News & Analysis as of

Puerto Rico

Puerto Rico Legislation May Require Changes to Retirement Plans

by McDermott Will & Emery on

Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement...more

Deadline for Plan Sponsors to Submit Qualification Amendments with the Puerto Rico Treasury is Fast Approaching

by Littler on

Employers that sponsor an employee retirement plan in Puerto Rico must review plan amendments and/or restatements adopted during 2016 to determine whether they need to submit their plan documents to the Puerto Rico Department...more

Public-Private Partnerships in Puerto Rico - DLA Piper's handbook

by DLA Piper on

Historically, there has been vigorous debate among the residents of Puerto Rico for and against the privatization of public property and public services. The public-private partnership (P3 or P3s) model established by the...more

Puerto Rico Enacts Equal Pay Act Prohibiting Gender-Based Pay Disparities

by Morgan Lewis on

The Act also prohibits pay inquiries in the hiring process and limits restrictions on employee compensation discussions. Less than two months after the passage of the Labor Transformation and Flexibility Act that...more

Puerto Rico Equal Pay Act Aims to Close Gender Pay Gap

On March 8, 2017, Puerto Rico continued the overhaul of its employment laws by enacting, with immediate effect, Act No. 16, known as the “Puerto Rico Equal Pay Act.” The act is not only similar to the federal Equal Pay Act of...more

Puerto Rico Enacts Equal Pay Law, Prohibits Employers from Inquiring about Past Salary History

by Jackson Lewis P.C. on

Almost two months after signing sweeping employment law reform, Governor Ricardo Rosselló has signed Puerto Rico Act No. 16 of March 8, 2017, known as the “Puerto Rico Equal Pay Act.” Act 16 is effective immediately....more

Puerto Rico Adopts Local Equal Pay Act

by Littler on

On March 8, 2017, Puerto Rico enacted Act 16, creating the Puerto Rico Equal Pay Act ("PR Equal Pay Act" or "the Act"). The law's stated intent is to eradicate the pay difference between female and male employees. To that...more

First Circuit Affirms District Court’s Confirmation Of Arbitration Award Under The “Look-Through” Test

by Carlton Fields on

The background of this matter could be found here. In sum, Plaintiffs Dr. Luis Ortiz-Espinosa and his wife Maritza Soto-Garcia, the conjugal partnership they formed, Espinosa-Soto, and Luis Ortiz-Espinosa, as trustee of...more

Puerto Rico Issues Comprehensive Labor Law Reform

by FordHarrison on

On January 26, 2017, Puerto Rico’s Governor, Ricardo Roselló, signed into law the Labor Transformation and Flexibility Act (the “Act”). The Act represents the first significant and comprehensive labor law reform to occur in...more

THE LATEST: DOJ Trial Machine is Staffed Up, Fired Up

by McDermott Will & Emery on

WHAT HAPPENED: ..The DOJ Antitrust Division scored another trial win — this time in a real estate foreclosure bid rigging case...more

Open for Business: Puerto Rico Enacts Sweeping Labor Reform

by Morgan Lewis on

Employer-friendly revisions to attract new businesses and facilitate operations for existing enterprises signals a new era of labor flexibility in Puerto Rico. On January 26, 2017, weeks after being sworn in as the...more

Puerto Rico Redesigns its Business Environment Through an Overhaul of its Employment Regime

In an effort to become more competitive in the face of a flagging economy, an attractive jurisdiction for establishing businesses and creating employment opportunities, and to increase talent acquisition and retention...more

Puerto Rico Approves Major Reform of its Employment Laws

by Littler on

On January 26, 2017, the Governor of Puerto Rico approved the Labor Transformation and Flexibility Act (“the Act"). The Act makes substantial changes to virtually all existing Puerto Rico employment laws, including those...more

Puerto Rico Treasury Issues New Guidance on Rules and Procedures for Qualification of Retirement Plans

by Littler on

The Puerto Rico Department of the Treasury (the “PR Treasury”) issued Tax Policy Circular Letter No. 16-08 on December 23, 2016 (“CL 16-08”). CL 16-08 establishes new rules regarding the validity of retirement plan...more

Members of Ophthalmologist Group Charged with Illegal Boycott of Health Plan

by Mintz Levin on

An ophthalmologist cooperative in Puerto Rico settled charges with the Federal Trade Commission (“FTC”) last week that it orchestrated an illegal boycott of a health plan. The FTC alleged that the cooperative urged its...more

Top 20 Things You Should Know About the Proposed Puerto Rico Employment Law Reform

by Jackson Lewis P.C. on

Under a new government administration, Puerto Rico employment laws will undergo the most significant transformation in decades with the expected enactment of the “Labor Transformation and Flexibility Act.” In an...more

Manatt on Health Reform: Weekly Highlights - January 2017 #2

CBO estimates 27 million would lose coverage under partial ACA repeal in the first year after elimination of Marketplace subsidies and Medicaid expansion; a federal judge orders delay in submission of North Carolina’s...more

Chris Lazarini Analyzes Requirements in FRCP Rule 23 for Class Certification

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini analyzed a putative class action case that posed whether common questions of law or fact predominate on the reliance element of Plaintiffs' Section 10(b) claims. The court concluded...more

Puerto Rico Treasury Announces 2017 Limits on Qualified Retirement Plans

by Littler on

On December 8, 2016, the Puerto Rico Department of the Treasury issued its Tax Policy Circular Letter No. 16-07 (“CL 16-07”), announcing the applicable limits for 2017 for qualified retirement plans. Pursuant to Section...more

Puerto Rico Employers Cannot Withhold Income Taxes for Christmas Bonuses of $600 or Less

by Littler on

Pursuant to the current income tax withholding rules issued by the Puerto Rico Department of the Treasury, there are specific income tax withholding rules applicable when a Christmas bonus is paid, which differ from those...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

Top Eight Guidelines to Litigate Employment Claims under Puerto Rico’s Unique Summary Proceeding

by Jackson Lewis P.C. on

A litigation trap that can ensnare unwary employers who may be sued in the Commonwealth of Puerto Rico is a piece of employment legislation that allows expedited proceedings: Law No. 2 of October 17, 1961 (“Law No. 2”), as...more

Balancing the Equities: Default Interest Rate Adjusted as Bankruptcy Court Weighs in on Critical Issue

by Robins Kaplan LLP on

Can a bankruptcy court apply its equitable powers to adjust the default rate for post-petition interest owed to over-secured creditors? The Bankruptcy Court for the District of Puerto Rico recently held that the Bankruptcy...more

Is Renewable Energy in Puerto Rico Back On Your Radar?

by Sullivan & Worcester on

Renewable energy deal discussions centered on projects in Puerto Rico have been difficult – particularly for project owners – over the past few years. The foundations of most of the projects on the island were power purchase...more

Your daily dose of financial news - The Brief – 9.1.16

by Robins Kaplan LLP on

Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank.  The bid is controversial at home for new PM Justin Trudeau, but it reflects the...more

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