Baninter, Mercantil, Intercontinental de Seguros, Inversiones Cosecha and Grupo Aseguradora America have joined forces to launch a pension plan fund company, Administradora de Fondos de Pensiones Porvenir (AFP Porvenir). Private pension funds have been offering retirement plans to employees after it was determined in 1997 that only one of every 10 Dominicans had a pension plan.
