Establishing a Plan
The employer chooses whether to establish a defined benefit pension plan or a defined contribution pension plan. The pension plan can be dedicated to only the employer’s employees or can be a multi-employer pension plan covering employees of more than one employer.
The final selection of a pension plan must have the support of at least 50% (+ 1) of the employees who were present at the meeting to approve the plan, or who voted through a poll. The employer must ensure the employees are notified of the particulars of the plan prior to the meeting or conducting the poll.
Who offers a Pension Plan?
Employers may register their own plan with the NPO or participate in one of the following certified Multi-Employer Pensions Plans:
- British American - (345) 949-5811
- British Caymanian (Colonial) - (345) 949-8699
- Cayman National Trust - (345) 640-9263
- Chamber of Commerce - (345) 745-7630
- Fidelity - (345) 949-7822
- Silver Thatch(SAXON) - (345) 943-7770