Understanding AFORE Accounts and Beneficiary Designation
In Mexico, all formal workers are automatically entitled to an individual AFORE account, which is heritable. This means that upon the death of the account holder, designated beneficiaries or substitutes can access these resources. However, only 10% of workers designate beneficiaries, making it difficult for them to access these funds according to the Mexican Association of AFOREs (AMAFORE).
Who are the Designated Beneficiaries or Substitutes?
Designated beneficiaries or substitutes are individuals (family members or not) registered by the account holder during their lifetime. They can only receive resources if no legal beneficiaries claim them.
Which AFORE Sub-Savings Accounts Can Be Claimed?
When the account holder passes away, their resources are inherited by designated beneficiaries who can access and use this money. To do so, you must meet one of the following conditions:
- If you have a right to a pension under the Social Security Law 73:
- Retiro 97 (accumulated resources from July 1, 1997, to the present)
- Vivienda 97 (accumulated resources from July 1, 1997, to the present)
- 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 you have a right to a pension 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)
If you don’t have a right to a pension, all resources will be distributed in a single payment.
How to Check if You’re a Beneficiary of an AFORE Account?
There are steps to determine if you’re a legal or designated beneficiary of an AFORE account:
- Visit a nearby Unit of Specialized Attention to the Public (UEAP) to verify if you’re a designated beneficiary or substitute.
- Perform an online consultation through AforeWeb. You’ll need the CURP (Unique Registry of Population) of both the account holder and the potential beneficiary.
- Look for the “Beneficiaries Consultation” section.
Support from Profedet in Case of Issues
The Federal Procurator for Labor Defense (PROFEDET) offers free legal advice and representation if you encounter difficulties in retrieving resources from an AFORE account. To initiate a claim, you need to provide:
- Official identification
- Death certificate of the account holder
- Birth certificate of the interested party
- Pension resolution (if applicable)
- Proof of weeks worked in the IMSS
- Recent AFORE account statement
PROFEDET offices are located at Dr. José María Vértiz 211, Doctores colony, Cuauhtémoc Alcaldía in Mexico City. In Mexican states, there are procurators; check their locations here.
They also provide assistance through the Integral Center of Solutions and Labor Services (CISSEL), via telephone line 079, which is the Mexican Government’s hotline.
Key Questions and Answers
- What is an AFORE account? An individual retirement savings account in Mexico to which all formal workers are entitled.
- Why is beneficiary designation important? It ensures that resources can be accessed by designated individuals upon the account holder’s death.
- What happens if I’m not a designated beneficiary? Legal beneficiaries or substitutes registered by the account holder can claim the resources.
- How do I check if I’m a beneficiary? Visit UEAP, consult online through AforeWeb, or contact PROFEDET for assistance.
- What AFORE sub-savings accounts can be claimed? Retiro 97, Vivienda 97, SAR 92, and Vivienda 92 under specific conditions.
Keeping beneficiaries updated in the AFORE and notifying them is crucial to ensure swift access to resources upon the account holder’s death.
