The Pension Savings System Act

Original Language Title: LEY DEL SISTEMA DE AHORRO PARA PENSIONES

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1 Decree No. 927.-the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that the pension system currently administered by the Salvadoran Social Security Institute and the National Institute of pensions for public employees, already met its mission;
II.-that under these circumstances, the current pension system holds for current and future generations an unsafe old age;
III. responsibility of the State is to enable Salvadorans to mechanisms that provide economic security to deal with the contingencies of invalidity, old age and death;
IV. economic security is only possible to reach it with the joint efforts of the State, employers and workers, through a pension system financially solid with adequate economic and social incentives;
V-that it is necessary to create a new pension system that will allow future generations access to decent and safe pensions;
Therefore, use of his constitutional powers and at the initiative of the President of the Republic, through the Ministers of finance and of labour and Social Welfare, and of the deputies Carmen Elena Calderón de Escalón, Juan Duch Martínez, Francisco Flores, Salvador Rosales Aguilar, Juan Miguel Bolaños, José Mauricio Quinteros, Walter Rene Araujo Morales, Alfonso Aristides Alvarenga, Oscar Morales , Rolando Portal, Angel Gabriel Aguirre, Jorge Augusto Díaz and Gerardo Antonio Suvillaga, decreed the following: law on the system of saving for pensions title I system of saving for pensions chapter I provisions General 2 creation and object article 1.-create the savings system for pensions for workers in the private, public and municipal sector which hereinafter is referred to as the system which will be subject to regulation, coordination and control of the State, in accordance with the provisions of this law.
The system includes the set of institutions, standards and procedures, which will be given resources to pay benefits that should recognize its affiliates to cover the risks of common disability, old age and death in accordance with this law.
Features article 2.-the system will have the following characteristics: to) its affiliates shall have the right to the granting and payment of pensions for old age, invalidity and common survival, that are determined in this law;
(b) contributions will be allocated to capitalization in the individual account of saving for pensions for each affiliate, the payment of insurance premiums to meet the total or the corresponding proportions, depending on the case, of the common invalidity and survival pensions and payment of the fee to manage accounts and services provide the benefits that designates the law;
(c) the individual pension savings accounts will be managed by the institutions enabling for such purpose, which shall be known as institutions administrators of pension funds and which institutions managers will be called in the text of this law.
The administering institutions by means of this law are empowered by the State to administer the system and shall be subject to the supervision and control of it through the Superintendency of pensions;
(d) members of the system shall be free to choose and move between the administering institutions and, in turn, to select the mode of your pension;
(e) individual pension savings accounts will become the exclusive property of each Member of the system;
f) each administering institution, shall administer a pension in later fund the Fund shall constitute the whole of the individual pension savings accounts, which shall be separated from the heritage of the administering institution;
(g) administering institutions must guarantee a minimum return on the pension fund administering;
(h) the State will provide the resources required to guarantee the payment of minimum pensions, when the capitalization of individual savings 3 pension affiliate accounts is insufficient, provided they met the conditions required for this purpose; e i) membership system for workers in the private, public and municipal sector, is compulsory and irrevocable according to the provisions of this law.
Control article 3.-the system will be controlled by the Superintendency of pensions, according to its law and this Act.
Chapter II of the affiliation and transfer definition of membership article 4.-the affiliation is a legal relationship between a natural person and an institution administrator of the system, which originates the rights and obligations established by this law, in particular the right to benefits and the obligation to contribute. It shall take effect from the date on which enters into force the affiliation agreement.
In the first affiliation agreement with an administering institution, the natural person shall be affiliated to the system.
Article 5.-the Individual membership affiliation to the system will be individual and shall continue during the lifetime of the enrollee, whether he is or not in work activity.
Everyone must choose, individually and freely the administering institution to which you want to enroll through the signing of a contract and the opening of an Individual pension savings account.
The institutions administering may not refuse the request of affiliation of any natural person, if appropriate under this law.
Any affiliate can quote compulsory or voluntarily more than one administering institution.
TO COMPLY WITH THE OBJECTIVES OF SOCIAL SECURITY PENSION SCHEMES REGULATED BY THIS LAW, THE NATIONAL REGISTRY OF NATURAL PERSONS SHOULD SHARE ITS DATABASE OF UNIQUE DOCUMENTS WITHOUT COST ANY IDENTITY, WITH THE PENSIONS REGULATOR ENTITY, FOR WHICH NATIONAL REGISTRY OF NATURAL PERSONS, SHALL REGULATE THE FORM AND PERIODICITY THAT SUCH DATABASE WILL BE SHARED , ENSURING THE CONFIDENTIALITY OF THE SAME. THE SUPERINTENDENCY OF PENSIONS WILL USE THE INFORMATION FROM THE NATIONAL REGISTRY OF NATURAL PERSONS TO MAKE COMPATIBLE THE DATA OF THE SINGLE DOCUMENT OF IDENTITY WITH A UNIQUE NUMBER 4 PENSION, WHEN APPROPRIATE. (7) definitions article 6.-for the purposes of this Act, means employer both to the employer in the private sector and institutions of the Central Government, institutions decentralized non-corporate, municipal and special budgetary arrangements with public sector institutions.
Dependent workers, those who have a relationship of subordination working both in the private sector and in the public and municipal sectors will be considered.
Whenever reference is made in this law to independent workers, understand the domiciled Salvadorans who are not in employment subordination relationship and to all non-residents Salvadorans.
Forms of membership article 7.-the affiliation to the system will be mandatory when a person joins a job in labor subordination relationship. The person must choose an administering institution and sign the respective affiliation agreement.
Every employer shall be bound to respect the choice of the administering institution made by the worker. Otherwise, such employer shall be subject to the responsibilities of civilian and administrative derived from it.
If within thirty days from the commencement of the employment relationship the worker had not chosen the institution administrator, your employer is obliged to join it in which is attached the greatest number of employees.
Any person without a relationship of subordination labor will be affiliated with the system, with the signing of the contract of affiliation at an institution administrator.
Affiliate article 8.-all persons entering the date of start of operations of the system working subordination relationship for the first time, must join the system.
Article 9.-may join the system all domiciled Salvadorans who exercises an activity through which obtain income, included the bosses of the micro and small enterprise. Also you can join the system, nonresidents Salvadorans.
Agricultural and domestic workers will be incorporated into the system according to the conditions and peculiarities of their work. For your affiliation will dictate a special regulation.
Persons excluded system article 10.-are excluded system the following persons: 5 a) pensioners because of permanent disability because of common risks, the Salvadoran Social Security Institute and the National Institute of pensions for public employees; and (b) the contributors and LOS PENSIONERS by old age and invalidity of the Institute's forecast SOCIAL of the armed forces. (7)

However it established in the LITERAL earlier and the LITERAL i) of article 2 of this law, the EX-COTIZANTES of the pension scheme of the Institute's forecast SOCIAL of the armed forces, who opt to return to the same, are excluded from the system of pensions that REGULATES this law, and by this very fact, terminated the membership that they have with the ISSS , INPEP OR ANY INSTITUTION ADMINISTRATOR OF PENSION FUNDS, WHEN THEY TAKE THIS OPTION WITHIN NOT LATER THAN A YEAR, FROM THE ENTRY INTO FORCE OF THIS DECREE. IN NO CASE MAY REJOIN THE SYSTEMS GOVERNING THE PRESENT LAW. (1) THE IPSFA EX-COTIZANTES AFFILIATED TO THE SAVINGS SYSTEM FOR PENSIONS THAT TAKE THE OPTION REFERRED TO IN THE PRECEDING PARAGRAPH, SHALL HAVE RIGHT TO THEIR INDIVIDUAL ACCOUNT BALANCE TO BE RETURNED TO THEM, AND THOSE AFFILIATED TO THE ISSS OR INPEP WHO ALSO TAKE SUCH OPTION, KEEP THE RIGHT ALLOCATION ESTABLISHED BY THE LAW. A REGULATION SHALL REGULATE THIS SITUATION. (1) incompatibility of systems article 11.-no person can simultaneously quote savings system for pensions and public pensions system defined in article 183 of this Act.
Likewise, pensions for disability and survival that are granted in accordance to this law, are incompatible with the award of the Salvadoran Social Security Institute for occupational hazards.
Transfers of an administering institution to another article 12.-any transfer of an institution administrator to another, will be possible when the affiliate has made at least twelve contributions monthly in a same institution administrator. (7) however contemplated in the preceding paragraph, if the institution administrator that is quoting the affiliate recorded two months continuous or discontinuous three, a return lower than the minimum established in article 81 of this Act, or suspendue the affiliation agreement, affiliate may be transferred to another administering institution as soon as you request it. Also, affiliate transferable prior to compliment the period which marks the preceding paragraph before the merger or dissolution of the respective administering.
The individual savings accounts for pensions for the affiliate to another administering institution shall be transferred by virtue of the transfer.
SO OPERATING THE TRANSFER, THE AFFILIATE MUST NOTIFY IN WRITING ITS DECISION 6 TO YOUR EMPLOYER, IF THAT IS THE CASE, AND SIGN THE TRANSFER OF THE INSTITUTION ADMINISTRATOR OF ORIGIN. TRANSFER EFFECT FROM THE FIRST DAY OF THE SUBSEQUENT MONTH TO THAT WHICH IS REQUESTED, IN ACCORDANCE TO THE REGULATION OF TRANSFERS. (7) the transfer of the resources corresponding to the contributions payable by the employer and not paid to the date of the transfer referred to in the previous paragraph, shall be made as soon they have been perceived by the administering institution of origin. It shall inform the institution administering of destination, on the situation of such dues owed to the date of the transfer.
Chapter III of the mandatory obligation of the quotes quotes quotes (10) article 13.-for the duration of the employment relationship should be made compulsory contributions on a monthly basis to the system by the workers and the employers.
THE obligation to contribute shall cease in any of the following situations: a) when the Member is PENSIONE by old age, of conformity to the established in LOS articles 104, 200 and 202 of this Act or receive the benefit of return of balance, according to the established in the article 126 of this law;
(b)) when the Member is declared invalid TOTAL second opinion.
IF AN AFFILIATE CONTINUES TO BEING PENSIONED BY TOTAL OR PARTIAL INVALIDITY HAVING BEEN THIS DECLARED THROUGH THE ISSUANCE OF A FIRST OPINION OR, BEING PENSIONED BY USING PARTIAL INVALIDITY THE ISSUANCE OF A SECOND OPINION, SHOULD FIND THE QUOTE REFERRED TO IN SUBPARAGRAPH A) OF ARTICLE 16 OF THIS LAW, AND IN ADDITION, THE COMMISSION ESTABLISHED IN THE D) OF ARTICLE 49 OF THE SAME.
IN ADDITION, PENSIONERS FOR DISABILITY DUE TO OCCUPATIONAL HAZARDS MUST QUOTE THE PERCENTAGES REFERRED TO IN THE PRECEDING PARAGRAPH, ACCORDING TO WHICH INDICATES THE END OF THE FOLLOWING ARTICLE SUBSECTION.
IN THE FOREGOING PARAGRAPH SHALL APPLY ALSO MEMBERS DISABLED PERSONS WHO HAVE RECEIVED REFUND FROM BALANCE IN ACCORDANCE WITH ARTICLE 125 OF THIS ACT AND WHICH TO CONTINUE WORKING AND CONTRIBUTING TO ACCESS TO OLD-AGE BENEFITS.
CESSATION OF MANDATORY QUOTE WILL OPERATE WITHOUT PREJUDICE TO THE CONTRIBUTIONS VOLUNTEERS WHO MEMBERS DECIDE TO CARRY OUT AND THE AGREEMENTS BETWEEN EMPLOYER AND 7 WORKER TO MAKE ADDITIONAL CONTRIBUTIONS, FULFILLED THE CONDITIONS FOR THE CESSATION OF SUCH OBLIGATION. (10) income based on the contributions of dependent workers article 14.-the income BASE for calculate the quotes mandatory of LOS workers dependent will be EL salary monthly that DEVENGUEN or EL subsidy RESPECTIVO of disability by disease or maternity. SUCH BASIS SHALL NOT BE LESS THAN THE LEGAL MINIMUM MONTHLY WAGE IN FORCE, EXCEPT IN CASES SUCH AS APPRENTICES, FARM WORKERS, DOMESTIC AND OTHERS WHOSE INCOME IS LESS TO THAT MINIMUM, CASES THAT WILL BE SPECIFIED IN THE RESPECTIVE REGULATION. LIKEWISE, THE MAXIMUM LIMIT, FOR THE CALCULATION OF CONTRIBUTIONS CONCERNED, WILL BE THE EQUIVALENT TO GREATER COMPENSATION PAID IN LEGAL TENDER BY THE PUBLIC ADMINISTRATION, WITHIN NATIONAL TERRITORY, IN ACCORDANCE WITH THE LAW OF WAGES FROM THE BUDGET GENERAL BUDGET OF DECENTRALIZED INSTITUTIONS NOT BUSINESS, EXCLUDING EXPENSES, AND SALARIES THAT APPEAR DESIGNATED IN SUCH LAW FOR THE SQUARES OF THE DIPLOMATIC AND CONSULAR SERVICE.
FOR THE PURPOSES OF THIS ACT, THE SUM OF FEES MEANS MONTHLY WAGE IN MONEY THAT THE WORKER RECEIVES REGULAR SERVICES TO PAY FOR A MONTH. DEEMED AN INTEGRAL SALARY, ALL THAT THE WORKER RECEIVES IN CASH AND THAT IT INVOLVES REMUNERATION OF SERVICES, INCLUDING THE PERIOD OF HOLIDAYS, BONUSES, COMMISSIONS AND PERCENTAGES ON SALES.
NOT form part of the income BASE of quote the following concepts: to) the perks and bonuses occasional;
EL AGUINALDO (b)); And (c) travel expenses, expenses for representation and benefits social established by law.
IN CASES IN WHICH THE AFFILIATE MAY HAVE TWO OR MORE JOBS, QUOTE TO YOUR SAVINGS ACCOUNT TO PAY ALL PENSIONS THAT PERCEIVES.
TO THE RETIRED DISABILITY DEPARTING FROM RISK PROFESSIONALS, THE PENSION AS PART OF THE INCOME SHALL BE DEEMED CONTRIBUTION BASE. (2) income basis of contributions of self-employed persons article 15.-the income base for calculating the contributions of the self-employed, will be the monthly income to the institution administrator, that in no case shall be less than the legal minimum monthly wage in force declaring. Self-employed persons will be responsible for full payment of the contributions referred to in article 16 of this law.

8. THE CONSIGNMENT SHOWING THE PAYMENT OF CONTRIBUTIONS OF THE SELF-EMPLOYED, BE UNDERSTOOD AS THE DECLARATION OF THEIR INCOME, FOR ALL PURPOSES OF THIS ACT. ALSO, ADMINISTERING INSTITUTIONS MAY PROVIDE THAT SELF-EMPLOYED PERSONS PAY THEIR CONTRIBUTIONS BY ELECTRONIC MEANS OF COMMUNICATION. (7) amount and distribution of quotes Article 16.-the employers and workers contribute to the payment of the contributions within the system in the proportions laid down in this law. (10) THE RATE OF CONTRIBUTION WILL BE THIRTEEN PER CENT OF THE INCOME BASIS OF THE RESPECTIVE CONTRIBUTION. ((10) this quote is distribute of the following form: (10) a) ten point eight percent (10.8%) INCOME CONTRIBUTION BASE, ARE ALLOCATED TO THE INDIVIDUAL ACCOUNT OF SAVING FOR PENSIONS OF THE AFFILIATE. OF THIS TOTAL, SIX POINT TWENTY-FIVE PER CENT (6.25%) INCOME CONTRIBUTION BASE WILL BE PROVIDED BY THE WORKER AND FOUR POINT FIFTY-FIVE PER CENT (4.55%), BY THE EMPLOYER; And (10) (7) (b)) two point two per cent (2.2%) INCOME CONTRIBUTION BASE, IS ALLOCATED TO THE CONTRACT OF INVALIDITY INSURANCE AND SURVIVAL THAT IS ESTABLISHED IN THIS LAW AND THE PAYMENT OF THE INSTITUTION ADMINISTRATOR FOR MANAGEMENT OF INDIVIDUAL ACCOUNTS PENSION SAVINGS. THIS PERCENTAGE WILL BE IN CHARGE OF THE EMPLOYER. (7) (10) contributions and voluntary contributions article 17.-all affiliates to the system, as well as their employers, will pay into individual pension savings accounts, values higher than the contribution referred to in article 16 of this law, either regularly or casual, in order to increase their account balances to finance a pension early or to increase the amount of your pension.
Individual pensions article 18.-for effects of this Act savings accounts, it should be understood by account INDIVIDUAL saving for pensions, the sum of the contributions required of the worker and employer, as well as the contributions of these volunteers, the yields that are credited; IN ADDITION, FORM PART OF THE INDIVIDUAL ACCOUNT OF SAVING FOR PENSIONS, ANY OTHER CONTRIBUTION THAT THIS ESTABLISHED, FOR SPECIFIC CASES, PROVIDED THAT THEY MEET THE REQUIREMENTS OF THE LAW. (3)

Compulsory and voluntary contributions will be credited to the individual account of saving for pensions of the affiliate. Each Member may only have one account.

9. the amounts in the individual pension savings accounts, may only be used to obtain the results that this law is.
Art. 18-A-is mean employment history to historical employment information workers built into the system, supported by contributions made in the system of saving for pensions, as well as contributions made and the times of service recognized by the law of the pension system public, which is defined in article 183.
THE HISTORY WORK WILL FORM THE BASIS FOR THE CALCULATION OF THE TIME NEEDED TO ACCESS THE BENEFITS REFERRED TO IN THIS LAW.
FOR THE RECONSTRUCTION OF THE EMPLOYMENT HISTORY CONTRIBUTIONS MADE IN PUBLIC, AS WELL AS PENSION RECOGNIZED TIMES BY THIS LAW, WILL BUILD A RELATIONAL DATABASE THAT WILL ALLOW THE SYSTEMATIZATION OF SUCH INFORMATION. RESPONSIBILITY FOR THE ADMINISTRATION OF SUCH A BASE, AS WELL AS PARAMETERS TECHNICIANS AND MECHANISMS TO COMPLEMENT THE INFORMATION WHICH, FOR VARIOUS REASONS IT WAS NOT POSSIBLE TO LOCATE OR SCAN, WILL BE ESTABLISHED BY MEANS OF THE RESPECTIVE REGULATIONS.
However LO established in the paragraph above, the checking service times and salary quoted by people who worked in the public SECTOR, can be checked with any of the documentation following, in the order that follows: a) photocopy of the payroll, certified by the official competent for the institution.
(b) report of times of service, issued and certified by the Court of accounts of the Republic.
(c) review of contributions, issued and certified by the Department's file and MICROFILM of INPEP.
(d) copy of the time card of the employees public service certified by the Department's file and MICROFILM from the INPEP or by the Court of accounts of the Republic; WE ACCEPT THOSE CARDS ISSUED BY OTHER INSTITUTIONS OF THE SECTOR TARGET AUDIENCE, CERTIFIED BY COMPETENT OFFICIALS.
e) record of periods of work extended by the institutions public in where I work partner, issued by the official competent to such effect.
IN CASE THAT THE PUBLIC INSTITUTION TO THAT REFERRED TO IN THE PREVIOUS PARAGRAPH AND THAT THERE, SHALL ISSUE THE RECORD TO THE INSTITUTION WHICH HAS KEPT THE DOCUMENTATION RELATED TO THE TIME OF SERVICE.
THIS RECORD MUST SPECIFY WORKING PERIODS, WAGES, AND LEAVE WITHOUT PAY 10.
f) certificate of rights and contributions extended by the ISSS, on which appear the days and quoted wages to the REGIMEN of health.
(g) copies daily officers or PHOTOCOPIES thereof, in which appear published the arrangements of appointments, increases, transfers and, in GENERAL, the Act administrative you want checked.
IF YOU DO NOT FIND ANY OF THE DOCUMENTS REFERRED TO IN THE ABOVE LITERALS, SERVICE TIME CHECKING AND QUOTED WAGES, CAN BE MADE BY AFFIDAVIT.
HOWEVER PROVISIONS OF SUBSECTION ABOVE, THIS TEST MAY NOT EXCEED TWO YEARS, CONTINUOUS OR DISCONTINUOUS AND MUST NOT BE UNDERSTOOD IN THE LAST TEN YEARS QUOTED.
ALSO, acceptable documentation to check days and salaries quoted by the people who worked in the private SECTOR, may be checked with any of the documentation following, in the order that follows: to) photocopy of form of quote PREVISIONAL, documentary, in the record which has been cancelled or overview.
WHEN FORM CONSIST OF MORE THAN TWO SHEETS, YOU CAN ADMIT THE SHEET IN WHICH IT WAS REPORTED THE AFFILIATE, PLUS SHEET OF THE FORM IN WHICH RECORD THAT IT HAS BEEN CANCELLED.
b) analysis account INDIVIDUAL, issued by the DIVISION of benefits economic of the ISSS.
c) certificate of rights and contributions extended by the ISSS, on which appear the days and wages contributed to the regime of IVM until April 1998.
(d) certificate issued by competent official of ISSS or proof of payment of the subsidies by incapacity temporary, corresponding to the period which is trafficking in check.
e) reports of inspection of the ISSS, in which is has established the relationship work, salaries and periods quoted.
IF YOU DO NOT FIND ANY OF THE DOCUMENTS REFERRED TO IN THE ABOVE LITERALS, SERVICE TIME CHECKING AND QUOTED WAGES, CAN BE MADE BY AFFIDAVIT.
HOWEVER PROVISIONS OF SUBSECTION ABOVE, THIS TEST MAY NOT EXCEED TWO YEARS, CONTINUOUS OR DISCONTINUOUS AND MUST NOT BE 11 WITHIN TEN YEARS QUOTED.
THE SOCIAL SECURITY INSTITUTES ARE OBLIGED TO TRANSFER TO THE INSTITUTIONS ADMINISTRATORS OF PENSION FUNDS, THE INFORMATION CORRESPONDING TO THE EMPLOYMENT HISTORY OF MEMBERS, REFERRED TO IN ARTICLES 184 AND 185 OF THE PRESENT LAW, ACCORDING TO THE PROVISIONS THAT CONTEMPLATE THE RESPECTIVE REGULATIONS. (2) (4) Declaration and payment of contributions article 19.-the contributions provided for in this chapter shall be declared and paid by the employer, the self-employed or the entity paying disability benefits for disease, as appropriate, in the administering institution in which each worker is affiliated.
To this effect, the employer deducted income contribution base of each affiliate, at the time of payment, the amount of the contributions referred to in article 16 of this law, and the volunteers that has been expressly authorised by each affiliate, and transfer these sums, together with the corresponding to its contribution to the respective administering institutions.
The Declaration and payment must be made within the first ten days of the month following one that affected revenue is accrued, or one in which authorized the medical license by the respondent, in his case.
The employer or the paying entity of subsidies for disability by disease that does not pay timely contributions of workers, must be declared in the corresponding administering institution, within the period referred to in the preceding paragraph of this article, without prejudice to the respective sanctions.
The Declaration shall contain the requirements that the Superintendency of pensions.
Each institution administrator shall inform the Superintendence of pensions on failure to comply with the provisions of this article, so this proceed to impose respective sanctions in accordance with what is stated in title II of this law. To this end, the Superintendency of pensions determined by instructions specific information requirements.
Actions for recovery article 20.-the employer you have left of pay TOTAL or partially, in the time established the contribution pension corresponding, shall be sanctioned according to as established in this law. THE ADMINISTERING INSTITUTION SHALL BE OBLIGED TO INITIATE THE ACTION ADMINISTRATIVE COLLECTION OF CRAFT IN WITHIN TEN DAYS WORKING AFTER HAVING COMPLETED THE PERIOD OF ACCREDITATION; AFTER THIS PERIOD, WITHOUT HAVING OFFICE STARTED ADMINISTRATIVE RECOVERY, AFFILIATE, THEIR BENEFICIARIES OR THE SUPERINTENDENCE OF PENSIONS, THEY CAN REQUEST IT AND THE INSTITUTION ADMINISTRATOR, WITHOUT PREJUDICE TO THE PROVISIONS OF ARTICLE 175 OF THIS LAW, MUST START AT THE LATEST WITHIN FIVE DAYS AFTER SUCH REQUEST 12; EVERYTHING IN ORDER THAT THE EMPLOYER COMPLIES WITH HIS OBLIGATION TO PAY, WITHIN THE PERIOD OF THIRTY DAYS AFTER THE ACTION FOR RECOVERY. (2) THE EXPIRED 30 DAYS REFERRED TO IN THE PRECEDING PARAGRAPH, UNLESS IT HAS TO RECOVER THE AMOUNT OWED, THE ADMINISTERING INSTITUTION MUST INITIATE LEGAL ACTION FOR RECOVERY, LEAVING BY MINISTRY OF LAW ENTITLED TO IT. (2) SHALL BE COMPETENT TO HEAR THE LAWSUIT REFERRED TO IN THE PRECEDING PARAGRAPH, THE COURTS WITH JURISDICTION IN COMMERCIAL MATTERS ACCORDING TO THE AMOUNT, AND INSTRUMENT BASIS FOR ACTION WILL BE THE DOCUMENT THAT EMITS THE ADMINISTERING INSTITUTION, FOR PURPOSES OF COLLECTION WHICH WILL BE ENFORCEABLE WITHOUT NEED FOR PRIOR RECOGNITION SIGNATURE AND SHALL CONTAIN THE FOLLOWING MINIMUM REQUIREMENTS (: (2) a) DENOMINATION be document for the collection JUDICIAL; (2) (b)) name SOCIAL of the institution administrator; (2) c name of the affiliate and number only social security; (2) d) name, company name or reason for the employer liable to pay; ((2) e) liquid amount OWED and time which corresponds to; (2) f) concept generic of the debt; ((2) g) form of calculation of the profitability left PERCEIVE with BASE to LA profitability NOMINAL existing to date of the demand; (2) h) fee moratorium and date from that claim; (2) i) place, day, month and year in which is issued; (2) j) name and signature of representative LEGAL of the institution administrator or of the person authorized to sign it; And (2) k) seal of the institution administrator. (2) TO THE PROCESSES FOLLOWED FOR THE COLLECTION OF QUOTES FROM THIS ARTICLE, ONLY VARIOUS CLAIMS OF THE SAME KIND, AGAINST A SAME EMPLOYER; MAY ACCUMULATE AND BE APPLICABLE IN TERMS OF PROCEDURE, THE RELEVANT PROVIDED THE COMMERCIAL PROCEDURES ACT FOR SUCH PROCESSES. (2)

