Employee Capital Plans (ECP): PKF as an implementation partner

We will conduct a thorough pre-implementation analysis. It will cover, among other, the current staffing level and remuneration policy. The analysis will allow to estimate costs incurred by the employer in relation to ECP, provide information about the potential range of changes in regulations and procedures in place in the employer’s establishment

We offer training on the implementation and operation of Employee Capital Plans, addressed both to employer’s representatives and the employees. The obtained knowledge about ECP and answers to related questions will allow to efficiently implement the plan, fulfil tasks and exercise rights derived from participation in ECP.

We suggest that employees’ representatives and trade unions operating in the employer’s establishment take part in consultations on the implementation and current operation of ECP as well as rights and obligations of all parties involved in that process.

We will provide you with an analysis of offers presented by financial institutions managing ECP. The purpose of the analysis is to allow the employer and employees’ representatives to get acquainted with specific proposals and differences between individual institutions. This, in turn, will help to choose the entity with whom the employer and employees will establish the relationship.

We offer support directly before the ECP management agreement is concluded with the selected financial institution. In particular, we help to incorporate non-standard provisions into the same, e.g. that take account of specificity of the employer. We will help to prepare and carry out the process of concluding agreements for ECP maintenance as well as the process of serving resignations, if any, from joining the plan.

We will prepare and plan the employer’s communication with the staff on the selection of ECP managing entity, employees’ activities relating to joining and participating in the Employee Capital Plan.

Internal procedures will facilitate the fulfilment of obligations arising from ECP regulations. The description of individual processes as well as indication of deadlines and persons responsible for meeting the same will serve as guidelines for all activities that must be performed by the employer. The set of documents appended to the procedure will facilitate the work of persons responsible for ECP administration. Implementation of relevant procedures will allow to efficiently fulfil the employer’s obligations and reduce the risk of penalties for failure to fulfil the same, as provided for in the ECP regulations.

By designing the principles of contribution assessment and taxation in accounting systems, it will be possible to reduce the workload connected with serving ECP by the employer. A well planned reporting and data aggregation system will allow to quickly access information that will be provided to the employees, managing entity and supervisory authorities. The risk of possible sanctions for enterprises will be reduced.

As part of our services, we provide or support ongoing payroll services, including the assessment of basic and additional ECP contributions. We aggregate the assessed contributions for the purpose of reporting and payments to financial institutions. We verify the employer-employee tax settlements relating to ECP.

We ensure correct fulfilment of the employer’s obligations relating to ECP administration. We prepare and assemble legally required documentation, ensure correct and efficient circulation of ECP documentation between the employees, the employer and the financial institution managing ECP, make sure that the deadlines for providing information to the employees are met and deliver their instructions and data on ECP participants to the financial institution. We provide support to the current cooperation with the financial institution and during audits conducted by state authorities.