President Correa partially objected the draft law to pension funds

President Rafael Correa partially objected the draft Reformatory Law to the Social Security Law and the Law of the Bank of the Ecuadorian Institute of Social Security for the administration of closed complementary pension funds.

According to a document dated October 16 and sent to the President of the Assembly, Gabriela Rivadeneira, Correa objected number 6 of Section 2 of the Law of the IESS Bank and replaced points 20 and 21 to “propose to the Directive Board of the Ecuadorian Institute Social Security reform projects to this law” and “carry out necessary adjustments to the actuarial studies for the compliance of the complementary retirement benefits or other settings.”

He also objected the fourth paragraph of the eleventh transitional provision with: “The Superintendency of Banks since the start of the audit until the effective transfer of resources of the closed complementary pension funds, shall designate an auditor for the purpose of safeguarding the existing resources of each Fund. “