Saturday, October 23, 2021

FOMB’s Position on Pension Cuts Turns into “Ideological Cause”

By on September 17, 2021

Governor Pierluisi Reiterates his Opposition to Reduction

In what seems to be a point of starkly opposed policies, Gov. Pedro Pierluisi reiterated his position to object to any pension cuts to government retirees, a measure that members of an oversight board insist before a federal judge overseeing the proceedings of the commonwealth’s debt crisis.

Pierluisi said the Financial Oversight and Management Board for Puerto Rico (FOMB), created by a law of Congress but that is part of the local government, has other alternatives to cutting the benefits of pension holders. He said that the government of Puerto Rico, with its recurring resources, could cover the pension costs. Likewise, Pierluisi said FOMB’s insistence on the reduction was turning into an “ideological cause that does not make sense to include in this adjustment plan.”

“Let me be clear: my administration firmly believes that the economic agreements of the Plan of Adjustment will have a great outcome that will guide Puerto Rico towards future prosperity. However, the government also has the responsibility and obligation not to allow unnecessary and greater sacrifices for public pensioners, who have dedicated their entire lives to the service of Puerto Rico,” Pierluisi said.

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