EMPLOYEE BENEFITS GUIDE
3. Complementary Retirement (RECORE Plan)
3.1 Eligibility
Supplemental Retirement (RECORE) is a voluntary and optional plan established by the National Insurance & Retirement Fund (Caisse Nationale de Retraites & d’Assurances- CNRA). It is open to Moroccan and permanent employees at Al Akhawayn University.
3.2 Contributions to the plan
AUI pays a monthly contribution for eligible personnel as follows:
- 9% of the gross salary for personnel whose gross monthly salary is strictly lower than 6,000.00 MAD
- A fixed contribution of 540.00 MAD for personnel whose gross monthly salary is equal or higher than MAD 6,000.00 and lower than 9,000.00 MAD
- 6% of the gross salary for personnel whose gross monthly salary is higher or equal to 9,000.00 MAD and strictly lower than 12,000.00 MAD
- A fixed contribution of 720.00 MAD for personnel whose gross monthly salary is higher or equal to 12,000.00 MAD and less than or equal to 24,000.00 MAD
- 3% of the gross monthly salary up to a limit of 900.00 MAD for personnel whose gross monthly salary is strictly higher than 24 ,000.00 MAD.
Employee’s contribution is fixed at a minimum of 3% of the monthly gross salary. The contribution can be reviewed upward or downward once a year between October and December. Occasional payments can also be carried out to validate the previous years.
3.3 Point calculation
The CNRA sends annual statements to affiliates so that they can follow up closely on:
- The total amount of annual contributions
- The number of points
- The acquisition cost
- The value of the point
Point calculation method is as follows:
The total amount of monthly contributions
_____________________________________________ x 12 = Number of points per year
point acquisition cost
3.4 Retirement calculation
Number of gained points * Point Value
________________________________________ = monthly pension
12
With RECORE, retirement can be perceived either in capital, monthly pension, or capital and monthly pension.
3.5 Retirement Benefits
- The contributions are deductible from income tax calculation
- Future benefits, capital or annuity do benefit from a tax deduction of 40%
The Retirement Plan (RECORE) provides bonus points both for the affiliation and the validation
- Affiliation
- Under 26 years old……………………40%
- From 26 to 30 ………………………...30%
- From 31 to 35 ………………….……25%
- Validation
- Under 26 years old……………………40%
- From 26 to 30 …………………..…….30%
- From 31 to 35 …………………………25%
- From 36 to 40 ………………….…….. 15 %
- From 41 to 44 ………………….…….. 10%
- From 45 to 49 ………………….……..5%
- 50 years & more………………………00%
After three years of contribution, the affiliate may claim the total or partial reimbursement of his/her contributions. These are increased according to the affiliation duration and the increase rates provided below:
Duration of the affiliation: Reimbursement:
- Between 3 & 5 Contributions only (employees’ contributions)
- Between 5 & 10 Contributions+ 50% of the increase amount
- Between 10 & 15 Contributions+ 75% of the increase amount
- More than 15 Contributions+ 95% of the increase amount
University contributions are claimed by the employee at the age of retirement.
After three years of contribution to RECORE, a credit advance can be granted up to 80% of the paid amounts, paid back to CNRA within 24 months at the latest.
Total and final disability must be equal to at least 67%, duly supported by a medical report and upheld by a CNRA expert. Total & permanent disability entitles the affiliate to the following:
- Total reimbursement of the contributions, if the affiliate is 40 years old or younger;
- Early pension, if the affiliate is over 40 years old.
In case of death, legal beneficiaries are entitled to the following:
Children: 50% allocated equally until 21 years old
Spouse: 50% allocated equally in case of plurality
Parents: 50% of the contributions paid to each of the parents if the affiliate is unmarried
Retirement (RECORE) is designed to be paid on your 60th anniversary. However, early retirement starts at the age of 50. In this respect, the number of the points acquired is reviewed according to the age reached by application of the following factors:
- 50 years old, factor= 0.5335
- 51 years old, factor= 0.5645
- 52 years old, factor= 0.5980
- 53 years old, factor= 0.6343
- 54 years old, factor= 0.6737
- 55 years old, factor= 0.7166
- 56 years old, factor= 0.7633
- 57 years old, factor= 0.8144
- 58 years old, factor= 0.8705
- 59 years old, factor= 0.9321
The pension can be deferred until the age of 65. An increase is granted in accordance with the following factors:
- Age for Pension Calculation 61 years old, factor= 1.0751
- Age for Pension Calculation 62 years old, factor= 1.1585
- Age for Pension Calculation 63 years old, factor= 1.2513
- Age for Pension Calculation 64 years old, factor= 1.3550
- Age for Pension Calculation 65 years old, factor= 1.4713
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