hotel.
A proposal to create a Multi-Employer Pension Plan by the Chamber was presented and discussed. This is part of the Chamber’s continued effort to provide enhanced value to members.
Arguing that it is never too early to plan for sufficient retirement income, and that many retire with little available income to rely on, Mr. Clarence Faulkner of Pension Management Interactive, Inc demonstrated that the Multi-Employer Pension Plan provides an opportunity for Chamber Members and their staff to take ownership of their respective pension obligations to support savings and NIC benefits in an affordable and practical manner.
Revealing the critical elements of such a Plan, as well as the detailed reporting at the individual, firm and plan level that will be provided, he spoke to the decisions that will have to be made so that a responsive and tailor made plan can be developed Mr. Faulkner made it clear the plan would be as the Chamber and its members desired. Chamber Members were given serious food for thought and important insight into how such a program could and should work.
The proposed plan will take a “defined contribution” approach and allow the Chamber and participants to design and decide on the critical elements to govern the program. It will also provide a single broad governance structure, yet giving firms the flexibility to tailor their company’s elements within that framework. With no minimum staff numbers required, nor a minimum contribution level set, any firm of any size can participate based on their capacity without the headache of affordability or placing a drain on company resources.
Members were very impressed and indicated strong interest in participating in such a program. The Chamber Secretariat and PMI have pledged to provide members with more information for their consideration and discussion within their Firm’s shortly. Based on members stated interest, the Chamber Board will be invited to take a decision on pursuing the project.
This Breakfast marked the initial step in exploring this initiative and the launch of the Chamber Membership Benefit Program being worked on. This Pension Plan Proposal is expected to bring affordable private pension plan through the Chamber which will benefit Employers and Employees.