Oversight body will oversee transfer of pension funds to the Biess

A citizen oversight body will be responsible for overseeing the transfer of resources of the 68 additional public and private pension funds to the Bank of the Ecuadorian Institute of Social Security (Biess).

The Council of Citizen Participation and Social Control, will try the conformation on Monday according to the call made by the Secretary of the Council Lucia Rosero.

At the meeting shall be resolved the request made by the Superintendent of Banks, Pedro Solines on the creation of an oversight to monitor audits and the transfer of resource management from 68 closed funds pursuant to the provisions of the Social Security Act and Biess Act.

This order was given once the Assembly approved last September 25 several amendments to those laws.

The Reform Law was posted on November 20 in the Official Gazette and notes that up to the authorities to issue regulations that guarantee the rights acquired by pensioners the funds which managed or handled employer retirement.