ACOCI Multi-Employer Pension Plan
In an effort to expand its range of services for its members, the Anguilla Chamber of Commerce and Industry (ACOCI) is in the process of developing a Multi-Employer Pension Plan (MEPP) in collaboration with Pension Management Interactive, Inc. (PMI) of the British Virgin Islands (BVI). On Tuesday, February 13th, 2018, an information session was held at La Vue Boutique Inn to provide members of ACOCI with the opportunity to learn more about the proposed structure.
Mr. Desron Bynoe, Acting President (ACOCI), delivered the opening remarks. Mr. Bynoe expressed that the Chamber of Commerce seeks to continue to develop and grow, and the multi-employer pension plan is just one of the various means by which ACOCI intends to do so moving forward. The information session was led by Mr. Clarence M. Faulkner Jr, Founder and Managing Director of Pension Management Interactive, Inc. and PMI Capital Services, Inc. (collectively, “PMI”). PMI provides Consultancy, Management and Administrative services to both private and public pension plans. Mr. Faulkner outlined the benefits of such a plan for ACOCI and its members, as well as the operational guidelines for the proposed plan.
A multi-employer pension plan is a pension plan in which two or more employers participate and whose contributions are determined according to an agreement between the participating employers or a collective agreement, statute, or regulation. Multi-employer pension plans afford its membership the opportunity to participate in a formal structure with a universal set of governance principles. Each Member Company will have sole discretion in ensuring that their participation in such a plan is consistent with their company’s operational efficiencies. The multi-employer pension plan will be governed by a Board of Trustees established by ACOCI and its members.
The benefits of the multi-employer pension plan include:
Offers increased coverage to Member Companies in a cost-efficient manner;
Provides a centralized system of governance with a universal set of standards and operational procedures;
Provides flexibility to Member Companies via Deed of Adherence;
The Chamber Board of Trustees are fiduciaries in protecting the vested rights of their Member Companies and Employees;
Member Companies strongly support and are advocates for social protection within the Chamber and Industry.
Pension Management Interactive Inc. (PMI) will retain responsibility for establishing the governance structure, providing management and administration of the plan to the Plan Sponsor, Member Companies and their respective beneficiaries and actively ensuring that the plan functions in accordance with the established rules and overall best practice.
Currently, this plan is only available to members of the ACOCI. The Chamber of Commerce extends an invitation to all businesses and entrepreneurs to become members of ACOCI in 2018. Visit the website anguillachamber.com or call the office at 497-2839 for more information.
Written by Sherise Brooks