THE PROVISIONS OF THIS ARTICLE SHALL ALSO APPLY TO THE ISSS AND INPEP, BUT IN THESE CASES WILL BE COMPETENT FOR THE KNOWLEDGE OF JUDICIAL ACTION COLLECTION, THE COURTS WITH JURISDICTION IN CIVIL MATTERS, AS IT CLAIMS, THOSE WHO ACT 13 IN ACCORDANCE WITH THE PROCEDURE THAT CORRESPONDS ACCORDING TO THE LAW. (2) ANY DEBT IN FAVOUR OF THE PENSION FUND, SHALL BE IMPRESCRIPTIBLE. (2) IN THE RESPECTIVE REGULATIONS BE DESIGNATED THE PROCEDURE TO FOLLOW TO EXECUTE THE ACTIONS OF ADMINISTRATIVE FEE. (2) IN ACCORDANCE WITH THE GENERAL RULES, ADMINISTERING INSTITUTIONS SHALL INFORM THE RELEVANT JUDGE OF EXPENSES AND COSTS WHICH IT HAS INCURRED TO ACHIEVE THE RECOVERY OF CONTRIBUTIONS AND COMMISSIONS REFERRED TO IN THIS ARTICLE, SUCH COSTS TO BE INCLUDED TO THE AMOUNTS TO BE RECOVERED, SO THE ADMINISTERING INSTITUTION CAN RECOVER COSTS IN THAT ERR. (7) priority of credits article 21.-contributions constitute privileged credits in accordance with article 121 of the labour code. Shall be considered on equal terms, for the purposes of this law, the interests that any place, in relation to the other credits that may exist against the employer.
Article 22.-the tax treatment yields on investments of pension funds, the compulsory contributions of members to the system, the surplus of free availability referred to in article 133 of this law second subsection, as well as revenues of incentives for residence regulated in article 50 of this law, shall be deemed income not taxable for income tax purposes.
The voluntary contributions referred to in article 16 of this law will be deductible from taxable income up to 10% of the income contribution from the affiliate base. Carried out by the compulsory and voluntary, employer contributions will be deductible in accordance with the income tax act.
Chapter IV of LAS institutions of funds of pension object of the institutions administering of funds of pension Article 23.-Las institutions administrators of pension fund, will be pension institutions of a financial nature, that exclusive shall administer a fund to be called pension fund, manage and provide allowances and benefits established by this law. They will constitute as joint-stock companies of fixed capital, divided into registered shares with no less than ten shareholders, of undetermined term, must be domiciled in El Salvador and will be required to maintain, at least, an agency or office at the national level aimed at the public's attention.
For the Constitution and the exercise of its functions, the administering institutions shall be governed by the provisions of the present law, the organic law of the Superintendent of pensions, its regulations, by procedures issued by the Superintendency of pension and other requirements that 14 are applicable in accordance with the commercial code.
Article 24.-the administering institutions, in the performance of their duties, levied dues and corresponding contributions credited them to the respective individual pension savings accounts and invest these resources according to provisions of this law.
The administering institutions can only manage the benefits established in this law, without prejudice to that must, in addition, process for its affiliates obtain the certificate of transfer referred to in title III.
Constitution article 25.-to constitute an institution administrator must obtain prior authorization of the Superintendency of pension.
Stakeholders should request to the Superintendency of pensions permission to constitute the administering institution, without prejudice to requirements that designates the commercial code, with the following information: a) social writing project in which will be incorporated the statutes;
(b) name, age, profession or trade, domicile and nationality of natural persons seeking, and name, nature, nationality and address of applicant legal persons; the respective references banking and credit;
(c) the institution financial feasibility study;
(d) implementation of the project plan;
(e) indication of the amount of share capital and the amount of paid-in capital with which the institution will begin its operations;
(f) name, age, profession or trade, address and nationality of the future shareholders, as well as the amount of their respective subscriptions; and (g) the General of the initial directors, experience and Bank and credit references.
The Superintendent of pensions may require stakeholders, within the period of twenty working days from the date of filing of the application, other information that you think is relevant.
The information has been received, the Superintendency of pensions will resolve within three working days, period in which shall be published in two newspapers of national circulation, a one-time account of stakeholders, the payroll of the future shareholders who possess 1% or more of the capital of the administering institution as well as the initial directors.
In the event that future shareholders is a legal person shall be published also the roster of shareholders possessing more than 3% of the capital.

15 such a publication will be intended that anyone with knowledge of any of the disabilities contained in article 31 of this law, may object to the quality of shareholders and directors that were part of the administering institution. Objections must be submitted in writing to the Superintendency of pension within a period of 15 days after the publication, ajuntando evidence and relevant evidence. The information shall be confidential character.
In the event that the shareholders are legal persons, shall be published also the roster of shareholders possessing more than 5% of the capital.
The authorisation shall be granted by the Superintendency of pensions to constitute society when the above-mentioned legal conditions are met and when, at his trial, the financial foundation projected, as well as honesty and responsibility personal future shareholders, directors and managers, provide protection to the interests of the public. If the decision is favorable to the petitioners, the authorization to establish the company shall be issued by resolution of the Superintendent of pensions, indicating the time limit within which to be granted the constituent writing.
Article 26.-the testimony of the public deed of incorporation of the society be submitted to the Superintendency of pensions, so this rate if the terms stipulated therein are in conformity with the previously approved project and the share capital has been actually paid in accordance with this law.
The testimony of the constitutive of an administering institution public deed, not may submit to registration in the trade registry unless you take the reason by the Superintendency of pensions, stating that writing favorable rating.
Article 27.-the appellation designation of the institutions administering must understand the phrase administrator of pension funds or prepend the abbreviation "AIA" and may not include names or abbreviations of existing natural or legal persons who, according to the Superintendency of pensions, may lead to misunderstandings patrimonial or administrative of them responsible. The Superintendency of pensions may object that name.
Capital Social Art. 28. El capital social for the formation of an administering institution may not be less than five million colones, which must be fully subscribed and paid in cash at the time of granting social writing.
If the subscribed capital of the administering institution is higher than required, the excess must be paid within the maximum period of two years, counted from the date of the resolution in which the Superintendency of pensions authorized by its registration in the register of Commerce.
The institution administrator must increase its social capital when any of the following circumstances, thus: 16 a) to seven million five hundred thousand colones as you complete 20,000 affiliates; and (b) fifteen million colones to have 40,000 members or more.
In either case, you need to increase capital in the quantities required for the fulfilment of the minimum net worth in accordance with article 35 of this law.
The administering institution shall comply with these requirements within a period of ninety days from the date that comply with any of the above circumstances. In any case, the increase must be subscribed and paid in cash.
Superintendent of pensions will adjust every two years amounts of share capital referred to in the first subparagraph and the literal a) and b) of this article, according to the variation of the index of prices to the consumer, prior opinion of the Banco Central of reservation of El Salvador.
Article 29.-the shareholding actions of the administering institutions incorporated in El Salvador, they must be owned by the following persons, so, added individually or jointly, to reach at least fifty per cent of the capital:

a) natural persons Salvadoran or Central American;
(b) Salvadoran legal persons whose majority shareholders are natural persons mentioned in the preceding article;
(c) foreign companies, managers of funds with three years of experience at the giro, that operate and maintain fulfilling the provisions on prudential regulation and supervision of their country of origin;
(d) international financial institutions and investment institutions related to these in which the State or the Central Reserve Bank of El Salvador have participation;
e) LAS societies controllers of purpose exclusively regulated by the banking law, provided that meet the conditions heritage and of control indicated in the same. (7) requirements for shareholders of institutions administering article 30.-any person natural or legal, national or foreign, except those listed in article 32 of this law may become the holder of an institution administrator actions. When their participation constitutes more than one per cent of the capital of the institution, it must be previously authorized by the Superintendency of pensions. The shares belonging to them in societies shareholders of the respective administering institutions will be included within this participation.
Article 31.-Superintendent of pensions shall refuse the authorization referred to in article 17 above, when the buyers are in any of the following circumstances: to) those who are in a State of bankruptcy or insolvency;
(b) those who have been convicted of offences against property or public finances;
(c) the directors, officers, or a member of the financial system institution administrators who have incurred in economic shortcomings of twenty percent or more than the minimum required by law; that has required contributions from the State for its sanitation; or that has been operated by the respective authority. In any case, must prove the responsibility that had so given this situation;
(d) those who are debtors of the financial system for credits that has been constituted them a reserve of sanitation of fifty percent or more of the balance, while persist such situation; (and e) which have participated directly or indirectly in grave breach of the laws and regulations that govern the financial system.
The case of a legal person, the preceding circumstances will be considered with respect to the partners or shareholders who are holders of 25 percent or more of the shares of the company.
It is prohibited the ownership of the shares of the administering institutions referred to in this law, natural or legal persons who have previously received credits that have been reserved in a one hundred per cent in accordance with the respective instructions. This prohibition shall continue as long as persists the irregularity of the credit.
Article 32.-No special prohibition may operate or acquire shares of institutions administering, legal persons: banks, financial, insurance companies, stock exchanges, houses sliding bag, and sorting societies of r iesgo, established in El Salvador and its subsidiaries; banks, financial, insurance companies, stock exchanges, houses sliding bag and sorting risk companies established abroad; (e) institutions of the State, of any nature.
Commercial acts in contravention of this article, shall be declared null by the Superintendency of pensions to become aware of them, and shares will be sold at public auction in accordance with the common procedures and the product of the auction will be returned to contravinientes buyers. Also the Superintendence apply an administrative fine equivalent to 20% of the market value of the respective actions, to administering companies which violate the provisions of this article, following the procedures set out in chapter V of the organic law of the Superintendent of pensions.
Faculty for operate Art. 33-fulfilled the requirements of this Act and its regulations and registered the deed in the register of Commerce, the Superintendency of pensions will solve if the institution 18 administrator concerned, can start operations and shall be, without further formalities, the seats of the respective in the corresponding register, provided that this credit before that these requirements (: a) having an information system for the registration and management of individual accounts of saving for pensions for each affiliate, and an accounting system of control and information required by the Superintendent of pensions, all of which shall be available to it for review and verification; and (b) have designed a policy of investments according to the legal limits.
Within the period of 90 days after authorised to operate, the administering institution must have registered and recorded on a national stock exchange, the shares representing its capital.
Article 34.-the certification of the Superintendence of pensions, indicating the name of the administering institution, the trade name, data concerning the granting and registration of the deed of Constitution, the amount of paid-in capital as well as the names of its directors and managers, will be released through publications in two newspapers of national circulation, at the expense of the respective administering institution prior to the start of its operations.
Minimum net worth article 35.-to develop its activity, administering institutions must have, at all times, a net worth minimum which may not be less than 3% of the value of the managed pension fund, not to exceed ten million dollars from the United States of AMERICA.
WITHOUT PREJUDICE TO THE PROVISIONS OF THE PRECEDING PARAGRAPH, THE MINIMUM NET WORTH MAY NOT BE LESS SOCIAL CAPITAL REQUIRED ACCORDING TO ARTICLE 28 OF THIS LAW.
FOR THE PURPOSES OF THIS LAW, SHAREHOLDERS ' EQUITY, THE SUM OF THE PAID-IN CAPITAL AND LEGAL RESERVE OTHER RESERVES OF CAPITAL, MEANS MORE ACCOUNTS IN SURPLUS AND RETAINED EARNINGS, FIFTY PER CENT OF THE NET PROFITS OF PROVISION OF THE TAX ON THE INCOME OF THE CURRENT YEAR, FIFTY PERCENT OF THE REASSESSMENTS THAT HAS AUTHORIZED THE SUPERINTENDENT OF PENSIONS DEDUCTED CAPITAL IN OTHER COMPANIES SHARES AND THE VALUE OF THE LOSS, IF THE ANY.
IF HERITAGE NET OF THE ADMINISTERING INSTITUTION, IS IN FACT LESS THAN THE REQUIRED MINIMUM, SHE OBLIGED, EACH TIME THIS HAPPENS, TO REMEDY SUCH DEFICIENCY WITHIN A PERIOD OF NINETY DAYS FROM THE DATE IN WHICH IT WAS PRODUCED, WHICH MAY BE EXTENDED BY THE SUPERINTENDENCY OF PENSIONS, UP TO THIRTY DAYS, AND ONLY FOR JUSTIFIABLE CAUSE AND ACCEPTED BY THE SUPERINTENDENCY OF PENSION.
IN ANY CASE, SHARE CAPITAL INCREASES, SHOULD FIND OUT IN CASH. (2) authorization of Scriptures 19 article 36.-the projects of writings of modification of the articles of incorporation, dissolution and liquidation of an administering institution, must be previously subject to the authorization of the Superintendency of pension and once granted, will be presented to verify their conformity with the approved, what will be the respective testimony written reason, without which may not register in the register of Commerce. Once verified its conformity to the authorization, the Superintendency of pensions recorded the relevant in its register.
Coverage of losses article 37.-the losses that are in some exercise will be covered in the following order: to) with annual profits of previous years;
(b) with applications to capital reserves; and (c) charge to paid-in capital of the company.
Capital reduction article 38.-prohibited to the administering institutions reduce its capital below the legal minimum referred to in articles 28 and 35 of this Act.
To address the reduction of capital to absorb losses, you must request authorization from the Superintendent of pensions and the agreement shall be taken in extraordinary General meeting specially convened for that purpose, which shall be sent certification to the Superintendency of pensions so it finds that agree otherwise authorized and proceed with the amendment of the articles of incorporation. In this case does not apply provisions of subparagraphs fifth and sixth article 30 and subsection 2o and 3o of article 182 of the code of Commerce.
Contracting of services article 39.-the institutions administering to the exercise of its functions, may contract with other companies such as fundraising, information processing and other related operations, except the referral to the administration of the pension fund investment portfolio.
The contracted companies must be previously authorized by the Superintendency of pensions, according to the regulation that is issued for such purpose, so that the services provided meet the requirements of the system and offer security and guarantees to the affiliate.
Article 40.-the institutions administering debt can borrow up to an amount equal to your net worth.

20 investments of the administering institution

Article 41.-the administering institutions will invest their resources necessary to manage assets and shares of the Pension Fund to manage. Likewise, they may invest their resources in actions of national capital companies, subject to the approval of the Superintendent of pensions, whenever these companies engaged in activities related to the development of the system such as custody and deposit of securities, collection and processing of individual accounts, advisory and investment in overseas pension funds administering companies , in accordance with the respective regulations.
In the case of societies of custody and securities depository of Constitution and operation conditions shall be governed by the provisions of the law of the stock market, and the shareholding of each institution administrator may not exceed five per cent of the capital.
The Superintendency of pensions will monitor and supervise the operation of these companies in what concerns the operations related to the system.
Operations in the external article 42.-the institutions administering will open agencies and offices abroad, to provide services to the subjects considered in article 9 of this law, with prior authorization of the Superintendency of pensions, based on the respective regulations.
If they are approved, agencies and offices abroad will be subject to the supervision of the Superintendency of pension and the review of the external auditors of the respective administering institutions, without prejudice to that apply to foreign authorities.
The Superintendency of pensions according to the respective procedure, shall order the closure of those agencies or offices abroad, which are contrary to the relevant legal provisions.
Article 43.-the institutions administering promotion may only carry out promotion once is handed down to the resolution of the Superintendency of pensions for the start of its operations.
The Superintendency of pensions shall ensure that promotion is directed to provide information which do not induce misunderstandings or confusion, the patrimonial or institutional reality and on the purposes and foundations of the system.
The Superintendency of pensions previously authorized activities of promotion of the administering institutions, and may force them to change or suspend your promotion when this is not set as authorized, in accordance with the rules of promotion that is issued. If an institution administrator violated more than twice, over a period of six months, those provisions, the promotion will be suspended and not can be restarted without prior authorization. In any case, the penalty established in article 163 of this law shall apply.

21 no institution administrator can use methods or procedures affecting the decision of the worker at the time of joining, such as offers, sweepstakes and other than as provided in the regulations to that effect is issued.
Services social security article 44.-the institutions administering agents may carry out advocacy and membership through pension services agents, hired by them. These agents must be approved by the Superintendency of pensions, prior approval of the requirements that it set to do so.
The Superintendency of pensions will be enrolled in the public registry, corresponding to the agents of services pension authorized, access to and knowledge of the public.
The administering institutions must perform all actions of training and control necessary to ensure that agents of security services in the performance of their duties, comply with the provisions of this law and its regulations.
Each social security services agent only may serve an administering institution at the same time.
Article 45.-Superintendent of pensions accounting will establish the way in which the accounting of the administering institutions and pension funds should be. In any case, each institution administrator must carry separate accounting of the of the pension fund that manages.
For this, the Superintendency of pensions, will determine the obligations of accounting of the institutions administering, accounting principles enforceable, provisions for the formulation of the annual accounts, the criteria for evaluation of the elements of the accounts, as well as the regime's approval, verification, deposit and publicity of these accounts, all in order to reflect the real situation of financial institutions managers and pension funds.
States financial article 46.-each institution administrator publication shall be published in two newspapers of national circulation in the first 60 days of each year, the financial statements of society and of the pension fund that manages, referred to the annual accounting year corresponding to the immediate previous year, subject to what the Superintendency of pensions issued to do so.
These financial statements shall be audited by external auditors registered in the register of the Superintendence of the financial system, and publications must contain its opinion.
The Superintendency of pensions will establish the minimum audit requirements to be met by the External Auditors concerning independent audits that carried out in the 22 institutions administering. It will also have powers to verify compliance with these minimum requirements.
EACH INSTITUTION ADMINISTRATOR SHALL BE PUBLISHED ALSO IN TWO NEWSPAPERS OF LARGEST NATIONAL CIRCULATION, AT LEAST TWO TIMES A YEAR, BALANCES OF SITUATIONS AND LIQUIDATIONS PENSION ACCOUNTS OF RESULTS, BOTH OF SOCIETY AND OF THE FUND THAT ADMINISTERS; ONE OF WHICH MUST BE REFERRED TO ON JUNE 30, ANOTHER DATE WILL BE DETERMINED BY THE SUPERINTENDENT OF PENSIONS. (7) self-regulation article 47.-the institutions administering must develop internal policies of prudential control that allows them to properly manage their financial risks, regulatory and operational and shall submit them to the approval of the respective boards of Directors. The external auditors must consider in its reports compliance with these policies.
The Superintendency of pensions will establish what the administering institutions must include in their policies of prudential supervision.
Committees article 48.-the administering institution shall receive for their services a Compensation Commission, which should subsequently charge the accreditation of social security in the respective individual account contributions saving for pensions for its members. (2) these commissions will be destined to the payment to the administering institution by the management of the individual pension savings accounts, the administration of the Fund of pension and benefits for old age, invalidity and survival, the management of the minimum pension guaranteed by the State, the payment of the contract of insurance referred to in article 124 of the Act disability and survival , and the administration of other benefits that sets it.
Article 49.-commissions shall be established freely by each institution administrator within the limits indicated, a uniform basis to all its members.
The institutions administrators may establish committees for the following services: to) by the administration of the individual savings accounts pension and disability and survival insurance contract. This Committee can only set as a percentage of the income basis of quotation and shall be stated in the literal b) of article 16 of this law;
(b) by the administration of the scheduled income. Commission may be established only on the basis of a percentage of the monthly pension, which may not exceed one and a half per cent of the value of the company;
(c) for the handling of individual pension savings accounts, inactive for more than one uninterrupted year with balances exceeding one hundred times the minimum wage. The 23 administering institution may deduct annual profitability of the count up to five percent of the profitability, discount which shall not exceed one and a half per cent of the income contribution of the last twelve months quoted base. This Commission will not include payment insurance for disability and survivors concerning the literal b) of article 16 of this law;
(d) by the administration of individual accounts of affiliates pensioners or members that meeting age requirements do not exercise their right and continue contributing. This Commission will be special given that shall not include the payment of the insurance contract of disability and survivors concerning the literal b) of article 16 of this law. You can set as a percentage of the declared base income that does not exceed one and a half per cent of the same; and

e) by the administration of the accounts individual of saving for pensions of SALVADORANS not residents in EL territory DE LA REPÚBLICA. THIS COMMISSION ONLY CAN BE SET AS A PERCENTAGE OF THE INCOME BASE DECLARED, THAT SHALL NOT EXCEED ONE AND A HALF PER CENT OF THE SAME. THE MANAGEMENT OF THESE ACCOUNTS, DOES NOT INCLUDE COVERAGE FOR INVALIDITY INSURANCE AND SURVIVAL, SO NOT BE CHARGED SUCH COVERAGE. THIS WILL BE REGULATED BY A SPECIALLY ISSUED REGULATION TO THE EFFECT. (7) commissions thus determined shall be informed to the public and the Superintendency of pensions, at least monthly, as to this point, and amendments to these committees governed ninety days after its communication, except the beginning of operations of each institution administrator. The Commission referred to in subparagraph a) of this article shall be notified to indicating the percentage of the income basis of average price which corresponds to the disabilities and survival insurance contract.
The permanence article 50.-the institutions administering incentive may establish incentive mechanisms for permanence of its affiliates. These mechanisms will be applied uniformly to all affiliates who made contributions during the same number of months. Incentives will be established as a percentage of the income base and consist of returns on commissions paid during periods of stay, which may be given in cash or credited to the respective individual savings accounts for pensions, according to the choice of affiliate.
For purposes of determining these mechanisms, follow the procedure laid down in the last preceding article subsection.
Information on the affiliate article 51.-the institution administrator shall be obliged to provide to affiliate, a book of 24 saving for pensions, which will record each time that this request, with a maximum of six times a year, the number of fees paid into your individual account of pension savings and value to date. However, the administering institution can develop electronic mechanisms that replace the previous mechanism.
The administering institution, every six months, at least, shall inform in writing each of its affiliates, all the movements registered in your individual savings account for pensions, with an indication of the number of registered shares, their value and the date. If an account does not register movements, communication will be reset until new contributions are received. In any case, the administering institution shall be obliged to inform the balance of that account at least once a year.
Each administering institution is responsible for the employment history of its members, and must maintain physical and magnetic backup of the same, which will deliver between magnetic support to the Superintendency of pensions in semi-annual form.
Article 52.-the institutions administering must keep in their offices, in a place of easy access to the public, an available extract containing the following information: a) history of the institution: name, address, registration in the register of Commerce and resolution which authorized the start of its operations; Directory and General Manager; and agencies and representative offices;
b) Balance sheet for the last financial year and the statements of income determined by the Superintendency of pensions, both the administering institution and the Pension Fund. In any case, they must be kept available to the public the last two statements of results;
(c) amount of capital, of the Pension Fund, the reserve of fluctuation of profitability and the special contribution of warranty;
(d) value of the pension fund fees;
(e) amount of commissions charged, detailing the average percentage of the premium of disabilities and survival;
(f) policy of investments and investment of the pension fund portfolio composition; and (g) profitability of the last twelve months of pension fund they manage.
These records must be updated monthly within the first ten days of each month. Likewise, the information referred to in paragraphs c, d, e, f and g, this article and the composition of the Fund's investment portfolio, to be published quarterly in a newspaper of national circulation. Investment policy, will be published annually.

