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AFAF backs 'zero cuts' but warns Puerto Rico Senate bill likely conflicts with PROMESA
Summary
AFAF executive director Omar Marrero told the Senate committee he supports a policy of no additional pension cuts but that House Bill 120, as drafted, includes provisions likely to conflict with PROMESA and could prompt federal litigation; AFAF also outlined fiscal figures and proposed trust mechanics.
Omar Marrero Díaz, executive director of the Financial Advisory and Fiscal Agency (AFAF), told the Senate Commission on Finance that the administration supports a public policy of "zero additional pension cuts" but cannot endorse House Bill 120 in its present form because parts of the measure likely conflict with the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA).
Marrero presented AFAF's ponencia to the committee and walked senators through the bill’s main elements: a declaration of public policy rejecting pension cuts, creation of a consolidated trust (referred to in the measure as the "faxir") to administer the retirement systems jointly, and numerous proposed amendments to existing retirement laws so the trust…
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