Governing Guidelines
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Legal Documents about The Pension Reserve
The following documents provide guidelines on the structure, composition, and management of the Pension Reserve Fund (The Pension Reserve), as well as other legal documents relating to the creation and operation of the Pension Benefits Council.
The Pension Reserve is part of the Plan of Adjustment for the Commonwealth of Puerto Rico confirmed by the U.S. District Court for the District of Puerto Rico on January 18, 2022, which became effective on March 15, 2022. It was originally proposed by the Official Committee of Retired Employees (COR, for its acronym in Spanish) and supported by the Financial Oversight and Management Board, the Government of Puerto Rico, and the Chapter of Retired Employees of Servidores Públicos Unidos de P.R. (AFSCME/SPU).
The Pension Reserve is independent from the Government of Puerto Rico and is composed of two entities: an Investment Board (in charge of managing and investing the funds) and a Pension Benefits Council (in charge of ensuring that the Government of Puerto Rico complies with the Guidelines on funding, withdrawal conditions and requirements, among other functions.)
Creation of the Pension Reserve Trust
Included is the motion filed before the Court through which the Deed of Trust and the Guidelines are made part of the Government of Puerto Rico’s Plan of Adjustment under Title III of PROMESA.
Regulation
The original version and the amendment of the Guidelines for the Governance and Administration of the Pension Reserve Fund of the Puerto Rico Plan of Adjustment and the Monitoring of Pension Benefits under the Plan of Adjustment are included. The amended version is the one currently in force and governs the Benefits Council as well as the Pension Reserve Trust.
Deed
Included is the original deed of the Pension Reserve Trust – Deed No. 2, executed on March 14, 2022, in English and Spanish. Also included is the amendment to the Deed of Trust, Deed No. 10 dated December 18, 2024, in English and Spanish.
Process for Amending the Guidelines and the Deed of Trust
On December 11, 2024, Judge Laura T. Swain approved the amendments to the Guidelines and the Deed of Trust. An explanatory table of the amendments to the Guidelines and the Deed of Trust is included, showing the changes made with a brief explanation. In addition, a table is included that summarizes the entire process before the Court, and you can click on the title of each motion and order to view the document.
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