Santo Domingo.- The Dominican Association of Pension Fund Administrators (ADAFP) invited late-entry affiliates who have already reached retirement age and are unemployed to apply in their respective AFP this benefit, either with the partial or total withdrawal of the accumulated fund or with the old-age pension, based on its accumulated funds.
Upon welcoming the entry into force of the new provision approved by the National Social Security Council (CNSS) that expands the universe of late entrants and resolution No. 455-22 of the Superintendency of Pensions (SIPEN)the executive president of the guild of AFP, Kirsis Jaquez, stressed that this adjustment is very favorable because it allows more people to access the delivery of the accumulated fund, in one or several payments, by providing that if a member makes his first contribution moving towards his 45th birthday – that is, with 44 fulfilled as says the norm- is considered late entry.
As expressed Kirsis Jaquez, from the ADAFP They support and promote improvements so that AFP affiliates have more and more facilities to access the funds they have accumulated during their working life, in increasingly agile and simplified processes.
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The SIPEN resolution establishes that “a late-entry member is understood to be one who is forty-five (45) years of age or older at the time the employer makes the first payment to the Social Security Treasury for worker’s pension contributions. For the purposes of determining whether a member is a late joiner, the calculation method that must be carried out is that of the “age at next birthday” which assumes that each individual, upon passing each birthday, begins to
pass through the next age.
The SIPEN resolution is published after last June 14 the National Social Security Council (CNSS) issue resolution No. 545-01 to facilitate the delivery of funds to affiliates with late admission and those who suffer from a terminal illness (in the latter case, regardless of the age of the affiliate).
Benefits
To request the benefit for late admission, members of the AFP they must be 60 years old, have had at least 30 days without contributing, and have made the first contribution when they are 44 years old, that is, they must move towards 45 years of age. As for the documentation, it is only required to present the valid identity document.
The AFP It guides the member about the types of benefits to which they can access, which can be the total or partial return of the accumulated balance in the individual capitalization account or an old-age pension, based on the accumulated fund.
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The ADAFP reported that it is a simplified and expeditious process, since in a maximum period of five days the process is completed and the affiliate receives his payment by check or bank transfer, as he has chosen.
The other benefit that late-entry affiliates can access is an old-age pension, based on the fund accumulated in their account, whether in the programmed withdrawal or life annuity modality.
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.
