P.R. Laws tit. 18, § 397i
(a) Retirement benefit.— Upon permanent separation from service, when the separation is not due to death or total and permanent disability, the balance of the participant’s Defined Contribution Account shall be distributed to the participant, if such participant meets any of the following requirements: (1) has less than five (5) years of credited service or, (2) has less than ten thousand dollars ($10,000) accumulated in the System.
(b) Date of issue of pension contract and commencement of distributions.— In the case that the participant (1) permanently separates from service after completing five (5) years or more of credited service, and (2) has accumulated in the System an amount equal to or higher than ten thousand dollars ($10,000), said participant shall be entitled to a pension that shall be computed on the basis of the balance of his/her Defined Contribution Account, in accordance with subsection (c) of this section. The age in which the participant may begin to receive such annuity, provided that he/she has permanently separated from service, shall be that established in § 395h of this title. If separation from service occurs prior to the retirement age established in § 395h of this title, the participant shall receive a deferred pension until he/she reaches the required retirement age.
(c) The pension of each participant shall be computed upon retirement as follows: (1) the accumulated balance of his/her contributions to the Defined Contribution Account on the date of retirement, divided by (2) a factor, established by the Board in consultation with its actuaries and to be determined on the basis of the actuarial life expectancy of the participant and a specific interest rate.
History —Dec. 24, 2013, No. 160, § 5.10.