General Provisions Applicable to Pension Plans

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DOF: 21/01/2016

GENERAL PROVISIONS APPLICABLE TO PENSION PLANS

A seal with the National Coat of Arms, which says: United Mexican States.- Ministry of Finance and Public Credit.- National Commission for the Retirement Savings System.

GENERAL PROVISIONS APPLICABLE TO PENSION PLANS

The President of the National Commission for the Retirement Savings System, based on the provisions of articles 5, fractions I, II, III and XVI, 11, 12, fractions I, VIII and XVI, 82 and 83 of the Retirement Savings Systems Law; 27 fraction VIII, 170 and 190 of the Social Security Law; 54 of the Law of the Institute for Social Security and Social Services for State Workers; 99, 100, 101, 102, 103, 104 and 105 of the Regulations of the Retirement Savings Systems Law, and 1, 2 fraction III and 8 first paragraph of the Internal Regulations of the National Commission for the Retirement Savings System, has seen fit to issue the following:

GENERAL PROVISIONS APPLICABLE TO PENSION PLANS

UNIQUE TITLE

CHAPTER I

GENERAL PROVISIONS

Article 1.- These general provisions aim to establish guidelines applicable to the registration of:

I. Authorized and Registered Pension Plans:

a) Established by the employer or derived from collective bargaining in accordance with article 190 of the Social Security Law, and

b) Established by the Dependence or Entity, in accordance with article 54 of the ISSSTE Law;

II. Electronic Registration Pension Plans established by the employer or derived from collective bargaining, which must comply with the requirements established by the Commission and whose contributions are excluded from the contribution base salary, in accordance with article 27 fraction VIII of the Social Security Law, and

III. Authorized Actuaries authorized to issue opinions on Authorized and Registered Pension Plans, in terms of article 100 of the Regulations.

Article 2.- For the purposes of these general provisions, in addition to what is established in articles 3 of the Law and 2 of the Regulations, the following shall be understood:

I. Irrevocable Legal Act, the contract, agreement or instrument by which the parties who celebrate it obligate themselves to comply with the obligations incumbent upon them derived from the Authorized and Registered Pension Plans, expressly stating that the contributions made to the fund and their returns will not form part of the assets of the person who grants the benefits of said Plans, and in which it is agreed to establish the waiver of the power to revoke, rescind or denounce said act.

Likewise, for the purposes of these general provisions, in the Irrevocable Legal Act, the power to dispose of said contributions and their returns for any other purpose other than the payment of the benefits of the Authorized and Registered Pension Plans must be waived;

II. Authorized Actuary, that actuary who is registered with the Commission;

III. Administrator, credit institutions, insurance mutual societies or companies, brokerage houses, investment society operators or retirement fund administrators, responsible for the administration of the Fund of the Electronic Registration Pension Plans;

IV. Dependences, the administrative units of the Powers of the Union, the Attorney General's Office, the autonomous jurisdictional bodies, the executive, legislative and judicial bodies of the Federal District, as well as the administrative units of the Federal Entities and municipalities that incorporate into the regime of the ISSSTE Law;

V. Actuarial Opinion, that which is presented by the Authorized Actuaries, the minimum content of which must be subject to what is provided by article 6 of these general provisions;

VI. Entities, the decentralized organisms, majority state-owned companies and other federal and Federal District Government parastatal institutions, as well as the organisms of the Federal Entities or municipalities and public organisms that by constitutional provision have autonomy, that incorporate into the regimes of the ISSSTE Law;

VII. Fund, the investment fund or funds that have been constituted, if applicable, for the payment of the benefits of the Electronic Registration Pension Plans;

VIII. ISSSTE Law, the Law of the Institute for Social Security and Social Services for State Workers, published in the Official Gazette of the Federation on March 31, 2007;

IX. Social Security Law, the Social Security Law published in the Official Gazette of the Federation on December 21, 1995, with its reforms and additions;

X. Authorized and Registered Pension Plans, the pension plans that comply with what is provided in articles 190 of the Social Security Law and 54 of the ISSSTE Law and are registered with the Commission in terms of these provisions;

XI. Electronic Registration Pension Plans, the pension plans that constitute a voluntary scheme established by the employer or derived from collective bargaining, which aim to complement the retirement income of persons who maintain a labor relationship with the entity that finances said pension plan, granting them a pension upon permanently separating from said entity, after having worked there for several years, and which also comply with the requirements established by the Commission for their contributions to be excluded as part of the contribution base salary in terms of fraction VIII of article 27 of the Social Security Law;

XII. Regulations, the Regulations of the Retirement Savings Systems Law;

XIII. SIRAPP, the System for the Registration of Authorized Actuaries and Authorized and Registered Pension Plans, operated by the Commission to carry out the receipt of applications for the inscription of Authorized and Registered Pension Plans as well as the Registration of Authorized Actuaries, either through the Commission's website or the internet portals made available by the Federal Government for the attention of procedures and services of the Federal Public Administration, and

XIV. SIREPP, the Electronic Registration System of Electronic Registration Pension Plans, operated by the Commission to collect information regarding the characteristics of the Pension Plans referred to in article 27 fraction VIII of the Social Security Law.

