Introduction
Many Mexicans, unfortunately, neglect to designate beneficiaries for their financial products like AFORE accounts. When a worker passes away, family members not only face emotional challenges but also must navigate various legal and administrative tasks. One such task is recovering the accumulated funds in the AFORE account, which can become complicated if no beneficiary is registered.
According to the Mexican Association of AFOREs (AMAFORE), over 90% of registered individuals have not designated beneficiaries. This means that, upon the account holder’s death, the funds will be transferred to legal beneficiaries who are entitled to receive widow’s, orphan’s, or ascendant’s pensions. If no beneficiaries are designated, the funds will be allocated according to law and proportionally to those who qualify.
Steps to Claim Money from a Deceased Worker’s AFORE
If you are a legal beneficiary, visit the IMSS Subdelegation to obtain the pension resolution, as explained by AMAFORE.
Next, go to the AFORE where the deceased worker was registered, carrying documents that prove your beneficiary status. Fill out the Disposition of Resources form provided by the administrator.
The AFORE will review and validate your documentation. The process may take a few days or weeks, depending on each case.
Once your request is approved, the AFORE will transfer the resources via bank transfer or check.
Resources That Can Be Inherited Upon the Titular’s Death
According to CONSAR, the inherited resources depend on the legislation governing pension allocation:
- If the pension is granted under the Social Security Law 73:
- Retiro 97: Accumulated resources from July 1, 1997.
- Vivienda 97: Accumulated resources from July 1, 1997.
- SAR 92: Accumulated resources from May 1, 1992, to July 1, 1997.
- Vivienda 92: Accumulated resources from May 1, 1992, to July 1, 1997.
- If the pension is granted under the Social Security Law 97:
- SAR 92: Accumulated resources from May 1, 1992, to July 1, 1997.
- Vivienda 92: Accumulated resources from May 1, 1992, to July 1, 1997.
- In the absence of pension rights, resources will be transferred in a single payment. Voluntary contributions can be disposed of without a lawsuit.
Deadline for Claiming AFORE Resources
The right to claim AFORE resources is not subject to prescription; however, it’s crucial to regularly check with your administrator to prevent these accounts from being transferred to the Fondo de Pensiones para el Bienestar due to inactivity. To confirm this, it’s recommended to contact your AFORE or the IMSS for advice.
Key Questions and Answers
- Who are the legal beneficiaries? Legal beneficiaries include widows, orphans, and ascendants who are entitled to receive pensions under Mexican law.
- What documents are needed to claim resources? You will need documentation proving your beneficiary status, such as a death certificate and identification.
- How long does the claim process take? The review and validation of documentation can take a few days to several weeks, depending on each case.
- What resources can be inherited? Inherited resources depend on the legislation governing pension allocation, which can include retirement, housing, and savings account balances accumulated under different laws.
- Is there a deadline to claim resources? Although not subject to prescription, it’s essential to regularly check with your AFORE to prevent account transfers due to inactivity.
