THE COMMITTEE OF STANDARDS OF THE CENTRAL BANK OF RESERVE OF EL SALVADOR,

CONSIDERING:
I. That by Legislative Decree No. 614, dated December 20, 2022,
published in the Official Journal No. 41, Volume No. 437 dated the 21st of the same month and year, the Comprehensive Law of the Pension System was approved.
II. That article 13 of the Comprehensive Law of the Pension System establishes that, during
the validity of the labor relationship, mandatory monthly contributions to the System must be made by workers and employers.
III. That article 16 of the Comprehensive Law of the Pension System establishes that,
employers and workers will contribute to the payment of contributions within the System in the proportions established in the aforementioned Law.
IV. That article 19 of the Comprehensive Law of the Pension System establishes that the
Administrators, in the fulfillment of their functions, will collect the corresponding contributions and contributions, and credit them to the Individual Savings Accounts for Pensions, and to the Solidarity Guarantee Account.
V. That article 21 of the Comprehensive Law of the Pension System establishes that,
contributions must be declared and paid by the employer, the independent worker or the entity paying subsidies for incapacity due to illness, as appropriate in the Administrator where the worker is affiliated. To this end, the employer will deduct from the base contribution income of each affiliate, at the time of payment, the amount of the contributions, and transfer these amounts, along with the corresponding contribution, to the respective Administrators.
VI. That article 21 of the Comprehensive Law of the Pension System establishes that,
the declaration and payment must be made within the first ten business days of the month following that in which the affected income was earned, or to that in which the medical license was authorized by the corresponding entity, as applicable.
VII. That article 42 of the Comprehensive Law of the Pension System establishes that the
Administrators, for the exercise of their functions, may contract services with other companies such as collection, information processing and others related to their operations, except those referred to the administration of the investment portfolio of the capitalization regime. The quality of the contracted services is the responsibility of the Administrators, who will respond to third parties as if they had carried them out. Likewise, they will be responsible for complying with the information requirements made by the Superintendence of the Financial System regarding the aforementioned services.

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TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 12/30/2022 Validity: 12/30/2022
VIII. That article 72 of the Comprehensive Law of the Pension System establishes that the
Administrator is obliged to provide the affiliate with a pension account statement, in which it will record each time it is requested, the number of quotas credited in their individual savings account for pensions and their value at the date. The Administrator, at least every six months, must communicate in writing to each one of its affiliates, all movements recorded in their individual savings account for pensions, indicating the number of quotas registered, their value and the date.
IX. That article 93 of the Comprehensive Law of the Pension System establishes that each
Administrator must operate with current accounts of financial entities that are supervised by the Superintendence, for the exclusive management of the resources of the Pension Fund that it administers.
X. That article 159 of the Comprehensive Law of the Pension System establishes that the
Central Bank of Reserve of El Salvador, will issue the Technical Standards necessary that allow the development of what is established in the aforementioned Law. THEREFORE, by virtue of the regulatory powers conferred by article 99 of the Law of Supervision and Regulation of the Financial System,

AGREES, to issue the following:
TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM

TITLE I
GENERAL PROVISIONS

CHAPTER I
OBJECT, SUBJECTS AND TERMS

Object
Art. 1.- These Standards aim to establish the procedures that the Pension Fund Administrators must follow for the management of current accounts, collection activities, crediting of contributions, contributions to the Pension System, as well as the transmission of information to the affiliate. Subjects Art. 2.- The subjects obliged to comply with the provisions established in the

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TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 12/30/2022 Validity: 12/30/2022 present Standards are the following:
a) Pension Fund Administrators; and b) Financial entities that provide their services to Pension Fund Administrators, insofar as it relates to the management of current accounts owned by the Pension Fund that they administer.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Crediting: Process by which the Pension Institution, as the case may be, performs the correct credit and proportional assignment of the affiliate's contribution in their Individual Savings Account for Pensions and in the record of the Corresponding Solidarity Guarantee Account; b) Pension Payroll Administrator: Person designated by the employer for the management of information related to this, in the System for the Preparation of Pension Payrolls; c) Affiliate: Any person who maintains a relationship with a Pension Fund Administrator, through the signing of an affiliation contract; d) AFP: Pension Fund Administrator; e) Agency: Public service locations opened by the AFP within the national territory where they provide services to affiliates, beneficiaries, pensioners and the general public, in accordance with what is established in the Comprehensive Law of the Pension System; f) Central Bank: Central Bank of Reserve of El Salvador; g) CGS: Solidarity Guarantee Account; in accordance with article 119 of the Comprehensive Law of the Pension System, it is the mechanism that assumes the financing and payment present and future of the Minimum Pension and of the obligations that correspond to the Pension Institutions of the Public Pension System, with the object of giving sustainability to the payment of pensions, in a stable and lifelong manner; h) CIAP: Individual Savings Account for Pensions; i) Payment Receipt: Document generated in the System for the Preparation of Pension Payrolls as a summary payroll and that is used by employers to pay pension contributions; j) Contributions: Contributions that dependent and independent workers and employers make as established in the Comprehensive Law of the Pension System. Contributions made by pensioner affiliates who continue contributing to the Pension System will also be considered as contributions; k) Days: When used for a term, it shall be understood that it refers to calendar days; l) Identity Document: It may be the Unique Identity Document, Minor's Card, Passport or Resident's Card, as applicable;

