The Dominican Association of Pension Fund Administrators (ADAFP) invited the late-entry affiliates who have already reached retirement age and are unemployed to request this benefit from their respective AFPseither 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 people with late income and Resolution No. 455-22 of the Superintendence of Pensions (SIPEN), the executive president from the AFP union, Kirsis Jáquez, highlighted 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 the norm says – he is considered late entry.
According to Kirsis Jáquez, 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 lives, in increasingly agile and simplified processes.
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 the worker’s pension contributions. For the purposes of determining if 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 move to the next age”.
The SIPEN resolution is published after last June 14 the National Social Security Council (CNSS) issued resolution No. 545-01 to facilitate the delivery of funds to late-entry members and those who suffer from a terminal illness (in the latter case, regardless of the age of the member).
Benefits
To request the benefit for late entry, AFP members must be 60 years old, have at least 30 days without contributing, and have made the first contribution when they are 44 years old., that is to say, that it transits towards 45 years. As for the documentation, it is only required to present the valid identity document.
The AFP guides the member on the types of benefits to which they can access, which may 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.
The ADAFP reported that it is a simplified and expedited process, since the procedure is completed within a maximum period of five days and the member 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, either in the programmed retirement 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.
