Sec. 201. Study of Puerto Rico public pension debt
247 words·~1 min read·
/bill/114/s/2381/is/section-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 6 months after the establishment of the Puerto Rico Financial Responsibility and Management Assistance Authority under title III of this Act, the Joint Board for the Enrollment of Actuaries established under section 3041 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1241 ) shall report to such Authority and the Office of Domestic Finance of the Department of the Treasury on the following with respect to the Puerto Rico public pension plans:
Recommendations on actions that would be necessary to ensure that such plans can be sustainably maintained and funded by the government of Puerto Rico for the next 20 years. Whether a freeze of future benefit accruals under such plans is necessary or advisable. The extent to which benefit reductions, such as have been made in previous municipal bankruptcy proceedings, would be necessary or advisable to attain sustainability for such plans or create parity with payment reductions applicable to retired individuals who are, directly or indirectly, Puerto Rico bondholders.
The Joint Board may, in its discretion, seek assistance from the Advisory Committee on Actuarial Examinations of the Joint Board, and may expand the size of such committee as appropriate to accomplish the requirements of this subsection in a timely manner. For purposes of this section, the term Puerto Rico public pension plan means any of the following maintained by the government of Puerto Rico: The Employees Retirement System (ERS). The Teachers Retirement System (TRS). The Judiciary Retirement System (JRS).
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 201
Study of Puerto Rico public pension debt
Cites 1Cited by 0 across 0 sources