Shinhan Bank "Carefully Explaining the Amendments to the Retirement Pension Act"

Retirement Pension Webinar Held
Lecture on System Explanation and Response Measures for the Worker Retirement Benefit Security Act Amended on the 14th

[Asia Economy Reporter Sim Nayoung] Shinhan Bank announced on the 13th that it conducted a webinar titled "Key Contents and Countermeasures of the Revised Retirement Pension System" for corporate representatives in charge of retirement pension subscriptions.

The webinar provided a one-hour lecture focused on explanations of the system changes and practical countermeasures regarding the retirement pension changes this year, followed by a Q&A session to address participants' questions.

This webinar centered on items unfamiliar to corporate representatives, including the amendments to the Employee Retirement Benefit Security Act effective from the 14th, such as ▲the establishment of a DB Reserve Management Committee and the introduction of a Reserve Management Plan (IPS) for workplaces with 300 or more regular employees ▲mandatory receipt of retirement pay through IRP for retirement pay systems ▲introduction of the DC/IRP pre-designated operation system (default option) that manages retirement pensions by a predetermined method if the subscriber does not provide operation instructions.

A Shinhan Bank official stated, "We plan to continuously provide seminars so that corporate retirement pension managers do not face difficulties in practice due to system changes," and added, "Shinhan Bank will continue to offer easier and more comfortable retirement pension services to customers."

Meanwhile, Shinhan Bank launched the "Retirement Pension Customer Management Center" in March to provide systematic and professional management services and improve profitability for retirement pension subscribers. According to the fourth-quarter retirement pension yield disclosure by the Bankers Association last year, Shinhan Bank ranked highest among banks with an average yield of 2.19% (1st place) for Defined Contribution (DC) plans and 2.68% (2nd place) for Individual Retirement Pension (IRP) plans.

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