November 24, 2020

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JCF insists on not implementing incentive retirement laws


Jaresko mentioned that the laws do not comply with the Fiscal Plan approved for the government and constitute measures that could lead to a bankruptcy process again.

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SAN JUAN – The executive director of the Fiscal Control Board (JCF), Natalie Jaresko, said on Friday during the twenty-second meeting of the federal entity that the government of Puerto Rico will not implement the laws on incentivized retirement until they reach an agreement on the impact fiscal.

“The Board has had a dialogue with the government of Puerto Rico with laws 80, 81 and 82 and we have made detailed analysis. The government will not implement the withdrawal laws until an agreement is reached with the Board, ”said Jaresko. He mentioned that the laws do not comply with the Fiscal Plan approved for the government and constitute measures that could lead to a bankruptcy process again.

Law 80 of 2020 mandates a retirement program so that eligible public employees can retire before the established age. Law 81 orders the return of a life pension to the police, firefighters, custody officers and their families to those who have 30 years or more of service.

On the other hand, Law 82 establishes that the participants of the Retirement System for Teachers may authorize that the balance or the pre-existing excess of sick leave is assigned to their Retirement System so that it is listed as time worked, after having used the entire available balance of the vacation leave for these purposes.



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