Nominations
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The nomination submission period has ended.
Pursuant to the Plan of Adjustment of the Commonwealth of Puerto Rico under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act (“PROMESA”), confirmed by the United States District Court for the District of Puerto Rico on January 18, 2022, and effective March 15, 2022, the Government of Puerto Rico and the Financial Oversight and Management Board for Puerto Rico have established a Pension Reserve Trust for the purpose of paying retirees’ pensions in future years.
The Commonwealth Plan of Adjustment Pension Benefits Council Corp. is a nonprofit corporation (hereinafter referred to as the “Pension Benefits Council”) responsible for reviewing the timely and adequate funding of the Pension Reserve Trust by the Government of Puerto Rico and approving the release of funds from said Trust to assist in the payment of public employees’ pensions.
On May 9, 2022, the Pension Benefits Council was incorporated, and the entities that negotiated the Guidelines appointed their representatives to manage the entity during the Transition Period. Among the functions of the Pension Benefits Council during the Transition Period is to carry out the election process for six (6) of the nine (9) members of the Pension Benefits Council, who will be elected from among certain retirees and active employees of the Employees Retirement System of the Government, the Teachers’ Retirement System, and the Judiciary Retirement System.
In this election, the Eligible Retirees from each retirement system and the Eligible Active Employees will select the individuals who will represent them on the Pension Benefits Council as follows:
- 2 Eligible Retirees from the SRE
- 2 Eligible Retirees from the SRM
- 1 Eligible Retiree from the SRJ
- 1 Employee Elegible
The election will be conducted with the intent that those elected may assume their positions on the Pension Benefits Council by January 1, 2024, or as soon as practicable thereafter, but no later than two (2) years after March 15, 2022.
On April 19, 2023, the Pension Benefits Council during the Transition Period, in consultation with Kroll Restructuring Administration LLC (“Kroll”), the entity selected as the Election Administrator, approved the Election Regulations, which are available in the section Regulation of this website.
ELIGIBILITY:
The eligibility requirements for retirees and active employees of the Government of Puerto Rico to run for a position on the Pension Benefits Council and/or to vote in the election are as follows:
- Employees Retirement System (SRE) Employees Retirement System (SRE): Employees appointed under Law 447 of May 15, 1951, as amended—on or before March 31, 1990, or appointed under Law 1 of February 16, 1990—on or before December 31, 1999.
- Sistema de Retiro de Maestros (SRM): Teachers’ Retirement System
- Sistema de Retiro de la Judicatura (SRJ): Judges appointed under Act No. 12 of October 19, 1954, as amended, who, as of March 14, 2022, had at least ten (10) years of credited service, of which at least eight (8) years were credited as judges.
If you are an Eligible Retiree or Active Employee and wish to submit your nomination, please download and complete the appropriate Nomination Form according to the instructions. You have until May 22, 2023, to submit your nomination.