1. Retirement Plan
Design & Set-Up

2. Approval of Proposal and Administrative Costs
Discussion of Basic Provisions of Plan Policy
Documentation of Retirement Plan Policy (Plan Design and Documentation)
CLIENT
CLIENT & MCG
CLIENT & MCG
1 week
1 day
2 days
Actuarial (Funding) Valuation
BIR Filing for Tax Exemption
Execute Trust Agreement between Trustee Bank and Company
MCG
MCG
CLIENT & TRUSTEE BANK
5 days from data completion
2 weeks*
2 weeks
Approval of Proposal and Administrative Costs
CLIENT
*Approval from BIR may take 6mos to 2yrs
1 week

3. 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

4. Funding Vehicle
Self-Funded
Trustee Bank
Insurance Company

5. 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

6. +63 2 856 7132 +63 2 856 7169 +63 2 856 7118 http://www.MCGravite.com
20th Floor, Fort Legend Tower
3rd Avenue corner 31st Street
Fort Bonifacio, Global City
Taguig City, Philippines
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Manila Head Office
Cebu Satellite Office