Tuesday, June 15, 2021

Before Gov. Pierluisi Bill to Shield Retirees from Pension Cuts

By on May 28, 2021

Senator Marially González Huertas, acting as President of the Senate, signed the Dignified Retirement Law, drafted to protect the retirees from cuts proposed by the Financial Oversight and Management Board for Puerto Rico (FOMB).

Gov. Pedro Pierluisi will now decide on the bill’s future after the House of Representatives and the Senate of Puerto Rico approved the measure that, if finally approved, could set the stage for another heated controversy between the Government of Puerto Rico and the FOMB.

“I believe this measure protects people who have worked all their lives and are close to retirement. I do not doubt that the decision of the Legislative Assembly was very well analyzed and is online with the needs of the country,” said González Huertas, vice president of the Senate of Puerto Rico.

The bill provides a public policy of zero cuts to pensions and proposes, among other measures, creating a trust and a proprietary right over the account.