P.R. Laws tit. 18, § 385
(a) Agency. — Shall mean the Puerto Rico Department of Education and any other governmental agency having employees who are licensed teachers and pays the benefits established by this chapter to qualifying teachers.
(b) Beneficiary. — Shall mean every person who receives any pension or benefit pursuant to this chapter.
(c) Election for retirement. — Shall mean the voluntary election to avail themselves of the benefits of the Early Retirement Program made by any teacher who meets the requirements for participating in the Program.
(d) Effective date. — Shall mean the effective date of the election for retirement whereby the participant shall voluntarily avail him/herself of the Program, but shall not cease in functions of his/her employment in the Department of Education until the resignation becomes effective at the end of the school year.
(e) Government of Puerto Rico. — Shall mean the Government of the Commonwealth of Puerto Rico.
(f) Teacher’s Retirement System Act. — Shall mean Act No. 218 of May 6, 1951, as amended.
(g) Teachers. — Shall mean not only those teachers who teach in classrooms, but also the Puerto Rico Secretary of Education and his aides, if they have a valid license to work as teachers, auxiliary supervisors, auxiliary superintendents, principals, special, vocational and industrial teachers, and other teacher denominations and categories that exist or may exist within the nomenclature of the Puerto Rico Department of Education, or who work for another governmental agency.
(h) Participant. — Shall mean any teacher who, as of July 31 of the year 2000, for the implementation of the first period, and July 31 of the year 2001, for the implementation of the second period, meets the requirements provided in this chapter, and who, during the choice of retirement period, chooses early retirement.
(i) Election period. — Shall mean the ninety (90) -day period as of the effective date of this act, during which any employee who complies with the requirements established in this chapter to participate in the Program shall be able to choose joining the benefits of the same. It is established that during this period, all participants who qualify in the first and second year of the Program being in effect, must request to join. For those participants who work outside the Department of Education in other governmental agencies, the election period shall last ninety (90) days and shall start immediately after this act is approved.
(j) Determination period. — Shall mean the period of thirty (30) days after the conclusion of the election period, during which the department or the governmental agency shall accept the renunciations of participating teachers.
(k) Program. — Shall mean the Teacher’s Early Retirement Program.
(l) Life annuity upon choosing to retire. — Shall mean an annual life pension equal to seventy-five percent (75%) of the average of the highest salaries earned in three years.
(m) Salary. — Shall mean the net compensation, in cash, earned by an employee for services rendered to an agency.
(n) Average salary. — Shall mean the highest average annual salary of a Participant during any three years of creditable services up to the date of separation from service.
(o) Executive Secretary. — Shall mean the Executive Secretary of the Teacher’s Retirement Board.
(p) Creditable service. — Shall mean the creditable service under the Teacher’s Retirement System Act.
(q) Retirement System. — Shall mean the Teacher’s Retirement System.
History —Jan. 27, 2000, No. 44, § 2; Sept. 2, 2000, No. 358, § 1; May 31, 2001, No. 33, § 1.