company savings plan
LexInter | November 30, 2002 | 0 Comments

COMPANY SAVINGS PLAN

Article L443-1
(Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 14 I art. 17 I art. 22 3 °, 5 ° a Official Journal of February 20, 2001)The company savings plan is a collective savings system that gives company employees the option of participating, with the help of the company, in building up a portfolio of securities.
Former employees who left the company following retirement or early retirement can continue to make payments into the company savings plan.
In companies where the usual workforce includes at least one and at most 100 employees, the heads of these companies, or, in the case of legal entities, their chairmen, general managers, managers or members of the management board, may also participate in company savings plans. When negotiating the agreements provided for in the aforementioned chapters, the question of establishing a company savings plan must be asked.
Company savings plans can be established in any company on its own initiative or by virtue of an agreement with the staff, in particular with a view to receiving the payments made in application of Chapters I and II below. above.
When the company savings plan is not established by virtue of an agreement with the staff, the works council, when it exists, or, failing that, the staff representatives must be consulted on the draft payment of the plan at least fifteen days before it is submitted, provided for in article L. 443-8, to the departmental director of labor, employment and vocational training.
The regulations of a company savings plan determine the conditions under which staff are informed of its existence and its content.
Employee savings: profit-sharing, participation, PEE, PEI, PPESV, Sauret, Alain; Derue, André, Liaisons sociales, n ° 13543, 12/14/2001, pp. 5-123
Article L443-1-1
(inserted by Law n ° 2001-152 of February 19, 2001 art. 12 Official Journal of February 20, 2001)An inter-company savings plan may be instituted by collective agreement concluded under the conditions provided for in Title III of Book I. If this plan is established between several employers taken individually, it can also be concluded within the works council or following the ratification by a two-thirds majority of the staff of each company of the draft agreement establishing the plan. In this case, the agreement must be approved in the same terms within each of the companies and those who wish to join or leave it must obtain the agreement of their works council or of a two-thirds majority of their staff. . The agreement sets the regulations for the inter-company savings plan which determines in particular:
a) The signatory companies or the professional and geographical scope;
b) The nature of the sums that can be paid;
c) The various possibilities for allocating the sums collected;
d) The conditions under which account maintenance costs are borne by employers;
e) The different modalities according to which companies which so wish make additional payments to those of their employees;
f) The conditions under which the members of the supervisory boards of mutual funds provided for by the plan regulations are appointed and the operating methods of the boards.
The inter-company savings plan may collect sums from the profit-sharing provided for in Chapter I of this title, from the profit-sharing provided for in Chapter II of the same title, from voluntary payments from the persons mentioned in Article L. 443-1 belonging to to companies falling within the scope of the agreement and, where applicable, additional payments from these companies.
The regulations may provide that the sums resulting from the participation set up in a company may be allocated to an investment fund created in the company in application of 3 of article L. 442-5.
When it plans to collect the sums resulting from the participation, the agreement establishing the inter-company savings plan exempts the companies mentioned in article L. 442-15 from entering into the participation agreement provided for in article L. 442-5. Its regulations must then include the clauses provided for in Articles L. 442-4 and L. 442-5.

By way of derogation from the provisions of the third paragraph of Article L. 443-3, the inter-company savings plan cannot provide for the acquisition of units in mutual funds governed by Article L. 214-40 of the Monetary Code. and financial. When the plan provides for the acquisition of units in mutual funds governed by article L. 214-39 of the same code, they may not hold more than 10% of securities not admitted to trading on a regulated market. This limitation does not apply to units and shares of undertakings for collective investment in transferable securities that may be held by the fund.
Subject to the specific provisions of this article, the provisions relating to the company savings plan are applicable to the inter-company savings plan.

