February 21, 2014 / 9:01 PM / 4 years ago

Puerto Rico's top court backs judicial pension reform -governor

NEW YORK, Feb 21 (Reuters) - Puerto Rico’s Supreme Court upheld as constitutional a judicial pension reform that is part of a broad cost-cutting campaign by the Caribbean island’s heavily indebted government, Puerto Rico’s governor said on Friday.

“This reform, paired with the legislative reforms to the public employee retirement system and the teacher pension system, are key elements of my plan to make the structural changes needed to end Puerto Rico’s fiscal crisis,” Gov. Alejandro Garcia Padilla said in a news release.

Teachers covered by a separate retirement plan are also opposing in court a pension overhaul by Puerto Rico, whose credit ratings were reduced this month to junk even as it prepares a nearly $3 billion bond offering expected in March.

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