Puerto Rico oversight board reaches deal over retiree pensions
Puerto Rico’s federally created financial oversight board said on Wednesday it reached a deal to restructure more than $50 billion in unfunded pension liabilities that includes cuts for some of the bankrupt U.S. commonwealth’s retired government workers.
The tentative agreement with a federal court-appointed committee representing more than 167,000 retirees, which the government opposes, helps pave the way for a plan to restructure Puerto Rico’s core government debt.
Puerto Rico has been in U.S. District Court since 2017 in order to address about $120 billion of debt and pension obligations.
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