American Life and General Insurance Company (Alico) became the second Dominican company to launch a private individual pension plan. Alico follows the Grupo Financiero Popular which earlier launched a plan that provides for the retirement years of Dominican employees. Francisco Cabreja, president of Alico, said that employees’ moneys are best handled by private companies rather than by the state. Proponents seek the Social Security Institute of the Dominican government to administer a major pension plan. This has met with opposition from the business sector. Alico is affiliated to American International Group (AIG), the eighth largest U.S. insurance company, and the world’s leading provider of individual pension plans. The Banco Gerencial y Fiduciario has also announced its individual pension plan.
