P.R. Laws tit. 18, § 393
The following words and terms, when used or referred to in this chapter, shall have the meaning indicated hereinbelow unless another meaning clearly arises from the context. The tenses used in the present shall also include the future and the male gender includes the female, except in those cases in which said interpretation would be absurd. The singular number includes the plural and the plural includes the singular.
(a) Annual additional contribution.— The annual contribution certified by the external actuary of the System, prepared within at least one hundred twenty (120) days before the beginning of Fiscal Year 2018-2019 and every two (2) years thereafter until fiscal year 2041-2042, as necessary to prevent the value of the projected gross assets of the System from falling below three hundred million dollars ($300,000,000) during any subsequent fiscal year, subject to the provisions of § 399 of this title. If for any reason, the certification of such annual additional contribution for the corresponding fiscal year is not available within the established one hundred twenty (120)-day term, or before, with the consent of the Office of Management and Budget, the annual additional contribution for said fiscal year shall be equal to that of the immediately preceding fiscal year, subject to the provisions of § 399 of this title.
(b) Individual contributions.— The amounts deducted or to be deducted from the participant’s salary, to be credited to the fund contribution account or defined contribution account, as applicable.
(c) Teacher’s Justice Uniform Contribution.— The annual contribution to be made to the System equal to $30 million in fiscal year 2016-2017, to $30 million in fiscal year 2017-2018, and to $60 million in fiscal year 2018-2019, and subsequent years until fiscal year 2041-2042.
(d) Defined contribution account.— The account created as of August 1, 2014 in the name of each participant, in accordance with § 397c of this title.
(e) Fund contribution account.— The account which registers the balance of the individual contributions credited to the Fund on behalf of the participant as of July 31, 2014.
(f) Executive Director.— The Executive Director of the System.
(g) System employee.— Any employee of the System who agreed to transfer his/her contributions and years of creditable service to the System from the Retirement System of the Employees of the Government of the Commonwealth of Puerto Rico or any other retirement system of the Commonwealth of Puerto Rico. It shall also mean any other employee who entered the System on or after March 29, 2004.
(h) Fund.— The System Contribution Fund, as designated in § 396 of this title.
(i) Government.— The Government of the Commonwealth of Puerto Rico and any of its political subdivisions, all the municipalities of Puerto Rico, and other government organizations that opted to avail themselves of the provisions of this chapter.
(j) Compound interest.— Nine point five percent (9.5%) annually for purposes of the payment of uncredited services rendered on or before July 31, 2014, and two percent (2%) annually for purposes of reimbursement of individual contributions.
(k) Board of Trustees.— The Board of Trustees of the Commonwealth of Puerto Rico Teacher’s Retirement System.
(l) Teacher.— The professionals who teach in the classrooms, the School Principals and Vice Principals, and other teacher classifications and categories that exist or may exist within the nomenclature of the Department of Education of the Commonwealth of Puerto Rico, the Secretary of the Department of Education and assistant officers and other employees or officials who avail themselves of the benefits of this chapter, pursuant to the provisions thereof, provided they hold a valid certificate to work as a teacher.
(m) Participant in active service.— Any participant who makes an individual monthly contribution to the System. The period during which a participant has availed himself/herself of a leave without pay officially authorized by the employer shall also be considered as active service.
(n) Inactive participant.— Any participant who at some point made a contribution to the System and separated from service without subsequently requesting a reimbursement of contributions.
(o) Participants.— The System’s teachers and employees, as provided in § 395 of this title.
(p) Pension.— The amount to which a participant is entitled upon retirement, in accordance with the provisions of this chapter.
(q) Pensioner.— Any participant who receives a pension from the System, in accordance with the provisions of this chapter.
(r) Defined Contribution Program.— The program established in Chapter 5 of this Act.
(s) Defined Benefit Program.— The program established in §§ 396–396i of this title.
(t) Salary.— The total compensation earned by a participant. When calculating the compensation, all bonuses granted in addition to the salary as well as all payment for overtime work shall be excluded.
(u) Average salary.— An average of the thirty-six (36) highest monthly salaries that the participant has earned. This does not apply to the calculation of pensions for disability.
(v) System.— The Commonwealth of Puerto Rico Teacher’s Retirement System.
History —Dec. 24, 2013, No. 160, § 1.1.