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31 Assuming you (the employee) not only care about the future of your investments but also want to understand the products you select and their potential returns … you might want to pay closer attention. iNVESTMENT OPTiONS Many foreigners in Korea who receive a pension simply accept their employer-selected plan with little-to-no awareness that there are other investment options available. Assuming you (the employ- ee) not only care about the future of your investments but also want to understand the products you select and their potential re- turns, as well gain insight on the additional services available, you might want to pay closer attention. There are two types of product: performance-based and the generally safer fixed-income products. Although heavy regulation and competition has resulted in vendors being able to match nearly any offer and similar products overall, the service provider you select still matters. For those switching from a DB (Defined Benefit) plan (where the company takes care of the plan), this sudden involvement in main- taining your post-retirement funds can come as a shock; however, in the hands of a capable vendor, this is a process you should become accustomed to. SERViCE TO EMPlOyEES: iNVESTMENT SuPPORT Given that the responsibility for DC plans largely lies with the em- ployee and that the average Joe may not know the finer details of their plans and options, banks and other service vendors compete heavily to provide a range of consulting channels to ensure sound investment advice is given on a regular basis. Extra services can include regular on-site visits and one-on-one consulting, compet- itive loans for employees, fee exemptions (bank teller, ATM, in- ternet transfers, etc.) and preferential foreign exchange (FX) ser- vices. These vary and depend entirely on the size of the client and the vendor’s role (either as an Operational Manager and/or Asset Manager) in the plan. SERViCES TO EMPlOyERS: ASSiSTiNg hR An active and engaging vendor is desirable for two reasons: first, to ensure a company’s employees are well taken care of and second, to establish a good relationship with human resources. Consider- ation must be paid to HR since it is they — along with Finance — who will assist with the management of employee contributions and other related matters. Service vendors are well aware that switching plans can be a burden so additional services must also be offered to HR to ensure a smooth transition. In special circum- stances, professionals can also be dispatched to assist building up internal policy in line with the company’s needs and expectations in addition to setting up the actual framework to be used by HR. These tips can equip employers and employees with a more thor- ough understanding of the retirement options that are available to them in Korea, allowing them to make more conscious and educat- ed decisions regarding their retirement funds.