25 prohibition article 53.-who has not constituted in accordance with the provisions of this law as institution administrator of pension funds may not attributed the quality of such, or you can perform the functions which are conferred upon them under this law.
You can also put in your local or office, notice that contains expressions that indicate that you it's an institution administrator of savings system for pensions, or you can make use of letterheads, posters, titles, forms, receipts, circulars or any other paper that contains names or other words indicating that business persons they carry are the institution administrator of funds of pension's savings system for pensions. Them shall be prohibited also, carry out propaganda by the press or other means of advertising in which use is made of such expressions.
The Superintendency of pensions will make history at the disposal of the Attorney General of the Republic to, initiate appropriate action, without prejudice to public action promoted by those affected.
When in the opinion of the Superintendent of pensions, there is evidence that can boast the realization of some of the activities that are listed in this article will have, regarding the alleged infringers, the same powers of inspection conferred by its act to supervised institutions.
Violations of this article will be sanctioned in accordance with the provisions of title II of this law, without prejudice to those laid down in the Criminal Code apply.
Chapter V of the administration of the institutions administrators of funds of pension requirements directors and managers article 54.-the institutions administering shall be managed by a Board of Directors, composed of five or more proprietary directors and an equal number of alternates.
Directors or managers of institutions administering must meet, in addition to the requirements established by the code of Commerce for corporations, the following directors: to) be at least twenty-five years of age;
b) be of acknowledged repute; and (c) demonstrate competency, financial or administrative;
In addition you must submit two references banking and credit, at least, showing its financial solvency.

26 disabilities directors and managers article 55.-are disabled to be directors or managers of institutions administering: to) directors, officers or employees of any other institution administrator, banks, financial, houses stockbrokers, bags of securities and corporate insurance, as well as the Superintendence of values, of the financial system and pensions;
(b) the insolvent or broken, while they have not been rehabilitated, and which had been rated Court as a guilty or fraudulent, bankruptcy in any case;
(c) debtors of the financial system for credits that has been constituted a reserve of sanitation of fifty percent or more balance persists while such a situation.
This inability shall also apply to those directors who have 25 percent or more of shares in companies that are in the aforementioned situation;
(d) those who have been directors, officers or managers of an institution member of the financial system which incurred economic shortcomings of twenty percent or more than the minimum required by law; that has required contributions from the State for its sanitation; or that has been operated by the respective authority. In any case must demonstrate the responsibility that had so given this situation;
e) those who have been convicted by judgment rendered for crimes against property or against the public Treasury;
(f) those who have participated directly or indirectly in grave breach of the laws and regulations that govern the financial system;
(g) those who have been sentenced judicially to payment of debts while not check have been cancelled;
(h) the public officials and popularly elected; e i) who are legally incapable.
(Disabilities contained in the literal b), and the first paragraph of clause (c)), also apply to the respective spouses or relatives in the first degree of consanguinity.
Declaration of inability to Art. 56.-when there is or occurrence of any of the grounds referred to in the previous article, inability expire Management Director or the officer and will proceed to their replacement in accordance to the articles of incorporation of the society.

27 it will be up to the Superintendency of pensions, of its own motion or at the request of a party, declare the disability, without prejudice to the penalties in accordance with the provisions of the criminal code.

However, acts or contracts authorized by an unqualified officer, until his inability to be declared, not be Noot for this circumstance with regard to the institution or with regard to third parties, unless they have caused damages against the pension fund or the affiliates.
Article 57.-the institutions administering prohibitions, may not acquire, lease, use or exploit, securities or assets of the pension fund that manages, or dispose of or lease of their own to these.
The administering institution may not invest in other pension funds. They may not give or receive money on loan from the pension funds, or grant guarantees to them and vice versa.
Directors and administrators of the administering institutions, must inform the Superintendence of pensions within the next business day of carried out an operation, with its own resources, in fixed income instruments in which the investment of public funds is authorized.
For any provisions in this article, the Superintendency of pensions will order that the irregularity within a maximum of thirty working days, without prejudice to administrative sanctions that may be applied by the same Superintendency of pensions should be deleted.
Chapter VI dissolution and liquidation dissolution volunteer article 58.-in case of voluntary dissolution, the liquidation will be carried out by the administering institution concerned, authorization of the Superintendency of pensions and aiming of the period in which the liquidation should be. To this effect it must present a plan of liquidation, which will give you tracking a delegate appointed by the Superintendent.
The omission of this requirement or failure to comply with the approved plan shall entitle the Superintendency of pensions to require, in accordance with the designated procedure in the second paragraph of the preceding article, its compulsory liquidation.
Grounds for dissolution and liquidation of the institutions administering article 59.-Procedera the dissolution and liquidation of an administering institution, for the following reasons: to) when it has not noticed the difference in minimum yield referred to in article 85 of this law;
(b) has the special contribution of warranty or heritage in the 28 time limits in this law; not completed
(c) when in six months register three deficits of safekeeping of valuables; and (d) when the Superintendency of pensions revoke you authorization to operate.
Article 60.-occurred any of the grounds for dissolution and liquidation, the Superintendent of pensions should be issuing a decision revoking the authorization to operate in the administration of a pension fund to the administering institution responsible.
Compulsory dissolution article 61.-when concurring the grounds for dissolution contained in this law, and the General meeting of shareholders not finds the cause of dissolution, the Superintendent shall revoke authorization to manage the Pension Fund to the institution concerned. The Superintendent asked judicially the dissolution thereof, without prejudice to the powers of the Attorney General of the Republic.
Article 62.-during the judicial proceedings referred to in the preceding article, the institution administering not may continue with operations that designates this law. The Superintendency of pensions must replace it in the administration of the pension fund while the judge gives the corresponding sentence.
Article 63.-dissolved the company and ordered their liquidation, the Superintendent shall appoint one or more liquidators, must add to the social reason of the institution administering the sentence: "in liquidation".
Liquidation forced Art. 64.-during the period of liquidation, the liquidators may only run acts and conclude contracts directly tending to facilitate it. The liquidators shall not carry out new affiliations, or develop activities that adversely affect the Pension Fund.
If they failed the provisions in the preceding paragraph, shall incur civil and criminal liability to any place, without prejudice that must meet with their personal belongings for any damage caused to the Pension Fund to the liquidators.
Article 65.-the liquidator or liquidators appointed, will have as main attribution, the receipt of the Fund pensions and the assets of the institution. To this effect, you can exercise legal representation and administration of the administering institution, invest the pension fund fees and develop other functions assigned to them.
Notification to the public article 66.-the liquidators shall notify through notices published weekly in a newspaper nacional, in a period of thirty days, all persons, natural and legal, which may have rights against the administering institution in liquidation so that they prove their rights, presenting the supporting documents required within ninety days after the date of 29 the latest publication and at the place specified therein. The notification will indicate the last date to the reception of such evidence, after which it will not accept any claim.
However the above, the Pension Fund of the administering institution in liquidation are you recognised their rights without the above mentioned procedure.
Lifting of inventory by liquidators article 67.-the liquidators appointed to take possession of their posts in an administering institution in liquidation, shall make a record containing the inventory of assets and liabilities of the administering institution and the assets and liabilities of the Pension Fund.
Persons with a legitimate interest may request concerned inventories at the offices of the administering institution in liquidation.
Priority of payments article 68-settlement an administering institution, and after covering the liquidation expenses, shall be made payments according to the following order: to) payment of wages, social benefits and other obligations of social security;
(b) the payment of the minimum profitability that owed to the Pension Fund;
(c) payment of liabilities with the pension fund that may affect individual accounts of members, such as discounts for permanence;
(d) obligations in favour of the State and the municipalities, including any tax, rate or rate; (and e) payment of duties and other balances due to third parties.
Article 69.-before the liquidation of an institution administrator, perceived commissions duration of the liquidation process, will go first, to the payment of the disability and survival insurance contract, which shall be unattachable.
Similarly, supplementary capital, special contribution and the payment of pensions for invalidity caused by the first opinion received by the administering institution on the part of people's insurance society, shall be unattachable.
States financial article 70.-Superintendent of pensions publication published in two newspapers of national circulation, on behalf of the administering institution, at least on a quarterly basis, the financial statements reporting on the situation of the administering institution in liquidation, together with the full opinion of the external auditor, as well as the pension fund that manages.

30 values not claimed article 71.-the cash and securities of the asset of an administering institution in liquidation that are claimed by its creditors, after the liquidation process, will be deposited by the liquidators in the Banco Central of reservation of El Salvador on behalf of creditors.
The Central Bank will retain that amount within ten years or the prescription of the corresponding obligation if it were less, and can make payments with the consent of the Superintendent of pensions. The deadline expired, unclaimed balances will be prescribed and will go to the General Fund of the nation.
For pending litigation rights, the term applies from the date of the last statement executed.
Distribution of Final remnant article 72.-when the liquidator has fully paid the obligations of an administering institution in liquidation and compliment with the provisions of article 66 of this law and provided that had remnants, convene the General meeting of shareholders so that they agree to its distribution in proportion to their contributions.
Legal action against officers and employees article 73.-the Superintendent or the liquidators of an administering institution, must begin and continue any necessary legal action against those who may be responsible for their bad management, before the expiration of this period of prescription of the action which established trade and Civil Codes. The above, without prejudice to action that exists by omission of officials to initiate such action.

Article 74.-in any case of dissolution and liquidation, the Superintendency of pensions, shall request the Attorney General to take the necessary measures to prevent or prosecute any offence of criminal nature that commit administrators, liquidators or anyone else directly involved in the process of liquidation. However, the Superintendency of pensions shall be vested with all the powers necessary for the proper administration of the assets of the Pension Fund.
Transfer of the Fund's pension article 75.-produced the dissolution and the liquidation of an institution Administrator initiated, as appropriate, members shall have the right transferred to the administering institution of your choice, during the period of ninety days calendar, after the term, the liquidator shall transfer administration of the remnants of individual pension, proportional savings accounts the institutions administering, in accordance with the respective regulations, have the financial capacity for reception.
SPECIAL case of dissolution and liquidation 31 Art.75-A. IF FOUND OPERATING ONLY TWO INSTITUTIONS ADMINISTRATORS AND ANY OF THESE AGREED TO BE VOLUNTARILY DISSOLVED PURSUANT TO ARTICLE 58 OF THIS LAW OR INCUR IN ANY CAUSAL OF DISSOLUTION REFERRED TO IN THIS LAW, THE SUPERINTENDENCY OF PENSION SHALL REVOKE THE INSTITUTION ADMINISTRATOR THAT CAUSES THE AUTHORIZATION TO ADMINISTER THE RESPECTIVE PENSION FUND AND, FOR THE PURPOSES OF MAINTAINING OPERATING A MINIMUM OF TWO ADMINISTRATORS OF PENSION FUNDS , HE SHALL SUBMIT SUCH AUTHORIZATION TO BID, AND MUST SET THE BASES THAT IT MUST AGREE. IN THIS CASE DOES NOT APPLY THE EXCEPTION REFERRED TO IN THE SECOND SUBPARAGRAPH OF ARTICLE 12 OF THIS LAW AND THE DISSOLUTION AND LIQUIDATION IS SUBJECT, IN WHICH IT IS APPLICABLE AS PROVIDED IN THIS LAW AND THE RESPECTIVE REGULATIONS. (2) by Fusion article 76.-when arises the fusion of two or more institutions administering, shall not liquidating them or the assignment of their respective pension funds.
In the event of a merger, the authorization of the Superintendency of pensions shall be published in a newspaper of national circulation within the period of fifteen days from its issuance and will produce the effect of merging companies and the respective 60 days after pension funds of verified publication, without prejudice to compliance with other formalities established by law.
The publication must contain, in addition, the amount of commissions that set the resulting entity of the merger.
The merger may not produce balance decrease in individual savings accounts for pensions or benefits that are granted to members.
Chapter VII of the Fund pension definition article 77.-the Fund's pension will be exclusive property of the affiliates, independent and different from the heritage of the administering institution, without having this domain on that one.
The Pension Fund will be formed by the set of individual pension savings accounts; the fluctuation reserve of profitability; Transfer certificates that have made effective; and the profitability of their investments, deducted commissions of the administering institution.
Imprescriptible article 78.-the property and rights that make up the pension funds shall be unattachable and will be used only to generate benefits according to the provisions of this law.

32. in addition, those sums earmarked for the payment of premiums for disability and survival insurance, shall be unattachable.
Expression of the fund shares Art. 79.-the value of each pension fund will be expressed in equal amount fees and features, with the object of determining the contribution of each of members with the same administering institution within the assets of the Fund and to distribute the profitability of their investments.
The value of quota is determined daily on the basis of the economic value or that of the investment market. How to carry out the assessment shall be determined by the Superintendency of pensions according to the rules which will be applicable to all the pension funds, which is set to the methodology and timing for the assessment of the instruments in which the funds are invested.
The monthly average value of a Fund share is determined as the sum of the values of shares every day, divided by the number of days in the month.
The Superintendency of pensions shall set the initial value of the share of the Pension Fund, ensuring that it is similar to all those administering institutions that initiate operations in the same period.
Profitability over the last twelve months article 80.-nominal profitability for the last twelve months of a Fund, will be the percentage change in the average value of the quota of a month, the monthly average value in the same month of the previous year.
To determine the nominal return on the last twelve months average of all funds, is calculated the weighted average value of the profitability of all of them. The weighting factor is the ratio that represents the total value of the shares of each of the funds, in relation to the value of the shares of all funds, the last day of the previous month.
Return minimum of the Fund article 81.-Las institutions administrators will be responsible for monthly nominal profitability for the last twelve months of the Fund, may be less than that is lower among: to) the nominal return on the last twelve months average of all pension funds minus three points; and (b) 80% of the average nominal return of the last twelve months of all funds.
Provisions of the preceding paragraph shall not apply to the administering institutions that have less than 12 months of operation.

33. the minimum profitability will be guaranteed by the mechanisms and in the manner described in articles 83, 84, 85, 35, of this law in that order.
Guarantees of the profitability minimum article 82.-in order to ensure the minimum profitability that is referred to in the previous article, there will be a "reserve fluctuation of profitability" that will be part of the Fund and a "special warranty contribution", property of the administering institution, which will operate as indicated in the following articles.
Reservation of fluctuation of profitability article 83.-La reserve of fluctuation of profitability will be formed with the excesses of nominal profitability for the last twelve months of the respective fund exceeding one month to whichever of the following calculations: a) the nominal return on the last twelve months average of all funds more three-point, or b) the average nominal return of the last twelve months over twenty percent of all funds of the same.
This reserve will be expressed in the respective pension fund shares.
The balance of the reserve of fluctuation of profitability will only have the following destinations: 1. cover the difference between minimum profitability defined in article 81 of this Act, and the profitability of the last twelve months from the bottom, where the latter is less;
2 increase in the opportunity that the administering institution establish, the profitability of the Fund in a given month until reaching the lesser amount between: 2.1. The profitability of the last twelve months average of all funds plus three points;
2.2. the return of the last twelve months average of all funds more twenty per cent.
This application can be done only by the amounts that the fluctuation reserve of profitability exceeding one percent of the value of the Fund;
3. when the resources accumulated in the reserve of fluctuation of profitability exceed by more than two years the one per cent of the value of the Fund, the excess over that percentage should necessarily subscribe to individual members saving accounts, irrespective of the profitability;

34 4. Pay to fund the balance of the reservation, the date of the winding-up or dissolution of the administering institution.
Special contribution of guarantee article 84.-each institution administrator shall establish and maintain a special contribution of warranty that shall support the Fund minimum profitability that it MANAGES. THIS WARRANTY SHALL BE EQUIVALENT TO A PERCENTAGE OF THE ASSETS OF THE ACTUAL FUND MANAGED, WITHOUT EXCEEDING THE THREE PERCENT OF THE FUND AND FOR ITS APPLICATION WILL DICTATE THE RESPECTIVE REGULATIONS. SO EACH INSTITUTION ADMINISTRATOR CAN HIRE EQUITY GUARANTEES, BONDS OR OTHER FINANCIAL INSTRUMENTS THAT YOU CAN SUPPORT THE PERCENTAGE ESTABLISHED, WITH FINANCIAL INSTITUTIONS THAT HAVE THE MINIMUM QUALIFICATION DETERMINED TO SUBJECT EMISSIONS TO BE PURCHASED WITH PENSION FUNDS. (2) (7) Article 85.-If the nominal profitability for the last twelve months of a fund is, in a certain month, less than the minimum yield referred to in article 81 of this Act, and the fluctuation reserve of profitability is not sufficient to cover the difference, the administering institution must find it within a period of five days with resources from the special contribution of warranty and must replace the asset within the period of 15 working days.

If the designated minimum profitability is not completed, the difference must be complemented with heritage of the administering institution.
Custody and deposit of values article 86.-the values in which the administering institution invest the resources of the Fund, shall be in the custody of a company specialised in the storage and custody of securities. Anyone who is the institution that you choose must be established according to the law of the stock market, authorized by the Superintendence of values and in the registry of the Superintendent of pensions for this purpose.
So these companies are located in the registry of the Superintendent of pensions, the latter will verify that these companies have the systems of security and control required by the system, and in the case of foreign companies, may require certifications of regulating or supervising bodies of the countries of origin.
Societies of custody and securities depository, in regards to the Pension Fund, will have their information systems in line with the Superintendency of pensions.
The administering institution must keep a record of the values that kept in custody, which must be supported by documentation.

35 article 87.-one hundred percent of the investments of the pension fund values, should be kept in custody as referred to in the preceding article. Only will be considered out of this requirement, the accounts referred to in article 103 of this law.
Custodians shall notify the Superintendent of pensions, daily, the value of the portfolio to each institution administrator keep registered, which limited removal of deposited securities in accordance with the provisions of the Superintendency of pensions.
The deficit of custody must be replaced within the period of the next business day and shall incur a fine in accordance with title II of this law the administering institution.
When the administering institution lost a titulovalor, you must communicate in writing to the Superintendent of pensions at the end of a business day counted from the date of the loss, otherwise will be punished according to the provisions of title II of this law. Made the communication product replacement in accordance with the procedure referred to in the code of Commerce.
Chapter VIII of the investment of the funds of pension object of the investment article 88.-the object of the investments of the pension funds is to obtain adequate profitability in conditions of safety, liquidity and risk diversification. Any other objective is contrary to the interests of pension funds.
Deposits and securities in which the resources of the Fund are invested should be issued or transferred with the clause "to the Pension Fund", preceded by the name of the appropriate administering institution. This provision shall be limited in the cases in which values are in custody or that using a system of compensation transactions, so only used this clause in records of institutions of custody and deposit of Securities Commission of risk article 89.-create the risk Committee in order to determine the following (: a) the maximum investment limits by type of instrument in the percentages set out in the law;
(b) the range of the weighted average term of investments that Fund resources on debt instruments fixed; and (c) the minimum limits of risk rating for instruments that obligations of insurance companies and pension funds to be invested to be contracted in the system according to their rating, which must be carried out by two entities engaged in such activity, in accordance with the law of the stock market.

36. this Commission will be composed of the Superintendents of values, pensions, financial system and by the President of the Central Reserve Bank, and will be chaired by the Superintendent of pensions. The Committee shall meet at least once a year to determine corresponding limits.
The sessions of the Commission on risk, shall be at least, with the assistance of three of its members, which in any case shall have the assistance of the Superintendent of pensions or the empowered by him for that purpose. Resolutions shall be taken by a majority, and in the event of a tie, the Superintendent of pensions shall have double vote.
The Superintendency of pensions will provide the necessary technical support to the Commission on risk.
THE investments to which is concerned the LITERAL m) of article 91 of this Act, relating to the certificates of investment social security, not require of be subjected to processes of classification risk by entities dedicated to such activity, in accordance with the Securities Act. (8) information reserved Art. 90.-members of the risk Committee shall keep absolute reservation in relation to documents and background of issuers and instruments subject to classification until such information is public. Likewise, are forbidden to use directly or indirectly from the confidential information, to gain advantage for himself or for others.
Diversification of investments by instrument Art. 91-LA Commission of risk must set the limits maximum for the investment of each one of LOS portfolio of the Fund's pension by type of financial instrument. These limits maximum will be set inside of the ranges percentage of asset of every type of portfolio, which are detailed below: (8) (2) (a)) values issued by the direction GENERAL of Treasury of EL SALVADOR, acquired already is in a bag of values national or in market values international organized, between 20% and 50%; ((2) (7) (8) b) values issued by the CENTRAL Reserve Bank of EL SALVADOR, among the 20% to 30%; ((2) (8) c) securities issued or guaranteed by companies State E institutions official autonomous, with the exception of the of the BANCO MULTISECTORIAL of investments and the Fund SOCIAL for housing, between 5% and 20%; ((2) (8) d) securities issued by the multi-sector investment bank, among the 20% to 30%, to calculate East limit not is should be include LAS emissions certificates of investment social security that perform in quality of trust del BANCO; ((2) (8) 37 e) NEGOTIABLE obligations of more than one year term issued by societies SALVADOREÑAS, between the 30% to 40%; ((2) (8) f) actions and bonds convertible into shares of society SALVADOREÑAS, between the 0% and 20%; ((2) (8) g) certificates of participation of funds from investment SALVADORANS, between the 0% and 20%; ((2) (8) h) certificates of deposit and securities issued or guaranteed by banks SALVADORANS, among the 30% to 40%; ((2) (8) i) securities issued with guarantee mortgage or collateral on portfolio mortgage, earmarked for financing housing, including the issued by the Fund SOCIAL for housing, between 30% and 40%. IN ANY CASE, THE VALUES ISSUED BY THE SOCIAL FUND FOR HOUSING, MAY NOT EXCEED 10%; (2) (7) (8) j) financial papers of the system of mortgages insured or cards mortgage insured, between 15% and 20%; ((2) (8) k) public offer values issued by SALVADORAN, and certificates Trustees of participation, TITULARIZADORAS societies between 0% and 20%; ((2) (8) l) other instruments of offer public, between the 0% and 30%; ((2) (7) (8) m) social security, issued by the trust's obligations pension investment certificates, will have a maximum of 45% of the limit. EMISSIONS THAT CAN BE PURCHASED WITH THE RESOURCES OF THE FUND IN THE FORM ANNUAL WILL BE EQUIVALENT TO THE ESTABLISHED REQUIREMENTS AND THE PROCEDURE LAID DOWN IN ARTICLES 13 AND 16 OF THE LAW OF OBLIGATIONS PENSION FUND, RESPECTIVELY; (8) ((10) * declared unconstitutional n)-backed securities with flows caused by works real estate, infrastructure or development such as roads, ports and other works, between 0% and 10% of the Fund managed. TO HAVE GUARANTEE OF MULTILATERAL AGENCIES, STATES OR REINSURERS OF FIRST LINE, BETWEEN 10% AND 30% OF THE MANAGED FUND. (8) THE INVESTMENT OF FUNDS FROM PENSIONS IN THE ABOVE MENTIONED INSTRUMENTS, MUST BE PERFORMED AT COMPETITIVE INTEREST RATES IN THE MARKET. ((((((2) (8) the sum of the investments in LOS values shown in letters to), b), c), d) and m) of this article, not you can be increased to seventy per cent of the assets of the Fund. ((((((2) (8) 38 LA sum of investments in the values shown in the letters e), f), g), k) and l) of this article, not you can be increased to seventy per cent of the assets of the Fund. (((((2) (8) LA sum of investments of a Fund in the values that established LAS letters d), h), i) and j), from this item, excluding to the issued by the SOCIAL for the Housing Fund, may not be increased to sixty per cent of the assets of the Fund. (2) (8) ALL INSTRUMENTS REFERRED TO IN THIS ARTICLE, EXCEPT THE DEPOSITS OF BANKS AND SOCIAL SECURITY TITLES, MUST BE REGISTERED ON A NATIONAL STOCK EXCHANGE; COMPLY WITH THE REQUIREMENTS PROVIDED FOR IN THE RESPECTIVE LEGISLATION OF THE STOCK MARKET, HAVE BEEN SUBJECTED TO A PROCESS OF CLASSIFICATION OF RISK, FOUND WITHIN THE MINIMUM RATING SET BY THE RISK COMMITTEE WHEN APPROPRIATE, AND GOVERNED PURSUANT TO THE RULES OF INVESTMENT. (2) (8)

