Incoming SSB CEO Dr. Leroy Almendarez Aims to Drive Digital Transformation and Investment Growth

Dr Leroy Almendarez will be assuming his new role at the Social Security Board as the Chief Executive Officer on August 19.  His appointment comes at the departure of Deborah Ruiz who served in that capacity for five years.  Dr Almendarez told Love News that he looks forward to the continued digitization of services, and primarily the pragmatic investments to see returns to the SSB Funds.

Dr. Leroy Almendarez, Executive Director, Beltraide: “From the discussions that we have been having, obviously tells you there are quite a number of good things that are happening at Social Security. The fact that they’re focusing not only focusing but implementing a lot of, in terms of digitalization, to make access to the information, access to participation much easier for those who are more widely dispersed. So that is something that is very good. The fact that you don’t have to leave maybe early in the morning to go to Belize City or head on to Belmopan in order to get access to service that is a very big positive. And so the other thing is when you look at the performance of the fund at this time, I mean it does also tell you that in terms of investment income that is working but obviously when you have that level of liquidity it also tells you that you could become quite exposed. And if it’s just sitting there obviously there is a need to invest it but not just invest it, but to invest it to ensure that the returns that you can get because you have done all the analysis, the returns will be there because the surplus that is invested, that surplus, whatever you know the investment income will be there at least to look at, you know, those long term branches as they refer to it for those who require pensions and things like that. But the whole sustainability of it, the fact that it can withstand any kind of stress test simply because it’s not exposed or something, things like that. That is something that is very important. I think quite a lot of work has been done but obviously it means that it’s for us to take the Social Security to another level where there is increased investment but diversified investments, as I mentioned, but investments that competitively. Because when you talk about returns on investment and you have inflation occurring at the same time it can actually reduce the return. And so these are things that I’m sure that we’ll be looking at very, very carefully.”

Dr Almendarez will transition from his post as Executive Director for Beltraide; a seat he held since September 2018.  As for Ruiz, she spoke on her term in office.

Deborah Ruiz, CEO, Social Security Board: “It has been a pleasure working at the Social Security. Over the years you know you get involved in more the technical side of things, doing the transactional payment of benefits and so on. But as you move up the ladder within the organization, actually get into the policy side of things and my opportunity that I had to be the CEO of the Social Security Board you realize the importance that is had and building. I took on the mantle when we were dealing with COVID. So we got sidetracked to deal with those responses and all of that now. Now we have a new CEO who will come on board. His focus will be to engage with stakeholders and look at coverage expansion and being adaptable in the future to address the changing needs of the population.”