Questions and Answers BelmoPension24 22NOV23.pdf

Defined Contribution Plan Solicitation (BelmoPension24)

Questions and Answers

1. How many active members?

The plan currently has 147 active members.

Note: This count includes 18 members participating under a rider contract for employees of the U.S. Peace Corps.

2. How many deferred members?

Two deferred members are awaiting pension benefits until retirement age. Deferred members are eligible for the DB benefit based on the plan rules or the actuarial lump sum payout if the plan ceases to exist. Active employees who are reaching retirement age in the next few years should be eligible to elect the DC plan or the DB plan benefits based on the current plan rules.

3. How many in-payment members (will they be coming across into the DC plan)?

There is one retired member who is receiving the monthly pension annuity. Deferred members are eligible for the DB benefit based on the plan rules or the actuarial lump sum payout if the plan ceases to exist.

4. Approximate annual contribution level?

The Employer will contribute 3.36% of basic salary for each participant each pay period and the Employee will contribute 1.7% of basic salary each pay period. The contribution percentages may increase if authorized by the U.S. Government at a later date. Contractor will manage assets in excess of (BZD)$10,000,000.00 (USD $5,000,000.00).

5. Is a Plan currency of USD acceptable?

The plan is paid in Belizean currency which is pegged 2 to 1 to the USD.

6. Is an International plan, regulated in Guernsey, acceptable. Or does it have to be a

Belize regulated plan?

For questions or clarification on the Belize Pension regulations or to inquire about exemptions from specific provisions of the pension law, please contact the Office of

Supervisor of Insurance and Private Pensions (OSIPP) at www.osipp.gov.bz or email ossipp@mof.gov.bz http://www.osipp.gov.bz/ mailto:ossipp@mof.gov.bz