THE deposits and values shown in the letter h) of East article whose maturity is less to a year, you'll have a maximum limit of fifty percent of the limit set by the Commission of risk for those instruments. (2) (8) IS EXCLUDED FROM THE CLASSIFICATION OF RISK VALUES ISSUED BY THE DIRECTORATE-GENERAL OF TREASURY AND THE BANCO CENTRAL DE RESERVA DE EL SALVADOR. (7) (8) WILL BE PART OF THE ASSETS OF THE PENSION FUNDS, TRANSFER CERTIFICATES AND SUPPLEMENTARY TRANSFER CERTIFICATES, FROM THE MOMENT THEY ARE DELIVERED BY THE ISSS AND INPEP ADMINISTERING INSTITUTIONS. WILL NOT BE SUBJECT TO ANY MAXIMUM INVESTMENT LIMIT OR TO THE REQUIREMENT OF RISK CLASSIFICATION; LISTING ON A NATIONAL STOCK EXCHANGE, WILL ONLY BE REQUIRED WHEN YOU INTEND TO NEGOTIATE. Social security NO titles will be taken into account for the calculation of the special contribution of guarantee referred to in article 84 of this law. ((8) Article 92.-in addition to the limits given in the previous article, the risk Committee shall establish maximum, within the ranges that limits is indicated in the regulation of investments, for the following instruments: to) the TOTAL of investment in shares issued by companies whose debt exceeds five times their assets;
(b) the TOTAL of the investments in certificates of participation of funds of investment whose portfolio is concentrate in more of fifty percent in development of companies new);
((((((c) the TOTAL investment in the instruments indicated in LITERALS e), f), j), k) and l) of the preceding article, whose transmitter is less than three years of operation; And (d) other which determines the Commission's risk. (2) 39 in any case, the sum of investments in instruments mentioned in this article, will be restricted to a maximum of investment that will be set between five and fifteen percent of the value of the Fund.
Diversification by issuer and issue article 93.-risk Committee shall establish the maximum, within the range limits laid down in the regulation of investments, the TOTAL investment of a Fund of pension in certificates of deposits and securities, issued or guaranteed by the same entity or business group, as well as the limits of investment of a Fund in a same emission values CERTIFICATES OF PARTICIPATION OF A SAME INVESTMENT FUND AND DIRECT INVESTMENTS OR INDIRECT ACTIONS OF A SOCIETY.
ARE EXCEPTED FROM THE PROVISIONS MENTIONED IN THIS ARTICLE, INVESTMENTS IN SECURITIES ISSUED OR GUARANTEED BY THE DIRECTORATE GENERAL OF TREASURY, THE CENTRAL BANK OF RESERVE OF EL SALVADOR, SOCIAL FUND FOR HOUSING AND BANCO MULTISECTORIAL INVESTMENT.
FOR THE PURPOSES OF THIS ACT, THE DEFINITION OF BUSINESS GROUP IS ESTABLISHED IN THE LAW ON THE SECURITIES MARKET. (2) companies linked article 94.-when two or more pension funds are managed by related societies, means the limits given in this law to govern for the sum of investment of all funds managed by related companies.
For purposes of this provision, means companies linked to the securities market law.
Excesses in limits or breach of investment requirements article 95.-when for any reason an investment is carried out with resources from the pension fund overshooting or ceasing to meet the established requirements, excess must be posted in a special on the affected Fund account and the administering institution may not make additional investments in the same instrument as long as this situation. In addition, the Superintendency of pensions apply administrative sanctions which proceed according to its law and this.
The excesses of investment must be settled within 90 days, which may be extended under the provisions of special regulations which will establish conditions and procedures for disposal, considering the causes that gave rise to the breach, the liquidity of the financial instrument and the conditions of the stock market.

40 securities transactions (8) Article 96-all securities transactions carried out with the resources of a pension fund must be made within a national stock exchange, both in primary and secondary market. HOWEVER, MAY PERFORM OPERATIONS OUT OF EQUITY MARKETS REGULATED IN THE CASE OF SUBSECTION THIRD OF THIS ARTICLE AND PURCHASED AT WINDOW VALUES OF THE DIRECTORATE GENERAL OF TREASURY, BANCO CENTRAL DE RESERVA DE EL SALVADOR, ISSS AND INPEP, WITH RESPECT TO THE TITLES OF SOCIAL SECURITY THAN THEY EMIT; THOSE CASES WHERE EXERCISING THE PREFERENTIAL RIGHT OF SUBSCRIPTION OF SHARES, IN THE EVENT OF A CAPITAL INCREASE BY CAPITALIZATION OF RESERVES OR PROFITS; And the LITERAL m) of article 91 of this Act.
AS INDICATED IN THE PRECEDING PARAGRAPH SHALL NOT APPLY FOR TITLES PENSION RECEIVING INSTITUTIONS ADMINISTERING CONCEPT OF RECOGNITION OF RIGHTS, AS STATED IN ARTICLE 229 OF THIS LAW, TO BE RECEIVED DIRECTLY FROM THE ISSUERS. IF SUCH SECURITIES HAVE BEEN ENDORSED TO THE PENSION FUND, WHEN THESE HAVE NOT BEEN NEGOTIATED, WHETHER MEMBERS OR THEIR BENEFICIARIES OPTED FOR PENSION ANNUITY BY MODE, WILL BE TRANSFERRED FROM THE PENSION FUND, SOCIETY OF INSURANCE CHOSEN, THE AMOUNT VALUED AT THE DATE OF YOUR TRANSFER.
When the institutions to invest resources of the Pension Fund, with the objective of protect the interests of the affiliate, PODRAN celebrate contracts with the ISSUERS of securities, under the following terms: a) the issuer have the obligation to buy or replace the Fund's pension the securities purchased, if you meet the conditions agreed;
b) set the price of LA purchase to which is LA letter earlier or, failing, the mechanism for calculating said price or the mechanisms to perform replace; And, c) establish the term in which such purchase or replacement there will be completed, as well as the way in which to run.
CONTRACTS REFERRED TO IN THE PRECEDING PARAGRAPH, BEFORE YOUR SUBSCRIPTION, SHOULD BE MADE OF THE KNOWLEDGE OF THE SUPERINTENDENCY OF PENSIONS, TO MAKE IT SUBJECT TO THE AUTHORISATION BY THE COMMISSION OF RISK, YOU WILL HAVE 15 DAYS TO RESOLVE.
THE SUPERINTENDENCY OF PENSIONS WILL BE ENTITLED TO AUDIT OPERATIONS CARRIED OUT WITH RESOURCES FROM THE PENSION FUNDS IN ORGANIZED MARKETS, WITHOUT PREJUDICE TO THE POWERS THAT YOU CORRESPOND TO THE SUPERINTENDENCE OF VALUES OR RESPECTIVE REGULATORS.
FOR THE PURPOSES OF THIS LAW, IT MEANS PRIMARY AND MARKET SECONDARY MARKET, AS DEFINED IN THE LAW ON THE SECURITIES MARKET. (2) (8) 41 investment policy of the Fund article 97.-within the limits for the investment of funds, each institution administrator will have freedom to design the investment policy of the Fund that manages, which shall keep at the disposal of the public. In this policy must be given, among others, the proportion of investments in equities of medium and long term to finance capital formation and the acquisition of housing resources of the Pension Fund. The Superintendency of pensions will determine the minimum elements that must contain the investment policy.
External Auditors to ruling on the financial statements of the institutions administering should also pronounce on compliance that these institutions are giving their investment policy.
Prohibitions Article 98.-the assets of the Pension Fund shall not be INVESTED in shares: to) institutions administrators of pension funds;
(b) insurance companies);
(c) corporate investment fund managers;
(d) companies risk CLASSIFIERS;
e) stock exchanges;
HOUSES of CORREDORES DE BOLSA (f));
((g) societies of custody and securities depository, and h) societies TITULARIZADORAS. (2) Likewise, the resources of the pension funds may not be invested in operations of reporting or deporto with any value.
In addition, the administering institutions may not grant or guarantee loans to its shareholders.
Ban on investments in related companies article 99.-the institutions administering, may not invest, with resources of the Fund managed, in securities issued or guaranteed by themselves or by their subsidiaries, or by legal persons related directly or indirectly with the ownership or management of the respective administering institution. For these purposes, shall be considered related when they possess a minimum of property 42 stock of three per cent of the capital of the administering institution, including the actions of the spouse and relatives in the first degree of consanguinity, in the case of natural persons, and the Administration will be limited to which directors or managers of the entity exercising. People related to autonomous public undertakings or institutions are not considered.
Also be considered related operations the acquisition of securities issued or guaranteed by companies whose property is in any of the following circumstances:

1. the societies in which a shareholder of the administering institution, his spouse and relatives in the first degree of consanguinity, holding 10% or more of the shares entitled to vote, and at least three per cent of the actions of the institutions administering;
2. the company in which a director or Manager of the administering institution, your spouse or relatives in the first degree of consanguinity are ten percent or more of the shares with voting rights;
3. the society in which two or more directors or managers of the administering institution, their spouses or relatives in the first degree of consanguinity, have altogether twenty-five per cent or more of the actions;
4. the society in which the shareholders, directors or managers of an administering institution, their spouses or relatives in the first degree of consanguinity, have altogether twenty-five per cent or more of the actions, and ten percent or more of the actions of the administering institution concerned;
5 not be may invest the Fund's resources in a society that is owned by ten percent or more of another, in which the shareholders owners of three percent or more of the administering institution, directors or managers of the administering institution possess, individually or jointly, ten percent or more of the actions of the second society in reference.
It is forbidden to the administering institutions acquire, with the Fund's resources, values of the people related to that referred to in this article, which have as their object the development or disposal to any degree of real estate. The resources of the Fund may not invest in securities issued or guaranteed by companies in which the administering institution has shareholding.
Despite the above, the institutions administering may invest resources of the Pension Fund, which managed certificates of deposit and securities issued by banks and financial related, up to a total of ten per cent of the assets of the Fund, at the same time the investment shall not exceed five per cent of the assets of the Bank or financial, that is larger , and is serving the remainder of investment limits. Likewise a Bank and financial related may be fundraising functions the administering institution by deposit.
The external auditors, to issue its opinion on the financial statements of the institutions administering be indicated in separate note on the implementation of this provision.

43. institutions managers must keep a record of natural and legal persons related with its ownership and management, and must provide the respective information to the Superintendency of pensions at least quarterly.
Technical provisions that allow for the application of this article shall be established by the Superintendency of pensions.
Responsibility for investment article 100.-the directors of an institution administrator, their managers, administrators and, in general, any person who, owing to his office or position, have access to information concerning the operations, policies and strategies of investment funds, shall keep absolute reservation in relation to these themes until such information is public.
Likewise, is forbidden to the persons referred to in the foregoing paragraph avail themselves directly or indirectly reserved, to obtain for himself or for other information, other than the Pension Fund, benefits through the purchase or sale of securities.
Article 101.-the institutions administering must make all efforts that allow them to the respective applicable legal provisions and with the diligence that ordinarily employ in their own businesses, for precautionary management companies and investment funds in which to invest the Pension Fund to manage, in order to ensure the proper return on investment.
Article 102.-the institutions administering cannot be transactions of instruments at prices far from those recorded in the primary and secondary markets that may impair the value of the Fund, if not, must reset the difference with its own resources. The methodology for determining these cases shall be established in the regulation of investments.
Art. 103.-each institution administrator accounts management must operate with bank accounts for the exclusive management of the resources of the pension fund that manages, in which should settle the dues paid by the members, the product of the investments of the Fund and the value of the special contribution of warranty.
Withdrawals from these accounts will have as unique destinations the acquisition of securities for the Fund, the payment of benefits, commissions, transfers and transfers established by this law.
Each institution administrator are available in current accounts up to a maximum equivalent to 10 percent of the assets of the Pension Fund to administer, in accordance with the provisions of the regulation of investments.
Chapter IX of the beneficiaries and cause old-age pension 44 Art. 104.-members of the system are entitled to old-age pension when any of the following conditions have been met: to) when the individual pension savings account balance is sufficient to finance a pension equal to or superior to sixty per cent of the basic wages controller defined in article 122 of this Act at the same time be equal to or greater than one hundred sixty per cent of the minimum pension referred to in chapter XII of this title.
(b) repealed (5) * declared unconstitutional interpretation real Decree No. 523, the Legislative Assembly of the Republic of EL SALVADOR: i. which by Decree legislative Nr. 927, from date of December 20, 1996, published in the Diario official No. 243, volume no. 333 of the 23rd of the same month and year, the pension savings system Act was issued.
Decree legislative Nr. 347, date June 15, 2004, published in the Official Journal No. 128, vol. No. 364 from 9 July of the same year, II. which was repealed the literal b) Article 104 and literal b) and second paragraph of article 200 of the law mentioned in the previous recital.
III. that the literal and subparagraph repealed, allowed access to old-age pension, persons who registered a period of thirty years of contributions or to the date of entry into operation the savings system for pensions recorded thirty years of contributions or more, in both cases, regardless of age.
IV. the decree referred to in the second recital of this Decree shall enter into force on 1 January of the year 2005. However, it is being interpreted by different institutions do so effective with different criteria, which is creating uncertainty in members of the pension system that comply with the requirements of 30 years of service, and seeking to retire.
V. That the spirit of this House was that the people that they meet the requirements before 1 January 2005, in accordance with applicable law, it is not necessary to exercise such right before the 31 of 45 December 2004.
VI. who, owing to the above, it is necessary to interpret authentically the provisions of article 1 of the Decree legislative Nr. 347 before related, to establish that you persons that fulfil the requirements for retirement by age regardless of the age at December 31, 2004, may exercise that right.
THEREFORE: use of his constitutional powers and at the initiative of MEPs: Alejandro Dagoberto Marroquín, Juan Miguel Bolaños and José Mauricio Quinteros.
DECREED: The following interpretation genuine article 1 of Legislative Decree No. 347, dated 15 June 2004, published in the Official Journal No. 128, took no. 364 9 July of the same year, as well.
Article 1. It should be understood that members who meet the requirements for retirement by age regardless of the age, in accordance with provisions of the literal b December 31, 2004) Article 104 and literal b) and second paragraph of article 200 of the law of the savings system for pensions can exercise that right, even after 31 December 2004.
This authentic interpretation is incorporated into the text of the law of the pension savings system.
Article 2. This Decree shall enter into force eight days after its publication in the official journal.
GIVEN IN THE LEGISLATIVE PALACE. San Salvador, twenty-five days of the month of November in the year two thousand and four.
D. O. No. 240 volume # 365 date: December 23 of 2004 c) when met 60 year old men, or 55 years of age women, provided that they register at least twenty-five years of contributions, continuous or discontinuous.
If met ages referred to in clause (c)) of this article, members do not exercise their right and will invalidate or die, only be creditors, they or their beneficiaries, to the equivalent of the old-age pension at that time, freeing the institution administering of any liability with respect to these risks.

46

When pensions are generated by compliance with the requirements listed in the literal to) this article before the ages set out in clause (c)), are considered to be early old-age pension, which will not be a creditor of the State guarantee of the minimum pension.
Pension common disability Art. 105.-you'll have right to A PENSION of invalidity, the affiliates not PENSIONERS who, without meet the requirements of age for access to PENSION of old age, suffer a DETRIMENT of the capacity to exercise any labour, A consequence of disease, accident common or weakening of its forces physical or intellectual, not so that is invalidated by occupational hazards.
THE pension PODRAN be total or partial, according to the following: a) TOTAL disability PENSION, for affiliates who suffer the loss of at least two thirds of its capacity working; And (b) PENSION for partial invalidity, for affiliates that suffer the loss of his capacity of work equal or SUPERIOR to fifty percent E lower to two thirds.
WHEN THE PENSIONER WITH TOTAL DISABILITY REQUIRE, IN THE VIEW OF THE COMMISSION RATING OF DISABILITY, THE ASSISTANCE OF A PERSON TO PERFORM THE ORDINARY ACTS OF DAILY LIFE, WILL BE ADDITIONALLY AWARDED 20% OF THE CORRESPONDING PENSION.
THE COMMISSION RATING OF INVALIDITY REFERRED TO IN ARTICLE 111 OF THIS ACT, HEREINAFTER IS IT REFERRED TO AS COMMISSION RATING, YOU MUST VERIFY THE COMPLIANCE OF THE ABOVE REQUIREMENTS WHEN THE MEMBER SUBMITTING RESPECTIVE, AND ISSUE A FIRST RULING OF INVALIDITY.
AFTER THREE YEARS OF HAVING BEEN ISSUED THE FIRST OPINION THAT REASON THE RIGHT TO PENSION, THE RATING COMMITTEE SHALL ISSUE A SECOND OPINION THAT RATIFY OR MODIFY THE FIRST.
IF BEFORE EXPIRY OF THE PERIOD RELATED AFFILIATE INVALID IN THE PRECEDING PARAGRAPH COMPLIES WITH THE AGE FOR RETIREMENT FOR OLD AGE, YOUR DISABILITY SITUATION WORSENS OR END THE RIGHT TO RECEIVE A PENSION, YOU CAN REQUEST ADVANCE TO THE QUALIFYING COMMISSION, THROUGH THE RESPECTIVE INSTITUTION ADMINISTRATOR, WHICH PROCEED THE SECOND OPINION.
TO PERFORM THE SECOND OPINION, THE RATING COMMITTEE WILL BE MENTIONED THREE TIMES TO AFFILIATE THROUGH THE INSTITUTION ADMINISTRATOR, IN THE FORM WRITTEN, ON THE DATES OF PAYMENT OF EACH OF THE LAST THREE INNS. IF THE AFFILIATE DOES NOT BE INTRODUCED WITHIN A PERIOD OF THIRTY DAYS FROM THE LAST CITATION, THE PENSION WILL BE SUSPENDED. IF NOT IS INTRODUCED IN A PERIOD OF SIX MONTHS, LAID DOWN IN THE SAME MANNER, SHOULD BE UNDERSTOOD THAT THE DISABILITY HAS CEASED.

(47 shall be entitled to invalidity PENSION TOTAL, members declared partial disabled by a second opinion which not is have FOSTERED to PENSION old age and that not comply with LOS requirements of age mentioned in the LITERAL c) of article 104 of this law, whenever your capacity of work is has lost at least two-thirds. TO DO SO, BY PARTIAL INVALIDITY PENSIONER SECOND OPINION ASK THE CONCERNED COMMISSION RATING SUCH QUALIFICATION.
IF AFTER SIXTY DAYS THE QUALIFYING COMMISSION HAS NOT DELIVERED AN OPINION, BE PRESUMED THAT THE RESOLUTION IS FAVOURABLE AS REQUESTED, UNLESS PROVEN OTHERWISE. (2) pensions for survival Art. 106.-you'll have right to PENSION of survival the members of Group family of the Member to die by disease or accident common, being understood by the same, the or the spouse, the or the partner of UNION not marriage of conformity with the article 118 of the family code, the children outside or inside of marriage, the child ADOPTIVE and parents LEGITIMATE OR ADOPTED, THAT THEY DEPEND ECONOMICALLY ON THE DECEASED.
EACH MEMBER SHALL DECLARE TO THE RESPECTIVE INSTITUTION ADMINISTRATOR, IN FORMS THAT YOU PROVIDE FOR THESE PURPOSES, THE NAMES, DATES OF BIRTH AND DEGREES OF KINSHIP OF THEIR EVENTUAL BENEFICIARIES, RESPECTING THE PROVISIONS OF THE FIRST PARAGRAPH OF THIS ARTICLE.
ADMINISTERING INSTITUTIONS SHALL EVERY YEAR IN THE MONTH OF JUNE, FACILITATE MEMBER, UPDATING THE INFORMATION WITH RESPECT TO ITS POTENTIAL BENEFICIARIES, PROVIDING MEMBERS, RELEVANT FORMS AND THE NECESSARY ADVICE FOR THIS PURPOSE, THE LACK OF STATEMENT OR UPDATE OF SUCH INFORMATION, SHALL NOT AFFECT THE RIGHTS OF BENEFICIARIES SURVIVORS, EVIDENCING SUCH QUALITY IN THE CONTEXT OF THIS ARTICLE. (7) Article 107.-access to survival, in the case of marriage, the de facto UNION PENSION, must be checked at least three years of life in common.
HOWEVER, IF THE DATE OF DEATH OF THE MEMBER, THE PARTNER IS PREGNANT OR ANY CHILDREN IN COMMON, OR IF, THE PARTNER, BE INVALID ACCORDING TO THE OPINION OF THE RATING COMMITTEE, SHALL HAVE THE RIGHT TO SURVIVAL PENSION REGARDLESS OF COMPLIANCE WITH THE CONDITIONS LAID DOWN IN THIS ARTICLE. ((2) Article 108.-children who meet any of the following requirements will be entitled to pension for survival: to) be under 18 years of age;

48 b) being students of basic education, media, technical or higher and have aged between 18 and 24 years; and (c) invalid, whatever their age, which should be an opinion of the qualifying Commission. Also entitled if the disability occurs after the death of the father or the mother, but before fulfilled the maximum ages indicated in literals a) or b) of this article, as appropriate.
Article 109.-Superintendent of pensions will be defined by regulation, condition of economic dependence of recipient parents with respect to the affiliate who dies.
Heritage art. 110.-the balance of the individual pension savings account will be part of having probate of an affiliate not pensioner who dies, in the following cases: to) when the date of his death not registraren beneficiaries with entitlement to pension of survival; or (b) when fails to be beneficiary last entitled to pension for survival; or (c) when he dies because of occupational hazards.
IF, AFTER TEN YEARS OF THE DEATH OF AFFILIATE NON-PENSIONER OR THE DATE IN THAT FAILS TO BE BENEFICIARY, THE LATTER WITH RIGHT TO SURVIVAL PENSION, NOT BE PRESENT HEIRS, PRIOR NOTICE OF THE ADMINISTERING INSTITUTION, THE INDIVIDUAL ACCOUNT BALANCE PENSION SAVINGS WILL BECOME PART OF THE GENERAL FUND OF THE NATION, TO COVER THE COSTS OF PENSION SYSTEMS. (2) Commission rating of invalidity article 111-the determination of the right to an invalidity pension, will be in charge of a qualifying disability Commission, whose main function will be to determine the origin of the disease or accident, professional, or common and qualify the degree of invalidity.
The Commission disability rating will be composed by three doctors appointed by the Superintendent of pensions, one of which must be Physiatrist.
This Committee will be organized and will operate in accordance with a special regulation, and qualify requests of invalidity according to the General rules of invalidity contained in that regulation.
Sessions of the rating Committee may attend as an observer a doctor appointed by the societies of insurance of persons, when they are aware of the rating of disability of a member whose risk is being covered by them.

49. the operating expenses of the rating agency Commission will be in charge of the Superintendency of pensions, including the fees of the members of the same doctors.
Affiliate seeking disability rating must undergo tests that demand the qualifying Commission. Costs for examinations, analysis, reports and expenses of transfer that requires the resolution of the first and second opinion of disability will be paid by the administering institution to which the applicant is affiliated.
In any case, the rating Committee may ask the El Salvador's Social Security Institute, to the institutions of the Ministry of public health and any other private, autonomous or public health institution information from the medical records of the affiliate to carry out the relevant opinions.
Institutions and specialists article 112.-La Commission rating for its opinion, may contract institutions and medical specialists to complete the background of each case. These physicians and institutions shall be authorized by the Superintendency of pensions for their services to the qualifying Commission according to the respective regulations. Payment of the fees of medical specialists will be funded by the administering institutions according to the number of members who request disability in each pension.
Claims before the Commission rating Art. 113.-the opinions of the Commission rating may be subjects of claims for part of affiliate, the administering institution or the respective people insurance society. The claim shall be given in writing, before the rating Committee within a period of fifteen working days after notified the opinion in question.

