RCAR takes over the internal pension funds of all utilities
With its considerable experience in the transfer and integration of internal pension funds (CIR) of public institutions ongoing since 2002, the Collective Pension Distribution System (RCAR) has now completed the takeover of the CIRs of all water and electricity providers previously controlled by the ONE.
Following the first stage which approved the transfer of RADEEMA (Marrakech), RAMSA (Agadir), REDAL (Rabat) and RAK (Kenitra) between 2012 and 2014, the Ministry of the Interior and CDG concluded a framework agreement whereby the integration of the CIR of 9 other authorities would be finalized by 1 July 2014.
Rights belonging to the assets and the pensioners of these providers were transferred in toto to the RCAR, with the exception of RADEM (Meknes), RADEES (Safi), RADE/EF (Fez) and RADEEL (Larache) whose pensioners’ rights will be transferred within a maximum period of five years after the date of transfer of these assets.
So, RCAR has developed considerable expertise in terms of taking over the retirement funds of public institutions, following its success with the ONCF, the former state-run National Tobacco Company, Lydec, ODEP (water) and OCP (phosphates). All these transfers were achieved without a hitch, from both the operational and financial points of view.
About RCAR
The Régime Collectif d'Allocation de Retraite (RCAR) is a social welfare institution having full legal personality and financial autonomy, created by the Dahir including law n° 1-77-216 dated 4 October 1977 and managed by the Caisse de Dépôt et de Gestion (CDG).
The aim of RCAR is to guarantee the personal rights of a member or his dependents regarding risks of old age, disability and death. In order to accomplish this task, RCAR is provided with a general system and a complementary system. The principal rights guaranteed by RCAR are : retirement, disability or death pension ; a lump sum ; family allowances ; transfer of rights.