Regulatory Alerts2023-01-26 | NSP-78Added · Updated
Technical Standards for the Administration of Current Accounts of the Pension Institutes of the Public Pension System
The Committee of Standards of the Central Reserve Bank of El Salvador issued these standards to regulate the management of current accounts by the Salvadoran Pension Institute and the Salvadoran Social Security Institute. The rules require that revenue account funds be invested or transferred within three business days, unless the account accrues interest, and mandate that payments be scheduled with no more than five business days' advance. The document also establishes specific account categories for collections, benefits, operations, and investments, while requiring the submission of monthly cash flow budgets and availability reports to the Superintendence. These standards entered into force on January 26, 2023, and repeal previous regulations from 1998.