Article L443-1-2
(inserted by Law n ° 2001-152 of February 19, 2001 art. 16 I Official Journal of February 20, 2001)I. – A voluntary employee savings partnership plan can be set up under the conditions provided for in Title III of Book I, which can take one of the following two forms:
a) Either the sums or securities entered in the accounts of the participants in the plan must be held in the plan until the expiration of a minimum period of ten years from the first payment. For securities subscribed in application of Article L. 443-5, this minimum period is set at seven years from each subscription. However, the securities subscribed for in the three years following the first payment into the plan must be held until the expiry of the minimum period provided for by the latter following this first payment. The participant can keep the sums and securities registered in his account beyond the expiration date of the plan without being able to allocate new payments to them for any reason whatsoever. However, in this case,
b) Either the sums or securities entered in the participants’ accounts must be held until the expiration of a minimum period of ten years after their payment.
A Council of State decree lists the cases, linked to the participant’s situation or projects, in which the sums or values ​​mentioned above may be exceptionally released before the expiry of these deadlines.
This plan can also be created as an inter-company savings plan under the conditions provided for in Article L. 443-1-1.
It can only be set up if the participants mentioned in article L. 443-1 have the possibility of opting for a shorter duration plan governed by said article or by article L. 443-1-1. .

II. – The voluntary employee savings partnership plan may receive, at the initiative of the participants, payments of sums resulting from profit-sharing, participation as well as other voluntary payments and contributions from companies provided for in article L 443-7. The sums entered in the savings plans provided for in Articles L. 443-1 or L. 443-1-1 may also be transferred to it, before the expiry of the period set in Article L. 443-6. These transfers are not taken into account for the assessment of the ceiling mentioned in the first paragraph of article L. 443-2 and cannot give rise to an additional payment from the company. However, these payments of sums from the
By way of derogation from Article L. 443-7, the sums resulting from the participation which are paid into the voluntary employee savings partnership plan more than seven years before the expiry date of the plan may give rise to an additional payment of the company within the limits provided for in said article.
In the event that the voluntary employee savings partnership plan takes the form mentioned in b of I, the deadline condition in relation to the plan’s expiry date provided for in the first paragraph does not apply and the payments mentioned in the second paragraph paragraph may give rise to additional payment from the company, within the limits provided for in this same paragraph.

III. – The regulations of the voluntary employee savings partnership plan must provide that part of the sums collected can be allocated to the acquisition of units of invested funds, within the limits provided for in Article L. 214-39 of the Monetary Code and financial, in solidarity companies defined in article L. 443-3-1 of this code.

IV. – The agreement which establishes the voluntary employee savings partnership plan determines the terms and conditions for the issuance, in one go, of the sums or values ​​entered in the participants’ accounts. At the request of the participant, the delivery can be carried out in a fractional manner.

V. – Subject to the specific provisions of both this article and articles L. 443-2, L. 443-5 and L. 443-7, the provisions relating to the company savings plan are applicable to the partnership plan of voluntary employee savings plan.

