Employee Retirement System (ERS)

The Employee Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) is a statutory trust and governmental instrumentality of the Government of Puerto Rico created by Act No. 447 of May 15, 1951, as amended. ERS was created to provide pension and other benefits to retired employees of the Government of Puerto Rico, most of the public corporations and the municipalities of Puerto Rico. However, Act No. 106-2017 replaced such system with a pay-as -you-go system under which the Commonwealth pays pension benefits directly to retirees.

Following the implementation of ERS’s debt restructuring on March 15, 2022, ERS has no outstanding bonds.