CNBCR-11/2022 NSP-51
TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 12/30/2022 Validity: 12/30/2022 m) DUI: Unique Identity Document; n) Pension Payroll Manager: Person designated by the employer for the maintenance of the information of their employees and for the preparation of the payroll of contributions, of the work center or centers, to which they have been assigned; o) Financial Entities: These are financial entities supervised by the Superintendence of the Financial System and that are empowered by their Specific Laws to carry out operations with current accounts, that operate within the country and that are duly registered in the Public Registry of the Superintendence, in accordance with what is established in the Law of Supervision and Regulation of the Financial System; p) Processing Entity: AFP or entity authorized by the Superintendence to process the information contained in the pension payment payrolls; q) Account Statement: Individual Savings Account for Pensions Account Statement or electronic equivalent mechanism, which records the movements carried out in the Individual Savings Account for Pensions of the affiliate; r) Fund: Pension Fund; s) IBC: Contribution Base Income; t) Pension Institution: Any of the following Institutions: Salvadoran Institute of Social Security, Salvadoran Institute of Pensions, Social Security Institute of the Armed Forces or AFP; u) ISP: Salvadoran Institute of Pensions; v) IPSFA: Social Security Institute of the Armed Forces; w) ISSS: Salvadoran Institute of Social Security; x) SP Law: Comprehensive Law of the Pension System; y) Month of Accrual: Period in which deductions are made to the worker subject to remuneration, for the payment of mandatory contributions to the Pension System, corresponding to the month prior to the declaration and payment of the same; z) NIT: Tax Identification Number in the case that the employer is a legal person; aa) Pension Payment Payroll: Form for the declaration of mandatory contributions presented by physical or electronic means, by employers; bb) Repealed. (3) cc) SP: Pension System; dd) SPP: Public Pension System; ee) Superintendence: Superintendence of the Financial System; ff) Dependent Worker: Worker under a labor dependency relationship; and gg) Independent Worker: Worker domiciled in the country, without a labor dependency relationship and non-resident Salvadorans.

CHAPTER I
ON THE MANAGEMENT OF CURRENT ACCOUNTS

For the exclusive management of the resources of the Fund Art. 4.- The AFPs must operate with current accounts opened in financial entities that are supervised by the Superintendence, in which deposits and withdrawals will be made in accordance with article 93 of the SP Law -40). The AFPs may operate with bank current accounts opened abroad for the effect of investment in securities referred to in letter a) of article 91 of the Law of the Pension System, which are traded in organized international securities markets, with the entity that provides the AFP, the deposit and custody service in said markets and the resources maintained in the aforementioned accounts, will be those necessary to settle the purchase operations of financial instruments, in accordance with what is established in the applicable Technical Standards. In the current account contracts that AFPs enter into on behalf of the Fund, with national financial entities and the foreign entity that provides the service of deposit and custody in international securities markets, the payment of interest must be agreed upon, when applicable. Art. 5.- Each AFP must operate with current accounts for the exclusive management of the Fund that it administers, which can only be opened one of each type per financial entity for the administration of the Fund in question. Art. 6.- Each AFP may dispose in current accounts and fixed-term deposits of up to 360 days, up to a maximum equivalent to ten percent of the assets of the Fund that it administers. On checks payable to the Fund Art. 7.- Checks issued payable to the Fund of Pensions and, as applicable. The AFP must communicate to the financial entities where it manages the current accounts of the Fund, that it will only accept for credit to account, the checks that contain the characteristic mentioned in this article. Art. 8.- Any check issued payable to the Fund, if charged to an account in the same financial entity and deposited in the facilities of the same, will not need

certification. In the case of making payment with a check from another financial institution, the receiving institution must require that it be certified, by management or by cash. On transactions Art. 9.- Transactions carried out through electronic communication means must be accounted for on the same day they occur, and must be reconfirmed by the corresponding documentation or electronic support. Art. 10.- Any transaction for the disbursement of funds from the current accounts of the Fund must have joint authorizations of at least two authorized persons for such effect by the Board of Directors of the respective AFP. On overdrafts Art. 11.- The AFP may not negotiate overdrafts with financial entities for the management of the current accounts of the Fund. On reconciliations Art. 12.- The AFP for each current account, must prepare monthly the corresponding reconciliations, identifying those responsible for their preparation, review and authorization.

CHAPTER II
ON THE MOVEMENT APPLICABLE TO CURRENT ACCOUNTS Collection current account Art. 13.- This current account will apply to all cash flow that enters the Fund different from investments. Its only exits are to feed the own investment current accounts in the same financial entity. The current account will be credited daily by the issuance of checks or transfers of funds corresponding to cash deposits, which must be of immediate availability. The availability of funds corresponding to checks certified, by management and cash drawn against a financial entity different from the collector, must not exceed forty-eight hours. Investment current account Art. 14.- Funds will enter this account from transfers from the collection current account, income from the redemption and sale of investments, as well as the yields collected generated by investments and the interests in current accounts and fixed-term deposits that financial institutions apply to all accounts. Its disbursements are for the acquisition of securities, transfers between investment accounts and transfers to the administrative accounts of the Fund.

CHAPTER III
INFORMATION REQUIREMENTS ON THE CURRENT ACCOUNTS OF THE PENSION FUND

Art. 16.- The financial entity that administers at least one current account owned by the Fund must send monthly to the AFP, the current account statement that reflects the daily balance and the summary of the income and expense movements occurred in each of these. The report must be classified by type and number of account. Art. 17.- The Superintendence, if it considers it necessary, may request the information relating to the current accounts that these Standards provide on a date other than the end of the month, the financial entity being obliged to deliver it to the same, within five business days following the request. Art. 18.- The AFPs must present to the Superintendence within the last five business days of each month, the projections of the cash flow of the fund of the following month with weekly detail for its respective supervision.

