In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. It is a tax deferred savings vehicle that allows for the tax-deferred accumulation of a fund for later use as a retirement income. Pensions should not be confused with severance packages; the former is paid in regular installments, while the latter is paid in one lump sum. When establishing a new retirement Plan, PMZ Pension Corporation strives to custom design Plans by implementing provisions that optimize client objectives. Our responsibilities as the Third Party Contract Administrator include preparing all documentation relating to the Plan such as Plan Document, Trust Agreement, Summary Plan Description and employee communications. PMZ is responsible for performing administrative duties on an accurate and timely basis. Annual administration includes the preparation and submission of the Form 5500 Annual Report and related schedules, Trust asset accounting, computation of maximum allowable and optimal annual contribution amounts for Defined Contribution Plans and Defined Benefit Plans.