CHAPTER II

ON AUTHORIZED AND REGISTERED PENSION PLANS

Section I

On the Inscription of Authorized and Registered Pension Plans

Article 3.- For the inscription of the Authorized and Registered Pension Plans with the Commission, the applicant, either personally or through an Authorized Actuary, must present to the same, in duplicate, as well as one copy on magnetic media, the following documentation:

I. Application for plan inscription, in accordance with Annex A of these general provisions, duly completed, which must be signed by the interested party or their legal representative, as well as by the Authorized Actuary who issued the opinion on the pension plan;

II. Text of the pension plan, in which the definitions of the terms applied, the benefit structure, installation date, the Irrevocable Legal Act, general and specific conditions regarding the implementation and termination of the referred plans and the method of payment of the benefits are indicated;

III. Technical note, in which the bases for the actuarial calculation for the determination of the obligations and the cost inherent to its financing are supported, which must adhere to the guides and principles of generally accepted actuarial practice;

IV. Actuarial valuation, which will consist of a report prepared by an Authorized Actuary, in which the obligations, costs and sufficiency of the plans' funds to cover the pensions currently being paid and those estimated to be granted to the participating workers in the Authorized and Registered Pension Plan are determined, analyzed and certified, in accordance with what is established in the text and in the corresponding Technical Note, having as a minimum the amount provided for in articles 190 of the Social Security Law and 54 of the ISSSTE Law, considering the benefits to be paid to the worker and the rights of their economic dependents;

The actuarial valuation must be carried out using the Active Mortality Table for Social Security used for the calculation of Technical Reserves, which for this purpose is published by the Ministry of Finance and Public Credit in the Official Gazette of the Federation, in the Single Insurance Circular, considering the Population Improvement Rate of the corresponding annex. Likewise, the discount rate used must be consistent with prevailing market conditions at the time of the valuation.

The actuarial valuation must include the actuarial balance, and

V. Actuarial Opinion.

The application for inscription and the documentation referred to in this article may be presented by an Authorized Actuary through the SIRAPP, in which case, the presentation in duplicate and on magnetic media referred to in the first paragraph of this article will not apply.

If deemed necessary, the Commission may require the applicant or the Authorized Actuary to exhibit the original documents presented through the SIRAPP, to carry out their verification or comparison.

Article 4.- The Commission must inform the applicant about the validity of the plan's inscription by means of a letter in which the inscription seal and the corresponding registration number are recorded, within a period of thirty business days counted from the day following the presentation of the information referred to in the previous article 3.

If the period referred to in the previous paragraph elapses and the Commission has not resolved regarding the validity of the inscription, the pension plan shall be deemed inscribed, issuing in favor of the applicant the letter in which the inscription seal and the corresponding registration number are recorded.

When the Commission requires any clarification related to the submitted application, it must make it known to the interested party, who must present the corresponding clarifications within ten business days following the date on which the requirement is notified, interrupting the running of the periods referred to in the first paragraph of this article.

In case of not presenting the clarifications within the stated period, if they are presented incorrectly or incompletely, as well as when the pension plan does not meet all the requirements established for such effect, the Commission will reject the application for inscription.

Article 5.- The validity of the inscription of the Authorized and Registered Pension Plans referred to in article 1, fraction I of these provisions, will run from the date it is granted and will end on May 31 of the following year.

Section II

On the Requirements of the Actuarial Opinion

Article 6.- The Authorized Actuaries must include the following information within the Actuarial Opinion:

I. Information on the population included in the valuation, indicating the number of participants and the source of the information used in the valuation, indicating, if applicable, any relevant change in the population structure;

II. Description and opinion on the methods to determine the obligations and costs;

III. Description and opinion on the benefit structure, the variations in the amount of the obligations and cost inherent to the financing of the benefits included in the actuarial valuation, with respect to the previous valuation, as well as the level of financing of the obligations;

IV. Written statement under oath, by which it certifies the sufficiency of the plan's Fund to meet the obligations of the pensions currently being paid and those that according to the plan text should be covered for the participating workers in the Authorized and Registered Pension Plan, having as a minimum the amount provided for in articles 190 of the Social Security Law and 54 of the ISSSTE Law, considering the worker and the rights of their economic dependents;

V. Indicate the last date on which the plan text or the collective bargaining document that gave rise to the implementation of said plan, or any other specific legislation that applies, was reviewed;

VI. Opinion on the mechanism used for the financing of the obligations and on the Irrevocable Legal Act;

VII. The indication that the actuarial valuation complies with the principles of generally accepted actuarial practice or, if applicable, any exception regarding the particular must be explained and justified;

VIII. Opinion on compliance with the manuals, bulletins or rules of mandatory observance for the actuarial valuation of contingent labor liabilities adopted by some college of professionals in the field of actuarial science, which is registered with the Ministry of Public Education and has the recognition of suitability as an auxiliary in the supervision of professional practice in the modality of professional certification in the matter of valuation of contingent labor liabilities;

IX. Opinion on any other relevant technical and/or operational aspect;

X. Free written statement by which the Authorized Actuary declares under oath that the information contained in the Actuarial Opinion is true;

XI. Copy of the document in which the Irrevocable Legal Act is recorded;

XII. Name, signature and registration number granted by the Commission of the Authorized Actuary who issues the Opinion, and

XIII. The other information that the Authorized Actuary considers pertinent.

Section III

On the Registration of Actuaries

Article 7.- Actuaries who wish to obtain the corresponding registration to be authorized to issue opinions on Authorized and Registered Pension Plans, must comply with the requirements referred to in article 100 of the Regulations.

