SAN JOSE, Calif., June 30, 2016—“The Retirement Security Initiative commends Congress for its bipartisan efforts to pass the Puerto Rico Oversight, Management and Economic Stability Act and President Obama for swiftly signing the legislation into law. RSI also acknowledges board member Richard Ravitch for his unwavering commitment to the people of Puerto Rico as an advocate on their behalf.

“With nearly $44 billion in unfunded pension liabilities, Puerto Rico’s public retirement debt is deeply entangled with its total $72 billion debt. Puerto Rico’s pension debt is staggering, and when compared with U.S. state pension systems, it ranks among those with the largest debts and likely the biggest ever for pensions of its size and scale.

“To avoid similar crisis situations in other U.S. municipalities and states, it’s important that governments make tough decisions today. There are tremendous risks with delaying the adoption of sound pension policies. Ignoring pension reform is bad for everyone involved, especially pensioners and ultimately taxpayers. Puerto Rico’s past pension reform efforts came entirely too late to fix the problem.”