To resolve claims, the rating Committee may require new tests in the period of sixty days, which will be financed by the claimant. However, if the claimant is the affiliate, it will finance 20% of the total expenditure and the remaining 80%, will be in charge of the administering institution. * DECLARED unconstitutional if the claim has as a basis the disability from occupational hazards, the rating agency Commission will be expanded with a doctor appointed by the Salvadoran Social Security Institute. This Commission will settle in this regard, after hearing the parties and completing the necessary background, over a period of 10 working days.
To resolve the origin of the disability, the rating Committee may require the employer any history and information it deems necessary. If the employer does not proporcionare as requested within a period of fifteen working days from the date that the request is notified to you, it shall be punished by a fine equivalent to five times the minimum wage, which will be increased by the equivalent of a minimum wage for each day past the deadline to obtain the information.
When the extended rating agency Commission settlement claim and define the origin of the disability, 50 notify stakeholders resolution. If it determines that the origin of the invalidity is occupational risk, proceed the payment of pensions by the Salvadoran Social Security Institute and the restitution of payments made previously by the administering institution; If common accident or disease, the administering institution must continue making the payment of benefits in accordance with this law.
Pension for invalidity caused by occupational risk, will cease when affiliate meets the legal age for retirement for old age or when dies, time that should process providing respective in the savings system for pensions or in the public pension system, as appropriate.
Technical Commission to adopt general rules on invalidity article 114-the regulation containing the General rules of invalidity that rule the philanthropically-minded Commission the right to disability pension, will be prepared by the Superintendency of pension and submitted for review and opinion to a technical Committee that will be formed by the Chairman of the rating Committee one appointed by the administering institutions, one by people of insurance societies, one by the Salvadoran Institute for the Social insurance, and another by the National Institute of pensions for public employees, the Dean of the Faculty of Medicine of the University of El Salvador and the Dean of a Faculty of medicine appointed by the private universities.
Any amendment proposed by the Superintendent, by the administering institutions, insurance companies or the rating Committee, must agree to the above procedure.
Incompatibility of article 115.-the invalidity pensions pension invalidity and incapacity of disease grants awarded by the General regime of sickness, maternity and risk professionals the Institute Salvadoran of the Seguro Social, be incompatible with the invalidity pensions granted in accordance with the pension savings system established in this law.
Chapter X of financing the pension financing article 116.-the old-age pension, common disability and survivors referred to in this law, will be financed with the following components, depending on the case: 1. the balance accumulated in individual pension savings account;
2. the certificate of transfer, when it exists in accordance with title III of this law;
3. the State guarantee, where appropriate; and 4. The special contributions referred to in article 123 of this law.

51. in addition, pensions for survival caused by an affiliate not pensioner and disability pensions granted by second opinion will be funded with an additional contribution called supplementary capital of the responsibility of the administering institution, according to the provisions of the Act. For these purposes, it shall be deemed entitled to the supplementary capital, one Member who meets any of the following requirements: a) that you find listed and that it has been quoted at least six months during the twelve months prior to the date of death or disability, or b) which, having left quote within the period of twelve months prior to the date of his death or the occurrence of invalidity according to the first opinion any registered six months of dues the year prior to the date they ceased to quote.
Also will be funded the complementary pensions for survival caused by those members pensioned disability who die in the period between the first and second opinion, or are within the six month period of made citation to solve the second opinion, provided that they comply with the literal a) or b) indicated in the previous paragraph.
Liability of pensions for invalidity art. 117.-each institution administrator will be responsible for the payment of common, partial or total invalidity pensions granted to affiliates through the first opinion, when the affiliate no pensioner finds at the time of the disability in terms of the literal a) or b) of the second paragraph of the preceding article.
Otherwise, these will be financed only with components expressed in subparagraph first of the preceding article, as appropriate.
Capital complementary art. 118.-for the effects of financing pensions for disability and survival in accordance with that established in the preceding articles, supplementary capital shall be paid to the respective individual pension savings account and will be given by the difference between: a) the necessary technical capital determined in accordance with article 119 of this Act, and b) the capital accumulated in individual pension affiliate savings account , except for voluntary contributions and their profitability, more the certificate of transfer, the date on which to run the definitive invalidity opinion or date of death, according to the provision where appropriate.
When the above-mentioned difference throw a negative value, the supplementary capital shall be equal to zero.
If new beneficiaries are present in the period of 12 months after death, must be recalculated the supplementary capital in accordance with this law. This expired, beneficiaries who are present will keep your right to receive a pension of survival based on the 52 already calculated supplementary capital.
The right to the supplementary capital will not operate when they are invalidated or dying members that they have exercised the right to old-age pension.
In cases in which the affiliate has been declared partially invalid by second opinion, the supplementary capital is calculated excluding the part of the balance to the retained Fund referred to in article 138 of this Act.
Capital technical necessary art. 119.-the capital technical need be determined is as the expected present value of pensions for reference of the deceased and their beneficiaries from the date in which executes the second opinion of invalidity or death occurs, and until the expiry of the right to a pension from each of the accredited beneficiaries.
The technical capital required will be determined according to the technical bases that they are established in the regulations for that purpose issued by the Superintendency of pensions.
Inns reference article 120.-for the calculation of the technical capital necessary for payment of pension of invalidity according to the first opinion, reference of the deceased pension is determined as a percentage of the applicable regulator basic salary for any time any given affiliate. The reference pension will be equivalent a: to) 70% of the regulator basic salary in the case of members who die or who are entitled to total disability pension; and (b) 50% of the regulator basic salary, in the case of members who are entitled to partial disability pension.
Article 121.-reference of the beneficiaries of survival PENSION old age PENSION will be equivalent to the following percentages of the reference of the deceased PENSION: a) 60% for the spouse or the partner or, when there are NO children with entitlement to PENSION;
(b) 50% for the spouse or or or the COHABITANT, with children who have right to PENSION. THIS PERCENTAGE IS INCREASED TO 60% WHEN SUCH CHILDREN CEASE TO BE ENTITLED TO A PENSION;
(c) 25% for each of the children with the right to a PENSION; And (d) 20% for the father and mother 20%, or 30% if only there is one of them with right to PENSION.

53 when not there spouse or cohabiting partner with right to PENSION, the percentage established in the LITERAL b) will be distributed among the children with right to PENSION.
When not there spouse or cohabiting partner, or children with entitlement to PENSION, the percentages established in the LITERAL d), shall be 40% for the father and 40% for the mother, or 80% if only there is one with right to PENSION.

IN ANY CASE, THE SUM OF THE REFERENCE PENSION EXCEED 100% OF THE PENSION OF THE DECEASED REFERENCE; IN CASE OF EXCEEDING THIS PERCENTAGE, THE WEIGHTING WILL BE DONE WITH BASE THE PERCENTAGES REFERRED TO IN THIS ARTICLE. (2) basic wages controller article 122.-salary basic regulator of each affiliate is estimated as the average monthly income contribution of the hundred and twenty months quoted base, prior to the month in which the death occurs, be declared invalid or the requirements for access to old-age pension.
For those workers whose period of membership is less than the established hundred and twenty months, the regulator basic salary shall be determined considering the period between the month of membership and the month preceding that in which occurs the death, be declared invalid or the requirements for old-age pension. In this case, the sum of monthly contribution base income should be divided by the greater number between twenty four and the number of months quoted.
For those workers who have received pensions for invalidity or subsidized by disability in the period of calculation of basic wages controller, these shall be considered as income in the period in which the Member perceived them contribution base.
The earnings used to carry out the calculation of the regulatory base salary will be updated with variation of price index consumer, reported by relevant authorities, in accordance with the provisions establishing the Superintendency of pensions.
Special contribution article 123.-is defined as a special contribution the amount of quotes that affiliate would have accumulated in his individual account pension savings, if I would have quoted 10% over the amount of the invalidity pension paid according to the first opinion.
The contribution shall be determined as the product of the amount of the pension, the number of months during which it was perceived and the 0.111111 correction factor. The resulting amount shall accumulate in the individual pension savings account.
Shall be entitled to special contribution members declared disabled by the first opinion, who do not acquire the right to invalidity by means of the second opinion, provided that they fulfil the conditions laid down in literals a) or b) of article 116 of this Act, the date of disability.
The administering institution should find this contribution in the savings account for 54 pension from the time that the second opinion which rejects the disability becomes firm or from the date on which expires the period of six months referred to in the fifth subparagraph of article 105 of this law.
Insurance for disability and survival Art. 124.-each institution administrator must take out insurance to ensure the financing of commitments set out in this chapter, enough to fully support the payment of supplementary capital, special contributions and the payment of pensions established by the first opinion of invalidity.
The contract must be done with an insurance society which legally operate the bunch of people through public bidding which will monitor a delegate of the Superintendent of pensions, in which eligible societies established and authorized according to the Salvadoran legislation. The technical basis to carry out the bidding of this insurance shall be established by the Superintendency of pensions. Each institution administrator will have complete freedom to determine the criteria for selection and awarding of the contract in reference.
However, the responsibilities and obligations set forth in this chapter for the administering institutions, are not exempted by the disabilities and survival insurance contract. Also before the liquidation of an insurance society of people with whom an institution administrator has contracted insurance disability and survival of its members not be altered the liability of the latter by payment of supplementary capital, special contribution and the payment of pensions for invalidity of the first opinion.
Refund of balances Art. 125.-If at the time of overridden or death of a member not boarding, not comply with the conditions established in the article 116, in LITERALS a) or b) of this law, NI comply with the conditions of the literal to) or b) of the ARTS. 148 AND 149, RESPECTIVELY, OF THIS ACT, OR RECORDED A TOTAL OF SIXTY EFFECTIVE CONTRIBUTIONS IN ANY OF THE TWO PENSION SYSTEMS, THE BALANCE ACCUMULATED, INCLUDING THE CERTIFICATE OF TRANSFER, YOU WILL BE RETURNED TO HIM OR TO HIS BENEFICIARIES IN A SINGLE AMOUNT OR IN SIX ANNUAL INSTALMENTS, DEPENDING ON THE CHOICE OF THE MEMBER OR THEIR BENEFICIARIES.
IN THE EVENT THAT AFFILIATE OR ITS BENEFICIARIES TO CHOOSE THAT THE BALANCE BE RETURNED THEM IN ANNUITIES, SHALL APPLY THEM IN PARAGRAPHS THIRD AND FIFTH 126 ARTICLE.
HOWEVER THE FOREGOING, MEMBERS THAT ARE INVALIDATED IN THE PREVIOUS CONDITIONS, CAN OPT FOR THE PARTIAL REFUND OF THE BALANCE AND CONTINUE CONTRIBUTING TO FUND AN OLD-AGE PENSION IN ACCORDANCE WITH THE REQUIREMENTS OF THE ACT. If continue quoting, LES will be applicable the commissions to which is concerned the LITERAL d) of section 49 of this Act. (8) 55 article 126.-affiliate that meet the LEGAL age for retirement by age and does not meet quotes time requirements in the ARTS. 104 AND 202 OF THIS LAW, SHALL BE ENTITLED TO A REFUND OF THE BALANCE OF YOUR ACCOUNT AND YOU CAN CHOOSE BETWEEN RECEIVING IT IN A SINGLE PAYMENT OR IN SIX ANNUAL INSTALMENTS, ACCORDING TO THE QUOTED TIME.
IF THE AFFILIATE THAT REFERRED TO IN THE PRECEDING PARAGRAPH IS FINDS IT WITHIN THE GROUP ESTABLISHED IN ARTICLE 184-A OF THIS LAW AND HAS MADE CONTRIBUTIONS TO THE PENSION SAVINGS SYSTEM TO MAKE THE RETURN, THE RESPECTIVE TRANSFER CERTIFICATE WILL BE REQUESTED PREVIOUSLY. IF NOT REGISTER QUOTES THE PENSION SAVINGS SYSTEM, ITS AFFILIATION AGREEMENT WILL BE LEFT WITHOUT EFFECT AND THEIR RESPECTIVE RIGHT IN THE PUBLIC PENSION SYSTEM WILL BE PROCESSED TO YOU IN ACCORDANCE WITH THIS LAW.
TO GIVE RETURN IN ANNUAL INSTALMENTS REFERRED TO IN SUBPARAGRAPH FIRST OF THIS ARTICLE, THE INDIVIDUAL ACCOUNT BALANCE IS ESTIMATED WITH TRANSFER CERTIFICATE AND OTHER COMPONENTS OF THE INDIVIDUAL ACCOUNT, AS THE CASE MAY BE, AND IS DIVIDED BY SIX. IN THE SIXTH PAYMENT, THE LAST ANNUITY WILL BE ADJUSTED ESTIMATED TO RECOGNIZE THE PROFITABILITY RECORDED TO DATE. TO DO THIS, WILL TAKE A RECORD OF ANNUAL RETURNS GRANTED AGAINST THE VALUE OF REGISTERED CONTRIBUTIONS AND THEIR PROFITABILITY, IF NECESSARY, UNTIL THEIR EXHAUSTION. HOWEVER, IF THE TIME WHICH HAS QUOTED IS LOWER TO 6 YEARS, THE RETURN WILL BE HELD IN A PAYMENT.
VOLUNTARY CONTRIBUTIONS AND THE PROFITABILITY GENERATED BY THEM, MAY BE REMOVED BY THE AFFILIATE AFTER MEET THE RESPECTIVE REQUIREMENTS AND NOT IS COMPUTED FOR THE PURPOSE OF RETURN INDICATED IN THE PRECEDING PARAGRAPH.
RETURN ON ANNUITIES, THE AFFILIATE MAY QUOTE AS PENSIONER TO THE HEALTH PROGRAM OF THE ISSS, AS SET OUT IN ARTICLE 214 OF THIS LAW. THE ADMINISTERING INSTITUTION SHALL MAKE THE PAYMENT OF THIS CONTRIBUTION MONTHLY, AND ISSS ESTABLISH MECHANISMS TO ENSURE THAT THESE MEMBERS RECEIVE THE RESPECTIVE COVERAGE DURING THE APPLICABLE PERIOD.
IN ANY CASE, IF THE MEMBER MEETS THE LEGAL AGE WITHOUT REGISTERING THE TIME MINIMUM OF QUOTES, CAN CONTINUE TRADING IN ORDER TO MEET THE REQUIREMENTS OF TRADING TIME FOR ACCESS TO THE PROVISION THAT YOU APPROPRIATE IN ACCORDANCE WITH THE LAW.
IF DURING THE PERIOD IN WHICH THE RETURN OF THE BALANCE REFERRED TO IN THIS ARTICLE IS BEING MADE THE MEMBER DIES, THE BALANCE OF YOUR ACCOUNT WILL BECOME PART OF HAVING PROBATE OF THE DECEASED INDIVIDUAL.
IN THE CASE OF FOREIGNERS, REGARDLESS OF THEIR AGE, THEIR INDIVIDUAL ACCOUNT BALANCE IS LES RETURN OR, AT THE REQUEST OF THEM, IS TRANSFERRED TO THE REGIME OF CAPITALIZATION OF THE COUNTRY OF YOUR RESIDENCE, IN WHICH WILL GENERATE YOUR PENSION. (2) (3) (7) (8) qualification of the obligations of insurance 56 Art. 127 companies.-the insurance companies that offer insurance contracts referred to in article 124 of the Act, as well as annuities and deferred annuities dealt with in the articles 134 and 135 of this Act, respectively, disability and survival must operate exclusively in the turn of insurance and shall be previously submitted to the risk assessment process and must comply with the minimum score determined by the risk Committee for this purpose.
Chapter XI of the pensions of old age, invalidity common and survival modes of pension art. 128.-when the affiliate complies with all the requirements established in this law to qualify for a pension, you can have your individual pension savings account balance, in order to constitute a monthly income which replace, in part, the income which fail to perceive. The respective administering institution shall be responsible for verifying compliance with the requirements, recognize the benefit and issue the appropriate certification.
Each affiliate or beneficiaries with entitlement to pension will be free to choose, subject to the exceptions laid down in this law, among the following types of pensions: a) income scheduled;
b) annuity; and, c) scheduled income with deferred life annuity.
Christmas Inn

Article 129.-in any of the forms of pension payment, shall be deemed payment of a pension equivalent to half of the pension in course, provided to all retirees of the savings system for pensions and Christmas payable in the first five working days of the month of December.
Information about members close to retirement article 130.-the members close to retirement, or their survivors, who wish to receive offers for your pension, should say so expressly the respective administering institution. In such a case, the administering institutions must send anonymous information concerning affiliates, insurance societies, people interested in offering annuities, and the administering institutions interested in offering scheduled income service, in order to send their offers, in accordance with the rules of benefits. This personal pension bidding process will be regulated and inspected by the Superintendent of pensions.
Scheduled art. 131.-the income form of pension for scheduled income consists of that affiliate, when 57 of the conditions for access to a pension, remains at an institution administering the balance of your individual account of pension savings so that deliver monthly pension through your account.
The monthly pension by scheduled income shall be equal to the result of dividing each year the balance of the individual account by technical capital needed to pay a unit of pension affiliate and its beneficiaries, when this dies, according to the corresponding reference pensions, divided into twelve monthly payments and a half.
The decision to opt for a scheduled income is revocable, so that the pensioner may transfer your balance to another administering institution or move to any of the other rules laid down in article 128 of the Act, when they want it.
However, the modality of scheduled rent is mandatory for the pension, estimated in accordance with the second paragraph, you may be less than the minimum pension guaranteed under this law.
The case of the death of a member whose only survivors are non-disabled children, these must opt for scheduled income mode.
If the affiliate declared invalid by second opinion entitled to supplementary capital, optare not by any form of pension within ninety days of executed the opinion, means that you opt for an income with the administering institution, which shall be revocable at any time.
Heritage article 132-the balance of the individual savings account for pension pensioner member with scheduled income will be part of having probate of the Member, in the following cases: to) if the pensioner member dies without leaving beneficiaries with entitlement to pension of survival; or, b) when he dies or ceases to be the last beneficiary entitled to a pension of survival.
The prescription of the inheritance will operate as described in the second paragraph of article 110 of this law.
Balance minimum and surplus of free availability article 133.-is referred to as minimum balance to the capital needed to finance a pension of 70% of the regulator basic salary, which in turn is not less than 160% of the current minimum pension at the time of retirement.
If the individual account balance exceeds the minimum balance, the remaining balance may be retired 58 by affiliate, total or partially, as freely available over at the time of retirement. Article 134.-the lifetime income annuity pension will be a contract of insurance of persons, by means of which the affiliate signs a contract with an insurance society of people of your choice, forcing it to pay the affiliate a monthly income, most pension Christmas and, to his death, survivors entitled to pension in accordance with the law , from the moment of the signing of the contract until the expiration of such rights.
The contract must be carried out with a people insurance society, established and authorized according to the Salvadoran legislation, and shall be irrevocable. This must conform to the rules of benefits which is issued for this purpose and subject to the provisions on promotion that applies to the administering institutions.
The pension for life annuity may contract in colones, or in dollars of the United States of America. The contracted in colones are reset annually by the variation of the index of prices to the consumer and the contracted in dollars of the United States of North America, according to the regulation issued by the Superintendency of pensions.
This modality of payment of the pension may contract provided that the individual affiliate's account balance is sufficient to give at least the minimum State-guaranteed old-age pension. If so, the institution administering transferred the total balance to the insurance society of people chosen by the affiliate or the minimum balance required in accordance with the previous article, in case access to the surplus of free availability.
If the affiliate wishes to increase the pension that is receiving with the surplus of free availability, should celebrate a second contract with the same people insurance society.
If the insurance society of people that choose to affiliate to the annuity contract is the same that the administering institution carried out the contract of invalidity and survival, insurance society shall be obliged to enter into agreement and pay a monthly income of no less than the pensions of reference established in this law.
Income with annuity deferred Art. 135.-the modality of payment of pension income scheduled with lifetime income deferred is a combination of an income scheduled in temporarily with a life annuity. With a part of the individual account balance, engages with a people insurance society, a constant, lifetime and readjustable monthly rent annually to the Member and their beneficiaries, more the respective pension of Christmas, which will operate from an agreed future date. Charged to the other party for the balance of the account, is entitled to a scheduled income the administering institution to pay monthly to the pensioner, since it meets the requirements of pension until the day before in which payment of the annuity begins.
The monthly pension that gives the annuity may not be inferior to 50% of the first monthly payment of rent temporary, nor more than one hundred percent of such payment.

