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KOÇ PENSION AND SUPPORT FUND FOUNDATION INFORMATIVE PRESENTATION

KOÇ PENSION AND SUPPORT FUND FOUNDATION INFORMATIVE PRESENTATION. KOÇ UNIVERSITY 2013. KOÇ PENSION AND SUPPORT FUND FOUNDATION.

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KOÇ PENSION AND SUPPORT FUND FOUNDATION INFORMATIVE PRESENTATION

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  1. KOÇ PENSION AND SUPPORT FUND FOUNDATION INFORMATIVE PRESENTATION KOÇ UNIVERSITY 2013

  2. KOÇ PENSION AND SUPPORT FUND FOUNDATION • TABLE OF CONTENTS:1. THE PURPOSE OF THE KOÇ FOUNDATION2. HOW TO BECOME A FOUNDATION MEMBER2.1 Faculty 2.2 Staff3. WHAT IS THE AMOUNT OF THE PREMIUM PAID FROM MY SALARY? 4. BENEFITS AND SERVICES PROVIDED TO MEMBERS4.1. Lump Payment / Retirement Pension 4.2. Health Insurance4.3. Funding Support 4.3.1. Acquiring a home 4.3.2. Financial support for meeting certain needs 4.4. Occupational Indemnity 4.4.1. Disability Benefit 4.4.2. Death Benefit5. TERMINATION OF THE MEMBERSHIP6. HOW CAN I GET INFORMATION ABOUT MY ACCUMULATION?

  3. 1. WHAT IS THE PURPOSE OF KOÇ FOUNDATION? • Founded on November 1, 1967, the Koç Holding Pension and Support Fund Foundation is a corporate pension plan that provides “additional social security and financial support”, a fund available to all Koç Group employees who are also beneficiaries of the official Turkish Social Insurance Institution (SGK).

  4. 2. HOW TO BECOME A FOUNDATION MEMBER • 2.1. Conditions For Faculty Members: • To be a full-time faculty member • For full-time faculty members with annual contract renewals the membership begins after 1 year of appointment • Maximum age for membership is 55. • The membership for faculty members is arbitrary. • If you are willing to become a member of Koç Foundation and meet the above mentioned conditions, please contact the Office of Human Resources for membership. • 2.2. Conditions For Staff Members: • To be a full-time member of Koç University • Maximum age for membership is 55. • The membership is onlyarbitrary for staff above the age of 35 years. • The membership begins with the employment date.

  5. 3. WHAT IS THE AMOUNT OF THE PREMIUM PAID FROM MY SALARY? Table 1. Interest shares from the member and from the university • Your share is calculated from the %75 of your monthly gross salary. • The upper limit of monthly ceiling is 7.200 TL for 2013. Therefore, if %75 of your monthly gross salary is over 7.200 TL your foundation deduction will be calculated by 7.200 TL • Koç University also contributes an equal premium on the employee’s behalf. • At the beginning of your membership there is an extra one time deduction .

  6. Sample: Monthly Contribution of Members and University Table 2. Monthly Contribution of Members and University

  7. 4. BENEFITS AND SERVICES PROVIDED TO MEMBERS • 4.1. Lump Payment / Employee Pension: • At the end of your membership you can choose between a lump payment or an employee pension if you fulfill all conditions for retirement. • Male Members who completed his 55 years and have at least 180 month Koc Foundation Membership Seniority and female members who completed her 50 years and 180 month Koc Foundation Membership Seniority can prefer employee pension instead of lump payment when they quit employment

  8. 4.1.1. Lump Payment You will receive your contribution regardless of your seniority, however the university's contribution is dependent on the employment period Table 3. Reimbursement ratios based on employment period *If you are working over 180 monthsand you are eligible for retirement according to the law Nr. 81 concerning the Social Security Institution, you get %100 of the university’s contribution.

  9. Sample: How is the net amount of my accumulation being calculated? If you have an accumulation of gross 200.000 TL at Koç Foundation, the net amount you will get is a value of 168,742,95 TL. after income tax deduction.