TITLE III
ON THE COLLECTION OF CONTRIBUTIONS IN THE PENSION SYSTEM

CHAPTER I
ON THE COLLECTION AND PAYMENT OF CONTRIBUTIONS OF DEPENDENT WORKERS

On contributions
Art. 19.- During the validity of the labor relationship, mandatory contributions must be made monthly to the SP by workers and employers in the proportion indicated in article 16 of the SP Law. On the collection service Art. 20.- The collection procedure of the contributions of the affiliates to the SP, is

CNBCR-11/2022 NSP-51
TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING AND TRANSMISSION OF INFORMATION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 12/30/2022 Validity: 12/30/2022 carried out through financial entities that are supervised by the Superintendence and are empowered by law, to carry out operations with current accounts and that are duly registered in the Public Registry of the Superintendence, in accordance with what is established in the Law of Supervision and Regulation of the Financial System. Collection service contract Art. 21.- Each AFP may sign a collection service contract with the financial entities referred to in the previous article. Prior to its signing, the AFPs must send the draft contract to the Superintendence for the purpose that this verifies that the clauses established in it are in conformity with the current legal and regulatory framework. Once the contract has been signed, the AFPs, within a maximum period of three business days thereafter, must send a copy of it to the Superintendence. Such contracts must specify the conditions and deadlines for their execution and must contain, as a minimum and according to the conditions established for the management of current accounts of the funds, the following clauses:
a) The services to be provided by the financial entity to the AFP, as well as the remuneration that it must pay for them; b) The obligation of the financial entity to open a current account, in the name of the Pension Fund, indicating in the contract the number of this; c) The obligation of the financial entity to credit the same day of the collection, the amount collected only in the account indicated in the previous letter; d) The obligation on the part of the financial entity that the resources that are collected for the Pension Fund will be of immediate availability to the AFP, regardless of the agency or branch of the financial entity where the collection was made; e) The submission of the financial entity that signs the contract, to the norms of the SP in what is applicable and in particular, to those contained in these Standards; f) The obligation of the financial entity that will maintain identical characteristics in terms of price, quality of service, deadlines and other specifications with all the Pension Institutions to which it provides this service. The contract may not include clauses of exclusivity; g) The obligation to avoid preferential treatment, and in general, any type of discrimination that benefits some affiliates or employers, to the detriment of others, in the execution of its collection labor; h) The indication that the cost of the service will be paid by the AFP that requests it, not being able to mean an additional expense for the Fund that it administers; i) The obligation on the part of the financial entity not to require additional information to the payment payroll and payment receipt of pension payroll, referred to in these Standards, as proof of the deposit made by the employer or

Collection of Contributions
Art. 24.- The collection of mandatory contributions, arrears, among others, shall be carried out in the collecting account of the Pension Fund. When there are contributions prior to affiliation, they must be paid in accordance with what is established in Article 16 of this law.

Acquisition of Quotas
Art. 25.- The collected contributions shall be used to acquire quotas of the Pension Fund at the current quota value on the day such contributions are received.

Base Income for Contribution
Art. 26.- The IBC of dependent workers shall be that indicated in Article 14 of the SP Law. Art. 27.- Workers affiliated with the SP, who receive retroactive remuneration as a result of a salary increase, shall not be subject to retroactive contribution, except in those cases where the retroactivity is attributable to bureaucratic procedures.

Withholding and Payment of Contributions.
Art. 28.- Mandatory contributions to the SP shall be withheld and paid by the employer, the subsidy-paying entity, or the professional risk pension payer, as applicable, in the AFP in which each worker is affiliated.

Payroll Declaration
Art. 29.- Each employer or the disability subsidy-paying entity, as applicable, shall report to the AFP all affiliates under their labor subordination in the payroll declaration, which must be declared and -84), approved by the Central Bank through its Standards Committee. (3) Payroll declarations submitted through the aforementioned system constitute a sworn declaration by the employer, so the information contained therein shall be considered valid, provided its modification is not communicated in a timely manner by the employer to the AFP. The payroll declaration cannot be modified once the payment thereof has been made. (3) Art. 30.- Changes in the labor relationship of an affiliate with their employer shall be notified through the pension payment declaration submitted via the System of -84), approved by the Central Bank through its Standards Committee. (3) However, if it was not informed due to error, the labor relationship changes must be notified to the pension institution in writing through the customer service channels they make available. (3)

On the System for the Preparation of Pension Payrolls Art. 31.- Repealed. (3) Art. 32.- Repealed. (3)

Art. 33.- Repealed. (3)

Art. 34.- Repealed. (3)

Art. 35.- Repealed. (3)

Art. 36.- Repealed. (3)

CHAPTER II
ON THE COLLECTION AND PAYMENT OF CONTRIBUTIONS BY INDEPENDENT WORKERS Art. 39.- The AFP shall make available to the independent worker simple, accessible, and agile mechanisms and procedures to pay their contributions and file claims, which must be detailed on their website and other means they deem appropriate; in addition, they must be delivered to the affiliate when requested.

Base Income for Contribution
Art. 40.- The IBC of independent workers shall be that established in Article 15 of the

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TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING, AND INFORMATION TRANSMISSION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 30/12/2022 Validity: 30/12/2022 the SP Law, which may not be lower than the current legal minimum monthly salary of the economic sector in which they work. Payment Deadline for Contribution Art. 41.- Independent workers shall have the first ten business days of the month following the month in which they accrued the affected income to make the respective payment of the corresponding contribution; otherwise, it shall be understood that there was no affected accrual income. Payment Procedure Art. 42.- The declaration and payment of contributions by independent workers shall be made to the current account of the Pension Fund administered by the AFP, in accordance with Article 39 of these Standards. Art. 43.- To make the payment of contributions, independent workers must observe the following:
a) In the case where the independent worker decides to make the contribution payment at the counter of the financial entity, this payment may be made in cash or by certified check. The payment receipt must indicate the date, amount of the contribution, accrual month to be paid, and identity document of the independent worker. The financial entity where the deposit is made shall send the original payment receipt to the AFP for its corresponding reconciliation and crediting, and must provide a copy of the payment receipt to the independent worker; or b) When the independent worker decides to make the payment of their contribution electronically, they may do so through a fund transfer order or other existing electronic procedure. Pension Institutions must provide the independent worker with a payment reference number so that the payroll or form is identified unequivocally. Declaration of Contributions via the System for the Preparation of Pension Payrolls Art. 44.- Repealed. (3) Art. 45.- Independent workers are not subject to collection, via administrative or judicial means, for contributions they do not make.