59. the contract must be done with a people insurance society, established and authorized according to the Salvadoran legislation.
Programmed on a temporary basis, income will be a stream of monthly payments that will match the part of the balance of the account to finance it, with the present value of anticipated equal annual payments during the period that lasts the temporary income, updated in accordance to the technical bases which contain the rules of benefits. This calculation should be adjusted annually.
Affiliate which optare by this modality of scheduled income with deferred lifetime income may access the surplus of freely available if consistent monthly income contracted with insurance society, granted the part of the balance to pay scheduled temporary income, be granted a pension equal to the minimum balance referred to in article 133 of this law that are granted.
Payment of the disability pension enforceable the first opinion Art. 136-when LA Commission rating make EL Prime opinion on a request that GÈNERE EL right A PENSION of invalidity, the institution administrator you must proceed to the payment of the PENSION respective according to be the case: a) If is trafficking of a affiliate which complies with the conditions established in LOS literal a) and b) of the second paragraph of the section 116 of this Act THE ADMINISTERING INSTITUTION SHALL MANAGE THE PAYMENT ACCORDING TO THE PROVISIONS OF THIS LAW AND ITS REGULATIONS, HIRED CHARGED TO INVALIDITY INSURANCE AND SURVIVAL AND YOUR PENSION MUST NOT BE LESS THAN 100 PER CENT OF THE REFERENCE PENSION ESTABLISHED IN SECTION 120 OF THIS ACT. AND WHERE APPROPRIATE WILL INCLUDE THE PERCENTAGE AS IS MENTIONED IN SUBSECTION THIRD OF ARTICLE 105 OF THIS ACT. IF THE PENSION YOU CORRESPONDS TO THE AFFILIATE BECOMES LESS THAN THE MINIMUM PENSION ESTABLISHED IN THIS LAW, THIS OPTION BECAUSE THE ADMINISTERING INSTITUTION COMPLEMENT SUCH PENSION, WITH THE BALANCE OF THE PENSION SAVINGS ACCOUNT; And, b) if the affiliate not is located in LAS conditions designated in the SUBSECTION above, the institution administrator you must proceed to the payment of the PENSION's income scheduled. IF IS TRAFFICKING OF TOTAL DISABILITY, THE PAYMENT WILL AMOUNT TO 100 PER CENT OF THE ESTIMATED PENSION UNDER THIS MODE, AND IF IS TRAFFICKING IN PARTIAL INVALIDITY, TO SEVENTY PERCENT. IN BOTH CASES, YOU CAN NOT MAKE USE OF THE SURPLUS OF FREE AVAILABILITY UNTIL IT PERFORMS THE SECOND OPINION.
THIS PENSION IS ACCRUED FROM THE DATE ESTABLISHED IN THE RESPECTIVE REGULATIONS AND SHALL BE ENFORCEABLE FROM THE MOMENT IN WHICH THE FIRST OPINION IS FINAL UNTIL THE SECOND OPINION IS PRACTICE OR UNTIL EXPIRATION OF THE SIX MONTH PERIOD ESTABLISHED IN SUBSECTION SEVENTH ARTICLE 105 OF THIS ACT. (2) payment of the disability pension enforceable the second opinion 60

Article 137.-enforceable the second opinion, affiliate, is declared invalid in whole or in part, may opt for any of the pension payment rules laid down in this chapter.
Fund retained Art. 138.-If the Member has been declared invalid partial by second opinion, for the financing of the pension must be discounted thirty per cent of the balance accumulated in the pension savings account including transfer certificate, which will be used to set up the Fund retained in an administering institution.
THE FUND RETAINED WILL BE USED TO RECALCULATE THE AMOUNT OF THE PENSION OR TO FINANCE A NEW PENSION IF THE DISABILITY IS FINDS TOTAL OR IF THE MEMBER DIES BEFORE RETIREMENT FOR OLD AGE OR COMPLY WITH ANY OF THE CONDITIONS TO RETIRE BY AGE. ONLY UNTIL APPROPRIATE USE OF THE RETAINED FUND, THE POSSIBILITY THAT AFFILIATE CAN MAKE USE OF THE SURPLUS OF FREE AVAILABILITY IN ACCORDANCE TO THE PROVISIONS IN ARTICLE 133 OF THIS LAW SHALL BE DETERMINED. (2) payment of pensions for survival art. 139.-when survival pension is host for the death of an affiliate not pensioned, beneficiaries may benefit from any of the forms of pension, with the exception of the provisions of subsections penultimate and last of article 131 of this Act. However, there must be agreement of the beneficiaries to be eligible for annuity or income with deferred life annuity. If the option is not exercised, the administering institution will pay pensions for the modality of scheduled income.
If beneficiaries choose the form of annuities, pensions received must be kept the same proportions as stipulated in article 121 of this Act.
If the exercised option mode of income with deferred life annuity, annuity portion will be applied according to the provisions of the preceding paragraph. As regards income scheduled on a temporary basis, will be distributed in the same percentages that designates the article 121 of this Act. If the same resulting in a sum greater than or less than 100 percent, a new calculation, taking as a reference the result of the sum should be. Initial planned income, in this case, will be the same amount that the deferred annuity which has contracted.
If the decision by the modality of scheduled rent, beneficiaries are entitled to receive a pension calculated according to the provisions of article 131 of this Act.
In either case, the surplus of free availability will form part of the balance on which survival pensions calculations will be made.
Article 140.-when the survival pension is host for the death of a pensioner by old age or invalidity declared in second opinion affiliate, beneficiaries shall accrue the pension as the case may be, as follows: to) if the affiliate has been pensioned by the modality of scheduled rent, 61 recipients must report the death to the administering institution and opt for any of the forms of payment in accordance with the previous article;
(b) if the affiliate has been pensioned by the form of annuity, beneficiaries must communicate the death to the respective people insurance society this pay pensions for survival; (and c) if the affiliate has been pensioned by the modality of income with deferred life annuity, will proceed as follows, depending on the case: 1) if the affiliate has been receiving pensions scheduled income on a temporary basis, beneficiaries the death must notify the administering institution, so this proceed to place at your disposal the pension savings account balance. With such balance, they may choose to distribute the scheduled income of the deceased together or to anticipate the annuity deferred, for which it must be agreement between them. While there is no agreement, the administering institution shall distribute the scheduled income of the deceased.
If it is not agreed to anticipate the deferred annuity, the insurance society of people will begin to pay pensions to survival when the time of the scheduled temporary income, and if that date any remaining in the pension savings account, this shall constitute heritage.
(2) if the affiliate has been receiving pension deferred annuities, beneficiaries must communicate the death to the respective people insurance society this pay pensions for survival.
Survival pension may be caused by the death of a pensioner declared partial disability by second opinion affiliate, the retained Fund will be used to finance pensions for survival in the form that the deceased has chosen, as the case may be.
Article 141.-when survival pension is host for the death of a member of the pensioner for total or partial disability according to the first opinion, the beneficiaries may benefit from any of the forms of pension in accordance with article 139 of this law.
Article 142.-If she is present more beneficiaries of pension of survival than those recorded by the deceased, the procedure determined in the third paragraph of article 118 of this law shall apply. In any case, the administering institution shall verify the quality of beneficiaries and if applicable, must include them as such.
If unregistered beneficiaries present is having started the payment of pensions, these must be recalculated to include them as such, if appropriate, in accordance with this law. New pensions will be determined according to the balance in the pension savings account or not released reserves to maintain the people insurance companies.

62 target of affiliates pensioners Art. 143.-If the pensioner member contributions will continue quoting, contributions will be credited to your pension savings account and, once a year, in the same month in which the pension was made effective, to increase his pension by means of income with the administering institution.
The contributions made by an affiliate pensioner partial disability of second opinion, may be used to increase the respective pension annually.
Chapter XII guarantees of the State guarantee of the system article 144.-the system, as part of Social Security, will be guaranteed by the State.
The State shall be responsible for the financing and payment of minimum pensions for old age, invalidity common and survival in accordance with the provisions of this chapter and the rules issued by the Superintendency of pensions. These will be considered as a development of the final paragraph of article 228 of the Constitution of the Republic.
Amount of minimum pension system Art. 145.-the minimum old-age pension, full invalidity and partial invalidity shall be established annually by the Ministry of finance in the law on the General State budget, taking into account the relative variation of the cotizable average salary system and available resources of the Central Government.
The minimum pension of survival will be determined as a percentage of the minimum old-age pension in accordance with the pensions of reference laid down in article 121 of this Act.
The minimum invalidity pensions will become minimum old-age pension, the date in which the pensioner invalid meets the legal old-age pension age.
MINIMUM PENSIONS ARE UNATTACHABLE, EXCEPT BY FOOD QUOTAS. IN WHICH EXCEED THE MINIMUM PENSION, YOU MAY GARNISH UP TO TWENTY PERCENT. (7) * declared unconstitutional conditions so operate the minimum pension article 146.-the minimum pension will operate when runs out the balance of the savings account for pensions, where affiliate has received pension by scheduled income or at the stage of income scheduled on a temporary basis.
So that it operates the State guarantee affiliate must not perceive income, including the pension, the amount of which is equal or higher than the minimum wage.

63. the request for the benefit of the State guarantee will be presented by the interested party to the respective administering institution.
Retirees by another system of pensions that joining the one created by this law, not entitled to this State guarantee.
For purposes of compliance with requirements for access to minimum pensions referred to in articles 147, 148 and 149 of this law, shall be considered the period quoted earlier in the public pension system.
In the regulation of minimum pension is will dictate the provisions to give effect to the minimum pension in accordance with this law.
Requirements for access to minimum pension insurance Art. 147.-the minimum old-age pension is a benefit granted by the State to members who meet the following requirements: 1. be sixty years of age or older, men and fifty-five or more women; and, 2. Have completed a minimum of twenty-five years of contributions reported at the time that the pension is accrued or after, whether it's a pensioner Member who continues contributing. The quoted time calculation, shall be regarded as also the following:

(a) the period for which the worker was incapacitated and perceived the respective grant, will accumulate and be counted up to a maximum of three years;
(b) is added to the time by which the affiliate has received invalidity pensions declared in the first opinion, when this has been stopped according to the second opinion; and, c) if it is a pensioner Member who continues quoting, for every 24 months quoted, after completed the requirement of the pension in question, is recognised one year for purposes of the requirement of the minimum pension time.
Members who have granted in accordance with the requirements of the literal to) of article 104 of this law, prior met ages referred to in clause (c)), are not entitled to minimum old-age pension.
Requirements for access to the minimum pension for invalidity art. 148.-the State guarantee of minimum invalidity pension, shall be effective when the affiliates not pensioners 64 register a minimum of quotes, in any of the following cases: a) three years of contributions recorded during the five years preceding the date on which was declared invalid by a first opinion;
b) being quoting at the moment that was declared invalid in case of common accident, and who has always quoted at least six months during the last twelve and that the accident occurred after their affiliation; or, c) register a minimum of ten years of effective date invalid or after quotes if it is a pensioned disability that continues quoting. This calculation shall be effected in accordance with stated in literals a) and b) of the paragraph 2 of the preceding article.
The Government guarantee, in the case of an invalid affiliate according to the first opinion that does not meet the conditions of literals a) or b) of article 116 of this Act, shall be effective once the balance of the pension savings account is exhausted; or, upon compliance with such conditions, since the amount of the pension is less than the minimum pension.
When affiliate is pensioner partial disability as a second opinion, the minimum pension will operate when used any retained Fund, then presented the conditions laid down in the first and second subparagraphs of article 146 of this law.
Requirements to access the minimum survival Art. 149 pension.-so the survival pension beneficiaries entitled to the Government guarantee of the minimum pension, the Member deceased must have fulfilled any of the following requirements, as the case may be: a. three years of contributions during the five years prior to the date of death; or, b. Be quoting at the moment in which died, in the event of death by accident, common, and always that has been quoted at least six months during the last twelve and that the accident happened after their affiliation; (o, c. register a minimum of ten years of effective contributions to the date of death, in accordance with stated in literals a) and b) of paragraph 2 of article 147 of this law.
Title II regime of offences and sanctions chapter I General rules 65 concept article 150.-breaches by action or omission of the obligations laid down in the organic law of the SUPERINTENDENCY of pensions, this Act and its regulations, will be considered violations.
EACH INFRACTION YOU SHALL SANCTION THAT IS POINT IN THE PRESENT LAW. THE SANCTIONS MAY BE: REPRIMANDS, FINES, SUSPENSION OF OPERATIONS OR REVOCATION OF THE AUTHORIZATION TO OPERATE.
CRITERIA TO IMPOSE AND TO ADAPT THE SANCTIONS IS BASED ON PROVEN CIRCUMSTANCES, SUCH AS: THE NATURE OF THE INFRINGEMENT, THE ANTECEDENTS OF THE OFFENDER AND THE EFFECTS WHICH MIGHT BE CAUSED TO AFFILIATES, THE PUBLIC IN GENERAL OR TO THE SAME SOCIAL SECURITY SYSTEM. (2) independence between infringements article 151.-the breach of an obligation shall constitute an offence independent of another, even if they have their origin in a same thing. They will therefore be sanctioned independently, without prejudice that may be made in a single act.
Liability for acts of dependents Art. 152-the employer will be responsible for violations of this law, committed by their dependents in the exercise of their functions.
Expiry of the punitive action article 153.-the Faculty for the application of penalties for infractions will expire within three years, from the date on which the infringement was committed.
Prescription of article 154.-La sanction action to enforce the applied sanction, barred in term of five years counted from the date when it is firm Act, resolution or decision that has imposed it.
Aggravating circumstances of article 155.-the sanctions sanctions laid down in the present law, shall be aggravated in the cases and ways: 1. recidivism: shall mean such action again incur an infringement of the same nature, which has already been sanctioned by decision or judgment. In this case, the sanction will be increased in a hundred percent of it or the revocation of the authorization to operate an institution administrator, pursuant to this law; and, 2. Repetition: Means as such action violated a same obligation, unless the offender has been sanctioned by a firm resolution by the aforementioned. In this case, the applicable sanction will be increased up to fifty percent of it.

66 competition article 156.-jurisdiction of the Superintendence of pensions will be the imposition of the sanctions provided for in this law.
Chapter II infringements and sanctions breach the obligation to join Art. 157.-constitutes infringement to the obligation of affiliate: 1. reject part of a institution administrator LA request of affiliation of any person NATURAL that meets with LOS requirements established in the present law for TAL finally. THIS OFFENCE IS PUNISHABLE BY A FINE OF FIFTY THOUSAND COLONES PER REJECTED REQUEST.
2 USE BY PART OF THE EMPLOYER ANY MEANS, EITHER THROUGH COERCION, DECEPTION OR FRAUD, SO AN EMPLOYEE ENROLL AGAINST THEIR WILL TO AN ADMINISTERING INSTITUTION. THE PENALTY WILL BE A FINE OF FIVE THOUSAND COLONES.
3. THE NON-COMPLIANCE BY THE EMPLOYER FROM THE OBLIGATION TO JOIN ITS WORKERS IN ACCORDANCE TO PROVISIONS OF SUBSECTION THIRD OF ARTICLE 7 OF THIS LAW. IN THIS CASE SHALL BE PUNISHED THE OFFENDER TO A FINE OF FIVE THOUSAND COLONES PER WORKER THAT FAILS TO JOIN. (2) for transfers Art. 158.-constitutes non-compliance breach of obligations for the transfer of a member of an administering institution: 1. refuse the application for transfer of a member, which shall be punished with a fine of twenty-five thousand colones;
2. not make transfer requested by an affiliate within the period prescribed in this law, so it will apply a fine of twelve thousand colones; and, 3. Do not send the information of the affiliate who moves to another administering institution in accordance with the Act and its regulations, shall be punished with a fine of fifty thousand colones.
Failure to declare Art. 159.-constitutes infringement for employer failure to comply with the obligation to submit the statement of contributions to the system, which will be sanctioned according to the following 67 provisions: to) if the Declaration is submitted then of legal period expires to do so, up to a maximum of twenty days, is punishable by a fine equivalent to five per cent of contributions; and, b) if the statement is subsequently submitted to the period referred to in the previous paragraph, shall be punished with a fine of up to ten per cent of contributions;
Article 160.-constitutes breach the incomplete or erroneous Declaration, if it causes a serious prejudice to the individual account of the Member, which shall be punished with a fine of five thousand colones.
The employer who, being informed of the error, after fifteen days, not remedied within period this situation, shall be punished by a fine of ten thousand colones.
Breach of the obligation to pay Art. 161.-constitutes infringement on the employer breach of the obligation of payment of contributions, in the following cases: 1. absolute failure of payment of the price, within the legal time limit, shall be punished with a fine of twenty percent of the unpaid contributions more moratorium surcharge of 2% for each month or fraction without prejudice that must pay them and yields left perceive in the respective accounts of the affected members, as well as the contribution referred to in the literal b) of article 16 of this law; and 2. Pay a sum less than the quote which corresponds within the legal deadline, shall be punished by a fine of ten per cent of such contributions left paying more a moratorium surcharge of five percent of these quotes for each month or fraction, without prejudice that must pay them and yields left perceive in the respective account of affected members.
General prohibition

Article 162.-violation of the provisions of article 53 of this law, shall be punished with a fine of twenty-five percent of the heritage of the infringing company, without prejudice to the civil and criminal actions to any place.
Article 163.-is in breach of the administering institution, carrying out promotional activities that offer other benefits that suggest improper recruitment of affiliates such as the use of fraudulent means or deception and propaganda announcing not authorized by the Superintendency of pension benefits. Such violation shall be punished with a fine of two hundred fifty thousand colones.
Also, if it is found the involvement of an agent's services pension acts previously described, will be punished with a fine of fifty thousand colones and 68 temporary suspension or revocation of the authorization in accordance with the respective regulations.
The special contribution of article 164.-is deficit breach the deficit of the special contribution of guarantee, which shall be punished with a fine of up to ten percent of the deficit for each day that the irregularity persists.
Obligation of safeguarding documentation of the affiliate article 165.-constitutes infringement the loss of information of the employment history of an affiliate, so shall be punished the offending administering institution with a fine equivalent to one-quarter of one percent of their assets.
Breach of the obligation to inform the Superintendence Art. 166.-constitutes infringement breach of an institution administrator to the obligation to report to the Superintendent, which shall be punished with a fine of two hundred fifty thousand colons, in the following cases: 1. refusal to provide the information requested by the Superintendent of pensions at the time to this point;
2 omitting the information, certificates, notices, and any other data requested the Superintendency of pensions; and 3. Supply to the Superintendency of pensions or incomplete reports.
The payment of the fines, does not exempt the offender from the obligation to provide the information required by the Superintendent of pensions.
Article 167.-any natural or legal person who carries on an activity related to the system, is obliged to provide the information that prompted the Superintendency of pensions and in the period to this point. Infraction of this rule will be punished with a fine of fifty thousand colones.
Article 168.-any natural or legal person who conceals information or falsify it in order to obtain, hinder or unduly access to the benefits established in this law, for himself or for a third party, shall incur a fine of one hundred thousand colones.
Non-compliance with the provisions on accounting records article 169.-constitutes offence failure to comply with the technical provisions established to carry out the accounting records and the preparation of the financial statements. Such violation shall be punished with a fine of two hundred thousand colones.
Article 170.-constitutes infringement the backwardness in the accounting records and in the presentation to the Superintendency of pensions for the financial statements of an administering institution and the respective 69 Fund that manage for more than five working days, according to the legal deadlines established. The delay will result in a fine of fifty thousand colones.
Failure to publish information Art. 171-constitutes infringement the lack of publication of the financial States of the administering institutions and funds that manage, as well as other information that must be published in accordance with this Act and its regulations. The above shall be punished by a fine of one hundred thousand colones, notwithstanding that must publish them within a time limit set by the Superintendency of pensions.
Failure to comply with the obligation to find discount percentages for permanence Art. 172-constitutes infraction the breach of obligation to pay the discount percentages for permanence, in the amount and time agreed upon with the administering institution. This offence shall be punished with a fine of a thousand colones for each member entitled to discount, notwithstanding that the respective discount should find out.
Breach of the obligation to give information to the affiliated art. 173.-the institution administrator who fails to deliver the relevant information to the affiliate, in accordance to this law and its regulations, shall incur a fine of five thousand colones.
Infringement by incorporation of Directors and administrators disabled Art. 174.-the institution administrator that choose directors or hiring managers considered disabled by this law, shall incur a fine of twenty-five thousand colons, notwithstanding that must be replaced.
Breach of the obligations of art. 175-the institutions administering collection, will incur breaches when they do not comply with the obligation to initiate the process of collection of contributions in the time limit set for this purpose. Failure to comply with that time limit shall be punished with twenty-five per cent of the past-due amount, more a surcharge by mora's two percent for each month or fraction.
Failure to keep in custody the assets of the Fund article 176-is violation failure to keep in custody the values that the Fund, in accordance with the provisions which give the Superintendency of pensions to this effect is reversed. The administering institutions who commit this offence shall be punished with a fine of up to twenty-five per cent of the sum left guard.
Article 177.-the institution administrator not communicated within the period specified by this law, the loss of a titulovalor that represents investment of the Pension Fund, shall incur a fine of up to ten per cent of the value of the title applicable to the administering institution that lost it. If in addition, proceedings not initiated for replacement in accordance with the commercial code, within the period of five working days, shall apply a penalty of 100 percent of the value of the title.

70. in any event, the administering institution that lost a titulovalor of the Pension Fund, shall be obliged to replace it.
Breach on the investment of the Fund article 178-the institution administrator that invests pension fund exceeding the limits of investment or fails to comply with the requirements established in this law for the investment of the Pension Fund, shall incur a fine of twenty-five per cent of the sum invested in contravention of legal limits, notwithstanding that, there must be to liquidate these investments in accordance to the respective provisions and civil actions and penalties that may apply.
Excepted from this fine, cases that are decommitted excesses to the investment limits, due to market fluctuations or decrease the size of the managed fund because of decrease of members and others, certain provisions which the Superintendency of pensions issued to this effect.
Failure to comply with the obligation to keep reserve of information article 179.-all those officers and employees who have relationship with the system, which do not store reserve while the information does not have a public character or be worth directly or indirectly from the confidential information and to obtain a benefit for himself or for a third party, shall be punished by a fine of up to one hundred per cent of the benefit obtained , or if it was not possible to quantify the benefit earned, it will be punished with a fine of two hundred fifty thousand colones, without prejudice to the civil or criminal action to any place.
In cases in which the punished conduct meant a financial loss for the Pension Fund, the administering institution and the Superintendency of pensions may bring the offender so it will respond by that damage.
Article 180.-the generic offence any breach of the obligations imposed by this Act, that does not have designated specific sanction, shall be punished with a fine of ten thousand colones.
Article 181.-the sanctions laid down in the present law do not relieve the civil, criminal or administrative liability to any place.
Article 182.-offences and penalties referred to in this title of the law, shall apply, as appropriate, to the public pension system defined in article 183 of the law.
Title III transitional pension savings system regime chapter I of the pension system public 71 public pension system

Article 183.-for the purposes of this law, shall be called system of public pension schemes managed by the Salvadoran Social Security Institute and the National Institute of pensions for public employees, invalidity, old age and death, including the beneficiaries of the law of incorporation to the Institute of pensions of the employees public of pensions and civil service pensions by the State , twenty-ninth day of March in the year one thousand nine hundred and ninety dated, published in official journal number 86, volume 307 of the 6 of April of thousand nine hundred ninety (Decree 474); the decree number 667 of the system temporary of pensions for old-age, nineteenth of December in the year one thousand nine hundred and ninety date, published in official journal number two hundred and eighty-six, volume 309, the twentieth of December of thousand nine hundred ninety; and its corresponding reforms.
Persons who were affiliated in one of the programs of invalidity, old age and death administered by the Salvadoran Social Security Institute or the National Institute of pensions for public employees, shall be subject to the provisions that are enacted by this Act and those contained in the laws of these institutes, in what is consistent or inconsistent with this Act , the date entry into operations the savings system for pensions in accordance with article 233 of this Act.
After that date, the National Institute of pensions for public employees will manage in a unified way administrative regimes and teaching, in accordance with provisions in this law, as well as with regard to Decree 474 and 667. Since that time, the National Institute of pensions for public employees will cover risks of invalidity and death arising from common risks.
The public pension system will be controlled by the Superintendency of pensions.
Transfer the savings system for pensions article 184.-the members of insured in the Salvadoran Social Security Institute, or the National Institute of pensions of public employees, which have thirty-six-year-old compliments, and are less than fifty-five years of age, men and fifty years of age, women, within a period of six months from the date on which begins to operate the savings system for Pensions in accordance with article 233 of this Act, shall be eligible to keep affiliates in these institutes, as appropriate, or by joining the savings system for pensions.
SECOND subparagraph repealed (8) members who wish to remain in the public pension system, must manifest it by writing to the Salvadoran Social Security Institute or the National Institute of pensions for public employees in the deadline, as appropriate. If within the designated period in subsection first not they made it, shall be considered affiliated with the savings system for pensions. Transfer procedures will be established by regulations issued by the Superintendency of pensions for this purpose.
If worker does not exercise the right of choice of institution administrator when appropriate, the employer is obliged, within the next month, to join the 72 administering institution to which is attached the greatest number of employees. Otherwise, the employer is obliged to pay, with their own resources, all of the accumulated amount of unrealized quotes, more profitability established the Superintendency of pensions for these cases, without prejudice to their right to the refund which may have paid unduly to the Salvadoran Social Security Institute or the National Institute of pensions for public employees in that time.
Workers who, in the respective term opted to keep their membership in the Salvadoran Institute of the social security or the Institute national pensions of public employees, may be transferred to the savings system for pensions until the 31 of December one thousand nine hundred ninety and eight, always to the date of the transfer, to fulfill the age referred to in subsection first of this article.
STILL STATED IN SUBSECTION SECOND OF THIS ARTICLE, WHEN AN INSURED PERSON REACHES THE AGE REFERRED TO IN THE LETTER TO) ARTICLE 200 OR IS INVALIDATED OR DIES, WITHOUT HAVING EXERCISED THEIR RIGHT TO OPT OUT OF ANY OF THE TWO PENSION SYSTEMS MUST DEAL WITH THE RESPECTIVE PROVISION IN THE PUBLIC PENSION SYSTEM. IN THE CASES REFERRED TO IN ARTICLE 125, ALSO MUST APPLY FOR THE RESPECTIVE PROVISION IN THE PENSION SYSTEM TARGET, WHEN THEY HAVE NOT MADE CONTRIBUTIONS IN THE PENSION SAVINGS SYSTEM. (8) members to the Salvadoran Social Security Institute or the National Institute of pensions for public employees, will receive pensions for old age, invalidity common and survival in accordance with the requirements and conditions prepared in this title of the Act and provided for in the laws of the Salvadoran Social Security Institute and the National Institute of pensions for public employees as appropriate , in what does not counteract the present law.
The Superintendency of pensions shall disclose by means of a communication campaign, the relevant information so that the fee-paying population can take its decision of affiliation, in accordance with what this article says.
Article 184 - to-all persons who, in accordance with the provisions of the preceding article, select transfer to the pension savings system, will receive a certificate of transfer having been secured in the pension system target, in accordance with what is set out in chapter IX of this title, where is invalidated or dying before fulfilled ages referred to in clause (c)) 104 art. of this law or WHEN complying with the requirement laid down in the LITERAL to) of the same article. IN case of compliance with what sets the LITERAL c) of article 104 of this Act, LOS rights by LAS quotes registered in the system of pension public will be recognized through payment of pension of conformity to LO established in the article 201 of present law, in charge of Institute pension where is has made the last quote before of your transfer to the savings to pension system.
THE process of payment of pensions old age by the compliance of the requirement established in the LITERAL c) of article 104 of this Act, to the affiliates to which is concerns the SUBSECTION earlier, recorded in two stages: 1) the institution administrator granted the PENSION in accordance to article 201 of this Act, against the balance of the account personal, 73 deducted the contributions volunteers and your profitability , WHILE MEDIATE PROCESS OF ANNUAL RECALCULATION THEREOF; (2) WHERE THE INDIVIDUAL ACCOUNT BALANCE IS INSUFFICIENT TO PAY THE RESPECTIVE PENSION, THE RESPECTIVE SOCIAL SECURITY INSTITUTE WILL TRANSFER RESOURCES TO THE ADMINISTERING INSTITUTION, AS SET OUT IN THE CORRESPONDING REGULATIONS, SO CONTINUE MANAGING THE PAYMENT OF THE PENSION OF THE MEMBER. FUNDS WILL BE USED FOR THE PAYMENT OF PENSIONS FOR THE SECOND STAGE, CREDITED TO ACCOUNTS OF LIABILITIES OF THE PENSION, IN ACCORDANCE WITH THE RESPECTIVE REGULATION FUND. FOR ALL PURPOSES, PENSION GRANTED IN BOTH STAGES ARE CONSIDERED EQUIVALENT TO THE PROVISIONS OF ARTICLE 131 OF THIS ACT, EXCEPT FOR THE ANNUAL RECALCULATION AND IN NO CASE MAY BE LESS TO THE MINIMUM PENSION.
WHEN DYING THE RIGHT PEOPLE IN THE FOREGOING PARAGRAPH, SURVIVAL PENSION SHALL BE GRANTED TO THE BENEFICIARIES WITH THE RIGHT, IN ACCORDANCE WITH THE REFERENCE PERCENTAGES ESTABLISHED IN THIS LAW AND THE PROCESS INDICATED IN THE PRECEDING PARAGRAPH. FOR THE PAYMENT OF ALLOWANCES OF MEMBERS REFERRED TO IN THIS ARTICLE, THE INSTITUTION ADMINISTRATOR IS CONVERTED IN DESIGNATED FOR THE PAYMENT OF BENEFITS REFERRED TO IN STAGE TWO OF THE PROCESS.
VOLUNTARY CONTRIBUTIONS AND PROFITABILITY GENERATED BY THEM, MAY BE REMOVED BY THE AFFILIATE AFTER MEET THE RESPECTIVE REQUIREMENTS, AND NOT BE COUNTED FOR THE PURPOSE OF THE CALCULATION OF THE PENSION. THE MEMBERS REFERRED TO IN THIS ARTICLE SHALL NOT APPLY YOU AS LAID DOWN IN ARTICLE 133 OF THIS LAW.
PROVISIONS CONTAINED IN THIS ARTICLE ALSO APPLY TO AFFILIATES THAT ARE HAVE WELCOMED THE PROVISIONS OF DECREES LEGISLATIVE NUMBERS 249, DATED JANUARY 11, 2001, PUBLISHED IN THE OFFICIAL JOURNAL NO. 23, VOLUME NO. 350, OF THE 31 THAT SAME MONTH AND YEAR AND THE NUMBER 369, DATED MARCH 29, 2001 PUBLISHED IN THE OFFICIAL JOURNAL NO. 65, VOLUME NO. 350 OF 30 THAT SAME MONTH AND YEAR. (8) article 185.-the affiliates to the public pension system that at the beginning of the period referred to in subparagraph first of article 184 of this Act, have failed to even thirty-six years old, must join the pension savings system, choosing for this purpose an administering institution to make their contributions.
IF NOT IT MADE, WILL APPLY THE PROVISION OF ARTICLE 184 OF THE LAW THIRD PARAGRAPH.
PEOPLE WHO ARE TRANSFERRED TO THE SAVINGS SYSTEM FOR PENSIONS BY VIRTUE OF THE PROVISIONS OF THIS ARTICLE, WILL RECEIVE A CERTIFICATE OF TRANSFER HAVING BEEN SECURED IN THE PENSION SYSTEM TARGET, IN ACCORDANCE WITH WHAT IS SET OUT IN CHAPTER IX OF THIS TITLE. (8)

