P.R. Laws tit. 4, § 241
The System created by §§ 233–246 of this title shall be considered as a trust which is separate and distinct from any government entity and shall be maintained exclusively for the purpose of providing retirement or disability pensions and other benefits to participants, pensioners, and beneficiaries. The Board of Trustees of the Employees Retirement System of the Commonwealth of Puerto Rico, described in Section 15 of Act No. 447 of May 15, 1951, as amended, shall be the Board of Trustees of the Puerto Rico Judiciary Retirement System and shall be responsible for carrying out the provisions of §§ 233–246 of this title and establishing the rules that shall govern the administration of this System. The Administrator of the Retirement Systems of the Commonwealth of Puerto Rico shall be the Administrator of the Puerto Rico Judiciary Retirement System and shall administer this System in accordance with the provisions of §§ 233–246 of this title.
The Board of Trustees of the Employees Retirement System of the Commonwealth of Puerto Rico, described in § 775 of Title 3, shall be the Board of Trustees of the Puerto Rico Judiciary Retirement System and shall be responsible for carrying out the provisions of §§ 233—246 of this title and establishing the norms which are to govern the administration of this System.
The Director of Personnel of the Commonwealth of Puerto Rico shall be the Administrator of the Puerto Rico Judiciary Retirement System and shall administer this System pursuant to the provisions of §§ 233—246 of this title.
The Board shall approve and cause to be promulgated such regulations as the Administrator may from time to time prepare for the administration of the System, pursuant to §§ 233—246 of this title. The Board shall formulate such norms as it deems necessary for the proper operation of the System. It shall hold regular meetings at least once every three (3) months and whatever special meetings it deems necessary, which meetings may be held on the same day and at the same hour as those held by the same Board of Trustees for dealing with matters relating to the Employees Retirement System of the Commonwealth of Puerto Rico.
The Board shall keep complete minutes of all its proceedings, shall approve the investment of accumulated reserves by the System pursuant to the recommendations of the Administrator, and shall consider and take action on all proposed changes in or amendments to the provisions of §§ 233—246 of this title. The Board shall also require the Administrator to prepare an annual report setting forth the results of the operations of the System and the financial condition thereof at the end of each fiscal year.
The provisions of §§ 776—779 of Title 3, as heretofore or hereafter amended, creating the Employees Retirement System of the Commonwealth of Puerto Rico, shall govern the administration and operation of the Puerto Rico Judiciary Retirement System. The Board of Trustees is hereby vested with the same authority to direct the affairs of this System as it was vested with by the said §§ 761—788 of Title 3 to direct the affairs of the Employees Retirement System of the Commonwealth of Puerto Rico. The Administrator shall, pursuant to the provisions of §§ 233—246 of this title, direct and supervise all technical and administrative activities of the System, and he shall have the same duties and obligations in the administration and operation of this System as are imposed upon him by the provisions of the said §§ 761—788 of Title 3. Such other officers of the Commonwealth of Puerto Rico as are designated by the said §§ 761—788 of Title 3 shall exercise their respective duties and functions in the operation of this System in the same manner as they exercise them in the case of the aforesaid Employees Retirement System of the Commonwealth of Puerto Rico.
History —Oct. 19, 1954, No. 12, p. 152, § 9, retroactive to July 1, 1954; Dec. 24, 2013, No. 162, § 9.