(a) Account contributions.— Every Hybrid Program Participant shall contribute mandatorily ten percent (10%) of his/her compensation while he/she is an active employee.
(b) Contributions under the Plan Coordinated with Social Security Benefits.— System participants who, as of June 30, 2013, are availing themselves of the Plan Coordinated with Social Security Benefits shall contribute to the Hybrid Program:
(1) Effective on July 1, 2013, they shall contribute seven percent (7%) of their monthly compensation up to five hundred fifty dollars ($550) and ten percent (10%) of the monthly compensation in excess of said amount.
(2) Effective on July 1, 2014, they shall contribute eight point five percent (8.5%) of their monthly compensation up to five hundred fifty dollars ($550) and ten percent (10%) of the monthly compensation in excess of said amount.
(3) Effective on July 1, 2015, they shall contribute ten percent (10%) of the total monthly compensation.
Program participants under subsections (a) and (b) of this section may voluntarily contribute to their accounts a sum in addition to that herein established. Said contributions shall be allocated to the contributions account of every Hybrid Program participant. The Administrator shall establish the manner in which participants may make additional contributions.
(c) Mandatory Contribution to obtain disability insurance.— Every Hybrid Program participant shall mandatorily contribute to the disability insurance provided in § 787l of this title, to which the participant shall contribute such sums, fixed in dollars or compensation percentage, that the Administrator, with the approval of the Board, may deem necessary to provide disability insurance, insofar as the contribution required by the Administrator is equal to or lower than point twenty-five percent (0.25%) of the participant’s compensation. Contributions made in accordance with this subsection may be credited against and reduce the contributions that the Program participant is required to make to the Commonwealth of Puerto Rico Employee Association, as provided in Section 8 of Act No. 133 of June 28, 1966, as amended. Contributions under this subsection shall not be allocated to the participant’s account.
History —May 15, 1951, No. 447, p. 1298, added as § 5-105 on Apr. 4, 2013, No. 3, § 19, eff. July 1, 2013.