{"id":3693,"date":"2022-04-25T11:05:26","date_gmt":"2022-04-25T15:05:26","guid":{"rendered":"https:\/\/www.icsom.org\/senzasordino\/?p=3693"},"modified":"2022-04-25T11:37:36","modified_gmt":"2022-04-25T15:37:36","slug":"puerto-ricos-governor-and-financial-board-commit-20-million-for-prsos-musicians-pension-fund","status":"publish","type":"post","link":"https:\/\/www.icsom.org\/senzasordino\/2022\/04\/puerto-ricos-governor-and-financial-board-commit-20-million-for-prsos-musicians-pension-fund\/","title":{"rendered":"Puerto Rico\u2019s Governor and Financial Board Commit $20 Million for PRSO\u2019s Musicians Pension Fund"},"content":{"rendered":"<p><b><i>By Jos\u00e9 M. Villegas, Secretary-Treasurer, AFM-Local 555\u00a0<\/i><\/b><\/p>\n<div id=\"attachment_3677\" style=\"width: 228px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-3677\" class=\"size-medium wp-image-3677\" src=\"https:\/\/www.icsom.org\/senzasordino\/wp-content\/uploads\/2022\/04\/Jose-Villegas_Elisa-Torres-218x300.jpg\" alt=\"\" width=\"218\" height=\"300\" srcset=\"https:\/\/www.icsom.org\/senzasordino\/wp-content\/uploads\/2022\/04\/Jose-Villegas_Elisa-Torres-218x300.jpg 218w, https:\/\/www.icsom.org\/senzasordino\/wp-content\/uploads\/2022\/04\/Jose-Villegas_Elisa-Torres.jpg 728w\" sizes=\"auto, (max-width: 218px) 100vw, 218px\" \/><p id=\"caption-attachment-3677\" class=\"wp-caption-text\">AFM Local 555 Secretary-Treasurer Jos\u00e9 Villegas<br \/><span class=\"photocredit\">Photo Credit: Elisa Torres<\/span><\/p><\/div>\n<p>On January 27th, 2022, the Governor of Puerto Rico announced an agreement with the Financial Oversight and Management Board for Puerto Rico (FOMB) to commit $20 million dollars in annual incremental funding, over the next ten years, for the stabilization of the Puerto Rico Symphony Orchestra Musicians\u2019 Pension Fund. This contribution has been included in the Certified Budget Plan approved by the FOMB for Puerto Rico\u2019s next fiscal year, which begins in July 2022.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Currently, the PRSO Musicians\u2019 Pension Fund has a nearly $30 million deficit. The deficit accumulated over several decades, in part due to previous failures by PRSO management in fulfilling their annual contribution obligations for the plan. The $20 million contribution negotiated with the FOMB will greatly assist the Pension Fund\u2019s longevity; also, the fund\u2019s stabilization plan will include an upcoming restructuring process that would guarantee a healthy fund for current and future PRSO\u2019s retirees.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The agreements for next fiscal year\u2019s Certified Budget Plan were negotiated after the Federal Court finally approved Puerto Rico\u2019s Debt Restructuring Plan (DRP) on January 18th, 2022, which subsequently allowed more flexibility to general funding requests made to the FOMB. However, commitment from Puerto Rico\u2019s Government to assist the PRSO Musicians\u2019 Pension Fund was achieved thanks to the hard work of AFM-Local 555 in San Juan, Puerto Rico, the PRSO Musicians\u2019 \u201cSave the Symphony\u201d (Salvemos La Sinf\u00f3nica) campaign, and ICSOM\u2019s extremely valuable support in these past years.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>On September 2020, ICSOM and PRSO Musicians organized a very successful Phone2Action campaign that pressured the FOMB to acknowledge the PRSO budget and Musicians\u2019 Pension Fund difficulties. ICSOM assistance continued through 2021, with ICSOM President Paul Austin and ICSOM\u2019s Former Chair Bruce Ridge visiting the island on September 2021. ICSOM\u2019s visit to Puerto Rico included a formal meeting with Puerto Rico\u2019s Governor, Pedro Pierluisi, at \u201cLa Fortaleza\u201d (the Governor\u2019s Executive Office), in which the Pension Fund and PRSO\u2019s contribution to Puerto Rico\u2019s culture, economy and education where the main topics of discussion.<\/p>\n<p>President Paul Austin relayed that \u201cICSOM was very pleased to learn of this positive news for the dedicated musicians of the Puerto Rico Symphony Orchestra. From our meeting last September with Governor Pedro Pierluisi, he clearly was shocked when we told him that the musicians\u2019 pension fund had not been funded adequately. During his term, the Governor has been defending pension funding of all Puerto Ricans, and to see this level of commitment for the musicians\u2019 pension fund provides proof of his commitment. To know that the hard-working PRSO musicians will be able to retire with dignity is reassuring.\u201d<\/p>\n<p>(Note: the PRSO is almost entirely funded by Puerto Rico\u2019s Government General Fund, and the PRSO is managed under the Corporation for the Musical Arts, a Puerto Rico government-owned corporation.)<span class=\"Apple-converted-space\">\u00a0 <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jos\u00e9 M. Villegas, Secretary-Treasurer, AFM-Local 555\u00a0 On January 27th, 2022, the Governor of Puerto Rico announced an agreement with the Financial Oversight and Management Board for Puerto Rico (FOMB) to commit $20 million dollars in annual incremental funding, over the next ten years, for the stabilization of the Puerto Rico Symphony Orchestra Musicians\u2019 Pension&#8230; <a class=\"more-link\" href=\"https:\/\/www.icsom.org\/senzasordino\/2022\/04\/puerto-ricos-governor-and-financial-board-commit-20-million-for-prsos-musicians-pension-fund\/\">[Read more]<\/a><\/p>\n","protected":false},"author":2,"featured_media":3677,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[241],"tags":[],"class_list":["post-3693","post","type-post","status-publish","format-standard","has-post-thumbnail","category-april-2022","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Puerto Rico\u2019s Governor and Financial Board Commit $20 Million for PRSO\u2019s Musicians Pension Fund | Senza Sordino<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.icsom.org\/senzasordino\/2022\/04\/puerto-ricos-governor-and-financial-board-commit-20-million-for-prsos-musicians-pension-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Puerto Rico\u2019s Governor and Financial Board Commit $20 Million for PRSO\u2019s Musicians Pension Fund | Senza Sordino\" \/>\n<meta property=\"og:description\" content=\"By Jos\u00e9 M. Villegas, Secretary-Treasurer, AFM-Local 555\u00a0 On January 27th, 2022, the Governor of Puerto Rico announced an agreement with the Financial Oversight and Management Board for Puerto Rico (FOMB) to commit $20 million dollars in annual incremental funding, over the next ten years, for the stabilization of the Puerto Rico Symphony Orchestra Musicians\u2019 Pension... 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