Sec. 402. Study of Puerto Rico public pension debt
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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. The feasibility of an assumption by the Department of the Treasury of the assets and unfunded liabilities of such plans, individually or collectively, in a manner substantially similar to the actions taken with respect to the District Retirement Fund under the District of Columbia Retirement Protection Act of 1997.
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.
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Sec. 402
Study of Puerto Rico public pension debt
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