P.R. Laws tit. 18, § 396c
(a) The rights of participants in active service who, as of July 31, 2014, meet the requirements of this section shall be deemed to be vested. It is hereby provided that until July 31, 2014, participants shall accumulate the years of service and the average salary applicable as of that date. Beginning on August 1, 2014, the System shall not credit services or accept the return of contributions for any period worked prior to July 31, 2014. Participants in active service as of July 31, 2014 shall be entitled to avail themselves of the following pensions:
(1) Any participant who on or before July 31, 2014, have completed more than thirty (30) years of service and have reached at least the age of fifty (50): shall be entitled to a pension equal to seventy-five percent (75%) of the average salary, calculated as of July 31, 2014. Participants who meet these eligibility criteria on or before July 31, 2014, may retire at any time. These participants may avail themselves of the pension accumulated as of July 31, 2014, plus the pension accumulated for the period worked after August 1, 2014, which shall be calculated as provided in §§ 397–397k of this title. If such participant retires before reaching the age of fifty-five (55), he/she shall make the applicable individual contribution to the Fund for each remaining year until he/she reaches the age of fifty-five (55). Likewise, the employer shall make the corresponding contribution to the Fund for that same period.
(2) Any participant who, as of July 31, 2014, has completed more than thirty (30) years of service but has not yet reached the age of fifty (50): shall be entitled to a pension equal to sixty-five percent (65%) of the average salary, calculated until July 31, 2014. Participants who meet these eligibility criteria on or before July 31, 2014, may retire at any time. These participants may avail themselves of the pension accumulated as of July 31, 2014, plus the pension accumulated for the period worked after August 1, 2014, which shall be calculated as provided in §§ 397-397k of this title.
(3) Any participant who, as of July 31, 2014, has completed more than twenty-five (25) but less than thirty (30) years of service, and has not reached the age of fifty (50): shall be entitled to a pension equal to one point eight percent (1.8%) of the average salary, multiplied by the number of years of service rendered calculated as of July 31, 2014. Participants who meet these eligibility criteria on or before July 31, 2014, may retire at any time. These participants may avail themselves of the pension accumulated as of July 31, 2014, plus the pension accumulated for the period worked after August 1, 2014, which shall be calculated as provided in §§ 397-397k of this title.
(4) Any participant who, as of July 31, 2014, has completed more than twenty-five (25) but less than thirty (30) years of service, and has reached the age of forty-seven (47) or more, but not more than fifty (50): shall be entitled to ninety-five percent (95%) of a pension equal to one point eight percent (1.8%) of the average salary, multiplied by the number of years of service rendered calculated until July 31, 2014. Participants who meet these eligibility criteria on or before July 31, 2014, may retire at any time. These participants may avail themselves of the pension accumulated as of July 31, 2014, plus an annuity for the period worked after August 1, 2014, which shall be calculated as provided in §§ 397-397k of this title. If such participants continue working until they complete thirty (30) years of service and reach the age of fifty-five (55), the ninety-five percent (95%) of the pension calculated as of July 31, 2014, shall not apply and the annuity for the period worked after August 1, 2014, calculated as provided in §§ 397-397k of this title, shall be added to the pension to which such participants are entitled.
(5) Any participant who, as of July 31, 2014, has completed more than ten (10) but less than twenty-five (25) years of service, but has reached the age of sixty (60): shall be entitled to a pension equal to one point eight percent (1.8%) of the average salary, multiplied by the number of years of service rendered calculated as of July 31, 2014. Participants who meet these eligibility criteria on or before July 31, 2014, may retire at any time. These participants may avail themselves of the pension accumulated as of July 31, 2014, plus the pension accumulated for the period worked after August 1, 2014, which shall be calculated as provided in §§ 397-397k of this title.
(b) System participants who are active as of July 31, 2014, and are not receiving a pension under subsection (a) of this section may apply for a pension as provided in this chapter. Such participants may avail themselves of the pension to which they are entitled under Act No. 91-2004, as amended, according to their accumulated contributions as of July 31, 2014, plus the pension for the period worked after August 1, 2014, which shall be calculated as provided in §§ 397-397k of this title.
(c) Deferred Pension.—
(1) Any participant who is inactive as of July 31, 2014, has completed at least ten (10) years of creditable service, and has not requested or received a reimbursement of his/her accumulated contributions shall be entitled to a deferred pension, which said participant shall receive upon reaching the age of sixty (60) or, at his/her option, on a later date. Such deferred pension shall be equal to one point eight percent (1.8%) of the average salary multiplied by the number of years of service rendered, calculated until July 31, 2014. This deferred pension shall never be less than four hundred dollars ($400).
(d) Payment of individual and employer contributions for pensions granted.—
(1) Participants receiving a pension on or before July 31, 2014, and participants who, as of August 1, 2014, are receiving a pension under subsection (a) of this section, may continue making individual contributions to the Fund, as established in this chapter, until they reach the age of fifty-five (55). At the time of retirement, the employer of each one of these participants shall continue making the corresponding employer contributions until the fifty-five (55)-year age requirement is met. Employer contributions on account of this provision shall be retroactive to the date of approval of Act No. 45-2000 and shall apply to every pensioner who began to receive their pension on such date without having completed thirty (30) years of service and reached the age of fifty-five (55). The System shall prepare a certification of employer contributions in order for employers to include the corresponding payment in the expense budget of the agency for each fiscal year. If the pensioner dies before meeting the payment obligation, the remaining balance shall be paid by the beneficiaries entitled to such pension. Likewise, the employer shall continue making the corresponding payments until the payment obligation is met.
History —Dec. 24, 2013, No. 160, § 4.4.