The Argentinean government recently announced that they would send a proposal to the Congress by which the Pension and Retirement Plan Administration or AFJP in Spanish (also known as mutual funds in the US) would become nationalized. The AFJP privately manages millions of Argentineans' retirement funds, and under the proposal, their funds would now go to the State.
El gobierno argentino anunció ayer que enviará al Congreso el proyecto de ley por el cual las Administradoras de Fondos de Jubilaciones y Pensiones (AFJP), que manejaban de manera privada los aportes jubilatorios de varios millones de argentinos, dejarán de funcionar, y que sus fondos pasarán al Estado.