P.R. Laws tit. 15, § 525f
The actuarial cost of the pensions provided in this chapter, as determined by the Administrator of the Retirement System of the Employees of the Government and the Judicature shall be paid annually by the Puerto Rico National Parks Company to the Government and Judicature Employees Retirement Systems Administration in five (5) installments in advance, pursuant to the payment schedule to be established by the Administrator. Said actuarial cost shall consist of the difference between the present value of the accelerated pension provided in this chapter and the present value of a pension for years of service under the provisions of §§ 761 et seq. of Title 3, and according to what has been established in the present legislation. It is further provided that the Puerto Rico National Parks Company shall annually compensate the Government and Judicature Employees Retirement Systems Administration, for the expenses incurred for the implementation and administration of the Voluntary Early Retirement Program authorized by this chapter and for all actuarial studies that may have been solicited or are solicited by Company from the Retirement System. The funds for paying for the Voluntary Early Retirement Program shall proceed from the Puerto Rico National Parks Company and thus the resources of the General Fund of the Commonwealth of Puerto Rico shall not be encumbered. A debt may only be issued for the amount of $10,000,000, solicited and approved by the Government Development Bank, for the payment of the Retirement Program herein authorized.
In the event the payment made by the Puerto Rico National Parks Company is greater than then actuarial cost, the Government and Judicature Employees Retirement Systems Administration shall reimburse to the National Parks Company the excess of the amount paid within a period of not more than thirty (30) days [following] the effective date of the Program. If on the contrary the payment made by the Puerto Rico National Parks Company were insufficient, the latter shall issue a payment for the additional cost certified by the Retirement Systems Administration within a period of not more than thirty (30) days [following] the effective date of the Program.
History —July 13, 2007, No. 70, § 7.