CHAPTER III
CONTRIBUTIONS OF PENSIONED AFFILIATES Art. 46.- Affiliates pensioned for old age or for disability in a second ruling who are in a labor subordination relationship must continue to contribute, in accordance with what is established in Articles 13, 15, and 102 of the SP Law.

TITLE IV
ON THE PROCEDURE FOR THE CREDITING OF CONTRIBUTIONS IN THE PENSION SYSTEM

CHAPTER I
ON THE CREDITING OF CONTRIBUTIONS AND APPORTIONS TO THE PENSION SYSTEM Art. 49.- AFPs shall proportionally pay contributions and apportionments remitted by workers and employers, in accordance with what is established in the SP Law.

Reconciliation
Art. 50.- Once the payments of contributions and apportionments have been collected, the AFP must carry out the following reconciliation:
a) Reconciliation of Payrolls with deposits to collecting accounts:
i. The collecting entity shall send to the AFP, on the next business day after receiving the payments, the detailed list thereof, including the payment reference number and indicating the date of receipt and the agency or branch where they were received;
ii. In the case where payments were made at the counter of the collecting entity with an Electronic Payment Number, it must deliver the receipt with the payment certification, and it will not be necessary to send a copy to the AFP; and (3)
iii. After processing the payment payrolls, the AFP shall proceed to perform the verifications of item i of this article.
b) Reconciliation of the Contribution Payment Payroll: The AFP must verify that the sum of the contributions declared in the details supporting each payment coincides with the total contributions, as applicable. If these balances do not coincide, the procedure established in Chapter II of this Title shall be followed. (1)

Crediting Process
Art. 52.- For the purpose of carrying out effective crediting in the CIAP and in the CGS, AFPs must apply a correct assignment of the contributions and apportionments made to the corresponding Funds, for which they must perform validations that allow them to identify the affiliate precisely and in a timely manner. Art. 53.- The crediting of contributions will allow identifying the following situations:
a) Identified contributions: Deposits made in the current account of the Fund, corresponding to the affiliates of the AFP. In this case, AFPs must observe what is established in Article 54 of these Standards; and b) Contributions with inconsistencies: Information declared in the payroll that does not allow the crediting of contributions in the corresponding individual savings accounts for pensions. Such contributions with inconsistencies shall be deposited in the current account of the Pension Fund. The aforementioned contributions and cases of complete payrolls not identified shall remain in the Pension Fund until they are identified. The sum of the total contributions credited in the Pension Fund, apportionments to the CGS, identified, must be equal to the total resources collected by AFPs for each period. Crediting of Identified Contributions Art. 54.- The contributions and apportionments withheld and paid shall be credited by AFPs in the CIAP of the affiliate and in the CGS, as applicable. To do so, they shall assign the data recorded in the pension contribution payment payroll corresponding to the mandatory contributions, in accordance with the following criteria:
a) AFPs must carry out the crediting in the Fund within a period that shall not exceed thirty days counted from the day following the deadline established to make payments of contributions to the SP; and b) Accounts receivable from employers shall remain in the Pension Fund, and when the recovery thereof is made, the respective amounts shall be transferred to the individual accounts of the Fund.

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TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING, AND INFORMATION TRANSMISSION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 30/12/2022 Validity: 30/12/2022 Art. 55.- Once the crediting of contributions is finalized, AFPs must transfer the corresponding resources to the Pension Fund:
a) The number of quotas acquired by each identified contribution and apportionment of the Pension Fund shall be liquidated at the current quota value on the date the employer made the payment of the pension payroll; and b) With the amount obtained from the liquidation referred to in the previous literal, quotas of the destination Funds shall be acquired, at the current quota value on the date the crediting is made. Art. 56.- In the case of apportionments to the CGS, these shall be at the quota value of the date the employer made the payment of the pension payroll. Art. 57.- The collection of commissions by AFPs shall be at the quota value of the date of crediting of the contributions. Art. 58.- For the purpose of concluding the crediting process, AFPs shall proceed to make the deposit in the CIAP and in the CGS, as applicable. To do so, they shall assign the data recorded in the payroll of contributions corresponding to the worker and the employer's apportionments based on the following criteria:
a) For contributions and apportionments, they shall calculate the percentage established in literal a) of the fourth paragraph of Article 16, of the SP Law, on the IBC declared by the worker. If this result coincides with that shown in the payroll of contributions and apportionments as monthly IBC, the contribution and apportionment made shall be fully validated; otherwise, the AFP must establish the amount of the overpayment or underpayment, as applicable. If there is an underpayment or overpayment, the AFP must proceed in accordance with what is stipulated in Chapter III of this Title of these Standards, where applicable; and b) Once underpayments and overpayments are determined, pension institutions may establish agreements with employers to compensate for them. Art. 59.- The accounting record of the crediting performed in the CIAP and the apportionments to the CGS shall not exceed seven calendar days following the date of crediting registered in the mechanized system through which the crediting process is carried out. The quota value to be used shall be the current quota value registered by the Pension Fund on the day of the crediting. The same provision applies to the collection of commissions by the AFP. Likewise, this provision applies to the accounting record of both the Pension Fund and the AFP. For the payment of the commission to the AFP for the management of the CIAP of affiliates, the aforementioned payment must be charged once the crediting thereof is finalized in the Pension Fund, which must be performed at nominal value.

CNBCR-11/2022 NSP-51
TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING, AND INFORMATION TRANSMISSION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 30/12/2022 Validity: 30/12/2022 Crediting of Apportionments to the CGS Art. 60.- The crediting of apportionments to the CGS shall be performed by AFPs at the moment of depositing the respective amounts of the Pension Funds they administer. If there is an underpayment or overpayment, the AFP must proceed in accordance with what is stipulated in Chapter III of this Title of these Standards, where applicable.

