P.R. Laws tit. 3, § 787d

2019-02-20 00:00:00+00
§ 787d. Defined Contribution Hybrid Program—Establishment of contributions accounts

The Administrator shall establish and maintain in the System an account with the contributions of each participant of the Hybrid Program, which shall be credited and debited in accordance with §§ 787h and 787i of this title.

(a) In the case of employees participating in the System who entered public service before January 1, 2000, and, as of June 30, 2013, are not participating in the Retirement Savings Account Program, the amounts contributed by such employees after July 1, 2013, shall be allocated to such account. Individual contributions made before June 30, 2013 shall be used for the payment of the annuity provided in § 787c of this title.

(b) In the case of employees participating in the System who entered public service on or after January 1, 2000, the balance as of June 30, 2013, in their savings account under the Retirement Savings Account Program and the amounts contributed by such employees after July 1, 2013, shall be allocated to their account, except as provided in subsection (b) of § 787c of this title.

The provisions of § 785 of this title shall apply to such contributions.

History —May 15, 1951, No. 447, p. 1298, added as § 5-104 on Apr. 4, 2013, No. 3, § 18, eff. July 1, 2013.