Summary.
The bill authorizes an extraordinary transfer of funds from the General State Budget to the Social Security Fund during fiscal year 2025. Its purpose is to help cover the costs of the Disability, Old Age and Death Program. The authorization concerns financing for that program and draws on the state budget for the same fiscal year.
To make the transfer, the bill permits the use of funds from the budgets allocated to various state agencies. It sets a limit of up to 91,620,025 balboas (B/. 91,620.025.00), subject to budget availability for fiscal year 2025. The transfer would therefore be subject both to that limit and to the availability of funds in the budgets of the state agencies from which the money would come.
Once transferred to the Social Security Fund, the funds would have one exclusive purpose: financing the Disability, Old Age and Death Program to partially cover the pension costs of its beneficiaries for February 2025. The provision ties the use of the funds to that program and payment period. It also requires the extraordinary funds to be transferred within 10 business days of the proposed law’s promulgation.
The bill requires the transferred extraordinary funds to be used in accordance with Law 51 of December 27, 2005, the Organic Law of the Social Security Fund. Any modification or reallocation of those funds would require approval under Law 454 of November 14, 2024, which establishes the General State Budget for fiscal year 2025. These provisions refer to the cited laws for the use of the funds and approval of any changes to their allocation; the bill retains the exclusive purpose it establishes for the transfer.
The bill would take effect upon promulgation. The public entities involved in the transfer would be the Social Security Fund and the state agencies whose budgets would provide the funds, within the General State Budget. Its provisions may be of interest to beneficiaries of the Disability, Old Age and Death Program and the social security sector because they concern partial funding of pensions for February 2025. Budget execution by the state agencies would also be affected by the authorized transfer, subject to the funds available for fiscal year 2025.
What it proposes.
- Extraordinary transfer of budget funds to social security.
- Use of the funds for pensions under the Disability, Old Age and Death Program.
- Transfer deadline and rules on the use and reallocation of funds.
Who it would affect.
- Social Security Fund
- State agencies with available budget funds
- Beneficiaries of the Disability, Old Age and Death Program
Key points.
- Authorizes extraordinary funds from the General State Budget to help cover the costs of the Disability, Old Age and Death Program in fiscal year 2025.Art. 1
- Permits funds from state agency budgets to be transferred up to the specified amount, subject to budget availability.Art. 2
- Reserves the funds to partially cover the pensions of program beneficiaries for February 2025.Art. 3
- Sets a maximum period of 10 business days from promulgation to make the transfer.Art. 4
- Subjects the use of the transferred funds to Law 51 of December 27, 2005.Art. 5
- Requires any modification or reallocation of the funds to be approved in accordance with Law 454 of November 14, 2024.Art. 6
- Provides that the law takes effect upon promulgation.Art. 7