CHAPTER II
TREATMENT OF OVERPAYMENTS AND UNDERPAYMENTS IN THE CONTRIBUTION PAYROLL Overpayments or Underpayments Detected in the Contribution Payment Payroll Art. 61.- AFPs, for the purpose of determining underpayments and overpayments, shall take as certain the information on the worker's IBC reported in the payroll; even if such IBC has been declared erroneously in the payroll. Underpayments in Contribution Payments Art. 62.- The AFP shall determine if there is an underpayment in the payment made by each employer, for the corresponding affiliate. Art. 63.- There shall be an underpayment when the value of the contributions paid is less than the contributions calculated based on the IBC declared by each employer. The AFP shall proceed to determine the amount of the underpayment for its respective collection, crediting the paid contribution, with an observation of payment underpayment. When the payment underpayment is recovered, it must be credited in the CIAP of the affiliate, the CGS, and the AFP Commission, as applicable in accordance with what is regulated in Chapter III of this Title of these Standards, and additionally, eliminate the respective observation. Overpayment Art. 64.- An overpayment is considered when the employer makes a payment of pension contributions to the SP, above what they are obligated to make. The employer or affiliate may request the return of the amount paid in excess, by Annex No. 1 and in accordance with the procedure indicated in Annex No. 2 of these Standards, whether they detect it themselves or are informed in a timely manner by the AFP; notwithstanding the above, if they have underpayments for previous periods, the AFP shall compensate such underpayments with the recorded overpayments, all of which must be documented. For the return of such overpayments, the AFP may deposit the excess balance in the bank account indicated or specified by the employer or affiliate, through documentary support. Overpayments shall be effective at their nominal value, regardless of the time that has elapsed until the date of their return.

Crediting of a Payroll Submitted with Overpayment Art. 65.- The crediting of pension contributions to the CIAP of affiliates and of apportionments to the CGS that are included in the payroll that generates an overpayment shall be made at the exact value corresponding to them, that is, without including the excess. Art. 66.- The accounting record of the value of the overpayment quotas, on the date they are identified, shall be made in the subaccount . Additionally, the nominal value shall be transferred to account 224.02 "For return of contributions to employers" and the difference between the nominal value and the value of the overpayment quotas, on the date of crediting, shall be registered in account 331.00 "Profitability". Art. 67.- Adjustments to the CIAP of affiliates due to modifications requested by the employer due to errors in pension contribution payrolls shall be only for the nominal amount of the contributions that have been overpaid, without including the corresponding commissions, provided that these correspond to accrual periods greater than one year and are already credited in the CIAP. If the corrections correspond to shorter periods, they must be returned in full, contributions and commissions, without including the insurance portion in case it has already been paid, but always at nominal value. The same shall apply to contributions paid on an IBC higher than actually accrued. Communication of Overpayments Art. 68.- AFPs must notify employers and affiliates of payments made in excess, within a maximum period of ten calendar days after the accounting closing, using email, written communication, or other effective means, leaving evidence of what was communicated. Likewise, a list of employers, trade name, and NIT of the employer, who register overpayments, must be published on the AFP's website, through restricted access. Each employer must be provided with a detail of the months to which the payrolls and excess amounts correspond, in order to normalize such payments in a timely manner. AFPs shall make the information on excesses available to employers through electronic means.

CNBCR-11/2022 NSP-51
TECHNICAL STANDARDS FOR THE MANAGEMENT OF CURRENT ACCOUNTS AND THE OPERATION OF THE COLLECTION, CREDITING, AND INFORMATION TRANSMISSION PROCESS TO AFFILIATES OF THE PENSION SYSTEM Approval: 30/12/2022 Validity: 30/12/2022 Request for Return of Overpayments Art. 69.- In the event that the employer requests the return of overpayments, due to errors in the payroll declaration, they must present evidence supporting such argument, such as resignation, dismissal, unpaid leave, disability, among others; as well as a copy of the salary payroll corresponding to the accrual month for which they request the return, in order to make the necessary applications to the CIAPs of the respective affiliates. Employers may claim the return of overpayments for accrual periods within a period of 2 years, counted retroactively from the month in which the request for the return of overpayments was submitted. Art. 70.- In the case where the request for the return of overpayments refers to someone who de-affiliated from the SP and re-affiliated with the IPSFA and the AFP returned the contributions, the employer must request it directly from said person, governed by the competent laws, to make such return effective.

Art. 71.- In the event that the employer detects on their own that they have made an overpayment, they must request the refund from the AFP using the refund request form for overpayments described in Annex No. 1 of these Standards, whether submitted by physical or electronic means as established by the AFP. In the case where the refund of overpayments is processed via physical forms, the request must be in duplicate, with the copies distributed as follows:
a) Original for the AFP; and b) Copy for the employer.

Art. 72.- If the request referred to in the previous article is valid, the AFP must process the refund via the means indicated in the request, within a maximum period of 10 days after receipt.

Timeframe for claiming refund of overpayments

Art. 73.- Employers who have been notified, at least three times within a period of 90 days, that they may proceed to withdraw the amount of the refund for overpayments, must withdraw it within a period of 30 days, counted from the date of the last notification.

Art. 74.- If the request referred to in Article 69 of these Standards is valid, the AFP will notify the applicant within five business days following the date of submission of the request, the date of the deposit to the indicated account or the date when the check will be available at the agency indicated in the request.

If the AFP considers rejecting the request, within the same timeframe referred to in the previous paragraph, it will communicate the reasons for the rejection to the employer.

Art. 75.- In each request, a maximum of twelve months of accrued contributions with a surplus may be claimed. The AFPs must make this type of request available so that users of the SP can withdraw them.

