Pension Reform Implementation

closed

This technical cooperation (TC) grant seeks to improve, design, install, and put into operation systems to monitor and supervise the compulsory social security system and the capitalization process, incorporating the reforms contained in legislation on pensions, property and public credit. The three subprograms are: (a) institutional strengthening of the Superintendency of Pensions, Securities and Insurance (SPVS); (b) design and dissemination of educational and information material; and (c) development of information systems. The first subprogram, institutional strengthening of the SPVS, will support the development of regulatory and control structures for the new social security system by: (a) hiring consulting services to prepare supervisory standards and regulations, investment regulations, advisory services for the regional office, standards on benefits, account manuals, systems, and plan membership and transfers; and (b) training staff through professional events, workshops, panels, formal courses and in-service training at agencies in other Latin American countries. Under the second subprogram, the SPVS will transmit information to the populace, especially to the sectors with the least knowledge of finance, about their rights and obligations under the Property and Public Credit Act and the Pension Act, using such means as pamphlets, leaflets, a toll-free information line, statistical summaries, and the mass media. The third subprogram will provide Pension Administration employees with computer software and hardware.