Article L443-2
(Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 2 II art. 3 I 2 ° art. 14 II art. 17 II, III Official Journal of February 20, 2001)The annual payments of an employee or of a person mentioned in the third paragraph of Article L. 443-1 to company savings plans in which he participates may not exceed a quarter of his annual remuneration or professional income. taxed with income tax for the previous year.
The sums held in a company savings plan for which the employee did not request the issuance when his employment contract was terminated and which he allocated to the company savings plan of his new employer are not not taken into account for the assessment of the ceiling mentioned in the previous paragraph. The amounts transferred result in the closure of the previous plan and do not give rise to the additional payment from the company provided for in Article L. 443-7. The conditions under which the transfer can be carried out are set by decree of the Council of State.
The sums held in an inter-company savings plan that the employee allocates to an inter-company savings plan with the same minimum investment period to which his employer has joined or to a company savings plan concluded in his company are not taken. taken into account for the assessment of the ceiling provided for in the first paragraph. The conditions under which the transfer can be carried out are set by the Council of State decree mentioned in the previous paragraph.
Likewise, the sums or values ​​transferred from a savings plan mentioned in articles L. 443-1 and L. 443-1-1 to the voluntary employee savings partnership plan, at the end of the period set in article L 443-6, are not taken into account for the assessment of the ceiling mentioned in the first paragraph. This transfer may give rise to the additional payment from the company provided for in article L. 443-7.
Article L443-3
(Law n ° 73-4 of January 2, 1973 Official Journal of January 3, 1973) (Decree n ° 74-808 of September 19, 1974 Official Journal of September 29, 1974) (Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I and VIII Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 4 II art . 10 II art. 23 I 1 ° Official Journal of February 20, 2001)The sums collected by a company savings plan can be allocated to the acquisition of:
a) Securities issued by investment companies with variable capital governed by the provisions of Chapter I of Law No. 88-1201 of December 23, 1988 relating to undertakings for collective investment in transferable securities and establishing collective debt funds;
b) Units of mutual funds or securities issued by investment companies with variable capital governed by Chapter III of Law No. 88-1201 of 23 December 1988 cited above;
c) Shares issued by companies created under the conditions provided for in article 11 of the law of 9 July 1984 on the development of economic initiative.
The assets of mutual funds may also include either exclusively securities issued by the company or by a company of the same group within the meaning of Article L. 444-3, or diversified securities issued by a legal person having its registered office in a State party to the agreement on the European Economic Area, including or not company securities, including equity securities issued by companies governed by Law No. 47-1775 of September 10, 1947 on the status of cooperation, without prejudice to the specific provisions which govern, where applicable, the subscription of these securities by employees.
When all or part of the savings collected by the plan is intended to be used for the acquisition of securities issued by the company or by a company of the same group within the meaning of Article L. 444-3, the Institution of a mutual fund is not mandatory for the management of this investment.
The regulations of the company savings plan may provide that the mutual funds governed by Article L. 214-39 of the Monetary and Financial Code, which may receive the sums paid into the plan, have a council of common monitoring. It can also set the composition of the supervisory boards of mutual funds governed by Articles L. 214-39 and L. 214-40 of the same code. In this case, the provisions of the said articles are applied. The regulations specify the procedures for appointing these councils.
Article L443-3-1
(inserted by Law n ° 2001-152 of February 19, 2001 art. 19 I Official Journal of February 20, 2001)For the purposes of this article, companies are considered as joint and several companies whose equity securities, if any, are not admitted to trading on a regulated market and which:
a) Or employ employees of whom at least one third has been recruited under the employment contracts referred to in Article L. 322-4-20 or from among the persons mentioned in the first paragraph of Article L. 322- 4-2 or able to invoke a decision classifying them, in application of Article L. 323-11, in the category corresponding to severe disabilities or declaring them to be either a sheltered workshop or a help center by work ; in the case of a sole proprietorship, the aforementioned conditions apply to the person of the sole proprietor;
b) Or are formed in the form of associations, cooperatives, mutual societies, provident institutions or companies whose directors are elected directly or indirectly by the employees, members or members, provided that the whole of the sums received from the company by one of them, with the exception of the reimbursement of duly justified expenses, does not exceed, for the year for a full-time job, forty-eight times the monthly remuneration received by a full-time employee on the basis of the minimum growth wage; however, this condition must be respected in companies with at least twenty employees, members or members, by nineteen employees, members or members, out of twenty. In any case, the remuneration of the employee (s), members or members concerned may not exceed, for a job for the year or for a full-time job, eighty-four times the monthly remuneration received by an employee at full time on the basis of the minimum growth wage; for companies, directors are understood to mean the persons mentioned in the first paragraph of 1 ° of article 885 O bis of the general tax code. eighty-four times the monthly remuneration received by a full-time employee on the basis of the minimum growth wage; for companies, directors are understood to mean the persons mentioned in the first paragraph of 1 ° of article 885 O bis of the general tax code. eighty-four times the monthly remuneration received by a full-time employee on the basis of the minimum growth wage; for companies, directors are understood to mean the persons mentioned in the first paragraph of 1 ° of article 885 O bis of the general tax code.
Solidarity companies meeting the conditions set above are approved by joint decision of the Minister responsible for the economy and the Minister responsible for the solidarity economy.
These companies are considered to be organizations whose assets are made up for at least 80% of securities issued by solidarity enterprises or credit institutions, of which 80% of all loans and investments are made in favor of solidarity enterprises. .