Article 186.-affiliates to the Salvadoran Social Security Institute or the National Institute of pensions of public employees that on the date in which enter operations savings system for pensions, are 55 years of age compliments or more, if they are men, or fifty years or more, if they are women, remain insured in the system of public pensions at the same Institute , depending on their activity in the private or public sector respectively, and to receive the benefits in 74 conditions referred to in the sixth subparagraph of article 184 of this Act.
Article 187.-persons who, before the date of entry into operation of the savings system for pensions, have met the requirements to obtain a pension for old age, invalidity and survival within the public pension system, will get their rights according to the laws of the Salvadoran Institute of the Social insurance and the Institute national pensions of public employees, as appropriate.
Article 188.-public pension system cannot be new affiliations, from the moment you start to operate the savings system for pensions in accordance with article 231 of this Act.
Administrative financial separation of the Salvadoran Institute of Social insurance art. 189.-from the entry into force of this law, the Salvadoran Social Security Institute will have a period of one year to make separation administrative financier of the invalidity, old age and death and sickness, maternity and occupational hazards program program.
Chapter II of the quotes of the affiliated to the system of pensions public and TRANSIENCE of the system of savings for pension rate quote Article 190.-La rate quote for those who remain affiliates in the Salvadoran Institute of the social security or at the National Institute of pensions of public employees will be of the Fourteen percent, seven percent of income as contribution of the employer and seven per cent of the base , in charge of the worker.
The Declaration and payment of contributions to the public pension system shall be carried out in accordance to what designates the article 19 of this Act, as applicable.
Transitional system of dues for members of the Salvadoran Social Security Institute.
Article 191.-workers in the private sector which, during the period referred to in subparagraph first of article 184 of this Act, opted to keep affiliates in the Institute Salvadoran social security, as well as those referred to in article 186 of this Act, shall be subject to transitional arrangements to the rate of contributions established in the preceding article , follows: year employer employee Total 75 1997 1998 1999 2000 2001 2002 4.50% 5.00% 5.50% 6.00% 6.50% 7.00% 3.50% 4.50% 5.50% 6.00% 6.50% 7.00% 8.00 9.50% 11.00% 12.00% 13.00% 14.00% % transitional regime of dues for affiliated with the National Institute of pensions for public employees.
Article 192.-workers in the public sector who opted to remain affiliated at the National Institute of pensions for public employees, in accordance with provisions of article 184 the first paragraph and those referred to in article 186 of this Act, shall be subject to a transitional period of contributions, the date of start of operations of the savings system for pensions , according to article 233 of this Act.
If insured persons are found in the administrative scheme, initial contribution rate will be nine percent of your income base and will increase by one percentage point per year until reaching Fourteen percent. If insured is found in the teaching scheme, the initial contribution rate will be of twelve percent and will increase by one percentage point per year until reaching Fourteen percent.
Such fees shall be distributed between the employer and the worker in equal parts.
Missing from the State article 193.-the State will guarantee the payment of pensions of the public pension system administered by the Salvadoran Social Security Institute and the National Institute for public employees and assumes the costs of financial actuarial deficit of such a system when technical in each of these institutes reserves have been exhausted.
Transitional arrangements for contributions to the savings system for pensions article 194.-to from the date on which enters into transactions the savings system for pensions in accordance with article 233 of this Act, persons who enter for the first time to the labour market and which is transferred to the savings system for pensions, quote as provided in article 16 of this law. To achieve the rate referred to in subparagraph a) of that article, the following transitional arrangements is set: to) Private Sector employees and public administrative: 76 year employer employee Total 1997 1998 1999 2000 2001 2002 4.50% 5.00% 5.50% 6.00% 6.50 6.75% % 0.00% 1.00% 2.00% 2.50% 3.00 3.25% % 4.5% 6.0 7.5% 8.5% % 9.5% 10.0% b) teaching employees in the Public Sector : Total worker employer year 1997 1998 6.00% 6.75% 2.50% 3.25% 8.50% 10.00% chapter III of LOS requirements and benefits for invalidity in the system of pension public of the wage basic regulator Art. 195.-the salary basic regulator for the determination of the performance of the public pension system, will be set in the same way that is designated in article 122 of this Act.
Requirements article 196.-the insured to the public pension system will have the right to disability pension, total or partial, when they meet the following requirements: to) have been declared invalid by the rating Committee of invalidity referred to in article 111, of this law, in accordance with the definitions of article 105 of the same;
(b) find trading or have quoted for a period not less than thirty-six months, of which eighteen months quoted must be registered within thirty-six months of calendar to the date in which to be declared invalid. ((2) (7) c) be under 60 years of age if they are men or 55 years if they are women, from which shall be the right to old-age pension.

77 benefits article 197-the monthly pension for total disability shall be determined as a percentage of the regulator basic salary in function of the time quoted service, providing 30% of the regulatory base salary for the first three years quoted and increasing by 1.5% for each additional year of contributions.
The monthly pension for partial invalidity shall be calculated by adding up to 30% of the regulatory base salary for the first three years, the 1% for each additional year of contributions.
Transitional benefits article 198.-a affiliates ISSS or INPEP that policyholders remain therein, in accordance with the provisions of article 186, of this law, as well as those referred to in subsection 2o. Article 200 of the same, be them determined their monthly pensions for disability and old-age as a percentage of the regulator basic salary according to the quoted service time providing 30% of the regulatory base salary for the first three years quoted and increasing in 1.75% per additional year of contributions.
Regulatory base salary for these effects, shall be calculated in accordance with the provisions in article 122 of this Act or according to the calculations of basic wages controller and scales percentage of pension laws of the ISSS or INPEP, as appropriate, which is better for the insured.
Article 199.-all disability pension shall be granted initially on a provisional basis for a period of three years, arrived which the Commission disability rating will determine whether granting it permanently or ceases the right to pension.
When the affiliate meets the legal age, the disability pension will become old-age pension, must be recalculated in case in case of partial invalidity.
Chapter IV of the benefits by age on the system of pension public requirements article 200.-the insured to the public pension system are entitled to old-age pension when they meet any of the following requirements: a) having served 60 years old men and 55 women; and a registered quotes time of twenty-five years or more; and (b) repealed (5) * declared unconstitutional second subparagraph repealed (5) * declared unconstitutional 78 interpretation real Decree No. 523, the Legislative Assembly of the Republic of EL SALVADOR: i. which by Decree legislative Nr. 927, from date of December 20, 1996, published in the Diario official No. 243, volume no. 333 of the 23rd of the same month and year, the pension savings system Act was issued.
Decree legislative Nr. 347, date June 15, 2004, published in the Official Journal No. 128, vol. No. 364 from 9 July of the same year, II. which was repealed the literal b) Article 104 and literal b) and second paragraph of article 200 of the law mentioned in the previous recital.
III. that the literal and subparagraph repealed, allowed access to old-age pension, persons who registered a period of thirty years of contributions or to the date of entry into operation the savings system for pensions recorded thirty years of contributions or more, in both cases, regardless of age.

IV. the decree referred to in the second recital of this Decree shall enter into force on 1 January of the year 2005. However, it is being interpreted by different institutions do so effective with different criteria, which is creating uncertainty in members of the pension system that comply with the requirements of 30 years of service, and seeking to retire.
V. That the spirit of this House was that the people that they meet the requirements before 1 January 2005, in accordance with applicable law, it is not necessary that they exercised that right before 31 December 2004.
VI. who, owing to the above, it is necessary to interpret authentically the provisions of article 1 of the Decree legislative Nr. 347 before related, to establish that you persons that fulfil the requirements for retirement by age regardless of the age at December 31, 2004, may exercise that right.
THEREFORE: 79 in use of his constitutional powers and at the initiative of MEPs: Alejandro Dagoberto Marroquín, Juan Miguel Bolaños and José Mauricio Quinteros.
DECREED: The following interpretation genuine article 1 of Legislative Decree No. 347, dated 15 June 2004, published in the Official Journal No. 128, took no. 364 9 July of the same year, as well.
Article 1. It should be understood that members who meet the requirements for retirement by age regardless of the age, in accordance with provisions of the literal b December 31, 2004) Article 104 and literal b) and second paragraph of article 200 of the law of the savings system for pensions can exercise that right, even after 31 December 2004.
This authentic interpretation is incorporated into the text of the law of the pension savings system.
Article 2. This Decree shall enter into force eight days after its publication in the official journal.
GIVEN IN THE LEGISLATIVE PALACE. San Salvador, twenty-five days of the month of November in the year two thousand and four.
D. o. No. 240 volume # 365 date: December 23, 2004 for purposes of accounting records of contributions of workers in the public and municipal sectors, it will be also considered service worked before 1975, case of quotes of the administrative regime, or time before 1978, in the case of the educational regime.
Article 201.-monthly old-age pension is determined as a percentage of the regulator basic salary according to the quoted time and shall be calculated in the same way that sets the total disability pension in subsection first of article 197 of the Act.
Transient article 202-policyholders who remain in the public pension system will apply them transitional arrangements for the fulfilment of the requirements minimum service time for the enjoyment of old-age pension, which shall be determined according to the age accomplished to date comes into operations the savings system for pensions, as follows ((: a) for men: 80 age accomplished years of contribution for retirement are 60 and over 59 58 57 56 55 54 53 52 51 50 and less 15 16 17 18 19 20 21 22 23 24 25 b) for women: age accomplished years of contribution for retirement 55 and over 54 53 52 51 50 49 48 47 46 45 and less 15 16 17 18 19 20 21 22 23 24 25 these transitional provisions shall also be applicable, to people moving to the savings system for pensions.
Chapter V of the benefits of survival in the system of pension public requirements art. 203.-a secured will generate right to survival pension in the following cases: a) if death being pensioned by invalidity or old age;
(b) if it is an insured person who is quoting or that any unregistered quotes 81 up to twelve months prior to his death. In either case, you must register a minimum of five years of contributions; and (c) If an insured person who has not registered contributions for one period exceeding twelve months before his death, whenever it to total ten years of contributions to the system.
Beneficiaries article 204-are entitled to PENSION for survival the following persons: (2)) the children of the member until the age of 18 years; OR UP TO 24 YEARS IF BASIC EDUCATION STUDIES, MEDIA, TECHNICAL OR HIGHER; OR OF ANY AGE IF THEY ARE DISABLED; ((2) (7) (b)) the widow or the widower; THE PARTNER OR THE PARTNER'S NON-MATRIMONIAL UNION DECLARED JUDICIALLY IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 123 OF THE FAMILY CODE. SUCH A STATEMENT NOT IS REQUIRED IF THERE ARE CHILDREN IN COMMON WITH THE PARTNER, BORN OR CONCEIVED, EXCEPT WHEN SUBMITTED TWO OR MORE PEOPLE REQUESTING PENSION BY MANIFEST TO BE THE PARTNER OR OF DECEASED MEMBER. ((2) (7) c) the parents of the deceased, if not there are other beneficiaries, if are over 60-year-old father and 55, the mother at the time happens the death of affiliate. HOWEVER, IF PARENTS HAVE THE CONDITION OF DISABLED PERSONS AT THAT TIME, SUCH SHALL NOT BE ENFORCEABLE AGES. (2) benefits article 205.-the pension for widowers, widows or live-in partners will be paid monthly, by an amount equal to 50% of the pension which the deceased was or who would have been entitled to receive old age from the date of his death.
This will expire by marriage, no marriage or death of the beneficiary.
Article 206.-each child orphan pensions, will amount to 25% of the pension which the deceased was or that it had right to receive old-age. If the orphan of father and mother, that pension will rise to 40%.
Article 207.-the sum of pensions for widow and orphans caused by a same originator, may not exceed 100% of the pension which the deceased was or which would have been entitled to receive old age. If it is higher, it will reduce proportionally until the limit is reached.
Article 208.-If appropriate the right to pension of ascendancy, the father and the mother will each receive the equivalent to 30% of the pension which was or would have been entitled if the deceased at the date of his death. If there is only one of them, it will be up to 40%.

82 chapter VI General provisions of the pension system public Pension Pension Public Art. 209.-the minimum amount of monthly old-age and invalidity pension shall not be less than the minimum pension established annually by the Ministry of finance in the budget Act, when the requirements listed in the next subsection of this article. Likewise, the sum of pensions for survival arising from a same cause may not be less than the minimum pension.
That operate the State guarantee, the Member or beneficiary must not earn income, including pension, the amount of which is equal or higher than the minimum wage. In addition, that pensionen old age must have registered a minimum of twenty-five years of contributions.
Minimum public pension system shall be subject to the provisions of subsection first of article 145 of the Act.
Revaluation article 210.-all pensions granted by the public pension system is revalued annually by the percentage determined by the Ministry of finance, from fiscal year one thousand nine hundred and ninety-eight.
Such revaluation shall be established taking into account the conditions laid down in subparagraph first of article 145 of the Act.
Pensions granted to thousand nine hundred and ninety-six in the regimes of invalidity, old age and death of the system of public pensions referred to in section 183 of this Act, be revalued in 6% of their value the first day of January in the year one thousand nine hundred and ninety-seven.
Assignments article 211.-when a policyholder register at least 12 months of contributions in the ISSS or INPEP and does not meet the requirements to access a pension of invalidity or generate right to survival pension, shall be entitled to receive an allocation. This will consist of a single payment equal to ten percent of the regulator basic salary for each month quoted.
People who, having reached the age for old-age pension does not comply with the requirement of required contributions, and declared his inability to continue quoting, are entitled to receive the allocation referred to in the preceding paragraph.
HOWEVER PROVISIONS IN THE FIRST SUBPARAGRAPH, THE MEMBER OR BENEFICIARIES CAN CHOOSE PAYMENT IN SIX ANNUAL INSTALMENTS. IF IS ELECTED IN THIS WAY, EACH PAYMENT SHALL BE AT LEAST EQUIVALENT TO THE PROPORTION OF TWELVE MONTHS QUOTED CASE CONTRARY, MUST BE MADE IN A SINGLE PAYMENT. WITH EACH ANNUITY, THE AFFILIATE MAY QUOTE AS A PENSIONER OF THE ISSS HEALTH PROGRAM ACCORDING TO IS SET TO THE FIFTH SUBPARAGRAPH OF ARTICLE

126 83 OF THE PRESENT LAW. (8) tax Art. 212 treatment.-contributions to the public pension system and the funds that it manages, will have the same tax treatment contained in article 22 of this law.
Chapter VII RECOMPOSITION of benefits of the system of pension public allocations per child article 213.-the child allowances granted by the ISSS to pensioners by old age and invalidity, before the first day of January in the year one thousand nine hundred and ninety-seven, will continue giving until the age limit.

After that date, the allocations per child shall be without effect. However, they will receive the annual benefit referred to in article 215 of this law.
Quotes of pensioners to Art. 214 health program-contributions to the health program of the Salvadoran Institute of the Social insurance for coverage of retirees and their families, much of the savings system for pensions of the public pension system, will be uniform and charge of the pensioner, or of his widow or widower, partner, survivor, produced the death of this. From the first of January of thousand nine hundred ninety-seven, the rate of contribution will be 7.80% of his monthly pension.
For these purposes, the pensions granted by the ISSS and INPEP before that date, with the exception of ascendants and orphans, will be increased only once, in the following way: to) at 5.57% of the administrative regime of INPEP;
(b) in 5.80% of the teaching system of INPEP; and (c) at 1.80% of the ISSS.
WHEN A PENSIONER FOR OLD-AGE OR INVALIDITY, IS FIND WORKING OR IS REINCORPORATED INTO PAID EMPLOYMENT, WAGES THAT COLLECTS DERIVATIVES OF SUCH ACTIVITY, WILL BE SUBJECTS OF CONTRIBUTIONS TO THE SYSTEM OF HEALTH, MATERNITY AND OCCUPATIONAL HAZARDS OF THE ISSS. (6) additional benefit annual Article 215.-pensioners of the public pension system will have an annual additional benefit in the month of December of each year with a limit equal to which Central Government set as a complementary annual salary to concept of aguinaldo to employees in the public sector. This additional 84 annual benefit will be awarded according to the following table: to) with minimum pensions, pensioners will receive 100 percent of their pension;
(b) pensioners with pensions that exceed the minimum pension to the equivalent of two minimum pensions, will receive the equivalent of the minimum pension over the seventy-five per cent of the difference between the pension and the minimum pension; and (c) pensioners with pensions higher than the equivalent of two minimum pensions, will receive the equivalent to one point seventy-five times the minimum pension, over fifty per cent of the difference in his pension, and one point seventy-five times the minimum pension.
Pensioners article 216.-the funeral expenses of INPEP to the entry into force of this Act and which pensionen during the next 24 months, will cause the right to funeral expenses, according to contemplated in article 73 C of the INPEP act before his death. Which pensionen after that period, and the assets that dying from the date entering operations savings system for pensions, will receive aid of burial in the regime of sickness, maternity and occupational hazards that administers the ISSS.
INPEP Art. 217.-the credit portfolio portfolio of personal and mortgage loans of INPEP that have been granted to its policyholders before entry into force of this law, will be sold or given in administration institutions of the financial system, legally established in the country or to the Social Fund for housing.
The loans referred to in the INPEP Act, will no longer be granted from the date on which it enters into force the present.
Reduced article 218.-from old-age pension from the date they start operations the system according to article 233 of this Act, the ISSS and INPEP no longer grant reduced old-age pensions and inns them as it referred to article 57 of the law of INPEP, respectively.
Contributions of insured pensioners Art. 219.-the insured persons of the public pension system, which obtain his PENSION of old age, starting from the date of entry of the pension savings system operations, may rejoin the service active without losing the enjoy that, but to from of your reinstatement not you'll have the right to reset of that PENSION; IN THE CASE OF ELECTED OFFICIALS AND ELECTED BY THE LEGISLATIVE ASSEMBLY MAY OBTAIN THEIR OLD-AGE PENSION, WITHOUT NEED TO RESIGN FOR WHICH WERE ELECTED. (((9) 85 in such a case, may make contributions to the savings system for pensions in the percentages referred to in literals a) of article 16, and b) of article 49 of this law, and they may provide annually their pension savings account balance. Before his death, the balance shall constitute part of having probate.
Policyholders that have granted before the date of entry into the savings system for pensions, in the INPEP, operations and that they have suspended payment of his pension, by having paid prior to the public service, will regain their right to payment of pension to cease in these, which continue to govern in whole in accordance with articles 41 44, 56, 58 and 83 of the INPEP Act.
Chapter VIII provisions special of the technical reserves in public pension Art. 220.-the technical system of public pension reserves, while they exist, will be invested under the same conditions and limits given in Chapter VIII of title I of this Act, except for securities issued by the General direction of Treasury and State-owned enterprises that are not credit institutions.
Technical reserves will be allocated to the payment of pensions and expenses of ISSS and INPEP, when revenues received for contributions and contributions are insufficient for this purpose. In addition, these should be the redemption of the certificate of transfer referred to in the following chapter IX.
Exhausted these technical reserves, the State will be responsible for financing pensions and administrative expenses of the system of public pensions, as well as the redemption of certificates of transfer referred to in this law.
Of the regime of health article 221.-the municipal, public and private sector workers, will be listed to the general regime of sickness, maternity and risk professional that administers the ISSS, evenly and will enjoy health benefits and cash under the ISSS Act and its regulations. This quote from the date in which operations among the savings system for pensions the 10.5% of compensation affects. This rate will be distributed in 7.5% of compensation affects charge from the employer and 3.0% of the worker.
However the foregoing, educational workers in the public sector may be covered by a special program of sickness, maternity and occupational hazards, and must quote this rate established in the previous paragraph.
INTERPRETATION authentic 86 Decree No. 62.-the Legislative Assembly of the Republic of EL SALVADOR, considering: I.-that by Legislative Decree No. 927 of dated 20 December 1996, published in the Diario official No. 243, volume 23 the same month and year date No.333, aired the law's savings system for pensions;
II.-that the article 221 of the Act, establishes that municipal, public and private sector workers, will be listed to the general regime of sickness, maternity and occupational hazards that manages the Salvadoran Social Security Institute and that will enjoy the health benefits that it provides;
III.-that the Salvadoran Social Security Institute currently, is demanding payments to different municipalities of the country in respect of fines so pretext that they have not made payments of their contributors;
IV.-that to date the Social Security Institute is charging the respective contributions, the date in which the savings pension system came into force and not the date on which different municipalities have signed up for the Salvadoran Institute of the Social insurance; What has caused that interpretations adverse to the contents of the referred Article; give
V-which by reason of the foregoing, it is necessary to interpret authentically the Art. 221 of the law's savings system for pensions, to be able to determine from what date is that municipalities should begin trading on the Salvadoran Institute of the Social insurance, meaning that when referring to quotes refers both to contributions which effect the municipalities as those of employees;
Therefore, in use of his constitutional powers and at the initiative of the deputies Julio Antonio Gamero Quintanilla, Carmen Elena Calderón de Escalón, Nelson Funes, José Mauricio Quinteros, Juan Miguel Bolaños, Osmín López Escalante, Schafik Jorge Handal, Francisco Jovel, Humberto Centeno h., Vilma García Celina de Monterrosa, Alejandro Dagoberto Marroquín, Ciro Cruz Zepeda Peña, Julio Eduardo Moreno children, René Aguiluz Carranza , Jorge Alberto Villacorta Muñoz and Gerardo Antonio Suvillaga, DECREED: 87 the following authentic interpretation to article 221 of the pension savings system Act, issued by Decree legislative Nr. 927, from date of December 20, 1996, published in the Diario official No. 243, volume no. 333, dated 23 December of the same year, as well: article 1.-you must understand that the quote that referred to in article 221 will be the date in that the municipalities from joining the Salvadoran Social Security Institute.
The municipalities that this Decree is not inscribieren, the date of coming into force shall remain affiliated by Ministry of law.
This authentic interpretation is incorporated into the text of the law of the pension savings system.

