Since we started working formally, we must keep in mind the savings to make investments or for the moment of retirement, the AFORE will be very frequent in this process, How do I know which Afore I am in? Requirements and everything you need to knowwill be a guide to obtain accurate information.
Continue reading and learn more about the influence of these companies in our lives.
How can I know what afore I am in?
The Retirement Savings System (e-SAR) has arranged two modalities to know your AFORE.
Of course one is via internet and the other more conventional by phone. For both options you must know your social security number and your CURP.
Additionally, you must have a active email address, so that they send you the respective information, guaranteeing you in this way where your savings are.
If you select to make the consultation electronically, that is, the internet:
- Go to the website of the Retirement Savings System (e-SAR)
- Select between the Social Security number (IMSS) or CURP
- Place the number that corresponds according to the previous choice
- Enter email address
- Check the field to confirm that you are human
- Click on Next
- The information will be sent to the email provided.
Now if the modality is by phone, dial 01 55 13285000., it is a free service of SARTEL, follow the instructions and you will get the information about your savings.
Requirements to have an Afore
Once the AFORE has been chosen and a promoter has been contacted. This agent will deliver to us:
- The format for the application for Registration and the current Net Yield Document.
- The withdrawal funds administration contract form, and a photocopy of your authorized Promoter Agent credential.
The three formats must be completed and delivered for registration, with the following guidelines:
- The original of the format for the Registration request, with the full and signed name, as a sign of confirmation that we know the content and that we voluntarily wish to carry out the procedure.
- Also the Net Yield document must have the full name and signed, confirming that we know the content.
- Finally, the original document of the fund administration contract for the Administrator’s withdrawal. Confirming the previous forms, we put the full name and sign, as a sign of reaffirming that we agree and know the content and that we carry out the procedure voluntarily.
In addition to these forms, the following documents must be submitted.
- In original and copy of the credential.
- A document that certifies the address, in original and copy.
- The unique CURP Population Registry Code in original and copy.
What is the Afore?
With the term of AFORE, they are known to the Retirement Fund Managers. These are private companies, for the purpose of administer the funds for the workers’ allowances at the time of their retirement from work.
The AFORE, in turn, must comply with the rregistration and authorization for its operations of the National Commission of the Retirement Savings System or CONSAR.
Having the commission, as its main objective, guarantee the retirement pension of all workers, through guidelines or regulations to the administration of the resources that the AFORE carry.
It is very possible that you want to know the balance of your account in the AFORE. Generally, these administrators of Retirement Funds they send account statements to their affiliates, either to the physical address or to the email provided.
There is also the option to obtain the status of your account, completing the following steps:
- Make a request directly to your AFORE, you must review what are the options available in your AFORE, which may be consultation, summary or certification of the account balances and movements, by electronic or face-to-face means.
- When the AFORE receives your application, it must respond with an acknowledgment or proof of receipt.
- Then it will give the answer to your request, sending you the statement of account or movements that has been requested.
It is possible that the delivery of the statement of account, be with a simple and fast procedure online. Or by making a face-to-face request, they deliver it physically, with a short waiting time.
Finally, it must consult the modalities available to the selected AFORE.
How does the Afore work?
The financial system is made up of various entities, including the AFORES. But the Afores differ from banking entities and insurance companies in the limitation of their operations, since in addition to being independent, they are exclusively administrators of raised funds.
However, among its businesses there is an AFORE service unit in some banks.
Each worker affiliated to the AFORE of his convenience, has an account, which is fed by the contributions made by the tripartite: the government, the employer and the affiliated worker himself..
The contributions are deposited bi-monthly in favor of the worker’s account, beginning with the month of January.
The AFORE account of each worker is subdivided into subaccounts, namely:
- For Retirement, Unemployment and Old Age
- Voluntary contributions
- To the Complementary Contributions subaccount
- Also the SAR Subaccount, for contributions made before July 1997
- Or the subaccount for Housing
These funds or Contributions received by the AFORE are invested by Investment Companies Specialized in Retirement Funds or Siefores.
These companies have as their only operation, invest the funds raised by the AFORE, to achieve the best possible return for the affiliates.
The CONSARin his control work, has regulated the Siefores, according to the ages of the people who participate in the pension system.
As age represents a determining factor for the decision to invest savings, since they start from the base, that profitability and risk or return and security of the investment, depend on the time remaining for the worker to be a pensioner.
Finally, the AFORE, they represent a system of saving money in the long term and on a voluntary basis.
Including self-employed persons. As is the case of professionals who work for fees or deliverables, without a dependency relationship. Whom the SAR or Retirement Savings System has also taken into account, among its provisions.
How do I know how much I have in my Afore?
Based on the law, all the AFORE are required to issue, at least three times a year, the account statements of each member. Send to the physical address or email address indicated by the owner of the AFORE account.
However, if you need to have it at a given time, You can request it from the AFORE, through the mechanisms or modalities that they offer.
It is possible that the issuance of this additional account statement, have some cost or commissionwhich is permitted by law.
Given the case, that the statement of account is not received with the frequency of law, and they do not attend to the request either. Workers can contact Condusef to resolve the requirement.
Remember to choose the AFORE of your convenience, to obtain the best utility in your savings
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