Solidarity companies shall indicate in the appendix to their annual accounts the information attesting to compliance with the conditions set by this article.
Article L443-4
(Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 20 Official Journal of February 20, 2001)The regulations for the company savings plan provided for in article L. 443-1 must open up to its participants at least one possibility of acquiring either securities mentioned in a of article L. 443-3, or shares in company mutual funds the assets of which are made up of transferable securities admitted to trading on a regulated market and, on an ancillary basis, of liquid assets, in accordance with the rules laid down in application of Article L. 214-4 of monetary and financial code, or units of collective investment undertakings in transferable securities of which the assets are thus composed. This provision is not required when a group savings plan or a savings plan
When a company mutual fund mentioned in b of article L. 443-3 is invested in company securities and these are not admitted to trading on a regulated market, the assets of the company this fund must contain at least one third of liquid securities or a mechanism must be set up to guarantee the liquidity of these securities under conditions defined by decree.
A mutual fund mentioned in b of article L. 443-3 may hold a maximum of 30% of securities issued by a mutual fund referred to in subsection 7 or in subsection 9 of section 1 of Chapter IV of Title I of Book II of the Monetary and Financial Code.
Article L443-5
(Law n ° 73-4 of January 2, 1973 Official Journal of January 3, 1973) (Law n ° 79-594 of July 13, 1979 Official Journal of July 14, 1979 date of entry into force OCTOBER 1) (Law n ° 84- 578 of July 8, 1984 art. 11 II Official Journal of July 11, 1984) (Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 17 IV art. 29 II Official Journal of February 20, 2001)Companies can carry out capital increases reserved for members of a company savings plan or a voluntary employee savings partnership plan.
When the securities are admitted to trading on a regulated market, the sale price is set according to the stock market prices; the subscription price may not be higher than the average of the prices quoted for the twenty trading days preceding the day of the decision of the board of directors or the management board, as the case may be, setting the opening date of the subscription nor lower by more than 20%. 100 to this average or 30% in the case of a partnership plan of
When the securities are not admitted to trading on a regulated market, the sale price is determined in accordance with the objective methods used for the valuation of shares, taking into account, according to an appropriate weighting in each case, the net book position. , profitability and business prospects of the company. These criteria are assessed, where applicable, on a consolidated basis or, failing this, taking into account the financial information from significant subsidiaries. Otherwise, the sale price is determined by dividing by the number of existing securities the amount of the revalued net assets according to the most recent balance sheet. This must therefore be determined for each financial year under the control of the auditor. The sale price must therefore be determined for each financial year under the control of the auditor.
The general meeting which decides on the capital increase may also provide for the allocation of free shares or other securities giving access to the capital. The total advantage resulting from this allocation and, where applicable, from the difference between the subscription price and the average price mentioned in the second paragraph may not exceed the advantage that members of the savings plan would have enjoyed if this difference had been 20% or 30% in the case of a plan mentioned in article L. 443-1-2. In addition, the general meeting may also provide for the allocation of free shares or other securities giving access to the capital, provided that the taking into account of their pecuniary value,
The advantage constituted by the difference between the subscription price and the average price mentioned in the second paragraph and, where applicable, by the free allocation of shares or securities giving access to the capital is exempt from tax on the income and payroll tax and is not part of the social security contribution base defined in Article L. 242-1 of the Social Security Code.
Article L443-6
(Law n ° 73-4 of January 2, 1973 Official Journal of January 3, 1973) (Law n ° 84-578 of July 8, 1984 art. 3 II Official Journal of July 11, 1984) (Ordinance n ° 86-1134 of October 21 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 3 I 4 ° Official Journal of February 20, 2001) (Law n ° 2001-420 of May 15, 2001 art. 132 V Official Journal of May 16, 2001)Except in the cases listed by the Council of State decree provided for in Article L. 442-7, the shares or shares acquired on behalf of employees and former employees are delivered to them at the expiration of a minimum period. five years from the date of acquisition of the securities.
For the assessment of this period, the periods of unavailability already expired corresponding to the sums transferred in application of article L. 443-2 are taken into account, except if these sums are used to subscribe to a capital increase provided for in Article L. 443-5.
This period does not apply if the liquidation of assets acquired within the framework of the company savings plan is used to exercise options granted under the conditions provided for in article L. 225-177 or in article L. 225-179 of the Commercial Code. The shares thus subscribed or purchased must be paid into the savings plan and are only available at the expiration of a minimum period of five years from this payment.
Article L443-7
(Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 14 III art. 17 V Official Journal of February 20, 2001)The sums paid annually by one or more companies for an employee or a person mentioned in the third paragraph of article L. 443-1 or person mentioned in the third paragraph of article L. 443-1 are limited to 2,300 euros for payments to a company savings plan and to 4,600 euros for payments to one or more voluntary employee savings partnership plans set up in application of article L. 443-1-2, without being able to exceed three times the beneficiary’s contribution. The allocation to the savings plan by the individual employee or person mentioned in the third paragraph of Article L. 443-1 in the special participation reserve cannot take the place of this contribution.”Amounts from a time savings account under the conditions mentioned in the tenth paragraph of Article L. 227-1, corresponding to a contribution from the employer and transferred to one or more collective retirement savings plans , are assimilated to payments from employers to one or more of these plans. ”

