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 plans.

On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 ("EO 2017-067") authorizing the Secretary of the Department of the Treasury (the "PR Treasury") ...

Employers that sponsor defined benefit qualified retirement plans benefiting only Puerto Rico employees should be aware that PBGC coverage may no longer apply.

Seyfarth Synopsis: The Puerto Rico Department of the Treasury ("PR Treasury") recently announced the limits that apply to Puerto Rico qualified....

On July 1, 2014, Puerto Rico adopted new legislation (Tax Act 77), which provides a window from July 1, 2014 – October 31, 2014, for participants in Puerto Rico retirement plans to prepay at reduced rates Puerto Rico income tax on the value of accrued benefits.

On December 28, 2019, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 19-17 (CL IR 19-17)

On January 14, 2022, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 22-01 (CL IR 22-01) announcing the applicable 2022 limits for Puerto Rico qualified retirement plans.

Last year, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination Number 17-29 ("AD 17-29") to provide rules and procedures for allowing distributions...

On June 23, 2020, the Puerto Rico Department of the Treasury (commonly known by its Spanish-language name, Departamento de Hacienda de Puerto Rico, or Hacienda) issued Circular Letter of Internal Revenue No. 20-29...

To increase revenues and set up the basis for an upcoming restructuring of our tax system, the Puerto Rico Governor signed into law Act 77 of July 1, 2014.

The Puerto Rico Department of the Treasury recently issued Internal Revenue Circular Letter No. 23-01 (CL IR 23-01) announcing the applicable 2023 limits for Puerto Rico qualified

Recent changes to Puerto Rico's tax treatment of certain retirement plans have taken effect. Act No. 106 of August 23, 2017 ("Act 106") amended Section 1081.01 of the Puerto Rico Internal Revenue Code...

On December 15, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Tax Policy Circular Letter No. 17-02 ("CL 7-02") announcing the 2018 applicable contribution limits...

On January 23, 2025, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans.

On February 20, 2026, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 26-03 ("CL IR 26-03") announcing the applicable 2026...

All of the recent changes to the required minimum distribution (RMD) rules of Section 401(a)(9) of the U.S. Internal Revenue Code, except for provisions related to the handling of tax-free rollovers..

In response to the earthquakes that since January 6, 2020, have shaken Puerto Rico, on February 18, 2020, the Puerto Rico Department of the Treasury...

On September 27, 2019, three years after Congress passed PROMESA and two years after the most severe Hurricane in more than 100 years devastated Puerto Rico

With the fourth quarter of 2020 upon us, it is time to evaluate the year-end amendments that may be needed for retirement plans that are tax-qualified in Puerto Rico.

On January 20, 2021, the Puerto Rico Department of the Treasury (Departamento de Hacienda, commonly known as "Hacienda") issued Administrative Determination No. 21-01 (AD 21-01),...