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When pensions are in trouble, the root causes are typically irresponsible politicians failing to make their payments and the global recession following the 2008 economic collapse.
Both are true in the case of Puerto Rico, where economic problems pre-dating the Great Recession were only exacerbated.
These retirees worked hard and played by the rules their entire working lives, and should not bear the cost of others’ mistakes.
Puerto Rico’s public employees and retirees did their jobs and earned the pension benefits they were promised.
Cutting pensions for Puerto Rico’s retirees in order to pay Wall Street hedge funds should not be on the table.
The Puerto Rico Government Employees’ Retirement System has over 125,000 active members, who contribute 10 percent of every paycheck toward their pension.
The island also has to contend with its unique status as a territory.
Its territorial status means Puerto Rico is governed by a patchwork of laws that create huge loopholes for mainland financial interests to exploit.
Puerto Rico’s pension system is almost completely out of funding.Puerto a dog person and do volunteer work for rescuers and no killing shelters. I study communication and work as a C Enjoy a good reading Love peace and dating more. At this point, the pension fund is paying out the money it takes in, and accumulating no assets for future liabilities.The last publicly available valuation of the pension plan had the funding ratio at 3 percent.
Vulture hedge fund managers have flooded in to take advantage of the economic crisis.