Likewise, they must present the corresponding application to the Commission, accompanying it with the documentation that demonstrates compliance with the requirements referred to in article 100 of the Regulations, as well as Annex B of these provisions duly completed, which must be presented in duplicate.

For the applicant actuary to prove, in accordance with fraction V of article 100 of the Regulations, that they have the required knowledge to perform the valuation of pension plans, they must present to the Commission, a certification that accredits them as an Appraiser in Contingent Labor Liabilities, which must be issued by a college of professionals in the field of actuarial science that meets the following characteristics:

I. That it is registered with the Ministry of Public Education, and

II. That the Ministry of Public Education has granted it the recognition of suitability as an auxiliary in the supervision of professional practice in the modality of professional certification in the matter of valuation of contingent labor liabilities.

In case the actuary obtains the corresponding registration from the Commission, they must keep updated during its validity the certification referred to in the previous paragraph, otherwise, the registration granted to them will be suspended.

The application for registration and the documentation referred to in this article may be presented through the SIRAPP, in which case, the presentation in duplicate referred to in the second paragraph of this article will not apply.

If deemed necessary, the Commission may require the applicant actuary to exhibit the original documents with which their application for registration is supported to carry out its verification or comparison.

Article 8.- The Commission must resolve on the validity of the registration or revalidation of the actuary in question, within five business days following the receipt of the documents mentioned in the previous article. In case the registration or revalidation of the actuary in question is valid, the Commission must proceed to return to the applicant a copy of the form contained in Annex B of these general provisions with the registered seal and the registration number that corresponded to them.

If the period referred to in the previous paragraph elapses and the Commission has not resolved on the registration application, the actuary shall be deemed registered and the Commission must proceed to return to the applicant a copy of the form contained in Annex B of these general provisions with the registered seal and the registration number that corresponded to them.

When the Commission requires any clarification related to the documentation presented, it must make it known to the applicant, who must present the corresponding clarifications within 3 business days following the date on which the requirement is notified, interrupting the running of the period referred to in the first paragraph of this article. In case of not presenting the clarifications within the stated period, or if they are presented incorrectly or incompletely, the Commission will consider the application not presented.

In case the Commission resolves on the invalidity of the registration application, it must notify this fact to the applicant, describing the causes that motivated the rejection, granting the interested party a period of five business days counted from the date on which the notification takes effect, in order to manifest what is convenient for their rights, offering or accompanying, if applicable, the evidence they consider appropriate. Once the arguments made are analyzed, and the offered evidence is discharged and valued, the Commission will dictate and notify the corresponding resolution, which will not admit any administrative recourse.

Article 9. The Authorized Actuary who wishes to carry out the revalidation of their registration must request it before the Commission, during the validity period referred to in article 101 of the Regulations, for which they must present the update of the information contained in the form of Annex B of these general provisions, and if applicable, the valid certification that accredits them as an appraiser in contingent labor liabilities, referred to in article 7 of these general provisions.

For the presentation of the application for registration revalidation, what is established in article 7 of these provisions must be followed.

The Commission must resolve on the revalidation of the actuary registration in the same terms provided for in article 8 of these provisions.

Article 10.- When the registration of an Authorized Actuary is suspended or cancelled, the Commission will make it known to the companies whose Authorized and Registered Pension Plans have been audited by said actuary.

CHAPTER III

ON ELECTRONIC REGISTRATION PENSION PLANS

Section I

General Provisions

Article 11.- Electronic Registration Pension Plans whose contributions are excluded from the workers' contribution base salary and that comply with the requirements established in these general provisions, will not be considered Authorized and Registered Pension Plans by the Commission.

Article 12. Electronic Registration Pension Plans will not generate the rights of Authorized and Registered Pension Plans.

Section II

On the Requirements of Electronic Registration Pension Plans

Article 13.- Electronic Registration Pension Plans must have as their objective to complement the retirement income of persons who maintain a labor relationship with the entity that finances said pension plan, granting them a pension upon permanently separating from said entity, after having worked there for several years, and for the purpose of being able to exclude contributions as part of the workers' contribution base salary in terms of article 27 of the Social Security Law, they must meet at least the following requirements:

I. Their benefits must be granted in a general manner. It will be understood that the benefits of the Electronic Registration Pension Plans are granted in a general manner, when they are the same for all workers of the same union or for all non-unionized workers, even if said benefits are only granted to unionized workers or to non-unionized workers;

II. The sums of money destined for the Electronic Registration Pension Plans must be duly registered in the employer's accounting;

III. The sums of money destined for the Fund must be paid directly by the employer, and

IV. The employer, or whom they hire as Administrator of the Electronic Registration Pension Plan, cannot deliver to the workers any direct benefit, in kind or in money charged to the Fund, during the time that these provide their services to the company nor to those who have not met the retirement requirements established in the Electronic Registration Pension Plans themselves.

