Argentina’s nationalization of private pension funds was approved Friday,
November 7, by the country’s lower house, the Chamber of Deputies, after a
14-hour session.
The proposal, from President Cristina Fernandez de Kirchner, now goes to the
country’s Senate, where it is expected to be approved November 20, said Diego
Fraga, secretary of the Senate’s Committee on Labor and Social Security.
Committee discussions on the measure are expected to begin Tuesday, November
11, he said. Although the committee is led by opposition Sen. Gerardo Ruben
Morales, 11 of its 15 members represent Fernandez’s Peronist party.
“It’s impossible to stop the project” from being approved, Fraga said.
The private pension plans, called Administradoras de Fondos de Jubilaciones y
Pensiones, had investments totaling $26.4 billion as of October 15, according to
online government data.
(For more, read “House Democrats Contemplate Abolishing 401(k) Tax
Breaks.”)
Filed by Drew Carter of , a sister publication of Workforce Management. To comment, e-mail editors@workforce
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