Benefits Council
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What is the Benefits Council?
The Benefits Council is a nonprofit corporation created by the Guidelines to ensure that the Government of Puerto Rico complies with the requirements regarding funding and withdrawal from the Pension Reserve Fund (The Pension Reserve) established to help meet pension payments. It has nine (9) members, of which (6) are elected (five 5 are retirees, and one 1 is an active employee) for a 4-year term. Of the other three members: one is appointed by the Association of Federal State County and Municipal Employees (AFSCME)/Servidores Públicos Unidos (SPU), one by the Governor of Puerto Rico, and one by the Fiscal Oversight Board (FOMB). When the FOMB ceases to exist, the Governor will appoint two (2) members.
The Benefits Council will exist for up to 30 natural days after the date on which the Pension Reserve’s funds have been completely withdrawn, or when pension benefits to the beneficiaries of The Pension Reserve have been paid in full, whichever occurs first. Therefore, it is expected that the Benefits Council will exist for several decades.
What functions does the Benefits Council serve?
- Monitor and ensure that the Government of Puerto Rico meets the requirements established in the Guidelines concerning deposits and the conditions for withdrawing funds from THE PENSION RESERVE to pay for pensions.
- Receive regular reports from the Investment Board.
- Appoint two of the five members of the Investment Board every six years in accordance with the requirements established by the Guidelines. When the Financial Oversight and Management Board (FOMB) ceases to exist, the Benefits Council will then name three of the five members.
- It has the faculty to demand enforcement of the Guidelines at U.S. District Court for the District of Puerto Rico.
Who is eligible to be a member of the Benefits Council?
Todos los miembros del Consejo de Beneficios tienen que ser participantes de LA RESERVA y ser residentes de Puerto Rico, excepto las personas nombradas por el Gobernador, la Junta de Supervisión Fiscal y AFSCME/SPU. No son elegibles los beneficiarios de los pensionados que participan de LA RESERVA y las personas que simultáneamente pertenezcan a la Junta del Sistema de Retiro bajo la Ley 106-2017.
In addition, anyone who is elected to the Benefits Council must meet the following requirements established in the guidelines:
- Section 2.1 B “Eligibility: Each Pension Benefits Council Member, other than the appointees of the Governor, the Oversight Board, and AFSCME, must be a Pension Reserve Trust Participant, as described above, and individuals who are solely beneficiaries of such participants cannot be members of the Pension Benefits Council. Members of the Pension Benefits Council, other than the appointees of the Oversight Board and AFSCME, must be residents of Puerto Rico. Members of the Pension Benefits Council cannot concurrently be members of the Act 106 Board. In addition, each person seeking to be elected to the Pension Benefits Council must comply with the requirements set forth in Section 2.3 (C) below.”
- Section 2.3 C “Members of the Pension Benefits Council may be a candidate for re-election; provided, however, that members who have served two consecutive terms (with service during the Transitional Period not qualifying as a term for purposes of this provision) may not be a candidate in the election immediately following their second term; provided further, however, that such member may be a candidate in any subsequent election (subject to a new two-consecutive-term limitation).”
Conoce a los integrantes del Consejo de Beneficios
Oficiales electos y en función desde el 1 de abril de 2024:
- Sr. Pablo Crespo Claudio, Sistema de Retiro de Empleados del Gobierno Central
- Sra. Sonia M. Palacios de Miranda, Sistema de Retiro de Empleados del Gobierno Central - Vicepresidenta de la Directiva de Oficiales del Consejo de Beneficios
- Sr. Félix Figueroa Correa, Sistema de Retiro de Maestros (SRM) - Tesorero de la Directiva de Oficiales del Consejo de Beneficios
- Sra. Ana M. Serrano Reyes, Sistema de Retiro de Maestros (SRM) - Secretaria de la Directiva de Oficiales del Consejo de Beneficios
- Carlos Cabán García, Sistema de Retiro de la Judicatura (SRJ) - Presidente de la Directiva de Oficiales del Consejo de Beneficios
- Sr. Carlos Manuel Román Espada, Empleado activo
Nombramiento de AFSCME/Servidores Públicos Unidos
- Sra. Jessica Martínez Santos, miembro de AFSCME/SPU
Appointee of the Governor of Puerto Rico
- Omar Marrero, Secretary of State, represented by Rita González Montalvo, chief financial officer at the Fiscal Agency and Financial Advisory Authority of Puerto Rico (AAFAF)
Financial Oversight Board Appointee
- Jason Fichtner, vice president and head economist of the Bipartisan Policy Center
Consejo de Beneficios como custodio de la información de la página web del COR – El Comité Oficial de Retirados de Empleados del Gobierno (COR) fue un ente creado para representar a ciertos pensionados del Gobierno dentro del proceso de ajuste de la deuda del Gobierno de Puerto Rico bajo el Título III de la Ley PROMESA. El COR estuvo en funciones desde el 2017 hasta noviembre de 2023 cuando cesó de existir. Durante ese periodo el COR mantuvo una página web con información relevante a los retirados sobre el caso de la quiebra de Puerto Rico. La información de la página del COR se encuentra bajo la custodia del Consejo de Beneficios de Pensiones.
Have questions?
Share your questions regarding THE PENSION RESERVE with the Transitional Council, so that we can help you in any way possible.