Regulatory Alerts2022-12-30 | NSP-43Added · Updated
Technical Standards for the Granting of Old-Age Benefits in the Pension System
The Central Reserve Bank of El Salvador issued these standards to establish procedures for Pension Fund Administrators regarding the granting of old-age benefits under the Integral Law of the Pension System. The document mandates that administrators identify affiliates nearing retirement age, process applications for benefits such as the old-age pension, temporary and permanent economic benefits, and balance returns, and calculate payments based on Individual Pension Savings Account balances. It specifies contribution time thresholds, including a minimum of twenty-five years for the old-age pension, and sets deadlines for application reviews and appeal resolutions.
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