New Puerto Rico Treasury Department Guidance on Issuance of Favorable Determination Letters for Qualified Plans
The Puerto Rico Treasury Department (“PR Treasury”) recently issued guidance on procedures for obtaining new favorable determination letters with respect to retirement plans intended to be qualified under the Puerto Rico Internal Revenue Code of 2011 (the 2011 PR Code). The new guidance, which is effective January 1, 2012, is included in PR Treasury Circular Letter 11-10 (pdf) (the “Circular Letter”).
U.S. Department of Labor and Puerto Rico Department of Labor Enter into Partnership Agreement
The United States Department of Labors Wage and Hour Division and the Puerto Rico Department of Labor and Human Resources, Labor Standards Division, have entered into a partnership agreement aimed at ensuring compliance by employers in Puerto Rico with both federal and commonwealth labor laws that apply on the Caribbean island.
Recent Enactments Expand Employers' Obligation to Prevent Discrimination and Harassment in the Workplace.
Recently enacted legislation in Puerto Rico has expanded employers obligation to prevent discrimination and harassment in the workplace by adding another protected category to Puerto Ricos general anti-discrimination statute and by broadening the definition of sexual harassment.
Puerto Rico Workplace Law Update: Recent Enactments Increase Compliance Obligations and Liability Risks for Employers.
Recently enacted legislation in Puerto Rico has increased employers compliance obligations and liability risks when handling a variety of workplace issues, including employee Social Security numbers, situations involving domestic violence, and time off for breastfeeding mothers.
