Draft bill 337.

Summary.

The draft bill would authorize an exceptional, regulated partial withdrawal from an individual account in the Public Servants’ Pension Savings and Capitalization System (Sistema de Ahorro y Capitalización de Pensiones de los Servidores Públicos, SIACAP). Eligibility would extend to public servants on leave to study abroad for a period exceeding twelve (12) months. They could withdraw up to seventy-five percent (75%) of their account’s available balance, subject to the eligibility requirements and procedure set out in the draft bill.

An applicant would have to be enrolled in SIACAP and have been granted leave to study abroad, with or without pay. The applicant would also have to show that the studies will last more than twelve (12) consecutive months, be enrolled in a master’s, doctoral, or postdoctoral program, and provide official documentation confirming acceptance into the academic program and its duration. The leave and academic documents would be examined before a withdrawal is authorized.

The maximum withdrawal would be calculated using the available balance in the individual account when SIACAP’s registration and payment entity issues its certification. The amount withdrawn could not exceed seventy-five percent (75%) of that balance. The remaining twenty-five percent (25%) would have to stay in the account as mandatory retirement savings. A withdrawal would be voluntary and strictly personal, and could be made only once during the study leave. The draft bill also provides that the transaction would not constitute a pension, retirement benefit, or final withdrawal, and would create no financial obligation for the State.

The member would submit an application to the SIACAP Registration and Payment Entity (Entidad Registradora-Pagadora del SIACAP). That entity would verify active membership, the academic documents, the administrative decision granting study leave, and the amount available for withdrawal. Once those requirements have been verified, the withdrawal would be authorized under the proposed provisions. If the public servant later returns to active service, that return would not trigger automatic repayment of the withdrawn funds. The member could make future voluntary contributions under Law 8 of 1997 (Ley 8 de 1997).

The Executive Branch (Órgano Ejecutivo) would have no more than ninety (90) days to issue procedural regulations for the proposed law, without changing its purpose, scope, or substantive conditions. The draft bill provides that the law would take effect upon promulgation. The subject matter involves the Executive Branch, the SIACAP Registration and Payment Entity, and public bodies that grant study leave. It would also concern enrolled public servants pursuing postgraduate studies abroad.