P.R. Laws tit. 18, § 394
(a) A retirement system to be denominated as the Commonwealth of Puerto Rico Teacher’s Retirement System is hereby created. Said Retirement System shall be composed of a Defined Benefit Program and a Defined Contribution Program.
(b) The System shall be an independent Government entity separate from others.
(c) The funds of the System shall be used and applied for the payment of pensions and other benefits, as provided in this chapter, for the benefit of System participants, their dependents and beneficiaries.
(d) Any change in the System’s benefit structure shall be supported by previous actuarial studies, in which the cost and financing source thereof shall be determined. The Board of Trustees and the System’s Administration shall not be subject to the provisions of Act No. 164 of July 23, 1974, better known as the “General Services Administration Act”, and §§ 729a et seq. of Title 3, better known as the “Public Employees Health Benefits Act”.
(e) The System, including all its operations, real or personal property, capital, income, and surplus, shall be exempt from all kinds of taxes, levies, duties, or fees, including licenses imposed by the Government. In addition, the System shall be exempt from the payment of charges or fees required by law to bring actions and judicial proceedings, to obtain certifications from offices, instrumentalities, and agencies of the Commonwealth of Puerto Rico and its political subdivisions, and to execute public documents and record the same in the Property Registry of Puerto Rico.
(f) The System is an agency of the Central Government exempt from the provisions of §§ 1461 et seq. of Title 3, known as the “Public Service Human Resources Administration Act of the Commonwealth of Puerto Rico”, and all the regulations promulgated thereunder, except in the areas regarding the merit principle as defined in said Act, which shall be incorporated to the regulations adopted in its bylaws to be thoroughly implemented. In addition, the provisions of §§ 1451 et seq. of Title 3, better known as the “Puerto Rico Public Service Labor Relation Act”, shall apply to the System.
(g) Upon the approval of this act, all the provisions of the Personnel Regulations and the collective bargaining agreement in effect in the System shall continue in effect until a new collective bargaining agreement is executed.
(h) The System shall maintain regulations to govern its human resources system, which shall be based on the merit principle.
History —Dec. 24, 2013, No. 160, § 2.