Article 2.-this Decree shall enter into force eight days after its publication in the official journal.
GIVEN in the blue room of the Legislative Palace: San Salvador, thirteen days of the month of July in the year two thousand.
D. O. N ° 152, volume N ° 348, date: August 17, 2000.
Contributions to the Social Fund for housing Art. 222-the balance of the individual account of each worker who quoted the Social Fund for housing before the date of entry into operation the savings system for pensions in accordance to article 233 of this Act, will be administered by the Social Fund for housing and will be transferred to the individual savings account of the savings system for pensions , before the occurrence of the event that generates entitlement to pension. Otherwise, apply the provisions of the law of creation of the Social Fund housing to access such balance.
From the date comes into operations the savings system for pensions, will stop making contributions to the Social Fund for housing.
INVESTMENT to finance housing (8) Article 223.-will be available titles values issued by the SOCIAL Fund for housing with resources of the Pension Fund, in accordance with provisions of the LITERAL i) of article 91 of this law. FOR THIS PURPOSE, THE SOCIAL FUND FOR HOUSING MUST DEFINE THE CHARACTERISTICS OF THE SECURITIES VALUES TO ISSUE. (8) THE INSTITUTIONS ADMINISTERING THE RESOURCES OF THE PENSION FUNDS THAT MANAGE, MUST PURCHASE SECURITIES ISSUED BY THE SOCIAL FUND FOR HOUSING WITH THE OBJECT THAT THE RESOURCES CAPTURED WITH THE PLACEMENT OF THE SAME TO BE USED IN THE GRANTING OF LOANS TO WORKERS IN THE FORMAL SECTOR, WITH SPECIAL EMPHASIS ON WORKING HEADS OF HOUSEHOLD, FOR THE ACQUISITION OF NEW HOUSING 88 SOCIAL INTEREST , WITH A VALUE OF UP TO ONE HUNDRED AND TWENTY-EIGHT OF THE TRADE AND SERVICES SECTOR MINIMUM WAGES. FOR THESE PURPOSES, ADMINISTERING INSTITUTIONS WILL NEED TO INVEST THE EQUIVALENT OF THREE POINT EIGHTY-FIVE PER CENT OF THE REVENUE ACCUMULATED QUOTES SOCIAL SECURITY OF THE THREE MONTHS PRECEDING THE MONTH IN WHICH THE PLACEMENT OF THE SECURITIES ISSUED IS PERFORMED. (10) THE VALUES THAT REFERS THE PRECEDING PARAGRAPH SHALL BE ISSUED BY THE SOCIAL FUND FOR HOUSING FOR A TERM OF UP TO TWENTY-FIVE YEARS, AT AN INTEREST RATE FIXED, NOT LESS THAN THREE PER CENT PER ANNUM, WHICH WILL BE SUBJECT TO PERIODIC REVIEWS BY THE AFOREMENTIONED INSTITUTION, MAINTAINING AT ALL TIMES A DIFFERENTIAL OF AT LEAST THREE PERCENTAGE POINTS WITH RESPECT TO INTEREST RATE ACTIVATES EXISTING AT THE DATE OF THE REVIEW, ESTABLISHED FOR CREDITS EARMARKED FOR THE ACQUISITION OF SOCIAL INTEREST HOUSING A VALUE OF ONE HUNDRED AND TWENTY-EIGHT OF THE TRADE AND SERVICES SECTOR MINIMUM WAGES. THE REST OF THE CHARACTERISTICS OF THE VALUES REFERRED TO IN THE PRECEDING PARAGRAPH SHALL BE DEFINED BY THE SOCIAL FUND FOR HOUSING. (10) THE VALUES ISSUED BY THE SOCIAL FUND FOR HOUSING IN ACCORDANCE WITH THE PROVISIONS IN THE SECOND AND THIRD OF THIS ARTICLE PARAGRAPHS, WILL RECEIVE THE SAME TREATMENT AS THE VALUES ISSUED BY THE DIRECTORATE-GENERAL OF TREASURY AND THE CENTRAL BANK OF RESERVE HAVE IN THE SECURITIES MARKET ACT AND THIS ACT, BEING SUBJECT ONLY TO AN EQUIVALENT INVESTMENT LIMIT AS PROVIDED IN THE SECOND SUBPARAGRAPH OF THIS ARTICLE. THE OBLIGATION OF INVESTMENT TO WHICH REFERRED SECOND THIS ARTICLE WILL PERSIST, IN BOTH REASONABLY THE SOCIAL FUND FOR HOUSING DETERMINES THE NEED FOR EMISSIONS OF SECURITIES REFERRED TO IN THIS PROVISION. ((10) mandatory investment in social security investment certificates (8) Article 223.A.-pension funds must IMPERATIVELY acquire investment social security certificates that correspond to the annual programme emissions obligations pension trust, while the acquired TOTAL balance to exceed the investment limit in the LITERAL M) of article 91 of this law. THEY MUST ALSO ACQUIRE CERTIFICATES OF INVESTMENT SOCIAL SECURITY THAT CERTIFICATES OF TRANSFER SHOULD BE REPLACED AND ADDITIONAL TRANSFER CERTIFICATES, FOR WHICH DOES NOT OPERATE THE LIMIT. (8) (10) * declared unconstitutional background of amortization Art. 224-starting from the year 1998, the Ministry of Finance shall constitute a depreciation Fund for the payment of obligations which designates the third paragraph of article 220 of this law, and the State guarantee of the savings system for pensions. This will settle annually, with a percentage of the General State budget which will amount to half of one per cent from 1998 to the year 2000; to one percent, from the year 2001 to 2010 and from the year 2011, one and a half per cent of the budget. The contributions of the State for the depreciation Fund must be incorporated into each year's budget for approval.

89. the Ministry of finance will transfer annually these resources as investment in shares of the Pension Fund, to the administering institutions that are operating and obtaining at least the average return of pension funds, in proportion to their market share, and may dispose of them only to pay the obligations arising from this Act, provided that it is up to date with your obligation to learn them.
Without limiting the foregoing, while the respective reserves of ISSS or INPEP, not have been exhausted as the case may be, the Ministry of finance not available resources of the sinking fund to meet its obligations under this Act, except in the case of payment of minimum pensions savings system for pensions.
For this service, the administering institutions shall not accrue any Commission.
The procedure for the transfer of funds is recorded in the respective regulations.
The Superintendency of pensions annually estimate the resources needed to make the State comply with the obligations of the public pension system, and the savings system for pensions, and forward them to the Ministry of finance in the respective budget.
Pension minimum Art. 225.-from the date entry into operations the savings system for pensions in accordance with article 233 of this Act, the minimum pension for old age and total disability of the savings system for pensions will amount to the minimum pension, which currently is in force for the public pension system, and the minimum pension for partial invalidity It will be equivalent to seventy per cent of the same from the first day of January in the year one thousand nine hundred and ninety-seven minimum old-age pension and invalidity of the public pension system will amount to seven hundred colones per month.
Temporary custody article 226.-While there are no custody and deposit of securities companies established according to the law of the stock market, this function may be exercised by a bank or financial legally established in the country and authorized by the Superintendence of securities for this purpose.
Transient rating Art. 227-while function not any sorting risk societies established in accordance with the law of the stock market or in the event that there is only one, the risk Committee referred to in article 89 of this law, shall qualify the financial instruments subject to be purchased with pension funds and companies of insurance of persons who provide services to the savings system for pensions and their obligations According to the lower rating limits and the procedure that the Commission on risk set, on a proposal from the Superintendency of pensions.
When they operate, at least two companies sorting of risk established in accordance 90 to the law of the stock market, will be subjects to be purchased with pension funds those instruments which comply with the minimum score established by the Commission on risk to do so.
Transitional Art. 228.-La Commission quote concerning the literal b) of article 16 of this law, it will amount to a maximum of a 3.5% of income base of contributions during the years 1997 and 1998; and a maximum of 3.25% during the years 1999 and 2000.
Chapter IX of the certificate of transfer the certificate of transfer Art. 229-Los workers that according to articles 184 and 185 of this Act, trasladaren to the savings system for pensions established by this law, will receive the respective institutions of the public pension system a recognition for the time of service you have quoted them at the date of his transfer.
This recognition is expressed in a document called a certificate of transfer which will be issued by ISSS or INPEP, depending on the institution with whom the last contribution has been made.
Transfer certificate will be delivered by ISSS or INPEP the institution administrator that the affiliate has made the last contribution. If the affiliate is cambiare institution administrator, the former must transfer you the certificate along with the funds.
The administering institution shall arrange for their members or beneficiaries, the payment of the transfer certificate.

The certificate of transfer must be paid within the term of sixty calendar days from the date in which the applicant sought his redemption. For each day of delay, the certificate of Transfer accrued an additional interest equivalent to the average return in the last twelve months of pension funds more one percentage point.
Features Art. 230.-the certificate of transfer will be issued with the following characteristics: a) nominee, b) expressed in national currency, c) shall accrue an adjustable interest rate annually from the date in which moves into the savings system for pensions. This interest rate will be equal to the variance of price index consumer registered the previous year;

91 d) guaranteed by the State;
(e) payable, CAPITAL and interest, in fifteen INSTALLMENTS due annual and equal, starting from the date in which the affiliate meets with LOS requirements for access to benefits according to LA law and your regulations. THE RATE OF INTEREST THAT ACCRUED WILL BE EQUIVALENT TO THE PASSIVE BASIC INTEREST RATE PUBLISHED BY THE CENTRAL BANK OF RESERVE; (2) f) Transferibles by endorsement only to the Pension Fund, to the administering institution with whom to hire is the scheduled income or the insurance society of persons that recruit a life annuity.
Likewise, in accordance with the commercial code, transfer certificates will be issued with the name of the title, amount and place of fulfilment of rights incorporating and signature of the issuer.
TRANSFER CERTIFICATES MAY BE REPRESENTED BY ANNOTATIONS INTO ACCOUNT OR BY A MACRO TITLE REPRESENTATIVE OF THE TOTALITY OF THE ISSUANCE OF SUCH CERTIFICATES. (2) right to the certificate article 231.-you'll have right to the certificate of transfer all those people that they choose the savings system for pensions having registered a minimum of twelve quotations in the public pension system to the date of your transfer.
Form of calculation article 232.-the nominal value of the transfer certificate at the time of their issuance is calculated follows: to) is estimated seventy-five percent of the average of the last twelve salaries quoted until the 31 December 1996;
(b) previous result is multiplied by the quotient obtained by dividing the contributions period registered at the time of his transfer to the system, expressed in 35 years;
(c) the product is multiplied by 12 and by the actuarial factor of 10.25 if it is man, and by 10.77 if female; and (d) the previous result will be multiplied by the following factors depending on the period of contributions recorded the date of the affiliation to the system: period of contributions Factor 92 up to 15 years of 16-19 years old from 20 to 23 years of 24 to 27 years of 28 to 31 years in 32 years and over 1.00 1.04 1.08 1.12 1.16 1.20 for the calculation of the transfer certificate the affiliate can check service time quoted the documentation indicating the respective regulations.
For the purposes of calculation of the literal b) of this article, who are quoted at INPEP for a minimum period of one year and registraren time of service in the public sector as administrative workers, before 1975, or as teachers prior to 1978, be them recognized that service time, provided that this is checked according to the respective regulations.
Once calculated the certificate of transfer, the affiliate may request review in the period of one year from the date of issuance of the same.
Title IV provisions late date of operations of the savings system for pensions article 233-Superintendent of pensions will receive applications for establishment of institutions of pension fund, met six months after entry into force of this law, in accordance with its regulations and the same.
The Superintendency of pensions announced by means of two publications in newspapers of national circulation date of start of operations of the savings system for pensions, which will not report it until they are authorized, at least two institutions administering in accordance with article 33 of this law.
Article 233-A-all members that have played host to some kind of benefit in accordance with the law of the savings system for pensions, both in the process of granting as already granted, the date of entry into force of the present Decree will continue enjoying the same without any modification. THIS PROVISION SHALL ALSO APPLY TO THOSE WHO STILL NOT BE HAVE BOARDING, BUT HAVE ALREADY COMPLIED WITH ANY OF THE REQUIREMENTS SET OUT IN SUCH LAW TO THE ENTRY INTO FORCE OF THIS DECREE.
However provisions of Legislative Decree No. 1217, dated 11 April 2003, published in the Official Journal No. 84, taking no. 359, 12 May of the same year, as by this Decree are repealed, is will continue to broadcast supplementary transfer certificates to all affiliates who have met the respective requirements at the date of entry into force of this Decree.
If to the effective date of this Decree, the affiliates to which is concerns the 93 article 184-A of the law on the system of saving for pensions, have fulfilled the requirement of age to which is concerns the letter c) of article 104 of the cited Act, without fulfilling quotes minimum time to generate the right to old-age PENSION , SHALL BE ELIGIBLE TO THE RETURN OF BALANCE TO BE PERFORMED IN A SINGLE PAYMENT, OR USING THE MECHANISM ESTABLISHED IN ARTICLE 126 OF THE SAID LAW. (8) social security article 233-B titles NEGOTIABILITY.-for the purposes of the pension savings system Act, is understood by social security titles: transfer certificates, certificates of pension investment and complementary transfer certificates.
SOCIAL SECURITY TITLES MAY BE TENDER IN THE SAME CONDITIONS AS THE STOCK MARKET LAW DESIGNATES FOR SECURITIES ISSUED BY THE STATE AND THE BANCO CENTRAL DE RESERVA DE EL SALVADOR.
TO MAKE THE SOCIAL SECURITY SECURITIES NEGOTIABLE ON A STOCK SALVADOREÑA, ONLY THE RESPECTIVE ISSUANCE AGREEMENT APPROVED BY THE ISSUER IN ITS CASE, ALONG WITH A MODEL OF THE VALUE OF THE EMISSION TRADING IN THAT STOCK MARKET SHALL BE SUBMITTED. IN CASE THAT THESE TITLES HAVE BEEN ISSUED IN ACCORDANCE TO THE LAW OF THE SYSTEM OF SAVING FOR PENSIONS OR SPECIAL DECREES, SIMPLY SUBMIT THE AFOREMENTIONED MODEL AND THE CORRESPONDING DECREE.
SOCIAL SECURITY TITLES FORM PART OF THE ASSETS OF PENSION FUNDS.
TRADING IN SECURITIES BY PENSION FUNDS SOCIAL SECURITY, MAY BE CARRIED OUT IN THE SAME WAY IN WHICH THE VALUES ARE NEGOTIATED ISSUED BY THE DIRECTORATE GENERAL OF THE TREASURY. (8) Regulation Art. 234-Superintendent of pensions shall propose to the President of the Republic for approval, the regulations required for the functioning of the savings system for pensions and the public pension system.
In addition, the Superintendency of pensions will issue instructions and resolutions for the implementation of this law, which will be mandatory for the supervised institutions.
Preferred application article 235.-the present law by its special character will prevail over any others that contradict it. For its repeal or modification, it shall be mentioned expressly.
Act 94 Art. 236.-the present Decree shall enter into force eight days after its publication.
GIVEN in the blue room of the Legislative Palace: San Salvador, on the twentieth day of the month of December in the year one thousand nine hundred and ninety-six.
MERCEDES GLORIA SALGUERO GROSS President ANA GUADALUPE Martínez ALFONSO Menéndez ARISTIDES ALVARENGA Vice President Vice President José RAFAEL MACHUCA ZELAYA, JULIO ANTONIO GAMERO QUINTANILLA Vice President Vice President José EDUARDO SANCHO CASTAÑEDA GUSTAVO ROGELIO SALINAS OLMEDO Secretary Secretary CARMEN ELENA CALDERÓN of step WALTER RENE ARAUJO MORALES Secretariat Secretary RENE MARIO FIGUEROA FIGUEROA Secretary House presidential: San Salvador, twenty-three days of the month of December in the year one thousand nine hundred and ninety-six.
PUBLISHED, ARMANDO CALDERÓN SOL, President of the Republic.
Manuel Enrique Hinds Cabrera, Chancellor of the Exchequer.
Tomasino Eduardo Hurtado, Minister of labour and Social Welfare.
D. o. No. 243 volume no. 333 date: December 23, 1996.

95 REFORMS: (1) D.L. N ° 192, 9 NOVEMBER 2000; D.O. N ° 21, T. 350, 29 JANUARY 2001.
(2) D.L. N ° 664, DECEMBER 13, 2001; D.O. N ° 241, T. 353, 20 DECEMBER 2001.
(3) D.L. N ° 333, 28 MAY 2004; D.O. N ° 124, T. 364, JULY 5, 2004.
(4) D.L. N ° 336, 4 JUNE 2004; D.O. N ° 126, T. 364, JULY 7, 2004.
(5) D.L. N ° 347, 15 JUNE 2004; (DECLARED UNCONSTITUTIONAL) D.O. N ° 128, T. 364, JULY 9, 2004. INTERPRETATION AUTHENTIC: D.L. NO. 523, NOVEMBER 25, 2004; D.O. NO. 240, T. 365, DECEMBER 23, 2004.
(6) D.L. NO. 599, FEBRUARY 2, 2005; D.O. N ° 40, T. 366, 25 FEBRUARY 2005.
(7) D.L. N ° 891, DECEMBER 9, 2005; D.O. N ° 238, T. 369, DECEMBER 21, 2005.
(8) D.L. No. 100, September 13, 2006; D.O. No. 171, T. 372, September 14, 2006.
(9) D.L. No. 277, April 13, 2007; D.O. No. 82, T. 375, may 8, 2007.
(10) D.L. No. 1036, 29 March 2012; D.O. No.63, T.394, March 30, 2012.
EXTENSION: D.L. N ° 437, 8 OCTOBER 1998; D.O. N ° 192, T.341, 15 OCTOBER 1998. (ART. 184)
INTERPRETATION AUTHENTICATES:

D.L. N ° 62, 13 JULY 2000; D.O. N ° 152, T. 348, 17 AUGUST 2000.

96 unconstitutional: * the room of the Supreme Court of Justice constitutional, declare unconstitutional paragraph second of article 113 of the law of the savings system for pensions, by resolution No. 44-2003, published in the Official Journal No. 82, volume 367 of May 3, 2005. (ROM/mldeb 26/05/05) * the Constitutional Division of the Supreme Court of justice by means of resolution on the constitutional process accumulated No. 31-2004 / 34-2004 / 38-2004 / 6 2005 and 9, 2005, published in the DIARIO official No. 111, volume 379, June 16, 2008, declares unconstitutional, so GENERAL and compulsory EL D.L. 347/2004 (ART. 104, LIT. b and ART. 200) , LIT. (b) and paragraph 2. OF THE ACT), IN CONTRAVENTION OF THE ARTS. 1, INC. 1st. And 2, Inc. 1. CN. WHICH IS REFERS TO LEGAL CERTAINTY, ONLY IN TERMS OF ITS RETROACTIVE EFFECT, TO THE EXTENT THAT AFFECTS MEMBERS OF THE SYSTEM AT THE TIME OF THE REFORMATION HAD SERVED THIRTY YEARS OF CONTRIBUTIONS AND WHO, AMONG OTHER ASPECTS, IS WERE IN A LEGAL SITUATION OBJECTIVELY BE PROTECTED. (02/July/08 Rm / ada) * LA room of the constitutional of the Supreme Court, through ruling No. 42-2012, 2013-61 and 62-2013 published in the D. O. No. 3, T. 406, 7 January 2015, declares unconstitutional LOS ARTS. 91 letter m) and 223-A, in relation to the use of the interest rate LONDON INTERBANK OFFERED RATE (LIBOR 180 days) one hundred and eighty days that accrued the certificates of investment provisional issued by the trust's obligations provisional, that must be acquire mandatory LAS administrators of funds of pension the funds of pension that administered and managed with , FOR VIOLATION OF LEGAL RELATION SHIP WITH THE SOCIAL SECURITY SECURITY, IN ITS MANIFESTATION OF THE RIGHT TO OLD-AGE PENSION, SET OUT IN ARTS. 2 INC. 1 ° AND 50 IN THE CN., RESPECTIVELY, KEEP SUCH RATE NEGATIVELY AFFECTS THE LEVEL OF PROFITABILITY OBTAINED THE SAVINGS OF THE CONTRIBUTORS TO THE SYSTEM OF PENSION AND SAVINGS ON THEIR RATES OF REPLACEMENT, MATERIALLY AFFECTING THE PENSIONS OF THIS SECTOR OF POPULATION, CAUSE A DECREASE OF THE MINIMUM INCOME AND ESSENTIAL FOR BASIC NEEDS AND THUS ALLOWING A LIVELIHOOD WORTHY UPON THE OCCURRENCE OF CASES OF RETIREMENT; AS WELL AS VIOLATES ING SOCIAL SECURITY IN RELATION TO THE PRINCIPLE OF PROPORTIONALITY, ARTS. 50 AND 246 CN., RESPECTIVELY, IN SO MUCH THAT SUCH RATE, DUE TO THEIR LOW PROFITABILITY, IT CANNOT COMPLY WITH THE REQUIREMENT OF OPTIMAL UTILIZATION OF THE RESOURCES OF THE SOCIAL SECURITY, NEGATIVELY INFLUENCING THE LEVEL OF PROFITABILITY OBTAINED THE SAVINGS OF THE CONTRIBUTORS TO THE SAVINGS SYSTEM FOR PENSIONS AND THEIR RATES OF REPLACEMENT AT FECTANDO MATERIALLY THE PENSIONS OF THIS POPULATION SECTOR. (JQ/20/02/15) * the Constitutional Division of the Supreme Court of Justice, by judgment No. 34-2011, and 55-2011 posted in D. O. No. 22, T. 406, 3 February 2015, declares unconstitutional article 145 INC. END, SPECIFICALLY IN TERMS OF THE UNATTACHABLE MINIMUM PERCENTAGE FOR THE PERSON S ARE ON PENSIONS, BY VIOLATING THE PRINCIPLE OF EQUALITY LAID DOWN IN ARTICLE 3 OF THE CONSTITUTION.
SPECIAL PROVISIONS RELATING TO THIS LAW - TRANSITIONAL PROVISION SO THAT INSURED BY THE ISSS AND INPEP MAY 97 JOINING THE AFP.
D.L. N̊249, JANUARY 11, 2001; D.O. Nº 23, T. 350, 31 JANUARY 2001. EXTENSION: D.L. N̊369, MARCH 29, 2001; D.O. NO. 65 350 T., 30 MARCH 2001. (Ended its term on May 28, 2001) - provisions special of matching of pension for affiliated OPTADOS included in the article 184 of the law of LAS AFP. D.L. N̊ 1217, APRIL 11, 2003; D.O. Nº 84, T. 359, 12 MAY 2003. COMPLETELY REPEALED BY: D.L. N̊100, SEPTEMBER 13, 2006; D.O. NO. 171 372 T., SEPTEMBER 14, 2006.
DECREE BANNED: D.L. N ° 313, 29 APRIL 2004; D.O. ° N, T. , OF OF.
LM/ngcl 08/06/07 05/08/12 ROM JQ 20/02/15 JQ 06/03/15 legislative index

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