Chapter IV: Management and liquidation

Pending the establishment of an insurance or financial guarantee scheme under the conditions set out in articles D. 3154-2 to D. 3154-4, when the rights recorded in the time savings account reach the highest amount of guaranteed rights set in application of article L. 3253-17, the rights in excess of this ceiling are liquidated. The employee receives compensation corresponding to the monetary conversion of these rights.

The rights saved in the time savings account may exceed the ceiling determined in article D. 3154-1 when a collective labour agreement provides for an insurance or financial guarantee scheme covering the additional sums saved. In the absence of such a collective agreement, the financial guarantee scheme is set up by the employer. The schemes referred to in the previous paragraph must enable payment of the rights acquired by the…

The financial guarantee may only result from a guarantee undertaking given by : 1° A mutual guarantee company; 2° A collective guarantee body; 3° An insurance company; 4° A bank; 5° A financial institution authorised to provide guarantees.

The guarantee commitment is the subject of a written contract specifying the conditions and the amount of the guarantee granted. This contract, which must be made available to the Labour Inspectorate, stipulates that the guarantor waives the right of discussion provided for in articles 2305 and 2305-1 of the French Civil Code in the event of the employer’s default.

When an employee requests, in agreement with his employer, the deposit of all the rights acquired on his time savings account, converted into monetary units, the sums are transferred by the latter to the Caisse des dépôts et consignations. The transfer is accompanied by a written request from the employee and a declaration of deposit completed by the employer. The Caisse des dépôts et consignations issues a receipt for the…

The rights deposited may be released : 1° At the request of the beneficiary employee, by the transfer of all or part of the sums deposited in the time savings account, the company savings plan, the inter-company savings plan, the collective retirement savings plan or the collective company retirement savings plan set up by his new employer, under the conditions provided for by the collective agreement setting up the time…