Helping your seafarers plan for retirement is essential to your attraction and retention strategy. Retirement savings is one of the most popular components of a successful benefits package and is highly valued by officers and crew. Not only is it a helpful financial tool, but it also shows your commitment to the financial well-being of your shipboard team beyond their working years. Today, seafarers want to plan for retirement and are also interested in how employers plan to invest in their future.

MHG has partnered with a specialty financial services firm with over 40 years of experience designing and managing International Retirement plans. Through this partnership, you can access cost-effective Retirement plans or Loyalty programs to help recruit, retain, and motivate your team while providing maximum value for each dollar spent.

Have you been considering introducing a Retirement Savings plan to your shipboard team? Now is the right time to get started!

MHG will help facilitate this with our industry partners, who are experts in this area. Our partners can design a customized plan based on eligibility, contributions, vesting arrangements, and other options to create a retirement plan that benefits you and your shipboard team.

End-of-Service plans are available to employers wanting a simpler, more affordable option to Retirement Savings plans. This arrangement is employer-funded and allows the employer to designate the eligible group, contribution amount, and length of service the member must complete to receive the benefit. Once an eligible member terminates employment, the funds are withdrawn from the account and paid through payroll. If the crew member leaves prematurely, the funds are kept in the employer’s account.

End-of-Service plans are an excellent tool for employers wanting a retention incentive but are not yet ready for a Retirement Savings plan.

By offering Retirement Savings options, you’re contributing to your shipboard team’s long-term financial security. Doing so also enhances officer and crew satisfaction, retention, and your overall success in the industry. A win-win for everyone!

1. Retention, loyalty, and a competitive advantage in attracting new talent.

2. Gives officers and crew a financial vehicle to prepare for retirement.

3. Peace of mind for officers and crew, knowing they’re actively preparing for their golden years.

4. Officers and crew feel valued, increasing job satisfaction and productivity.

5. Positive company image and reputation in the industry.