First of all, the enterprise should examine whether it meets the conditions for establishing the enterprise annuity system, that is, whether it participates in the basic old-age insurance according to law and fulfills its payment obligations, whether it has the corresponding economic affordability, and whether it has established a collective consultation mechanism. In line with the above conditions, the enterprise shall determine the decision to establish an enterprise annuity through collective consultation with the trade union or employee representatives.
Second, after an enterprise decides to establish an enterprise annuity system, it should make an enterprise annuity plan. The enterprise annuity plan shall include the participants' scope, fund raising methods, individual account management methods of employee enterprise annuity, fund management methods, calculation and payment methods, payment conditions of enterprise annuity treatment, organization management and supervision methods, suspension payment conditions, etc. Enterprises can make their own enterprise annuity plans, or they can hire human resources consulting companies to provide consulting services for the design of enterprise annuity plans. It should be noted that the draft enterprise annuity plan of state-owned and state-controlled enterprises should be submitted to the workers' congress or the workers' congress for discussion and adoption.
Third, the enterprise should also submit the enterprise annuity plan to the labor and social security administrative department of the local people's government at or above the county level. The enterprise annuity plan of large enterprises under the central government shall be submitted to the Ministry of Labor and Social Security. The supervision institution of the enterprise annuity fund of the Ministry of Labor and Social Security will issue a confirmation letter of the enterprise annuity plan (including the registration number), which is an important document required by the trustee of the enterprise annuity fund to open relevant accounts for the enterprise annuity fund in the future.
Fourth, the enterprise annuity plan takes effect and the enterprise determines the trustee of the annuity plan. After the enterprise annuity plan is approved by the administrative department of labor and social security, the enterprise can determine the trustee of the enterprise annuity fund and formally operate the enterprise annuity plan. The trustee of the enterprise annuity fund can be the board of directors established within the enterprise or the external legal person trustee. Judging from the development of China's enterprise annuity market, it is a quick, practical and feasible method to set up an enterprise annuity Council as the trustee of enterprise annuity. The enterprise annuity Council refers to a specific natural person established within the enterprise that initiated the establishment of the enterprise annuity plan. Relying on the existence of the annuity plan, it is composed of enterprise representatives and employee representatives. As the trustee of enterprise annuity, the annuity Council must meet the following requirements: first, the annuity Council must be established internally and rely on the annuity plan, and the natural person assembly outside the enterprise and the annuity Council of other enterprises may not become the trustee of this enterprise annuity; Second, the annuity Council exists for a specific trust purpose, and other councils in the enterprise may not act as trustees of the enterprise annuity; Third, the annuity Council is mainly composed of employees within the enterprise, of which employees' representatives shall not be less than one third; Fourth, the directors of the Pension Council are the trustees of the assets of the enterprise annuity fund and handle the management affairs of the enterprise annuity fund.
Fifth, the enterprise annuity Council (trustee) selects the trustee, investment manager and account manager of the enterprise annuity fund. The trustee may entrust a qualified enterprise annuity account management institution as the account manager to manage the individual account of the enterprise annuity fund; Qualified investment operation institutions can be entrusted as investment managers to be responsible for the investment operation of enterprise annuity funds. The trustee shall choose qualified commercial banks or professional custodians as custodians to be responsible for the custody of enterprise annuity funds. The trustee shall sign a written contract with the account manager, investment manager and custodian to determine the entrustment relationship. When choosing an account manager, we should mainly consider its corporate reputation, customer management experience, advanced and convenient customer management system, service level and other factors; When choosing an investment manager, the factors such as its capital strength, corporate reputation, investment management performance and service level are mainly considered; When choosing a custodian, we mainly consider its capital strength, corporate reputation, custody experience, service level, quality of employees and other factors.
Sixth, the enterprise annuity plan has entered the formal operation stage. After the enterprise annuity Council selects the account manager, investment manager and custodian, the enterprise annuity plan can be officially put into operation. During the operation of the enterprise annuity plan, the duties of the trustee, account manager, custodian and investment manager are as follows:
1. The enterprise annuity Council mainly undertakes the following duties: supervising the replacement of account managers, custodians, investment managers and intermediary service agencies; Formulate the investment strategy of enterprise annuity fund; Prepare enterprise annuity fund management and financial accounting reports; Supervise the management of enterprise annuity fund according to the contract; Collect contributions from enterprises and employees as agreed in the contract, and pay enterprise annuity treatment to beneficiaries; Accept inquiries from clients (enterprises) and beneficiaries (employees), and provide enterprise annuity fund management reports to clients, beneficiaries and relevant regulatory authorities on a regular basis.
2. The account manager mainly undertakes the following duties: establishing enterprise accounts and personal accounts of enterprise annuity funds; Record the contributions of enterprises and employees and the investment income of enterprise annuity funds; Check the payment data and property changes of the enterprise annuity fund account with the custodian in time; Calculate the enterprise annuity treatment; Providing information inquiry service for enterprise accounts and personal accounts of enterprise annuity funds; Regularly submit enterprise annuity fund account management reports to the trustee and relevant regulatory authorities.
3. The custodian mainly undertakes the following responsibilities: safe custody of the enterprise annuity fund property; Opening fund accounts and securities accounts of fund properties in the name of enterprise annuity funds; Set up separate accounts for different enterprise annuity fund properties under custody to ensure the integrity and independence of the fund properties; According to the trustee's instructions, distribute the enterprise annuity fund property to the investment manager; According to the investment instructions of the investment manager, handle the liquidation and delivery in time; Responsible for the accounting and valuation of enterprise annuity funds, and review the net asset value of the fund calculated by the investment manager; Check relevant data with account manager and investment manager in time, and supervise the investment operation of investment manager in accordance with regulations; Submit enterprise annuity fund custody and financial accounting reports to the trustee on a regular basis; Submit enterprise annuity fund custody reports to relevant regulatory authorities on a regular basis.
4. The investment manager mainly undertakes the following responsibilities: investing in enterprise annuity fund property; Check the accounting and valuation results of the enterprise annuity fund with the custodian in time; Establish risk reserve for investment management of enterprise annuity fund; Submit investment management reports to the trustee and relevant regulatory authorities on a regular basis.
The above are the general steps for enterprises to establish enterprise annuity system under the framework of new laws and regulations. It is worth noting that because the operation of enterprise annuity is a brand-new thing in China, enterprises, especially the management and operation institutions of enterprise annuity funds, will face many complicated details in the actual operation process. We believe that with the joint efforts of regulators, financial institutions and enterprises, these problems will be well solved, laying a solid foundation for the healthy development of China's enterprise annuity market.