A mandatory capitalization scheme that enables employers to pre-fund severance indemnities through periodic contributions, reducing the financial impact on the company.

Employers may choose between two vehicles: an Open-End Mutual Fund (FCIA FAL) or a financial trust (Fideicomiso Financiero). At Delta AM, we believe the FCIA FAL structure is superior for its operational simplicity, legal robustness, and daily unit-value pricing.

Delta AM offers management of Open-End Mutual Funds (FCIA FAL). For over 20 years we have dedicated ourselves exclusively to Mutual Fund management, working with companies and institutions — allowing us to bring our full experience to bear in delivering the best solution for each employer.

Once the vehicle is selected, the relationship is formalized through the FAL ID: a unique registration number linking the company to the selected fund. It comprises the employer's CUIT, the Fondo FAL's CBU (uniform banking key), and the FAL registration number.

No. Each employer may select only one FAL fund.

Without prejudice to any applicable penalties, one month after the established deadline, ARCA will notify the CNV, which will assign a FAL fund ex officio. It is therefore essential that each employer make this decision proactively.

Through periodic, mandatory contributions calculated on payroll: 1% for large companies and 2.5% for SMEs (classified per SEPYME Resolution No. 1/2026). It is deducted from employer contributions to SIPA, generating no additional cost to the employer.

No. Law No. 27,802 provides that a FAL fund's resources may also come from: the employer's mandatory periodic contributions, investment returns, the employer's voluntary contributions, donations or bequests received by the fund, and any other income not covered by the foregoing.

Certain peso-denominated instruments issued and traded in Argentina: sovereign, provincial, and corporate debt, and deposits with BCRA-authorized financial institutions, within the limits set by applicable regulations. Accordingly, Delta AM offers an actuarial approach that seeks to optimize the investment of resources by taking into account the fund's expected future obligations, seeking a balance between liquidity, risk, and return relative to the investment horizon.

Returns are reinvested and become part of the fund's net assets, together with the remaining contributions received.

Accumulated funds — contributions and returns — may only be redeemed to meet indemnity-related payments. The fund may be used once the six-month waiting period has elapsed, counted from the first monthly contribution.

No. Only employees with at least 12 months of seniority who meet the permitted-use conditions. Construction industry workers, domestic employees, and public-sector employees are excluded.

The employer remains liable for the difference. The FAL is a partial financing tool, not a guarantee of full indemnity payment.

No. The FAL does not cover expenses related to resignations or retirements.

“Agentes de Administración de Productos de Inversión Colectiva (AAPIC)” that, at the time of the PIC FAL's constitution, meet the following requirements: be a “Fiduciario Financiero” registered with the CNV, with at least ten active asset-backed securities under public offering of fiduciary securities and an outstanding amount of no less than UVA 50,000,000; or be a “Sociedad Gerente de FCI” managing at least ten mutual funds with combined net assets of no less than UVA 50,000,000.