Puerto Rico Pension Benefits Council opens nominations for 6 positions
The Pension Benefits Council has announced that the nomination process for candidates to fill six positions over the next four years will be held from May 1-22. Retirees and active employees of the Government of Puerto Rico must meet eligibility requirements to run for a seat in the council or to vote in the election.
The council is a nonprofit corporation that ensures the Puerto Rican government’s compliance with requirements concerning the Pension Reserve Fund, monitoring deposits and withdrawals for pension payments. Comprising nine members, six elected and three appointed, the council will exist for several decades or until the Pension Reserve’s funds are exhausted.
Members must be Pension Reserve beneficiaries and Puerto Rico residents, except for appointees from the governor; the Financial Oversight and Management Board for Puerto Rico; and the American Federation of State, County and Municipal Employees (AFSCME) and Seattle Public Utilities (SPU).
The council also appoints Investment Board members and can demand enforcement of guidelines at the U.S. District Court for the District of Puerto Rico.
To nominate themselves, eligible retirees or active employees should submit their nomination forms via email or postal mail, with postal mail submissions requiring a postmark on or before the deadline.
Nominees must also meet requirements such as being a resident of Puerto Rico, attending one of at least two candidate meetings in San Juan or Ponce, and completing the nomination form for their retirement system or active employees.
The elections for the council will take place from Aug. 28 to Sept. 15. Key responsibilities of the council include ensuring the government makes contributions to the Pension Reserve, evaluating any request from the government to withdraw funds, monitoring payments to the PayGo System, adopting an education and communication program, and conducting fair and transparent elections for current and future retirees to choose their representatives on the Benefits Council for a four-year term.
Eligible employees from the Employee Retirement System (ERS), Teachers Retirement System (TRS) and Judiciary Retirement System (JRS) must have appointed service under specific acts and the following timeframes.
- Employee Retirement System (ERS): Employees appointed under Act 447 of May 15, 1951, as amended – on or before March 31, 1990; or appointed under Act 1 of Feb. 15, 1990 – on or before Dec. 31, 1999.
- Teachers Retirement System (TRS): Teachers appointed under Act 91 of March 29, 2004 who as of March 14, 2022 had at least 10 years of credited services.
- Judiciary Retirement System (JRS): Judges appointed under Act 12 of October 19, 1954, as amended, that as of March 14, 2022, had at least 10 years of credited services, of which at least eight of those years of service were credited as judges.
For more information about the nomination process and eligibility, visit the Benefit Council’s website.
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