C. LESSONS FOR BRAZIL This section: 1) summarizes the characteristics of the Brazilian pension sys­tem, its generous entitlement conditions and benefits, and the impact of the aging process; 2) analyzes the 2019 parametric reform and its restriction of entitlement conditions and benefits to reduce fiscal spending; 3) evaluates the financial-actuarial situation, the impact of the parametric reform, and the projections for the future; and 4) summarizes the failed proposal for a structural reform towards a fully-funded system, as well as some lessons for Brazil regarding the evaluation of structural reforms in Latin America made herein in order to illuminate future reforms in Brazil. 1. Characteristics of the Brazilian Pension System Brazil is the largest country in terms of territory and population in Latin America. It has kept a pure public PAYG system, with no reserve other than a contingency one. The 1988 Federal Constitution—enacted after the return to democracy— recognized social security as a constitutional right and established important rules. Five parametric reforms were approved since this constitution, in 1998, 1999, 2003, 2005 and 2019. The Brazilian pension system is one of the most fragmented in the region and embraces four main subsystems and other separate regimes; all of them are PAYG systems except one: a) Regime Geral de Previdência Social(General Social Security Scheme: RGPS), a pure PAYG system administered by the Instituto Nacional de Seguridad Social(INSS) that covers workers in the private sec­tor and is divided into two programs: urban, typical of contributory schemes, and rural, semi-contributory. b) Regime Própio de Previdência Social da União (Pension Scheme for Union Government Employees: RPPS), a simple PAYG system including a general program for federal government officials, but also about 2,400 separate regimes administered by the federal government, states, and municipalities with different entitlement conditions, benefits, and 168