P.R. Laws tit. 4, § 237
On reaching minimum retirement age, every participant may elect to receive a retirement pension lower than that which he is entitled to on the basis of his total accumulated service credits up to that date and to provide an annuity for his widow with the remainder of his equity as actuarially determined upon his demise. Under this option, the sum of the pensions payable to the participant and to his widow shall be equal to the actuarial equivalent of the retirement pension which the participant was entitled to before electing such option. This option shall be inoperative if the participant dies within the year following the date on which he made such decision.
The annuity provided for the widow shall be paid upon the death of the participant. Whenever a reversionary annuity is provided, no death benefit shall be paid. If the option has been to provide a reversionary annuity and the death of the wife occurs before the participant has retired, the said option shall be automatically terminated. If the participant remarries he may file a new reversionary annuity, but same must be filed before the date of his retirement. The reduced retirement annuity which the participant may have elected for himself after providing a reversionary annuity may in no wise be changed if the wife dies after the participant has retired. If the participant dies within the 30 days following the date of his retirement and he has not provided for a reversionary annuity, he shall be considered as having died in active service and the regular death benefits provided by law shall be paid.
No reversionary annuity resulting from the exercise of this privilege shall amount to less than one hundred and twenty dollars ($120) a year, nor shall the amount of said annuity exceed the amount of the reduced annuity payable to the participant in accordance with his option.
History —Oct. 19, 1954, No. 12, p. 152, § 5, retroactive to July 1, 1954.