P.R. Laws tit. 18, § 397f
(a) Any employer of a Defined Contribution Program participant shall have the following obligations:
(1) Obligation to deduct and withhold the contributions of program participants and to remit the contributions of the program participants and employers to the system.— Every employer of a Defined Contribution Program participant shall deduct and withhold the contributions provided in § 397d of this title from the participant’s salary. The Secretary of the Treasury or any paymaster of the employer is hereby authorized to make such withholding, even if the salary to be paid to the participant as a result of such withholding is reduced to less than any minimum amount prescribed by law. Contributions of Defined Contribution Program participants shall be remitted by the employer along with the contributions such employer is required to make under § 397e of this title to the System on or before the fifteenth (15th) day of the month following the date on which the withholding was made. The Executive Director shall establish the form and manner in which contributions shall be remitted.
(2) Responsibility for contributions.— Every employer shall be required to remit to the System its contributions and those deducted and withheld from participants, as provided in this subchapter. Employers shall also be responsible to the System for the total payment of such contributions. If the employer fails to withhold, deduct, or remit such contributions, the sums that such employer failed to withhold or deduct and pay, shall be collected from the employer by the Executive Director.
(3) Interests on contributions owed.— Any employer that fails to remit its contributions and those of the Defined Contribution Program participants within the term provided therefor shall be responsible to the System for the payment of interests at a rate to be determined by the Board on the contribution owed, from the day the contribution should have been remitted to the System to the day on which the contribution is remitted. Interests owed by an employer shall be collected by the Executive Director.
(b) Return on investment–credit.— If an employer fails to remit the contributions of Defined Contribution Program participants within the term provided therefor, the Executive Director shall credit the return on investment to the account of the affected Defined Contribution Program participants, as provided in § 397g of this title, as of the deadline for the employer to remit such contributions.
History —Dec. 24, 2013, No. 160, § 5.7.