GeoCare - Off-Shore Individual Pension Plan

Off-Shore Individual Pension Plan

Overview

International employees often request pension benefits which follow a U.S. format. Primary benefit considerations for Expatriate, Third Country National, and Key Local National employees include cash accumulation, investment returns tied to major markets, flexibility, availability, and portability. These considerations become more important as multinationals expand in developing countries with soft or hyper- inflationary environments.

An offshore savings or defined contribution program can be designed, implemented, and administered for the benefit of the members of the Association by the International Pension Department of Capital Life Insurance Company. Program assets will be invested in high-quality securities. Individual Participants will be able to direct their investments to short-term or intermediate-term income accounts, or to a balanced fund.

Capital Life's savings and defined contribution approaches can assist members in designing a high impact international pension program. Security for members can be created through the availability of a facility to save for retirement in a stable currency, with the guarantees and facilities of a major international financial services company.

Since the program is not tax-qualified or admitted in any local jurisdiction, Capital Life cannot advise plan participants regarding their tax status. When participants are ready to receive payments from the plan, they should consult their tax advisor.

Denomination

Denominating the plan in U.S. Dollars creates a consistent reference currency to consolidate savings and protects benefits from weak, unstable, or uncertain local economies. A US$ plan is also very attractive to most international employees.

Contributions

The Capital Life International Pension Plan is currently available only in U.S. Dollars. If necessary, Capital Life can accept contributions in most convertible currencies. Deposits will be converted to U.S. Dollars at the rate of exchange, and credited on the date funds are investable. When deposits are made in another currency, there will be a time delay in processing the allocation and investment of the deposit. All plan balances and investments will be maintained in U.S. Dollars.

Contributions can be made centrally or from multiple locations. Capital Life will work with members to develop remittance and disbursement procedures that maximize flexibility, while minimizing processing time and banking and currency exchange expenses which may incur.

Retirement Benefits

Prior to retirement, Capital Life will review various options with the retiring member. Disbursements can be made in the form of a lump sum payment or a series of annuity income payments. Or, the member may be able to convert his or her benefit to a local country annuity (as available) or, continue as a non-active member of the Association.

More details of this special Offshore individual Pension Plan will be provided later.