The Superintendent of Pensions Persia Alvarez told reporters that the overall deposits in pension funds has reached RD$17.6 billion and that one and a half years after beginning the program, there are already 100 pensioners that are receiving an average of RD$10,000 per month. The official said that the funds of the pension system are deposited in financial institutions because of the lack of investment instruments that were sufficiently attractive.<\/p>\n
She also pointed out that the Superintendent’s office was looking at mortgage paper and the stock market as possible alternatives for investing the pension funds.<\/p>\n
Regarding the RD$17.6 billion in funds, Alvarez said that RD$11.6 billion came from contributions that the different Pension Fund Administrators (AFPs) have received since the system started in June 2003, and the other RD$6.0 billion comes from monies that the funds had already acquired before start up.<\/p>\n
Alvarez, talking to the Listin Diario journalist Candida Acosta, said that as of 31 March 2005, there were 1,280,409 workers covered by the plan, about 80% of the working force in the Dominican Republic. The Superintendent of Pensions said that the different funds had achieved 23.9% yield as of last March.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Superintendent of Pensions Persia Alvarez told reporters that the overall deposits in pension funds has reached RD$17.6 billion and that one and a half years after beginning the program, there are already 100 pensioners that are receiving an average of RD$10,000 per month. The official said that the funds of the pension system are … <\/p>\n