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Puerto Rico Retirees, Oversight Board Unveil Pension Deal

Law360 (June 12, 2019, 5:21 PM EDT) -- A committee of retired Puerto Rican government workers and the island's financial oversight board announced Wednesday they had reached a tentative deal that will spare more than half the island's government retirees any pension cuts and limit the cuts to the remainder.

The Official Committee of Retired Employees, which goes by the Spanish acronym COR, said under the terms of the deal, the Financial Oversight and Management Board will raise the threshold of payments exempt from cuts from the board's proposed $600 a month to $1,200 and drop the maximum cut from 25% to 8.5%.

"Although the COR would have preferred...

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