By Which It Authorizes The Minister Of Finance And Public Credit To Recognize As Public Debt Of The Nation's Outstanding Obligations Of The Social Insurance Fund Of Communications, Caprecom

Original Language Title: Por la cual se autoriza al Ministro de Hacienda y Crédito Público para reconocer como deuda pública de la Nación las obligaciones pendientes de pago de la Caja de Previsión Social de Comunicaciones, Caprecom

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1997 ACT 419

(December 30)

Official Journal No. 43,205 of 31 December 1997

For which the Minister of Finance and Public Credit is authorized to recognize as public debt of the Nation the outstanding obligations of the Social Security Bank of Communications, Capprecom.

Vigency Notes Summary

COLOMBIA CONGRESS

DECRETA:

ARTICLE 1o. AUTHORIZATION. 16 of Law 781 of 2002 >

Effective notes
Previous Legislation
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ARTICLE 2o. The Social Security Bank of Communications, Caprecom, will sign a performance agreement with the Ministry of Finance and Public Credit and the National Superintendence of Health in which it is establish mechanisms to ensure the financial balance and compliance with the provisions governing the Social Security System in Health.

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ARTICLE 3o. If within six (6) months of the entry into force of this law, the Social Security Bank of the Telecommunications, Capprecom, is not operating at the point of equilibrium. The National Government will proceed to its immediate liquidation.

PARAGRAFO. The Director of Capprecom will surrender, during the span of this article, monthly reports certified by the company's fiscal reviewer on the progress of the performance plan to the Superintendents. National of Health and Banking, who at the expiration of the term must render technical concept on the administrative, economic and financial viability of the institution.

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ARTICLE 4. Management of the Common Fund of Public Nature. The Public Nature Fund, which deals with Article of the Law 314 of 1996, will only be eligible for the financing of pensions, based on the contributions received, from the moment when the Under the general conditions set out in the 1993 Law 100 . For the calculation of the pension reserves that the Entities of the Communications Sector will have to transfer to that fund, the obligation to finance 100% of the pensions will have to be considered, discounting the amount of what will be assumed with the quotes received.

While the companies in the Communications sector move the total value of the pension reserves to the Common Fund of Public Nature, they will have to turn the total value of the payroll of their pensioners prior to the payment of the same. Caprecom shall advance monthly the collection of the fees of the pension parts external to the sector of the communications assumed by the companies and, once collected, will pay them to good account of the payroll of pensioners immediately following.

PARAGRAFO 1o. The actuarial calculations corresponding to the pensioners of each Company will be performed annually and, if the reserves held by the Common Fund of Public Nature are insufficient, the They must cover the amount of the missing. The first calculation shall be carried out within six months of the date of issue of this law, and its performance and cost shall be borne by the employing entities. The following actuarial calculations will be the responsibility of Capprecom and will be funded from the resources perceived as remuneration by the pension administration.

PARAGRAFO 2o. The agreements in question in paragraph 1 of Article 4 of Law 314 of 1996, between the Caprecom Board of Directors and the entities in the communications sector, for the gradual transfer of the reserves (a) to the Common Fund of Public Nature, to be carried out within three months of the performance of the corresponding actuarial calculations, prior to the technical concept of the same by the Banking Superintendence.

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ARTICLE 5o. This law governs from the date of its enactment.

The President of the honorable Senate of the Republic,

AMILKAR ACOSTA MEDINA.

The Secretary General of the honorable Senate of the Republic,

PEDRO PUMAREJO VEGA.

The President of the honorable House of Representatives,

CARLOS SQUIRLA BALLESTEROS.

The Secretary General of the honourable House of Representatives DIEGO VIVAS TAFUR.

COLOMBIA-NATIONAL GOVERNMENT

Publish and execute.

Dada en Santa Fe de Bogotá, D. C., at 30 December 1997.

ERNESTO SAMPER PIZANO

The Deputy Minister of Finance and Public Credit, in charge of the office of the Minister of Finance and Public Credit, EDUARDO FERNANDEZ DELGADO.

The Minister of Communications, JOSÉ FERNANDO BAUTISTA QUINTERO.

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