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SOURCE The Office of Governor Alejandro Garcia Padilla
Fiscal Measure is Important Step Forward in Strengthening Commonwealth's Fiscal Health
SAN JUAN, Puerto Rico, Dec. 23, 2013 /PRNewswire-USNewswire/ -- Today, the Puerto Rico Senate approved the Teacher's Pension System reform bill submitted by Governor Alejandro Garcia Padilla last week. The Senate's approval follows Saturday night's passage by the House of Representatives. The bill now goes to the governor's desk to be signed into law.
"Reforming the Commonwealth's Teacher Pension System is an important step forward in making the structural changes Puerto Rico needs to strengthen its long-term fiscal health," said Garcia Padilla. "Teachers are integral in shaping our future, and these policy changes reflect a compromise between teachers and my Administration that will ensure that teachers can retire with confidence in the long-term economic viability of our pension system."
The reform will stabilize the Commonwealth's finances and safeguard Puerto Rico's public school teachers' retirement by addressing a more than $500 million annual projected pay-as-you go shortfall. The bill addresses most of the issues raised by the teachers' unions regarding reform measures, including:
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