The employers’ new duties related to the PPK

2018.10.30

With the introduction of the PPK, additional duties will be imposed on employing entities. In particular, the employing entity’s duties include:

  1. Selecting a financial institution with which it will conclude an agreement for PPK management, in agreement with the company trade union organization, and, if there is no such organization at the company, with a representative body of employees elected through a procedure accepted at the company;
  2. Concluding the PPK management agreement and individual agreements for administering the PPK with the selected financial institution;
  3. Calculating and paying PPK contributions financed by the entity;
  4. Calculating, collecting from the enrollee and paying contributions financed by the enrollee to the selected financial institution;
  5. Providing adequate information to PPK enrollees (including about the obligation to file on behalf of the enrollee an application for transfer payout, about the possibility to join the PPK for enrollees between 55 and 70 years of age, about the possibility to declare additional contributions to the PPK);
  6. Providing adequate information to the financial institution (including about the filing by an enrollee of a declaration of withdrawal from the PPK, about the resumption of the paying of contributions for an employed person after the expiration of the withdrawal declaration);
  7. Providing administrative service, in particular maintaining and managing documentation;
  8. Ensuring that the deadlines for the individual obligations imposed on the employing entity are met, including the obligation to resume paying PPK contributions for an enrollee who files a declaration to withdraw from the plan - once every for years from 1 April.