Barbados. OPBA will provide Retirement Savings Statements
THE OCCUPATIONAL PENSION BENEFIT, OPBA, has made provision for pension plan members to be regularly informed of the status of their accumulating pension benefit. In addition, it has made provision for relatively early vesting of pension benefits and for greater portability of pension funds.
Every year, the administrator of the pension plan must provide a written statement to each plan member setting out the specifics of the contributions made to the plan by the employee, if any, and by the employer as at the end of the previous year, plus the accumulated return on the investment.
For a defined benefit pension plan, DB, that statement will also show the specifics of the member’s projected benefit at their normal retirement age as at the end of the previous year.
For a defined contribution plan, DC, the statement will show the accumulated balance of the pension fund for the member’s account: namely, the member’s contribution and the employer’s contribution plus the accumulated investment return on the fund as at the end of the previous year.
Full Content: Nation News