Article 14.- Employers, for the purposes of what is established in fraction I of the previous article, may distinguish the benefits that are granted to the workers by the Electronic Registration Pension Plans, attending to the following:

I. Risk of work to which each worker or group of workers is exposed;

II. Type of contract with which the employer has hired the worker or group of workers, and

III. Location(s) where the workers provide their services.

Article 15.- Employers, in case there are workers affiliated to several unions in the same company, may distinguish the benefit that the Electronic Registration Pension Plans grant among them.

Section III

On the Presentation of the Information of the Electronic Registration Pension Plans to the Commission

Article 16.- Electronic Registration Pension Plans must comply with the requirements established in Section II of Chapter III of these general provisions. For the purposes of their electronic registration, employers or the actuaries they designate must fill out the form for this effect

determine the Commission, no later than May 31 of each year.

This form will be made available to employers or the actuaries they designate, through the SIREPP, and will include information regarding the plan's characteristics, its participants, contributions, benefits, returns, investment policy, and financial resources.

The Commission may modify or update the form referred to in the preceding paragraph at any time, in which case, such modification or update will be reflected through the SIREPP and will be mandatory for plans registered from the date of modification.

Additionally, when filling out the aforementioned form, employers must provide detailed information about active workers, inactive workers with acquired rights, as well as pensioners who are part of the Electronic Registration Pension Plan.

The information referred to in the preceding paragraph must be submitted using the format made available by the Commission through the SIREPP, which will include the following for the identification of workers and pensioners:

I. Paternal surname, maternal surname, and first name(s) of the worker or pensioner;

II. Labor status, i.e., active, inactive, or pensioner;

III. Unique Population Registry Key (CURP);

IV. Federal Taxpayer Registry (RFC) including the homoclave, and

V. Social Security Number (NSS) of the worker or pensioner.

Likewise, for purposes it deems convenient, the IMSS may directly request from employers the information provided for in this article, or any other information it considers relevant regarding the Electronic Registration Pension Plan or the workers who have received or have received contributions or benefits through it.

Regardless of the date on which the Electronic Registration Pension Plans are registered, they will remain in effect until May 31 of the following year.

Article 17.- Employers or the actuaries they designate to register the Electronic Registration Pension Plan must carry out the following actions through the SIREPP:

I. Carry out the prior registration of the sponsoring company of the Electronic Registration Pension Plan, through the SIREPP;

II. Fill out the form referred to in the previous article, declaring under oath that the Plan complies with the requirements provided for in Article 13 of these general provisions, and that the data and information provided in said form correspond to the administrative records of the company sponsoring it;

III. Attach the file containing the detailed information of active workers, inactive workers with acquired rights, and pensioners, using the format provided for in the previous article;

IV. Send and sign the information referred to in this article, using their Advanced Electronic Signature, and

V. In the event that the person signing the form is an actuary or an Authorized Actuary, they must declare the following:

a) Their opinion regarding the design of the Pension Plan and its foreseeable effect on the expected replacement rate of the workers affiliated with it;

b) If they belong to any professional college in the actuarial field, and

c) If they hold any certification in the matter of contingent labor liability or pension valuation, issued by any professional college or association in the actuarial field.

Article 18.- The Commission, once the employers or the actuaries designated by them carry out the actions provided for in the previous article, will review that the form and format presented have been properly filled out according to the required information, without prejudice to the actions to which they may be subject in case of having declared false information.

Article 19.- In the event that the form and format referred to in Article 16 above have been properly filled out and in accordance with the process established in Article 17 above, the Commission will assign an identification number to the Electronic Registration Pension Plan in question, and will issue an electronic receipt, which will be sent to the email address provided by the employer or by whom they have designated.

The foregoing, without prejudice to the fact that employers may print the identification number of the Electronic Registration Pension Plan and the electronic receipt through the SIREPP.

The assignment of the identification number and the issuance of the receipt described in this article only proves that the Electronic Registration Pension Plan has met the electronic registration requirement established in Articles 16 and 17 of these Provisions, without exempting the sponsoring company of the Electronic Registration Pension Plan from proving to the IMSS, at the time it requests it, the compliance with each of the requirements provided for in Article 13 of these Provisions.

Article 20.- The Commission will inform the IMSS no later than within the first ten business days of each month with a cut-off date of the last business day of the previous month at least the following:

I. The identification number assigned to each Electronic Registration Pension Plan and the list of employer records linked to it, and

II. The name of the person in charge of the registration, indicating, if it is an actuary or Authorized Actuary, in which case, the declarations they have made in accordance with fraction V of Article 17 of these provisions will also be reported.

