Regulatory Alerts2021-06-18 | DOF 5621651Added · Updated
General Provisions Applicable to Programmed Withdrawals
The National Commission for the Retirement Savings System (CNAR) updates the General Provisions applicable to Programmed Withdrawals to align with the 2020 Pension Reform, which allows the coexistence of Life Annuity and Programmed Withdrawal modalities. The document establishes new definitions, contract requirements, and administrative procedures for managing individual accounts with pension attributes, including rules for voluntary savings, survival verification, and the handling of insufficient or exhausted resources for Guaranteed Pensions. It mandates that administrators update their policy manuals, conduct annual contract reviews, and notify participants of deadlines for changing pension modalities if resource insufficiency is detected.
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