The passing of Hurricane María over Puerto Rico on September 20th did not alter the original objective of the Official Committee of Retired Employees of the Commonwealth of Puerto Rico (COR), which was appointed by the United States Trustee in June 2017, to collaborate in the recovery of Puerto Rico’s fiscal health and watch over the benefits of retired employees with a pension from the ELA in the process to restructure the debt under Title III of federal law PROMESA.
The damages and the aftermath caused by the storm forced the temporary closing of the U.S. District Court for the District of Puerto Rico. Although one party asked for a 90 day “stay” of any activity in the Title III Cases the United States District Court denied that request, which had already been objected by the COR, the Board, and the Government.
Nevertheless, the Title III Cases have been delayed, as the Island recovers from the destruction caused by María and a new Fiscal Plan that reflects the economic impact of Hurricane María is developed.
It is important to note that, at the COR we continue to closely watch and work with Title III proceedings and their impact on our pensions.
To obtain more information regarding the ongoing legal process and the actions taken by the COR in behalf of your wellbeing and the community of retired ELA employees in general visit www.porturetiro.com or via Facebook www.facebook.com/CORPuerto Rico.
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