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A U.S. judge ruled on Wednesday that bankrupt Puerto Rico cannot fund more than $300 million in annual pension and health costs for its municipalities, but suspended the effective date of the ...
The Puerto Rican government-debt crisis was a financial crisis affecting the government of Puerto Rico. [a] The crisis began in 2014 when three major credit agencies downgraded several bond issues by Puerto Rico to "junk status" after the government was unable to demonstrate that it could pay its debt. The downgrades, in turn, prevented the ...
The 2013 Puerto Rico teachers protest is an ongoing protest staged by the teachers of ... Padilla was going to order a reform of the Puerto Rico Teachers Pension ...
At the outset of the Civil War the General Law pension system was established by congress for both volunteer and conscripted soldiers fighting in the Union Army. [4] Payouts derived from this plan were based on degree of injury and subject to review by government boards. By 1890, general old-age pensions were incorporated for Union veterans. [5]
Cheryl Waters, now 74 years old, never imagined she’d have enough money to retire — let alone do so comfortably. But as she packed her bags for a wedding anniversary trip to Puerto Rico, she ...
[4] Declares a state of emergency for the government of Puerto Rico and its pension systems, proposes a model to manage creditors' classes under a Plan of Adjustment of Puerto Rico's public debts, setting a goal for zero pension cuts, as well as rejecting prima facie any Plan of Adjustment or Restructuring Support Agreement proposed by the ...
Of the education cuts, it included over a $200 million cut for Puerto Rico's public university, which had experienced organized student strikes for over two months. The budget directed $2 billion for the public pension system of Puerto Rico that were underfunded by about $50 billion. To balance this increase, the budget eliminated millions of ...
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.