Puerto Rico remains a significant outlier; its 59% liabilities-to-GDP ratio is nearly double that of any other state. #NewsismyBusiness
The Financial Oversight and Management Board for Puerto Rico announced it has referred to the local and federal Justice Departments three government entities and 11 municipalities that allegedly failed to transfer some $4.5 million in withholdings for defined contribution plans into individual employees’ retirement accounts. “One of the Oversight Board’s highest priorities is to maintain […]
The Financial Oversight and Management Board for Puerto Rico is looking for an independent actuary, pension, and planning consultant for which it has issued an a request for proposals for parties interested in providing services.
The Puerto Rico Senate approved late Monday the Teacher's Pension System reform bill submitted by Gov. Alejandro García-Padilla last week. The Senate's approval follows Saturday night's passage by the House of Representatives. The bill now goes to the governor's desk to be signed into law.
Amid outcry from many public workers who will see their pension benefits dwindle once they retire from their government jobs, Puerto Rican lawmakers approved and Gov. Alejandro García-Padilla signed a sweeping reform aimed at “rescuing” Commonwealth’s Employees Retirement System.
High-ranking Puerto Rico government officials unveiled Wednesday a package of measures aimed at resolving the Commonwealth Retirement System’s critical fiscal situation, including raising the retirement age and increasing employee contributions.
In what constitutes yet another, but expected, blow to Puerto Rico’s fragile credit condition, Fitch Ratings announced Thursday it has placed the island’s general debt, as well as that of several government agencies, on negative watch.
A Dow Jones/Factiva content provider since 2014
Subscribe to our Dollars & Sense podcast!
NIMB ON SOCIAL MEDIA