Santo Domingo.- The pension fund administrators integrated in the ADAFP (Dominican Association of Pension Fund Administrators), welcomed the resolution No. 545-01 approved by the National Social Security Council (CNSS), which facilitates the delivery of funds both to late-admission affiliates as well as those suffering from a terminal illness, the latter regardless of age.
The ADAFP reiterated its openness to changes in the law and regulatory improvements that allow the construction of a more efficient, supportive, sustainable and universal pension system, which guarantees more and better protection for those affiliated to the pension system and their families.
In this sense, the association valued the consensus and agreement efforts led by the Minister of Labor and president of the CNSS, Mr. Luis Miguel de Camps.
ADAFP states that the approval of this resolution constitutes a merit of the current management of the CNSS that will immediately benefit some 25,000 workers, who would receive more than RD$7,000 million.
In this sense, the opinion provided by the CNSS, based on the broader criteria regarding age provided by actuarial techniques, will expedite the delivery of funds to members who may choose to withdraw the partial or total balance accumulated in their individual capitalization accounts, when meeting the age requirements equal to or greater than 60 years, being unemployed during the last 30 days, being affiliated with an AFP and having entered the pension system late.
Delivery of funds in 2022
Regarding the benefits granted, the ADAFP recalled that, in the first three months of 2022, the AFPs delivered RD$1,448.6 million to 4,799 members who entered the system late and have already turned 60. In addition, RD$291.7 million were delivered to 3,201 relatives of 951 AFP members who have died and survivors’ pensions were granted to 547 people, as well as 227 disability pensions.
About the ADAFP
The ADAFP is the business union entity that brings together and represents the Dominican AFPs, companies that are in charge of managing workers’ savings for their pensions. Its mission is to contribute to quality retirement for all workers, promoting best management practices, legal certainty and financial sustainability. Its members are AFP Crecer, AFP Popular, AFP Reservas, AFP Romana and AFP Siembra.
