P.R. Laws tit. 18, § 396d
Should this act had not been passed, any participant who would have been entitled to retire with a pension under Articles 40(b)(1) and (b)(2) of Act No. 91-2004, as amended, for having completed thirty (30) years of credited service between August 1, 2014 and June 30, 2016, may do so under the following conditions:
(a) Any participant who would have completed thirty (30) years of credited service or more during such period, but has not reached the age of fifty-five (55) or more on or before the effective date of this Act, shall be granted seventy percent (70%) of the average salary of such participant as of the effective date of this act. To benefit from this provision, participants shall be required to retire effective on July 31, 2014, and continue making individual contributions to the System as provided in subsection (d) of § 396c of this title, until they reach the age of fifty-five (55). Likewise, employers shall continue to make contributions to the System as established in subsection (d) of § 396c of this title, until the participant reaches the age of fifty-five (55).
(b) Any participant who has completed thirty (30) years of credited service or more during such period and reached the age of fifty-five (55) or more on or before the effective date of this act, shall be granted seventy percent (70%) of the average salary of such participant on the effective date of this act. To benefit from this provision, the participant shall be required to retire effective on July 31, 2014.
Participants in active service who meet the requirements to receive a pension under this section and wish to avail themselves of the provisions of this section, shall be required to notify their resignation, final and binding, to the Department of Education and send a copy thereof to the Teacher’s Retirement System on or before March 31, 2014.
History —Dec. 24, 2013, No. 160, § 4.4a.