The Brazilian Pension Funds Authority (PREVIC) and Sociedade Ibgeana de Assistência e Seguridade (SIAS) signed a Term of Adjustment of Conduct that sets out measures intended to bring SIAS into compliance with closed pension fund licensing and solvency requirements, centred on extinguishing the Regime Jurídico Único (RJU) plan and moving members into a new plan. SIAS has 25 months to establish a defined contribution destination plan, offer voluntary migration from the RJU origin plan, and close the RJU plan, returning mathematical reserves to any participants and beneficiaries who do not migrate. PREVIC linked the agreement to technical shortcomings in the RJU plan’s structure, including the existence of a non-contributory sponsor, and stated that the current arrangement does not demonstrate capacity to pay benefits over the medium and long term. Closure of the RJU plan is to follow National Council for Complementary Pensions Resolution 59/2023, as applicable, for termination of an adhesion agreement on the initiative of the closed pension fund. According to PREVIC’s public dashboard, SIAS has 6,579 active and benefit-receiving participants and held BRL 213.9 million in pension reserves in October 2025, operating three benefit plans including the RJU defined benefit plan created in 1991. An extract of the agreement was published in the Official Gazette on 24 December 2025.

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