Any request lacking the name of the worker, the name or trade name of the company, as applicable, and the NIT of the respective applicant, shall be null.

Crediting of a payroll paid with insufficient payment

Art. 76.- The crediting of the CIAP, contributions to the CGS, and the collection of AFP commissions for declared payrolls that present deficiencies, shall be made according to the following procedure:
a) Establish the amount owed and the pending item to be prorated according to the proportion established in Article 16 of the SP Law; b) Credit the amount collected based on the proportion calculated according to the provision in the previous letter; c) To credit, the amount collected must be converted into the number of quotas, dividing it by the quota value in effect on the day of payment and multiplying the resulting number by the quota value in effect on the day of crediting; d) To perform the crediting, each of the prorated items must be exhausted for the total number of identified affiliates; e) Upon receiving the remaining payment of the owed contributions, the foregone profitability corresponding to the crediting performed must be calculated; and f) To credit the CIAP with the foregone profitability of the Pension Fund, the amounts reported in the payroll for the payment of the debt shall be prorated as the total of the affiliate's mandatory contributions and total contributions to the CGS. The percentages obtained will be applied to the amounts paid in concept of foregone profitability of the referred Fund. Commissions will be prorated based on commissions calculated based on the declaration.

To credit the foregone profitability of the Fund, the amount will be converted into the number of quotas, dividing the amount by the quota value in effect on the day of payment of the debt, and the resulting number will be multiplied by the quota value in effect on the day of crediting.

Once the procedure described in this article is concluded, the AFP must communicate to the employer, with acknowledgment of receipt, or by leaving evidence of the communication, within a maximum period of twenty business days after the end of the crediting period, the error due to insufficient payment found in the contribution payment payroll, to remedy it. If ten days elapse from the receipt of such notification and the employer does not remedy the observation, the AFP must proceed according to what is established in the Previsional Omissions and Inconsistencies of Contributions in the Pension System (NSP-55).

Foregone profitability

Art. 77.- The foregone profitability shall be calculated as follows:
a) Profitability by quota values: The number of quotas of the debt will be determined by dividing the amount of mandatory contributions by the quota value in effect on the day following the due date of the declaration and payment of the month of accrual corresponding to the period; the resulting number of quotas will be multiplied by the last available quota value on the calculation date; b) Profitability by average profitability: The difference in days between the date of the last available quota value and the date of the scheduled payment is calculated; the differential in days is multiplied by the nominal profitability of the last thirty-six months of the Pension Fund, then by the amount of mandatory contributions, and divided by 365 days; c) The number of days of delay will be calculated from the day following the due date of the declaration and payment of the month of accrual corresponding to the period, until the date of the scheduled payment; and d) The sum of the amounts determined in letters a) and b) will be the foregone profitability to be charged. When the case arises where only the profitability of letter b) can be calculated, that would be the corresponding foregone profitability for the payment.

TITLE V
OF THE STATEMENT OF ACCOUNT OF THE CIAP

CHAPTER I
MINIMUM SPECIFICATIONS OF THE STATEMENT OF ACCOUNT OF THE CIAP

Of the CIAP statement of account

Art. 78.- The AFP must provide the affiliate with a statement of account that records the contributions credited to their CIAP, in number of quotas and value on the date that corresponds. However, the AFP may develop equivalent electronic mechanisms that replace this document, according to what is established in Article 72 of the SP Law.

Art. 79.- The statement of account must contain, at minimum, the following information:
a) General information of the affiliate and the reported period, described in Article 80 of these Standards; b) Detail of the movements recorded in said period; and c) Value and number of quotas on the date of closure of the reported period.

All the aforementioned information must be consistent with the format of the statement of account in Annex No. 3 of these Standards. The presentation of the statement of account information may vary depending on the status of the active or pensioned worker, showing the information of interest for each status.

In the event that the affiliate has requested the balance advance, it must contain information regarding this in accordance with what is established in Article 84 of these Standards. It will also incorporate information regarding the CGS in accordance with Article 85 of these Standards.

General information of the affiliate that the statement of account must contain

Art. 80.- The statement of account must contain the general information of the affiliate as follows:
a) Name of the affiliate; b) Address of the affiliate; c) Date on which the affiliate joined the SP; d) Date of affiliation to the AFP issuing the statement of account; e) Reported period; f) Date of issuance; g) Name of the employer to whom the affiliate's contributions correspond.

Additionally, the Identity Document (masked, showing only the first and last two alphanumeric values) must be included. (3)

Of the movements in the CIAP

Art. 81.- The detail of the recorded movements may be presented via columns or another format that facilitates the understanding of the information provided, indicating the following:
a) Previous balance; b) Quoted month or accrual period to which the movement corresponds; c) Date of operation of each movement or transaction; d) Description of the movement or transaction; e) Declared IBC, when applicable; f) Value of the movements, presented in the corresponding columns for income, insurance, account administration charges, pension payment, contributions to the CGS, and other charges; g) The accumulated balance for each of the movements; h) Amount of profitability generated by each reported period; and i) A summary of the composition of the new balance in value and number of quotas, breaking down for the reported period, the total of mandatory contributions, voluntary contributions, when applicable, and their respective profitability.

To facilitate the rapid understanding of the information contained in the statement of account, some terms may be developed as footnotes in said format, according to Annex No. 3 of these Standards.

Movements for income and other charges in the CIAP not corresponding to contributions must be described in the transactions column of the statement of account, in accordance with Annex No. 4 of these Standards.

To register movements for contributions prior to the execution of an affiliation contract in the affiliate's CIAP, the operation must consider the codes described in Annex No. 5 of these Standards.

Art. 82.- The statement of account must reference an address or electronic link to the AFP's website, directly, with an informative character, where additional information regarding the attributes contained in the statement of account is provided.

