The Brazilian Pension Funds Authority (PREVIC) published an update on its briefing with the incoming leadership of Portus – Instituto de Seguridade Social, ahead of the pension fund’s return to participant, beneficiary and sponsor control after 14 years under intervention. The authority indicated it will end the intervention while remaining involved through monitoring tools and a permanent special supervisory follow-up until Portus’ restructuring is completed. PREVIC set expectations for “regular management acts”, requiring informed and documented decisions supported by legal and financial analysis, including assessment of impacts on plan solvency and liquidity, alongside strengthened governance and internal controls. It also highlighted care required in investment decision-making, referencing its Best Practices Investment Guide and pointing incoming managers to applicable rules, including PREVIC Resolution 23/2023, National Monetary Council Resolution 4994/2022 as updated by 5202/2025, and National Complementary Pension Council Resolutions 61/2024 (marking of government securities) and 62/2024 (Administrative Management Plan). The end of the intervention was linked to an agreement involving nine Docas entities, 20 associations and unions, and the federal government, and PREVIC noted it had provisionally authorised Portus’ statutory body members; it also recalled approving changes in May to six plan rulebooks to allow annual benefit adjustments and enable future payment of lump-sum benefits and an annual bonus previously suspended under the 2020 deficit equating plan. Portus’ incoming leadership is expected to assume management in the following week, with a provisional board tasked with conducting the next ordinary election process and supporting the return to normal operations, while special supervisory monitoring continues until restructuring is concluded.

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