Hi all, apologies in advance if the flair is not accurate, wasn't sure where else job advice falls under.
I might be changing job/company in the near future and since this is something I've never done (been with the current/same company for years since I started working full time after graduation), was hoping to get advice on what to remember to do/ask/plan for.
For example, at my current company I'm enrolled in the Sompo DC plan – if the new company (still in Japan) doesn't use Sompo, do I just continue to use Sompo to hold the funds but it just becomes a personal Ideco/Nisa type of plan?
Regarding pension, reporting of mortgage to HR (for year end tax deduction), etc I assume there's nothing in particular I need to do since if I get the new job it would be a Japanese company to a Japanese company and so all fairly straightforward.
This is all still very early stages, but I'm just trying to think of what to prepare for (and what questions to ask the potential new company regarding benefits during the interview process).
Thank you in advance for any advice!
by kopinewbie
1 comment
>For example, at my current company I’m enrolled in the Sompo DC plan – if the new company (still in Japan) doesn’t use Sompo, do I just continue to use Sompo to hold the funds but it just becomes a personal Ideco
No. You’d need to roll it over to an iDeCo or another company DC plan within 6 months of losing enrollment in your current DC plan with your current employer. Failure to do that will mean automatic rollover is applied, which sends the account balance over to the NPFA.
You could inquire with Sompo, as they may offer an iDeCo. But no idea there myself, if they do or do not.
Also, legally, if you’ve been with your employer for less than 3 years, then your employer can take back their contributions to your Company DC. So if you’ve been with them for less than 3 years you might want to check their policy on that.
>Nisa type of plan?
FYI iDeCo/DC and NISA are very different things. IDeCo/DC is a defined contribution retirement account. NISA is an individual savings account, which happens to be tax free, on taxable events triggered within it