Of the quotas

Art. 83.- Regarding the number of accumulated quotas of the affiliate and their value, the following must be presented:
a) Number of quotas on the date of closure of the reported period and the value of these on that same date; and b) Summary of the composition of the new balance in quotas.

Of the Balance Advance

Art. 84.- In the event that the affiliate has requested the Balance Advance, the statement of account must present a section where it highlights in value and number of quotas on the update date, containing the following:
a) Amount advanced by the affiliate; b) Amount refunded by the affiliate; c) Balance not refunded by the affiliate; and d) Legend indicating what is established in the second paragraph of Article 98 of the SP Law.

Of the CGS

Art. 85.- The AFP must reflect, on the update date of the statement of account, the information of the CGS related to the following:
a) Contribution registered in the AFP to which the affiliate is affiliated; b) If a transfer has been made, the contributions made to the other AFP must be reflected; c) Total amount of contributions summing letter a) and b); and d) Legend describing the requirements for the affiliate to receive the refund of contributions made to the CGS.

In cases where an affiliate accesses a Temporary Economic Benefit, Permanent Benefit, or Old Age Pension, this section will cease to be mandatory in the affiliate's statement of account.

Of the communication of the CIAP statements of account

Art. 86.- The AFP must communicate the statement of account to the affiliate in writing, physically or electronically, at least every six months. In the event that it is provided by an electronic means, it must have the consent of the respective affiliate, which may be in documentary or electronic form, and have a backup mechanism by which it is proven that the transmission of said information has been carried out. If the consent of the affiliate for sending the statement of account by electronic means is not available, it must be sent by physical means to the address provided by the affiliate for these effects.

Closure of the CIAP statement of account

Art. 87.- The AFP may close the statement of account as a consequence of the closure of the Individual Savings Account for Pensions (CIAP).

While movements of the affiliate's CIAP are registered, the AFP is obligated to issue the statement of account, in accordance with what is established in these Standards.

TITLE VI
FINAL PROVISIONS

CHAPTER I
OTHER PROVISIONS AND VALIDITY

Transitory

Art. 88.- For the case of crediting payrolls paid with excess and if they correspond to periods less than one year, adjustments to the CIAP of affiliates due to modifications requested by the employer for errors in previous contribution payrolls, the excesses must be returned in full, contributions and commissions, without including the insurance portion in case it has already been paid by policies in effect at the time the contribution was made, but always at nominal value.

Art. 89.- The AFPs will have a period of 90 days to make the corresponding adjustments related to the substitution of the Unique Previsional Number by the Identity Document Number in Systems, forms, or others in which such change applies.

Contracting of services

Art. 90.- In no case, the contracting of an entity other than the AFP, for the processing of information, will imply non-compliance with the timeframes stipulated in these Standards.

Sanctions

Art. 91.- Non-compliance with the provisions contained in these Standards will be sanctioned in accordance with what is established in the Law of Supervision and Regulation of the Financial System.

Repeals

Art. 92.- These Standards repeal
Current Accounts and the Operation of the Collection, Crediting, and Information Transmission Process to Affiliates of the Pension Savings System -14), approved on December 12, 2018, by the Standards Committee of the Central Reserve Bank of El Salvador.

Unforeseen aspects

Art. 93.- Aspects not foreseen in regulatory matters in these Standards will be resolved by the Central Bank through its Standards Committee.

Validity

Art. 94.- These Standards will enter into force as of December 30, 2022.

MODIFICATIONS:

(1) Modifications in Article 50 approved by the Central Bank through its Standards Committee, in Session No. CN-01/2023, on January 26, 2023, with effect from January 26, 2023.

(2) Modifications to Annexes No. 1 and 2 approved by the Central Bank through its Standards Committee, in Session No. CN-10/2023, on November 28, 2023, with effect from May 1, 2024, by approval of Legislative Decree No. 762 which contains the Special Law for Municipal Restructuring.

(3) Modifications in Articles 3, 29, 30, 38, 50, and 80, and in Annex No. 3, and repeal of Articles 31, 32, 33, 34, 35, 36, and 44, approved by the Central Bank through its Standards Committee, in Session No. CN-08/2025, on September 30, 2025, with effect from October 15, 2025.

Annex No. 1

1.1. FORM

serial number of the preprinted form

2. DETAIL OF THE EXCESS
MONTHS FOR WHICH REFUND IS REQUESTED FORM NUMBER AMOUNT OF THE EXCESS 3. DOCUMENTS ATTACHED 4. METHOD OF REFUND OF OVERPAYMENTS (CHECK WITH AN “X”) DEPOSIT TO ACCOUNT: CURRENT SAVINGS ACCOUNT BANK NAME: ACCOUNT NUMBER:

REFUND REQUEST FOR OVERPAYMENTS

1. APPLICANT BACKGROUND (EMPLOYER OR WORKER) NAME/NAME/TRADE NAME: Identity Document or NIT: ADDRESS: DATE OF REQUEST dd mm aaaa ACCOUNT NAME: TELEPHONE: COUNTRY: DEPARTMENT / STATE: DISTRICT / CITY (2): SIGNATURE AND SEAL TYPE AND NUMBER OF APPLICANT'S IDENTITY DOCUMENT: AFP LOGO APPLICANT NAME: ELECTRONIC MAIL: CHECK MUNICIPALITY (2):

Annex No. 2

1.2. INSTRUCTIONS FOR FILLING OUT THE REFUND REQUEST FOR OVERPAYMENTS

It will be printed in original, which will be for the AFP and a copy for the employer. The original will have printed only the front, while the copy will be printed on the front and back, as detailed in numeral 1.1 of Annex No. 1.

The form may be generated from the system owned by the AFPs. It must not contain smudges, strikethroughs, or other alterations.

The AFPs must establish the necessary controls to maintain a single serial number of forms.

