A QUICK LOOK AT THE RETIREE COMMITTEE IN PUERTO RICO

Historically, the Government of Puerto Rico operated three retirement systems for public employees, including: the Retirement System of Government Employees (SRE, for its acronym in Spanish), the Teacher’s Retirement System (SRM, for its acronym in Spanish), and the Judiciary Retirement System (SRJ, for its acronym in Spanish). 

As a result of the passage of Joint Resolution 188 in June 2017 and Act 106-2017 in August 2017 , the systems were ordered to liquidate their funds and move the assets to the General Fund.

Under the new legislation pension benefits are no longer paid by the retirement systems and instead are paid directly by the former employers of the retirees under the  “pay-as-you-go” system.
 
The chart below contains basic information regarding these systems.