Constitutional Amendment nº. 20/98, the so-called Social Security Plan Reform, introduces changes in the specific regimes of civil servant pension plan programs, including the possibility to create Capitalized Funds to cover these regimes.
The Rio de Janeiro State Government, aware of its duty to provide for payment of social security benefits owed to its civil service employees and their dependents, without compromising funding of its core duties (providing services and infrastructure for the general population), implemented the measures necessary for organization of and operation of the new capitalized regime to fund its own State Employee Social Security Benefit Program.
Through enactment of Law nº. 3189, of February 22, 1999, the Single Rio de Janeiro State Social Security Fund - RIOPREVIDÊNCIA, an independent self-governing public entity, for the purpose of managing the fund's financial assets, in order to provide funding for payment of stipends, pensions and other social security benefits.
Following the legal requirements set forth in Constitutional Amendment nº. 41 of December 19, 2003, Law nº. 5109, of October 15, 2007 determined the end of the Rio de Janeiro State Social Security Institute - IPERJ, transferring to RIOPREVIDÊNCIA the authority to authorize, manage and pay the social security benefits defined in state law, which deals with the social security regime of Rio de Janeiro State civil servants and their dependents. On December 11, 2007, Law nº. 5154 changed Attachments II and III of Law nº. 5109, of October 15, 2007.