Article 21.- Employers must use the identification number assigned to the Electronic Registration Pension Plan in all documents and procedures related to it that they present before the IMSS.

Section IV

Final Provisions for Electronic Registration Pension Plans

Article 22.- The employer who complies with what is established in Articles 16 and 17 above, after May 31 of each year, will enjoy the benefits established in the applicable tax provisions starting from the bimonthly period following that in which the Commission assigns the corresponding identification number.

Article 23.- Employers who do not have the identification number referred to in Article 19 above, or whose registered Pension Plans do not meet all the requirements provided for in Article 13 of these Provisions, cannot exclude the contributions they make to each Electronic Registration Pension Plan from the contribution base salary of their workers.

CHAPTER IV

OF THE SYSTEM FOR THE REGISTRATION OF ACTUARIES AND PENSION PLANS

Article 24.- In order to reduce costs and facilitate the processing of the registration of Authorized and Registered Pension Plans referred to in these provisions, as well as the registration of Authorized Actuaries, the Commission will keep the SIRAPP in operation.

Article 25.- Authorized Actuaries may use the SIRAPP to carry out the registration procedures for Authorized and Registered Pension Plans and for registration, as well as for renewal or update of their registration referred to in these provisions.

Article 26.- Every application submitted through the SIRAPP must contain the advanced electronic signature of the interested party, issued in their favor by the Tax Administration Service (SAT), and will produce the following legal effects:

I. It has the same effects as the handwritten signature as well as the same probative value, and

II. It will guarantee the integrity of the signed document.

The integrity and authorship of a Digital Document with Advanced Electronic Signature will be verifiable by comparing the summary of the document obtained by deciphering the Advanced Electronic Signature with the Public Key of the holder and the digital summary obtained from the Document itself.

Article 27.- For each application for registration, record, or revalidation submitted through the SIRAPP, a receipt will be issued that will attest to the sending and receipt of documents. Such receipts must contain at least the following:

I. Sequential folio number;

II. Date, time, and place of receipt;

III. Sender;

IV. Recipient, and

V. Subject.

Article 28.- In the event of operational failures in the SIRAPP, the Authorized Actuary may physically present before the Commission the applications or documentation related to the procedures referred to in Chapter II of these general provisions.

CHAPTER V

GENERAL PROVISIONS

Article 29.- The list of Authorized and Registered Pension Plans, as well as the information regarding their validity, will be published by the Commission in the Official Gazette of the Federation.

Article 30.- The Commission, through its Internet page, will have at all times available the following information:

I. List of Authorized and Registered Pension Plans, as well as their validity;

II. List of Authorized Actuaries, as well as the validity of the registration, and

III. Statistical studies of the established Electronic Registration Pension Plans, the coverage and the different benefits they grant, as well as the requirements for obtaining said benefits, the structure of contributions, the manner in which financial resources are administered, and the composition of their portfolios.

This study will be updated once a year, with the information provided by electronically registered pension plans during the period from January to May of each year.

When subsequent information is received, the Commission may issue an update to said study, exclude it from the mentioned study, or delay its update.

The published studies may segregate, exclude, or give differentiated treatment to the information reported by the Plans, considering all or some of the consistency, reliability, and materiality criteria, inherent in this type of analysis.

TRANSITORY PROVISIONS

ARTICLE FIRST.- These general provisions will enter into force on the next business day following their publication in the Official Gazette of the Federation.

ARTICLE SECOND.- On the date of entry into force of these general provisions, the General Provisions applicable to pension plans published in the Official Gazette of the Federation on December 5, 2014, as well as all general provisions issued by the Commission that are contrary to this regulation, are repealed.

ARTICLE THIRD.- The Authorized and Registered Pension Plans, as well as the Electronic Registration Plans that are registered with the Commission on the date of entry into force of these general provisions, will retain the term of their validity in accordance with the applicable regulations prior to the entry into force of these general provisions.

Mexico, D.F., January 13, 2016. - The President of the National Commission for the Retirement Savings System,

Carlos Ramírez Fuentes. - Rubric.

ANNEX A

National Commission for the Retirement Savings System

Application for registration of Pension Plans audited by authorized actuaries

INSTRUCTIONS: fill in the blanks and select the applicable answers in each case

Registration No.: _______________

Registration Date: //___

Official No. and date: _______________

Name and signature of the authorized official or legal representative

of the company, entity, or department requesting registration:

---

I request that the data registered in this document be considered confidential, in terms of the Federal Law of Transparency and Access to Government Public Information.

I agree________ I do not agree_________

I. Company Data.

Name or trade name: ___________________________________________________________

R.F.C.: _______________ Employer Registration No.: _______________

Main business activity of the company:

Industry:_______ Commerce: :_______ Services:_______

Company's tax address

Street: ______________________________________ Exterior Number: _____ Interior Number: _____

Neighborhood: _________________________ Municipality or delegation: ______________________________

City: ____________________ State: _____________________ Postal Code: _______________

In your opinion, the fact that the company offers a pension plan to its workers is a reflection of:

o

An international corporate culture, i.e., the company grants similar benefits in the countries in which

it operates.

