FTLF Senior Counsel Phillip A. Escoriaza was quoted in the September 6, 2023, edition of The Bond Buyer regarding the recent letter by the federally-created Puerto Rico Fiscal Oversight Board that calls on the University of Puerto Rico (UPR) to make drastic cuts to pension benefits. While the board did not outright declare the University noncompliant with approved board guidelines, it did clarify that UPR’s pension changes to date are not sustainable financially and fall short of what the board would accept.
Since UPR’s liabilities, including pension benefits, are unsustainable, Mr. Escoriaza noted the board’s message is that the University must align its pensions strategy with board’s preferences or face the board’s broad powers under federal law to compel substantial changes in UPR’s finances.
We greatly appreciate the chance for Mr. Escoriaza to discuss his thoughts in The Bond Buyer concerning UPR’s finances. The Bond Buyer is a national trade publication covering the municipal bond industry. Please click here to read the entire article.