Pension Reserve Trust launches website to inform beneficiaries
With the purpose of keeping government retirees and active employees with defined benefits abreast about the future of their pensions, the Pension Reserve Trust announced the official launch of its website.
On this website, retirees and active employees will find information about The Reserve, its operation, and the election process that will be held to select the representatives of the retirees and active employees who will be part of the Benefits Council and will oversee the organization for the next four years.
The Reserve is a mechanism that arises from the government of Puerto Rico’s bankruptcy and debt adjustment process carried out in federal court to provide security and stability to the pensions of retirees.
Its primary function is to serve as a savings account to support the payment of retirees’ pensions under the PayGo (defined benefits) system in case the government confronts again fiscal deficits.
Carmen H. Núñez, president of the Benefits Transitory Committee, said “in recognition of the organization’s important mission and the great responsibility we have with our current and future retirees, we are making available all the necessary information so that they remain properly informed.”
Currently, The Reserve’s website contains all the information related to the organization, and the Benefits Council — a temporary or transitory body — which will oversee ensuring that the government of Puerto Rico makes its contributions to the Pension Reserve, will evaluate the government’s requests to withdraw funds, monitor the PayGo System, and appoint two trustees to the Board of Investments.
“It is important that retirees and active employees keep abreast of The Reserve efforts since we will be carrying out an electoral process to elect the five retirees and one active employee who will be part of the Benefits Council, which will for four years will oversee the organization. As we define the process, we will be updating the website with that information,” said Nuñez.
All eligible retirees and active employees may be nominated or self-nominate for a position, provided they fill out the nomination form — which will be available on the website — and meet the nomination requirements that will be notified through public notices, as required by the guidelines. All current and future retirees who participate in the Central Retirement, Teachers and Judiciary defined benefits retirement systems will be able to vote.