V. PENSION RE-REFORMS IN LATIN AMERICA AND THEIR EFFECTS A re-reform of the structural pension reform implies an elimination or significant change of the private system. As of September 2020, four pension re-reforms had been implemented in the region and all of them share the common feature of strengthening the role of the state in the pension system, although their degrees of change are different: Argentina(2008) and Bolivia(2010) closed the private pil ­lar/system and integrated it into the public system. However, Bolivia guaranteed individual accounts to those insured who had them before the re-reform, 77 while Argentina limited itself to making a legal promise that the transferred insured individuals would receive higher pensions. On the contrary, Chile(2008) and El Salvador(2017) maintained the private system, but while Chile improved it in 77 The amount of the pension no longer depends only on the fund accumulated in the individual account. At the time of retirement such fund is transferred to the public PAYG fund that calculates the pension. 126