In the case of the plans provided for in Article L. 443-1, the company may increase these sums up to the amount devoted by the employee or person mentioned in the third paragraph of Article L. 443-1 to the acquisition. shares or investment certificates issued by the company or by a company linked to it within the meaning of article 208-4 of the aforementioned law n ° 66-537 of July 24, 1966, without this increase may exceed 50%. 100.
Any modulation of the sums paid by the company can only result from the application of rules of a general nature, which can not, moreover, in any case have the effect of making the relationship between the payment of the company and that the employee or the person referred to in the third paragraph of Article L. 443-1 increasing with the remuneration of the latter.
The sums paid by the company cannot replace any of the elements of remuneration, within the meaning of Article L. 242-1 of the Social Security Code, in force in the company at the time of the establishment of the ” a plan mentioned in this article or which become obligatory by virtue of legal or contractual rules. However, this rule cannot have the effect of calling into question the tax and social exemptions provided for in Article L. 443-8, when a period of twelve months has elapsed between the last payment of the element. compensation in whole or in part removed and the date of implementation of the plan.

Article L443-8
(Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2000-1352 of December 30, 2000 finances for 2001 art. 105 Official Journal of December 31, 2000) (Law n ° 2001-152 of February 19, 2001 art. 1 art. 22 5 ° b Official Journal of February 20, 2001)The sums mentioned in article L. 443-7 may be deducted by the company from its profit for the basis of corporate tax or income tax as the case may be.
They are not subject to the payroll tax provided for in Article 231 of the General Tax Code and are not taken into consideration for the application of labor and social security legislation.
They are exempt from the income tax of the beneficiaries.
To qualify for these tax and social exemptions, the regulations of the company savings plans established after the publication of the aforementioned law n ° 2001-152 of February 19, 2001 must be filed with the departmental labor, employment and vocational training in the place where they are established.
Article L443-9
Ordinance n ° 86-1134 of October 21, 1986 art. 33 Official Journal of October 23, 1986) (Law n ° 94-640 of July 25, 1994 art. 33 I Official Journal of July 27, 1994) (Law n ° 2001-152 of February 19, 2001 art. 1 Official Journal of February 20, 2001)A Council of State decree sets the terms of application of this chapter, and in particular the rules for keeping the accounts of employees and former employees.

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