Title 48 — Territories and Insular Possessions
Chapter 20 — Puerto Rico Oversight, Management, and Economic Stability
§ 2151. Analysis of pensions
Statutory text
Determination
If the Oversight Board determines, in its sole discretion, that a pension system of the territorial government is materially underfunded, the Oversight Board shall conduct an analysis prepared by an independent actuary of such pension system to assist the Oversight Board in evaluating the fiscal and economic impact of the pension cash flows.
Provisions of analysis
An analysis conducted under subsection (a) shall include—
an actuarial study of the pension liabilities and funding strategy that includes a forward looking projection of payments of at least 30 years of benefit payments and funding strategy to cover such payments;
sources of funding to cover such payments;
a review of the existing benefits and their sustainability; and
a review of the system’s legal structure and operational arrangements, and any other studies of the pension system the Oversight Board shall deem necessary.
Supplementary information
In any case, the analysis conducted under subsection (a) shall include information regarding the fair market value and liabilities using an appropriate discount rate as determined by the Oversight Board.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Puerto Rico Oversight, Management, and Economic Stability Act
Pub. L. 114–187 title II § 211 · 130 Stat. 549
Enacted · 48 U.S.C. § 2151
(Pub. L. 114–187, title II, § 211, June 30, 2016, 130 Stat. 576.)
Source evidence
Code source credit
(Pub. L. 114–187, title II, § 211, June 30, 2016, 130 Stat. 576.)Enacted provision · exact public law section
SEC. 211. ANALYSIS OF PENSIONS. (a) Determination.— If the Oversight Board determines, in its sole discretion, that a pension system of the territorial government is materially underfunded, the Oversight Board shall conduct an analysis prepared by an independent actuary of such pension system to assist the Oversight Board in evaluating the fiscal and economic impact of the pension cash flows. (b) Provisions of Analysis.— An analysis conducted under subsection (a) shall include— (1) an actuarial study of the pension liabilities and funding strategy that includes a forward looking projection of payments of at least 30 years of benefit payments and funding strategy to cover such payments; (2) sources of funding to cover such payments; (3) a review of the existing benefits and their sustainability; and (4) a review of the system’s legal structure and operational arrangements, and any other studies of the pension system the Oversight Board shall deem necessary. (c) Supplementary Information.— In any case, the analysis conducted under subsection (a) shall include information regarding the fair market value and liabilities using an appropriate discount rate as determined by the Oversight Board.
1 of 1 references resolved to an enrolled provision