Court rules UPR retirement board to remain pension system’s trustee
By The Star Staff
The Puerto Rico Appeals Court has ruled that the University of Puerto Rico’s (UPR) retirement board will remain the trustee of the university’s pension system after refusing to reconsider its ruling from last month.
The appeals court had ruled that the UPR’s retirement board was to be the trustee of the UPR Retirement System’s pension fund, taking over the role from the UPR governing board after finding that the board had been violating its fiduciary duties.
In response to that ruling over a month ago, the governing board filed a motion for reconsideration in an attempt to vacate the ruling.
“After examining with great care and consideration the arguments presented in the brief entitled Request for Reconsideration presented on October 16, 2020 and after considering all the allegations made, we resolve to declare the request for reconsideration is not applicable,” the court decided.
The appellate forum panel was made up of judges Olga Birriel Cardona, Ivette Ortiz Flores and Roberto Rodríguez Casillas.
“The Governing Board of the UPR must understand the political and social consensus that exists around the permanence of the UPR’s Defined Benefit Retirement System and its trust,” said Luis Vicenty, president of the UPR Retirement Board.