The governor of Puerto Rico this week signed a bill aimed at shoring up the island's public pension system for teachers.
The controversial law, which was passed after months of negotiations, increases employee contributions from 9 percent of salary to 10 percent and sets the retirement age for new hires at 62. Under the old law, some new teachers could retire at 50.
Under the new law, current employees who have at least 30 years of tenure can retire at age 55. They are guaranteed a monthly pension of at least $1,625, about $250 more than the current minimum.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
