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Japanese Retirement Savings Units Merge

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NU Online News Service, Oct. 15, 2:05 p.m. – UFJ Holdings Inc., Tokyo, a subsidiary of Sanwa Bank, has combined its defined contribution pension operations with those of Toyo Trust and Banking Company, Tokyo, according to Jiji Press, a Japanese news agency.

Now that UFJ and Toyo are merging their defined contribution programs, they have pulled out of Japan Pension Planning.

UFJ and Toyo launched Japan Pension Planning, a defined contribution consulting joint venture, together with a third Japanese company, Daido Life Insurance Company.

The joint venture shut down at the end of September, according to Jiji Press.

Companies in Japan will be allowed to introduce 401(k)-type defined contribution pension plans starting in October. Japan, the world’s second-largest economy, has a potential DC market estimated at $402 billion.

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