Voluntary Participation (IPS) Auto Enrollment System (AES) Funds Legislation Data Center

Deduction Controls and Refunds Applicable Beginning January 1, 2021

If the contract is terminated on the sixth or later year of the contract, the amount of allowed deduction (entrance fee, administrative expense fee and fund expense fee total) from the contract effective date shall not exceed the following ratio of the amount that is in the state contribution account within the scope of the contract for the sixth and later years of the contract.

This control shall not be performed for the contracts in which the total accumulation amount exceeds the annual gross minimum wage as of the control date and for the contracts that involve irregular payments.

Contract Year Maximum Ratio
6 60%
7 70%
8 80%
9 90%
10 and more 100%

Contract Effective Date

July 1, 2014

Contract Expiration Date

April 1, 2022

Contract Year

7

Pension Mutual Fund Total Accumulation Amount (TL)

33,475

State Contribution Total Accumulation Amount (TL)

2,750

Maximum allowed total deduction (entrance fee, administrative expense fees and fund expense fee total) from the contract effective date (TL) (7th year, 70%)

1,925

Total deduction (entrance fee, administrative expense fees and fund expense fee total) made from the contract effective date (TL)

2,255

Total Deduction Amount to Refund (TL)

330