P.R. Laws tit. 28, § 308
The actuarial cost to be established after the evaluation to be determined by the Administrator of the Retirement System shall be paid by the Authority to the Retirement System Administration through a payment plan agreed upon by said agencies prior to the implementation of the Program. Said actuarial cost shall consist of the difference between the early pension provided in this chapter and the present value of a pension for years of service pursuant to the provisions of §§ 761 et seq. of Title 3, and in accordance with what is established in the present legislation. It is further provided that the Authority shall annually compensate the Retirement System of the Employees of the Government and the Judicature for the costs incurred for the implementation and administration of the Voluntary Early Retirement Program authorized by this chapter and all the actuarial studies that have been requested or that shall be requested by the Authority. The funds for the payment of the Voluntary Early Retirement Program shall proceed from the Authority’s own funds, therefore, the same shall not constitute a lien on the resources in the General Fund of the Commonwealth of Puerto Rico nor shall a debt be issued for the payment thereof. The Executive Director of the Authority that fails to comply with said provision shall be liable in his/her official and personal capacity for any reduction caused in the funds of said public corporation.
In the event that the payment made by the Authority is greater than the actuarial cost, the Administration of the Retirement System of the Employees of the Government and the Judicature shall reimburse to the to the Authority, as the case may be, the excess of the amount paid on a period not to exceed thirty (30) days as of the effective date of the Program. If, on the contrary, the payment made by the Authority is insufficient, a payment shall be issued for the additional cost certified by the corresponding Retirement System Administration, in a period that shall not exceed thirty (30) days as of the effective date of the Program.
History —May 12, 2008, No. 59, § 8.