Transitional Benefits Council launches website
February 8, 2023
February 8, 2023 To keep retirees and active employees of the Government of Puerto Rico with defined benefits informed about the future of their pensions, the Transitional Benefits Council (Transitional Council) of the Pension Reserve Fund (Pension Reserve) announced today that it is officially launching its website: consejotransitorio.org.
In this website, retirees and active employees will find information about the Pension Reserve, its work, and the election process that will be carried out to select the representatives for retirees and active employees who will be part of the Benefits Council, and who will be in charge of ensuring compliance with the Pension Reserve Guidelines over the next four years. The Pension Reserve por los próximos cuatro años.
«Recognizing this organization’s incredibly important mission and the great responsibility we have to our current and future retirees, we are giving them access to all of the necessary information so that they can stay properly informed» – Carmen H. Núñez, president of the Transitional Benefits Council (Transitional Council)
The Pension Reserve is a novel mechanism that emerged from the bankruptcy and debt adjustment process for the Government of Puerto Rico’s that took place in the U.S. District Court for the District of Puerto Rico to provide security and stability to the pensions of retirees under the PayGo system (defined benefits) in the event that the Government once again faces a fiscal deficit.
Carmen H. Núñez, president of the Transitional Council of the Pension Reserve, stated that “Recognizing this organization’s incredibly important mission and the great responsibility we have to our current and future retirees, we are giving them access to all the necessary informationso that they can stay properly informed.”
“It is important that retirees and active employees know and understand the Pension Reserve because we will be carrying out an electoral process to select the 5 retirees and 1 active employee who will be part of the Benefits Council for the next 4 years. As we gradually define the process, we will be updating the website with that information,” added Núñez.
“Es importante que los pensionados y empleados activos se mantengan al tanto de las gestiones de La Reserva ya que estaremos llevando a cabo un proceso electoral para elegir a los 5 retirados y 1 empleado activo que formarán parte del Consejo de Beneficios, que se mantendrá por 4 años rigiendo la organización. A medida que vayamos definiendo el proceso, estaremos actualizando la página web con esa información,” añadió Nuñez.
All eligible retirees and active employees may be nominated or nominate themselves for a position, as long as they complete the nomination form (which will be available on the website) and meet the nomination requirements, which will be published through public announcements as required by the Regulations.
All current and future retirees participating in a defined benefit retirement system of the Central Retirement, Teachers, or the Judiciary, may vote.
Through the website, retirees and active employees are able to sign up to receive information about the election process from the Transitional Council.