Fiscal board OKs teachers’ purchase of time for retirement

By John McPhaul

jpmcphaul@gmail.com

Luis Collazo Rodríguez, the executive director of the Government of Puerto Rico Retirement Board, announced on Thursday that he received an official communication from the Financial Oversight and Management Board to accept requests for pensions with purchase of time for teachers who seek to retire in May, June and July 2022.

“After the confirmation of the Adjustment Plan, we raised this important issue at the request of Gov. Pedro Pierluisi for the consideration of the Board for the benefit of all these teachers who, within the regulatory term, filed their retirement request stating their intention to buy time to credit to retirement,” Collazo Rodríguez said in a written statement. “After several communications that we had with the Board, they finally confirmed that these time purchase requests would be granted with the balance of their vacation leave.”

“With the purchase of time, many teachers will be able to retire with a 75 percent pension and others will have their pension computed by adding the time purchased for retirement in addition to the time already quoted,” he added. “Gov. Pierluisi has reiterated his commitment to the retirement of public servants and we will continue to fight to guarantee a dignified retirement. We will continue to work for our teachers and their retirement system.”

The approval includes all pension applications with the intention of buying time that were filed in the Teachers Retirement System on or before Jan. 31, 2022.