Example of serial numbering:
Series AFP Code Serial Number
A XYZ 0000001

On the back of the copy of the form, the filling instructions must be printed. In the following:
a) Applicant background:
i. NAME/NAME/TRADE NAME: must indicate the name of the worker or the name or trade name of the company requesting the refund;
ii. NIT or identity document: place the identity number of the natural person or NIT of the legal person as applicable;
iii. ELECTRONIC MAIL: Address or electronic mail of the applicant;
iv. TELEPHONE: place the telephone number of the company or affiliate to whom a call can be made;
v. ADDRESS: place the address of the natural or legal person where correspondence is to be sent;
vi. COUNTRY: place the name of the country where the previously placed address is located;
vii. DEPARTMENT/STATE: place the name of the department or State where the previously placed address is located;
viii. MUNICIPALITY: place the name of the municipality where the previously placed address is located; and (2)
ix. DISTRICT/CITY: place the name of the district or city where the previously placed address is located. (2)
b) Details of the excess:
i. MONTHS FOR WHICH REFUND IS REQUESTED: place the accrual months for which the refund is requested (maximum 12 months per request);
ii. FORM NUMBER: the pre-printed number of the form indicated above must be placed. If it is the payroll declaration for previous contributions and the declaration consists of several pages, the number corresponding to the first one must be placed; and
iii. AMOUNT OF THE EXCESS: place the value requested as a refund.
c) Method of refund of overpayments:
i. corresponding. The options present are:

DEPOSIT TO ACCOUNT: in this case, the bank, and the name of the holder, type, and number of the bank account must be indicated; and
CHECK.

At the end of the document, the employer or worker must sign and place the company seal, as applicable.

Annex No. 3

FORMAT OF THE STATEMENT OF ACCOUNT

Month
Quoted
Date of
operation
Transaction Description
Employer
(4)
IBC
$
Income
$
Insurance
$
Charges for
Account Admin.
$
Pension
Payment
$
Other
Charges
$
Contributions to
the CGS
$
Balance
$

Previous CIAP Balance
Contributions or movements
Contributions or movements
Profitability of the reported period
$
$
$
$
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Composition of the new balance in US$ Previous period balance $000.00 Plus: Mandatory Contributions $ Plus: Voluntary Contributions $ Plus: Yield on Mandatory Contributions $ Plus: Yield on Voluntary Contributions $ Less: Pension Payment $ Less: Other Charges $ =New Balance $XXXX.XX Composition of the new balance in quotas Number of Quotas from the previous period 000.00 Plus: Number of Quotas from the reported period 000.00 = Number of Quotas for the current period 000.00

STATEMENT OF ACCOUNT
Individual Savings for Pensions
Period from XX/XX/XXXX to XX/XX/XXXX
Name
Date of affiliation with the AFP
Date of issuance
Date of incorporation to the SP No. of quotas as of XX of XXXX Identity Document XX/XX/XXXX XXX Value of the Quota as of XX of XXXX XX/XX/XXXX XX/XX/XXXX XXXX.XX XXXXXX XXXXXX XXXXX XXXXXX

The statement of account aims to present the movements of the operations performed in the CIAP. The Voluntary Contributions presented in this Statement of Account correspond to those made prior to the date on which the first Voluntary Previsional Savings Fund began operations. Reference to the direct link of the AFP, where the affiliate can have more explanation 00XXXXX00 (3)

FORMAT OF THE STATEMENT OF ACCOUNT

Salary Advance (4)

In the event that the affiliate meets the legal age to access an old-age benefit, without having reintegrated the entire advanced balance along with the yield deemed to have been lost, they may apply for retirement considering that the increase in their pension will be adjusted in accordance with the pending percentage of reintegration of the salary advance as of the date of the pension application. Contributions to the Solidarity Guarantee Account. Contributions to the Solidarity Guarantee Account Accumulated amount at nominal value (US$) as of the date of the Statement of Account Contribution registered in current AFP $ Contribution registered in another AFP $ Total Amount of Contributions $ The affiliate who accesses the balance refund benefit or temporary economic benefit, as established in article 129 of the Integral Law of the Pension System, will have the right to receive the refund of their contributions to the Solidarity Guarantee Account. Item Balance in US$ No. of Quotas of the Fund Advanced Amount (-) Reintegrated Amount (=) Pending Balance

MOVEMENTS FOR INCOME AND CHARGES IN THE CIAP NOT CORRESPONDING TO CONTRIBUTIONS Examples of income movements to be described in the transactions column are the following:

Credit for yield deemed to have been lost;
Credit for recovery of arrears;
Credit for disability pension by first ruling;
Complementary capital credited;
Special contribution credited;
Transfer certificate;
Credit for minimum pension;
Credit for refund of the balance of the account managed by the Social Fund for
Housing;
Contributions of a pensioned affiliate; and
Credit for transfer from another AFP.
Examples of other charge movements to be described in the transactions column are the following:
Charge for withdrawal by inheritance;
Charge for balance refund;
Charge for payment of surplus of free availability;
Charge for payment of life annuity premium;
Charge for transfer to another AFP; and
Charge for incorrectly applied movement.

CODES FOR MOVEMENTS IN THE CIAP TO IDENTIFY OPERATIONS RELATED TO CONTRIBUTIONS MADE PRIOR TO AN AFFILIATION CONTRACT

Type

Code

Adjustment
Indicator

Concept

Type

Code

Adjustment
Indicator

Reversal
Indicator

Concept

A 140 Adjustment of Contributions prior to affiliation from the worker C 140 Adjustment of Reversal of Contributions prior to affiliation from the worker A 141 Adjustment of

Contributions prior to affiliation from the employer C 141 Adjustment of

Reversal of Contributions prior to affiliation from the employer

Technical Standards for the Management of Current Accounts and the Operation of the Collection, Crediting, and Information Transmission Process to Affiliates of the Pension System

serial number of the preprinted form

Lineage: No known changes

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