Following the implementation of ERS’s debt restructuring on March 15, 2022, ERS has no outstanding bonds. Click HERE for further information on the debt restructuring refer to the Plan of Adjustment, Findings of Fact, and Confirmation Order.
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. Learn more about ERS here.
CREDIT RATING DASHBOARD
Following the implementation of ERS’s debt restructuring on March 15, 2022, ERS has no outstanding bonds.
Audited Financial Statements
For more information, visit EMMA
Annual financial information
For more information, visit EMMA
On May 21, 2017, the Financial Oversight and Management Board for Puerto Rico (“FOMB”), at the request of then-Governor Rosselló, commenced a Title III case for the Employees Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) by filing a petition for relief pursuant to Section 304(a) of PROMESA, 48 U.S.C. § 2164(a), in the United States District Court for the District of Puerto Rico. As such, ERS is currently a debtor in a proceeding under the Title III of PROMESA, 48 U.S.C. § 2161, et seq. Pursuant to Section 315(b) of PROMESA, 48 U.S.C. § 2175(b), the FOMB serves as ERS’s representative in its Title III proceeding.
On January 18, 2022, the Title III Court entered its Findings of Fact and Conclusions of Law and the order (the “Confirmation Order”) confirming the Eighth Amended Plan of Adjustment (the “Plan”) for (i) the Commonwealth, (ii) the Employees Retirement System of the Government of the Commonwealth of Puerto Rico; and (iii) the Puerto Rico Public Buildings Authority. The Plan became effective on March 15, 2022 (the “Effective Date”). Under the Plan, ERS bonds and related obligations and guarantees were discharged and are no longer outstanding. For a detailed overview of the Plan of Adjustment, click here.
The Title III case docket can be accessed for free by clicking here.