In this case, in which country did the corporate culture of the company originate?

---

---

o

A human resources policy

II. Contact Data

Name of the person responsible for Plan administration:

---

Position: ______________________________________________________

Email: _____________________________________________

Phone: _____________________________ Extension: _______________

III. Data of the person responsible for the actuarial audit of the Plan

Name of the actuarial firm or consultancy: ________________________________________

Name and signature of the authorized actuary: _______________________________________________

Professional License No.: __________ No. of appraiser of labor obligations: __________

No. of authorized actuary registration by CONSAR: _______________

IV. Plan Characteristics

Plan Data

Type of plan (defined benefit, defined contribution, hybrid or mixed): _______________

Installation Date: //___ Is the Plan registered with the SAT? Yes:___ No:____

Is the Plan open (allows new entrants)? Yes: ___ No: ___

Reason why the Plan was closed: ____________________________________________________

Year in which the Plan is expected to extinguish: __________________________________________

Benefit with respect to IMSS (complementary or additional): _______________

Plan Title: ____________________________________________________________

Number of employer records linked to the company: _______________

Regarding the DB scheme, are contributions to a fund contemplated? Yes___ No, it is a reserve___

Plan Participants

Type of workers (select at least one option):

o

Officials, directors, and managers

o

Workers in personal services and security

o

Professionals and technicians

o

Workers in agricultural, livestock,

forestry, hunting, and fishing activities

o

Auxiliary workers in administrative activities

o

Industrial machinery operators, assemblers,

drivers, and transport conductors

o

Merchants, sales employees, and

sales agents

o

Others:

Specify:_________________________________

Comments on the type of worker covered: ___________________________________________

---

Number of active participants: _______________ Average age (active): _____ years

Number of inactive participants with acquired benefits: _______________

Number of pensioned participants: _____ Average age (pensioned): _____ years

Total participants in the Plan: __________________________________

Percentage of the company's workers covered by the Pension Plan: _____ %

Distribution by salary range

(Number of active participants)

Number of times the

MINIMUM WAGE

Transition Generation

AFORE Generation

Less than or equal to 2:

Between 2 and 4:

Between 4 and 6:

Between 6 and 8:

Between 8 and 10:

Between 10 and 15:

Between 15 and 20:

Between 20 and

25:

Distribution by age

(Number of active participants)

Less than 20:

Between 21 and 30:

Between 31 and 40:

Between 41 and 50:

Between 51 and 60:

Between 61 and 65:

Greater than 65:

Average age:

Between 25 and 30:

Between 30 and 40:

Greater than 40:

V. Defined Benefit (DB)

Who performs the actuarial valuation?_______________________________

With what frequency is the actuarial valuation performed?: ______________________________

Date of the last actuarial valuation of the Plan: //___

Present value of obligations (defined benefit/hybrid)

Obligation for defined benefits (ODB): ______________

Obligation for acquired benefits (OBA):______________

Present value of future services: _______________

Present value of total obligations (PVTOT): _______________

Actuarial costing method used:_________________________________

Financial Hypotheses

The technical discount rate was defined based on:

o

Market rate

o

Rate obtained by assets

o

Funding rate

o

Other:

Specify:

o

Passive rate

Technical discount rate: Nominal: _____ % Real: _____ %

Inflation: _____ % Wage increase rate: _____%

Biometric/Demographic Hypotheses

Active mortality table (EMSSA 97 or 09, own experience, other): ____________________________

Pensioner mortality rate: _________ Invalid mortality rate: _________ Active invalidity rate: _________

Dismissal rate: _____% Voluntary separation rate: _____% Turnover: _____

Components of the pensionable salary of the Plan

o

Base salary

o

Vacation premium

o

Commissions

o

Bonuses

o

Christmas bonus

o

Savings fund

o

Meal vouchers

o

Others

Specify:

Is there a cap on the pensionable salary? Yes:____ No:________ Specify:

Benefit calculation in the Plan

The Pensionable Salary is determined based on the:

o

Average salary of the last _____ months

o

Last salary:

Describe the benefit calculation formula:_______________________________________________

---

Minimum benefit: Yes: ____ No: ____

Which? (legal indemnity, # minimum wages, % pensionable salary, other): _______________

VI. Defined Contribution (DC)

Components of the contribution base salary.

o

Base salary

o

Vacation premium

o

Commissions

o

Bonuses

o

Christmas bonus

o

Savings fund

o

Meal vouchers

o

Others

Specify:

Is there a cap on the contribution salary? Yes:____ No:________ Specify: __________________

Conditional contributions (matching contributions)

What is the company's contribution for each peso ($1) contributed by the worker? $__________

Minimum participant contribution: Amount: $_________ Percentage: _________%

Maximum participant contribution: Amount: $_________ Percentage:_________%

Fixed (unconditional) company contributions

Company contribution: Amount: $_______________ Percentage: _______%

Additional contributions (worker's voluntary) to the base contribution scheme

Percentage of Plan participants who made voluntary contributions (AV): _____ %

Acquired Rights

Does the plan have acquired rights? Yes:____ No:____ Age to have 100%:___ _years

VII. Requirements and Benefits Paid

Requirement:

Retirement Benefit

Early Retirement Benefit

Men

Women

Men

Women

Minimum age:

Minimum seniority:

Minimum age and seniority:

Points sum requirements

(age + seniority):

Obtain a pension from social security previously.

