The Brazilian Pension Funds Authority (PREVIC) extended the intervention in Portus Instituto de Seguridade Social until 30 June, maintaining the special supervisory regime for up to a further 60 days while required operational and technical steps are completed. The extension is intended to allow time to implement the February 2025 agreement linked to the start of pension contribution collections from the sponsoring dock companies and the payment of benefit recomposition amounts to Portus retirees and beneficiaries. PREVIC also cited the need to finalise signatures of debt composition terms with the sponsoring entities and to complete the qualification and appointment of provisional members to Portus’s statutory governance bodies, who will run the next ordinary election and support the entity’s return to normal operations. Portus has been under intervention since 2011 following a technical imbalance identified in the Portus 1 benefit plan, attributed to actuarial premise and funding plan deficiencies, the withdrawal of Portobrás sponsorship without payment of amounts needed to form technical reserves, and unpaid sponsor contributions. PREVIC indicated the intervention can be lifted before 30 June if all necessary requirements are met, with the stated aim of exiting the regime on a secure basis while ensuring the technical balance of the benefit plans administered by Portus.

Original source View in tracker