Puerto Rico seeks court's help to save public pension system
Business Law
Puerto Rico's governor says he'll ask a court to restructure the debts of the U.S. territory's public pension system, which is projected to run out of money this year.
Gov. Ricardo Rossello says the government has been unable to reach a deal with creditors to whom it owes some $3 billion.
Rossello said late Sunday that retired workers will still receive their pensions. He says the government will dip into its general fund once the pension system itself runs out of money. The pension system is underfunded by some $50 billion.
The previous administration already had trimmed benefits and a federal control board overseeing the island's finances is seeking more cuts. It says the system will switch to pay-as-you-go funding.
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