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Project of law for the partial or total refund of contributions

January 21, 2021

PROJECT OF LAW FOR THE PARTIAL OR TOTAL REFUND OF CONTRIBUTIONS

The 15 of January of the present year was sent to the Plurinational Legislative Assembly the bill of Law N° 078/2020-2021 for your treatment. Project that aims to establish an exceptional and one-time Refund of Contributions to the Personal Accounts Pension of the Integral System of Pension of the Insured, to meet their emerging needs of the pandemic (COVID-19).

Such refund, if approved, will be conducted in the following way:

  • Partial Refund up to fifteen percent (15%) of their accumulated balance, for the people that you have in your Personal Account Pension an amount less than or equal to Bs.- 100,000.00.- (One HUNDRED THOUSAND 00/100 BOLIVIANOS), regardless of their age.
  • Return Total one hundred percent (100%) of their accumulated balance, for the people that you have in your Personal Account Pension an amount less than or equal to Bs.- 10,000.00.- (TEN THOUSAND and 00/100 BOLIVIANOS) and have the age of fifty (50) or more years.
This refund, either total or partial, will be carried out in a single disbursement, upon request of the Insured to the Pension Fund Administrator (AFP) in which it is registered. In the event that the Insured access to this return voluntarily, the remuneration to the AFPs for such service will be deducted from the commission to perceive in the framework of the regulations in force. Also, with regard to the requirements for access to this refund, we will consider the Cumulative Balance credited to the Personal Account Pension and the age of the Insured at the last calendar day of the month preceding the publication of this Law. The time-limit for access to this return still is not established, the same shall be determined within the rules of this project, if approved by the latter.

To fund returns, it will have the following sources:

  1. The Availability accumulated and the resource of liquidity in the Funds, SIP, managed by the AFPs;
  2. The Maturities of the Investment Portfolio of the SIP, in function of the time limit which is set in regulation.
  3. The Collection of the SIP, which should be kept as liquidity resources to the Partial or Total Refund of Contributions during the period that is established in the regulation, according to the needs of payment.

With regard to the exclusions of the present Draft Law, is excluded from returns made to the Insured:

  1. Accessed or are in course of acquisition of an old-Age Pension, the Solidarity of the old-Age, Invalidity Benefit or Payment of the SIP;
  2. Are perceiving to a remuneration of public or private sector;
  3. They had made contributions since December, 2019 as dependent on the public sector.
In reference to the Fraction of Solidarity provided for in the Law N° 065, December 10, 2010, the Insured persons who access the return may not benefit from the Fraction of Solidarity funded with resources from the Fund of Solidarity. Finally, the State not surrendered to the amount of the return of contributions to which access voluntarily Insured persons of the SIP.