  10. 4.1.2. Employee Pension • By the end of membership, employees who meet the conditions for retirement are eligible for employee pension. • Conditions for getting an employee pension: • Seniority should be at least 180 months, • Men should be at least 55 years old, • Women should be at least 50 years old Sample: How much employee pension do I get if I choose employee pension? If you have an accumulation of 200,000,00 TL at Koç Foundation, you will get 703 TL pension for the following 240 months.

  11. 4.2 Health Insurance • To be covered by the Koç Foundation Health Insurance you must be a member of Koç Pension and Support Fund Foundation. • Compared with other health insurance coverage within the university, what are the advantages of Koç Foundation Health Insurance? • Fewer cases of exemptions • Covers cesarean section and normal delivery up to amounts specified in the policy • Member’s spouse and children can be covered by health insurance at low premium rates but their premiums will be paid by member . Children should be below the age of 24 and unmarried. • Other Conditions: • Member’s spouse and children can not be covered by health insurance if member is not covered by health insurance. • Retired members who prefer retirement pension in order to lump payment may sustain health insurance after retirement.

  12. What are the Insurance Coverages?

  13. Table 4. Insurance rates for spouse and children

  14. 4.3 Financial Aid • During your membership you can get financial support for certain needs. • 4.3.1. Home Loan • Buying residential house/apartment • Buying property through cooperative • Construction on land • 4.3.2. Financial Aid • Automobile • Education • Illness • Marriage • Durable goods • Natural disaster • Monetary grant for economical crisis period • Paid military service

  15. 4.3.1. Home Loan • Conditions for getting Home Loan: • Not to own a house or a real estate which is in good condition (includes holdings of spouse and children) • Having completed 3 years of membership by the end of the previous year. • Have not benefited by home loan before. • Principles: • Home loan is provided once only. • Maximum pay-back time is 4 years. • The pay-back should be made in equal installments and should be monthly transferred from members salary to Foundations’ Account. • The member should apply within the 3 months after registration of the estate. • Both of married members can only get home loan in order to finance these loans for the same house. ( The name of both members should be declared in the deed)

  16. 4.3.2. Financial Aid • Conditions for getting Financial Aid: • Having completed 3 years of membership by the end of the previous year, • Not being indebted to the Koç Foundation • Education loan may be used once only for each child • Illness loan can only be used for the member himself, the member’s own spouse, her/his own children and own parents • Automobile loan Itmay only be used if the automobile is bought from companies who are also members of the Koç Foundation. Automobile loan may not be used for second hand cars.

  17. Marriage loancan be used by both members in marriages among member. To benefit by this loan, marriage have to be certificated and need to be applied in written within two month after the marriage date. • Durable goods loanbenefits finance to members who purchase durable goods from companies that are member of Foundation. Loan is paid to seller company in the name of member on condition of purchasing certificate. • Natural disaster loan benefits finance to members whose house and goods damaged because of earthquake, water flood, landslip avalanche

  18. 4.4 Occupational Indemnity • 4.4.1 Disability Benefit • The member is entitled for disability benefit if she/he becomes incapable for work for any reason (e.g. traffic accident, kidney failure, cancer, occupational accident). • The member should apply within one year after the incapability has occurred. Otherwise right to indemnity will be lost. • The employer should also report the incapability to Koç Foundation. • The disability benefit will be determined according to the disability rate of the health report. 4.4 2 Death Benefit • If a member dies for any reason(e.g. traffic accident, kidney failure, cancer, occupational accident - except suicides happened within 2 years after employment), legal successors will get a death benefit. • The death of the member should be reported to Koç Foundation within 1 week after the occurrence.

  19. 5. TERMINATION OF THE MEMBERSHIP • The membership of Koç Foundation will continue as long as the employment of the member continues. • Following conditions are binding regarding the termination of membership: • The membership ends when employment relationship of the member ends. • Joining the army is also a reason for resignation. • In case of joining another Koç Group Company, the membership continues. • If the member is absent because of unpaid leave, the membership can be put on hold.

  20. 6. HOW CAN I GET INFORMATION ABOUT MY ACCUMULATION? For more information, please visit www.kocemekli.org.tr or www.kocemeklivakfi.org.tr You need to have a VPN connection on your computer to log into the website. If you do not have a VPN connection, please contact CIT. Thank you for your interest

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