Economist/researcher Fichtner named fiscal board’s representative to pension entities
By The Star Staff
The Financial Oversight and Management Board has announced the appointment of economist and retirement researcher Jason J. Fichtner as the board’s representative to the Pension Reserve Board and the Pension Benefits Council of the Pension Reserve Trust.
As established by the Plan of Adjustment for the Commonwealth of Puerto Rico confirmed by the U.S. District Court for the District of Puerto Rico earlier this year, the island government and the oversight board established a Pension Reserve Trust projected to be funded with more than $10 billion over the next 10 years to pay the pensions of public retirees in future years in the event the commonwealth falls into a fiscal deficit. The Pension Reserve Trust will be governed by a Pension Reserve Board that will determine investment strategy, and a Pension Benefits Council to oversee contributions and withdrawals.
As the oversight board’s representative, Fichtner will bring his significant experience working with retirement policies and his research background on retirement security and policy proposals to increase retirees’ savings and investments. Currently, Fichtner is the vice president and chief economist of the Bipartisan Policy Center. He also has served in several senior positions at the Social Security Administration, including deputy commissioner of Social Security, chief economist, and associate commissioner for retirement policy.
“We are very pleased to be able to count on Dr. Fichtner’s expertise and understanding of economics and retirement policies to help the Oversight Board on its mission of providing a secure and stable retirement to public retirees in Puerto Rico,” said the Oversight Board Chairman David Skeel. “His unique skill set and professional credentials are perfectly suited for this important role.”
“In Puerto Rico where we see a shift in the population from a larger percentage being younger to a larger percentage being older, it’s even more important to protect pension benefits to make sure retirees can enjoy a secure and stable retirement,” Fichtner said. “I look forward to leveraging my experience for the benefit of the people of Puerto Rico.”