Regulatory Alerts2022-12-30 | NSP-44Added · Updated
Technical Standards for the Administration and Management of the Solidarity Guarantee Account
The Central Reserve Bank of El Salvador issued these standards to regulate the administration of the Solidarity Guarantee Account by Pension Fund Administrators. AFPs must credit employer contributions and a 7% special pension contribution to the account within thirty days, and use the funds exclusively for specific pension obligations and refunds. The rules mandate internal controls, including semi-annual survival verification, and require monthly reporting of account movements to the Superintendence within ten business days. Additionally, AFPs have ninety days to adjust their systems to replace the Unique Pension Number with the Unique Identity Document.
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