P.R. Laws tit. 3, § 7057
The actuarial cost of the pensions that are provided for in this chapter, as determined by the Administrator of the Government Retirement System of the Commonwealth of Puerto Rico, shall be defrayed by the Environmental Quality Board of Puerto Rico to the Retirement System Administration. The Environmental Quality Board of Puerto Rico and the Retirement System Administration shall be empowered to negotiate and agree upon a payment plan, which shall be remitted to the Legislature for its approval. Said plan shall be understood as approved, if a recommendation of acceptance by the Houses is not issued within a term not to exceed twenty (20) days after its receipt by the Legislature. If otherwise, the above mentioned process shall continue to be followed until its approval. Said actuarial cost shall consist of the difference between the present value of the accelerated pension as provided herein, and the present value of a pension based upon years of service pursuant to the provisions of §§ 761 et seq. of this title, and according to the provisions of this chapter. It is further provided that the Environmental Quality Board of Puerto Rico shall annually compensate the Retirement System Administration for the expenses incurred in the administration of the Voluntary Early Retirement Program authorized herein, and shall also pay for any actuarial studies requested or to be requested by the Board. The funds for the payment of the Voluntary Early Retirement Program and the actuarial studies shall originate from the budget appropriated annually to the Environmental Quality Board of Puerto Rico and the funds generated from the operations thereof, as authorized by the Commonwealth and/or federal government.
History —Aug. 9, 2008, No. 244, § 7; Mar. 6, 2009, No. 6, § 1.