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Offshore Retirement — Zurich International

The IARC Offshore Retirement Plan was established in 1996 to help Center employees save for retirement.

The IARC Retirement Plan is recognized as a Broad Participation Retirement Fund in accordance with the criteria established by the Organization for Economic Co-operation and Development (OECD) for the purpose of complying with the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA). The IARC Retirement Plan is established in Guernsey, Channel Islands, and is registered with the Guernsey Tax Authority under Section 154-A. Under Section 154-A, the Guernsey Tax Authority participates in the Automated Exchange of Information (AEoI) and shares information with tax authorities in other countries around the world.

The link below to the OECD’s website provides information about the Common Reporting Standard (CRS):

https://www.oecd.org/tax/automatic-exchange/common-reporting-standard/

The IARC Retirement Plan has a contract with Zurich International Life (Zurich) for the administration of the International Pension Plan (IPP) to include investment and recordkeeping services. Zurich is a major financial institution offering life assurance, investment and protection solutions throughout the world.

For information on Plan rules, eligibility and vesting details, refer to the IARC Offshore Retirement Plan Participant Guide.
 

Employment Classifications for "Active Employees"

To be eligible to participate in the IARC Offshore Retirement Plan you must be: 1) employed by a member Center that sponsors the Plan, 2) a non-U.S. taxpayer, and 3) an active employee of the Center because you meet the respective criteria for one of the following employment classifications:

  • A full-time employee working your Center’s normal work week;
  • A part-time employee working at least 20 hours per week or 50% of your Center’s normal work week and hired to work at the Center for at least one year;
  • A long-term consultant contracted to work for a Center for at least a year; or
  • A short-term employee or consultant contracted to work for a Center less than a year but more than two months.

Your Center will contribute a monthly amount based on the Center’s sponsorship agreement with the Plan Administrator. You may also make voluntarily contributions to your retirement account by completing “Section 3: To start making voluntary (employee) contributions” of the Offshore Retirement Plan Enrollment Form. Your monthly voluntary contribution cannot exceed your monthly net pay. For a calendar year, you can only contribute an amount up to your net annual salary paid for that year.

Plan's Default Fund

Your first employer contribution and your first voluntary contribution, if any, will be invested in the Plan’s default Target Retirement Fund (TRF), which is a diversified investment (bonds and stocks) fund based on when you turn age 65. The TRF automatically rebalances the percentage allocation of the fund to investments that are considered to have less risk as you near age 65. You can learn more about the Target Retirement Fund (TRF) by reviewing the TRF Guide or the TRF website.

Voluntary Contributions

If you want to start or change your voluntary contribution, please send a completed and signed copy of the IARC Offshore Retirement Plan Voluntary Contribution Form to your AIARC Coordinator. If AIARC does not process your Center’s payroll, you must send this form to your Center first to note the transaction in its record, then the Center will forward the form to AIARC to process the contribution amount.

Changing Funds in the Retirement Plan

Your first contribution will be deposited to the default fund, which is the Zurich Target Retirement Fund (TRF). After the first contribution is deposited, you can change this option at any time by logging into your account on the Zurich International Online (ZIO) platform and switching from the default fund to another investment option. To learn about how to switch your funds in your ZIO account, please refer to the ZIO Guide to Switching Investments or view the instructional video Changing Your Funds on the ZIO Plan Member Video website.

For information on investment options, contributions, and fees refer to the IARC Offshore Retirement Plan Participant Guide.

Refer to the IARC Offshore Retirement Plan's Frequently Asked Questions related to account setup, available investments, education, and retirement planning tools.

You will be advised by your Center if you are eligible to join the Plan. Before you are allowed to enroll in the Offshore Retirement Plan, you must have completed the Tax Residency Declaration Form. Your declaration on this form will determine in which retirement plan you will be enrolled, and your declaration is considered a legal statement that may be shared with governmental jurisdictions and tax authorities. If the Tax Residency Declaration Form indicates that you are a non-U.S. taxpayer, you will be enrolled in the IARC Offshore Retirement Plan administrated by Zurich International.

To be enrolled in the Plan, you are required to send a completed and signed copy of the Offshore Retirement Plan Enrollment Form to your Center’s AIARC Coordinator. If this form is not completed, your retirement contribution will be delayed.