Additional benefit:

Minimum seniority

(years)

Men

Women

Death: Yes: ___ No: ___

Requirement: Yes: ___ No: ___

Disability: Yes: ___ No: ___

Requirement: Yes: ___ No: ___

VIII. Benefit Payment

Payment modalities established by the Plan

o

Lump sum payment

o

Life annuity with guarantee of

n payments

o

Joint life annuity with guarantee of

n payments

o

Life annuity

o

Joint life annuity

o

Other:

Specify:

Periodic adjustment factor of the pension payment modality (inflation, current minimum wage, salary of active Plan participants, none or other): _______________________

Pensioners' Benefit

By

Retirement:

By early

retirement:

Cases

Amount

Cases

Amount

Periodic pension generated in the last year (Jan-Dec)

$

$

Periodic pension generated in previous years

$

$

Lump sum payment

$

$

How many lump sum payments were equivalent to the legal

indemnity?

IX. Financial Resources

Fund flows during the year prior to registration (Jan-Dec)

Contributions / Inflows

DB Fund

DC Fund

AV Fund

(additional)

Made by the company:

$

$

Made by participants:

$

$

Total:

$

$

$

Payments / Outflows:

$

$

$

Total value of Plan resources at the end of the year prior to

registration

Fund Type

Company

Worker

DC Fund:

$

$

DB Fund:

$

AV Fund, additional to the base contribution scheme:

$

Total:

$

$

According to the plan's experience and the funds available at the cut-off, how many years is it estimated the fund will reach to cover, considering current benefits and the population dynamics? _____

X. Investment Policy

Are the fund resources administered under the figure of an irrevocable trust?

Yes: ____ No: ___

What type of institution administers (invests) the fund resources? (the company itself, AFORE, insurance company, bank,

brokerage firm, investment fund operator, other): ______________

Vehicle through which Plan resources are invested (investment fund, own fund of a

Trust,

SIEFORE, other): ____________________

What profile do you consider best describes the pension fund?

i.

Conservative (capital preservation): low risk tolerance, preference for safety and low

volatility

of returns, investment biased towards government debt instruments (high quality, short/medium

term).

ii.

Moderate (balanced): seeking profitability assuming limited risks (volatility), balanced investment

(government and corporate debt, equity indices).

iii.

Aggressive (capital appreciation): seeking high profitability accepting a high level of risk, investment

biased towards equity (individual stocks) and sophisticated investments (e.g. derivatives).

With what average horizon do you invest the fund resources?

o

Less than 5 years (short term)

o

5-10 years ( medium

term )

o

10-20 years (long term )

o

More than 20 years (very long term)

In the following list, order by importance (starting with the first) the criteria considered for choosing the

institution that administers (invests) the fund resources

---

Prestige as fund administrator

---

Recommendation from a third party (employee, supplier, advisor)

---

Returns obtained in the past

---

Commissions

---

Services (e.g. advice) offered

---

Belonging to the same corporate/financial group as the company

---

Other

Specify:

---

What role does the sponsoring company of the Pension Plan play in defining the fund's investment policy?

i.

Determinant: the sponsoring company defined, on its own, the fund's investment policy.

ii.

Important: the sponsoring company received advice from the fund administrator to define (together) the fund's investment policy.

iii.

Minimal: the sponsoring company received one or more investment policy proposals from the fund administrator, limiting itself to selecting one of them.

iv.

Null: the fund administrator is the one who defines the investment policy.

If you selected any of the answers from i to iii in the previous question, answer the following section:

In the definition/discussion of the investment policy, indicate what type of people were involved?

o

Administrative officials of the sponsoring company (e.g. HR, Director/General Manager, CEO)

o

Investment/finance experts, from the sponsoring company (e.g. Treasury, CFO)

o

Worker representatives (e.g. union)

o

Advisor from the institution that administers the pension fund

o

Independent advisors, invited by the company or the administering institution (e.g. consulting actuary,

independent company advisors)

o

Other (Specify)________________________________________________________

In the definition/discussion of the investment policy, indicate what type of decisions were made?

o

Asset allocation was defined (e.g. debt/equity mix)

o

A benchmark was defined (reference portfolio, with detailed or known weights)

If yes, Specify:______________________________

o

Investment limits were established (minimum and/or maximum)

If yes, fill in the following table

The fund can be invested

in:

Expected ranges

of

investment

Minimum

Maximum

o

Cash, banks, repos

o

Government debt

o

Non-government debt

o

International debt

o

National equity

o

Foreign equity

o

Specific risk parameters were established

If yes, fill in the following table

o

Market risks

o

Credit risks

o

Liquidity risks

o

Others

Specify:___________________

o

Acceptable operations were established (e.g. derivatives, currencies, markets)

If yes, answer the following subsection

a)

Can the fund invest in derivatives?:

Yes: ___

No: ___

If so, are limits on exposure contemplated?

