savings plan
The CABGOC Retirement and Savings Plan provides employees the opportunity to save money for the future. Employee can choose how much to contribute from their monthly base salary and the company matches with a fixed percentage.
All Angolan payroll employees, with a permanent employment contract are eligible to participate in the plan. Participation in this Plan is voluntary.
plan overview
| Employee Contribution | 3.3% to 15% of monthly base salary |
|---|---|
| Company Contribution | The company matches employee contributions with a fixed 6.7% of your base pay. |
| Contribution change period | Contribution change period beginning of each quarter (January, April, July and October), employee can change the percentage of their contributions. The cut-off date for submission is the 10th of respective month. |
| Discontinuation of Participation | Employee may elect to stop contributions into the plan however, funds cannot be accessed until employment ends. |
| Exit the program | Employee cannot exit the plan until employment with the company ends, i.e. retirement, resignation, termination dismissal or death. |
For more details please read here Savings Plan Summary.
process reference guide
Go to e-benefit application and complete the enrollment under the Retirement and Savings plan module.It can take up to two pay periods for your account to be fully set up.
After your account is fully set up, you will be assigned to a user ID and a temporary password to access the Futurix portal. From the portal you will be able to:
- Monitor your account balances.
- Review and change investments allocation.
- Download your monthly statement.
- Access quarterly report for funds performances.
Period for changes the monthly percentage contribution : January, April, July and October, from 1st to 10th of each respective months.
During this period, employee may :
- Edit the percentage contribution – if you wish to modify your contributions percentage.
- Edit the current beneficiaries – if you wish to modify your beneficiary's information (Beneficiaries Name, Relationship, % of entitlement).
- Cease contributions to retirement and savings plan – if you wish to stop your contributions to the plan.
Please read the Retirement and Savings Plan application guideline.
If you are already participating in the Retirement and Savings Plan, you can access the Futurix
portal to view your account activity online.
Each employee has been assigned a user ID and a temporary password.
Once logged in, you will be able to view and perform the following actions via the Web site :
- View your individual account balances.
- Change your password at anytime.
- View your current allocation of percentages across the investment funds.
- Request investment allocation changes.
- Request transfer of funds from one investment fund to another.
- Request a Loan from your savings account.
- Download account statement of any particular month.
Note: Once each quarter, the Participant may change the investment Portfolios to which their future Employee and Employer Contributions are directed and can transfer all or part of their Participant Account between Portfolios.
Please read Futurix portal guideline.
The Retirement and Savings Plan is intended to aid employees with long-term investment to supplement the employee's retirement plan, employee may borrow from their account and pay it back without interest. The loan payback period varies between 12, 24 and 36 months. Below are the loan criteria:
- Participation: must have been in the plan for at least one year.
- Waiting period to apply for another loan: One (1) year after payoff of previous loan.
- Loan amount: may withdraw only from employee contributions
- Account Balance: the employee’s remaining balance must never be less than $500.
- The minimum loan amount: $500.
- Repayment: may only be done through payroll deductions and specific repayment periods:
- 12, 24 or 36 months
- One (1) loan at any one time. Hardship loans have been discontinued.
It may take several pay periods for your loan repayment to be deducted from your paycheck. In the month of your loan request, should you meet the criteria, your funds will be removed from the plan and you will receive a loan confirmation letter confirming loan amount, the number of installments, monthly repayment amount.
Loans are subject to loan processing charge, and bank wire transfer charge. It will be the responsibility of each Participant to pay for all processing and transaction fees /charges
process reference guide
- Employee check eligibility loan amount by accessing the “Loan request” in the Futurix Portal or checking monthly RSP statement.
- Employee complete the “loan request” in the Futurix Portal and must submit Bank account information using the RSP Banking information application.
- After approval, RSP administrator will transfer the requested loan amount to employee account provided in the request.
- HR will make the deductions for the loan repayment as indicated in the loan request statement. Deductions will be made in every payroll cycle.