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Any entity that provides benefits to its employees and needs to issue financial statements must quantify and present the effects these represent, such as: seniority premiums, severance payments, pension plans, medical expense reimbursements or insurance, collective labor agreements, among others.
This Mexican standard is used to understand the comprehensive financial and accounting impact of the benefits a company provides to its employees.
Necessary for employee benefits when a company operates internationally or has related parties listed on stock markets.
Due to regional economic interactions (USMCA), the financial effects of employee benefits often require presentation in the accounting language of the largest economy in the world (USA).
Employee benefits are enhanced as they better address and cover the needs of company employees, considering the diversity of profiles and their stage in the life cycle. This also involves anticipating the widespread impact of phenomena such as epidemiological transitions or population aging, and the limitations in coverage and replacement rates offered by pensions and medical services from social security.
We guide our clients in establishing the profile and structure of their pension plan to ensure it operates optimally and balanced from its implementation, aligning it with the company's vision for employee retirement. Additionally, when the plan requires an update to improve its results, we help adjust it in accordance with the latest and most innovative practices and trends in the market.
We assist our clients in communicating the plan's scope to employees and organizing the various roles and stakeholders involved in its operation. With our guidance, the company can formalize the plan's operation and meet all institutional requirements with governmental entities (SAT, CONSAR).
We provide consulting services to keep the pension plan healthy from an actuarial perspective and in sync with the company's financial planning.
We offer ongoing support and advice on administrative and operational processes to ensure the plan develops according to its fundamental principles and objectives.
Based on the results of an audit, discrepancies can be corrected, and decisions can be made for the growth of an entity.
Project planning to meet goals and deadlines.
Advisory for decision-making regarding retirement and pension funds.
Periodic reports on economic and financial indicators.
Training on the use, interpretation, and implementation of actuarial recommendations.
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Social Security
In Mexico, there are numerous social security regimes and institutions, many of which have regulatory structures comparable to the primary ones, of various sizes and at different levels of public administration (Federal, State, and Municipal). Additionally, there are para-governmental organizations, autonomous entities, public universities, and entire industries that require actuarial studies to measure and diagnose the financial health of their protection schemes.
Government Accounting Law
Since 2008, this law establishes the general criteria for Government Accounting and the issuance of financial information of public entities, aiming to achieve harmonization and enhance the efficiency of public spending and revenue as state assets. Among these, contingent liabilities are items that may require an actuarial study to be appropriately quantified.
Financial Discipline Law
The Financial Discipline Law for Federal Entities and Municipalities requires these entities to periodically quantify, through an actuarial study, those contingent liabilities arising from pension obligations payable to their employees, with the aim of reporting this information to oversight bodies and maintaining healthy public finances.
Social Security Actuarial Study
Through an actuarial study, social security institutes or entities can measure and diagnose the most important indicators of their financial solidity, such as: the balance between the benefits to be provided and the volume of contributions collected; the sufficiency period during which it is projected to continue meeting its commitments; the comparison between the level of contributions received from the insured population versus the actuarially ideal level to maintain the regime’s balance, among others. Additionally, it provides financial perspectives on the overall operation of the regime and identifies critical aspects that require either constant monitoring or prompt modifications to the regulatory structure.