Yes: ___ No: ___

b)

Can the fund invest in currencies?:

Yes: ___

No: ___

Which ones? _______________

c)

Can the fund invest abroad?:

Yes: ___

No: ___

Specify: _______________

d)

In the following cases (conflicts of interest) what maximum values are considered in the fund's investment?

Values issued by the company itself____________________________

Values issued by the same financial/business group___________________

Values issued by related parties________________________

The following section must be answered invariably.

In your opinion, what type of service do you receive, from the fund administrator, regarding the analysis of

portfolio performance?

i.

Extensive: in addition to continuous reports, periodic meetings are held where performance, perceived

risks, current and future investment strategy, etc. are discussed.

ii.

Moderate: continuous reports on portfolio performance are received. Sporadic meetings are held

(e.g. at the request of the sponsoring company) to resolve doubts.

iii.

Minimal: sporadic reports are received.

What type of financial information does the participant receive? (fund performance, portfolio position,

none, other):

---

How frequently do you receive this information?: ______________________________

Financial Information

Net performance (after deducting commissions) obtained by the fund (annual rate):

Last year:

Last 3 years:

Last 5 years:

Nominal: ____%

Real: ____%

Nominal: ____%

Real: ____%

Nominal: ____%

Real: ____%

Who values the portfolio?: (the trustee, an agent dependent on the trustee, an agent independent

of the trustee, unknown, other): ____________________

What method does it use to value the portfolio?: (market prices, theoretical prices, book value, unknown, other):

---

Portfolio Position

Type of instrument/asset

Amount

(MXN)

Cash

Government

debt

Issued or guaranteed by the federal government

Short term (up to 5 years]

Medium term (5 to 10 years]

Long term (10 to 20 years]

Very long term (more than 20 years)

Collective investment vehicles (government debt)

Non-

government

debt

Issued by federal entities, municipalities and state-owned enterprises

Issued by national financial institutions

Issued by national non-financial private companies

Issued by housing promotion entities

Collective investment vehicles (national private debt)

International

debt

Issued by foreign governments

Issued by foreign private companies

Issued by multilateral organizations

Collective investment vehicles

Equity

Shares

National

Foreign

Collective investment vehicles

National Equity

Foreign Equity

Other investments

Total

Derivatives (at market value)

Under oath, I declare that I am aware of the civil, criminal, administrative, or any other

nature actions to which I may be entitled in case of having declared false information in this Annex.

Place and Date: _________________________ ___________________Signature: ______________________

ANNEX B

National Commission for the Retirement Savings System

Application for registration and/or revalidation of Authorized Actuary

Registration Number: _______________________________________

I. PERSONAL DATA

First Name(s)

Paternal Surname

Maternal Surname

RFC

CURP

EMAIL ACCOUNT

Phone

Mobile

Address:

Street

Exterior Number

Interior Number

Neighborhood or

Human Settlement

Postal Code

Municipality or Delegation

City

State

II. PROFESSIONAL DATA

Professional License

Postgraduate Studies

Certification number that accredits you as

Expert Valuer in Labor Liabilities

Contingent valid:

(Issued by a professional college

authorized by the SEP)

Member of the professional college since

Professional college that issues the

certification that accredits you as Expert

Valuer in Labor Liabilities

Contingent:

III. LABOR DATA

Independent Professional (Yes/No)

Are you an employee or partner in any

company (Yes/No)

Company Data (in case of being an employee or partner in any company)

Name or Business Name:

Company Address:

Street

Exterior Number

Interior Number

Neighborhood or Human Settlement

Postal Code

Municipality or Delegation

City

State

Phone

Position or post held:

Date of Entry to the company:

Under oath, I declare that I do not have an employment or economic dependency relationship, nor am I

a shareholder or debtor of the entities to be valued, or of any or some of the controlled societies by these

or entities that are part of the Financial Groups of which the aforementioned entities to

be valued are part, nor am I subject to process, nor have I been convicted of a property crime that warrants

a prison sentence. I declare that I am not an employee of the Mexican Institute of Social Security, of the

Institute for Social Security and Services for State Workers, of the National Housing Fund for

Workers, of the Ministry of Finance and Public Credit, of the National Commission for the Retirement Savings

System, of the National Commission of Insurance and Sureties, of the National Banking and Securities

Commission or of the Bank of Mexico. Likewise, I declare that I am aware of the civil, criminal, administrative, or

any other nature actions to which I may be entitled in case of having declared false information in this

present Annex.

I request that all data and information provided through the Electronic Registry of

Actuaries be considered confidential in terms of article 18, fraction I and 19 of the Federal Law of

Transparency and Access to Public Governmental Information, as well as article Thirty-Second,

fractions VII, VIII and IX and Thirty-Fifth of the General Guidelines for the classification and

declassification of dependencies and entities of the Federal Public Administration.

Place and Date: ____________________ __________ _______Signature: _____ ______ _______

Annex B (Submit in duplicate)

---

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