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Attraction and retention tools that help retain your crew.
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.
Give your officers and crew the tools to prepare for retirement.
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.
An important retention incentive.
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 Once an eligible member terminates employment, the funds are withdrawn from the account and paid through payroll.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.
Attraction, retention, and investing in their future.
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!
Yes, the plan rules can be drafted to mirror the employer’s domestic plans and accommodate future revisions and changes made by the employer.
There are minimums; however, a suitable plan can be established for your company while staying within your budgetary means, so long as it’s commercially viable to the provider.
Plans can be implemented with just one participant so long as the program is commercially viable to the provider.
When setting up your plan, a Plan Administrator is appointed, supported by electronic record-keeping software. This includes an interactive website for the employer and members ensuring that administrative tasks are kept to a minimum.
Yes, suitable and appropriate investment funds can be selected from the ‘investment fund universe’. Selection of investment funds is agreed upon between the company and investment financial advisers, which can be in-house or independent.
Our Insurance Specialists can guide you to the best plan for your needs, and your budget.