According to the relevant provisions of the Trial Measures for Enterprise Annuity, employees who meet one of the following conditions can enjoy enterprise annuity treatment:
One is to reach the retirement age stipulated by the state.
Employees who plan to participate can receive enterprise annuity treatment after going through retirement formalities according to People's Republic of China (PRC) Labor Law, People's Republic of China (PRC) Labor Contract Law or other laws and regulations. The materials to be submitted include the application for payment of benefits confirmed by the company's seal, retirement certificate, ID card, copy of passbook or bank card, etc.
Second, he died before he retired.
If an employee who participates in the plan dies unfortunately before retirement, the balance of his personal account of enterprise annuity shall be collected in one lump sum by his designated beneficiary or legal heir. The designated beneficiary or legal heir shall provide the application for payment of benefits confirmed by the seal of the enterprise, ID card, copy of passbook or bank card, death certificate issued by the local * * authority and other materials.
The third is to go abroad to settle down.
If employees who plan to participate in the project go abroad (settle down) before retirement, they can also ask for a one-time payment of the personal account balance of enterprise annuity. The materials submitted include an application for payment of benefits confirmed by the seal of the enterprise, a valid certificate of going abroad issued by the government department, a copy of ID card, passbook or bank card, etc.
In addition, in practice, most enterprises stipulate in the enterprise annuity plan that plan participants who lose their ability to work due to sick leave or early retirement can also apply for receiving enterprise annuity treatment in advance. When the conditions are met, employees who plan to participate can apply for collection, fill in relevant forms and submit relevant materials for review by the trustee. After the approval, the custodian will instruct the account manager and custodian to pay the corresponding treatment.
The way of receiving enterprise annuity varies according to the provisions of enterprise annuity plan, but in summary, there are generally three ways of receiving enterprise annuity:
One is a one-time receipt. The employees who plan to participate receive the enterprise annuity personal account funds that already belong to individuals at one time. One-time collection is applicable to the case that you can receive one-time collection after normal retirement as stipulated in the plan, as well as the case of death or settlement abroad.
The second is to receive it in installments. Enterprises can determine the receiving frequency, receiving period or receiving amount of enterprise annuity benefits in the scheme according to their own needs. The employees who plan to participate receive the enterprise annuity treatment according to the collection method determined in the plan until the funds in the employee's enterprise annuity personal account are collected.
The third is to convert it into a commercial annuity and receive it for life or on a regular basis. Employees who plan to participate can convert the personal account funds of enterprise annuity into various commercial annuity products provided by the administrator, such as life annuity, term annuity, etc., to meet their different demand for receiving.