The Official Committee of Retired Government Employees (COR) issues statement regarding FOMB’s Letter to the Governor of Puerto Rico

San Juan, PR - On January 24, 2018, the Government of Puerto Rico released its new Fiscal Plan for Puerto Rico, which amends the Fiscal Plan that was certified by the Fiscal Oversight and Management Board (FOMB) in March 2017 to take into account the economic impact of Hurricanes Irma and Maria. On Monday, February 5, 2018, the FOMB issued a statement in response to the amended Fiscal Plan.  Notwithstanding the devastating impact of hurricanes Irma and Maria on retirees and other residents of Puerto Rico, the FOMB reiterated its unchanged position from March 2017, that the Fiscal Plan must include (among other things) cuts of approximately 10% of the aggregate pension obligations and suggests the cuts be implemented progressively based on the size of pension benefits.

“The FOMB's statement serves to stress the importance of the Committee, and the Committee’s commitment to use all of the resources at hand to forcefully defend accrued public pensions in Puerto Rico. The Committee is working on these specific issues, together with the Government of Puerto Rico and other entities that have clearly expressed their desire to protect accrued public pensions and other retirement benefits of retirees,” said José Marín, president of the COR.
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The Official Committee of Retired Employees from the Government of Puerto Rico (COR) was authorized and appointed by the United States Trustee to represent the collective interests of over 160,000 public retirees in Title III cases to restructure the debt of Puerto Rico under Federal Law PROMESA.