P.R. Laws tit. 18, § 385d
(a) The agency shall make a monthly contribution to the Teacher’s Retirement Program in the cash amount of money that constitutes the difference between the annuity to which the teacher is entitled at the moment of choosing to retire under Act No. 218 of May 6, 1951, the “Teacher’s Retirement Act”, and the annuity he or she shall receive pursuant to this chapter upon retirement, for the period of time it takes to reach thirty (30) years of service and fifty-five (55) years of age, for seventy-five percent (75%) of the highest average of his or her salary. This situation applies in cases whereby the pensioner is entitled to whichever pension, according to Act No. 218, supra, at the moment of qualifying for retirement pursuant to this chapter.
In those cases whereby the teacher is not entitled to receive a pension at the moment of qualifying for retirement pursuant to Act No. 218, supra, but is so entitled according to this chapter, the employer shall contribute the totality of seventy-five percent (75%) of his or her average salary until he or she is entitled to a pension, at which time he or she shall begin to contribute the difference as established in the previous paragraph.
The agency shall also provide a monthly, employer’s contribution and the pensioner shall likewise pay his or her individual contribution during the period corresponding to both; Provided, That said employer’s and individual contributions shall cease after the thirty (30) years of service and the fifty-five (55) years of age are reached. Both contributions shall be based on the average salary. The agency shall pay for the medical plan to which the teacher is entitled, until he or her reaches thirty (30) years of service and fifty-five (55) years of age, when said contributions shall cease, as well as the Christmas Bonus, which shall be paid during the first year when it corresponds to the agency to do so and afterwards it shall become an aguinaldo and shall be an obligation of the System.
Accordingly, the Department of Education or the governmental agency shall send to the Teachers’ Retirement System:
(1) The amount of cash equivalent to what has been previously established in this chapter, which corresponds as pension to the participant;
(2) plus the employer’s contribution to the System;
(3) the medical plan contribution in effect for retirees under the Retirement System, [and]
(4) Christmas Bonus (when applicable).
It is hereby established that the contributions that the agency makes to participants in this Early Retirement Program shall cease once the participant reaches thirty (30) years of service and fifty-five (55) years of age, to enter completely, from then onwards, as a participant of the Teachers’ Retirement System.
(b) The Department of Education or the governmental agency shall contribute from its general budget the resources necessary to cover payment for the economic contributions, as provided in subsection (a), corresponding to employees having joined the Program.
These budgetary assignations shall begin as of the fiscal year 2000-2001, until what is established in subsection (a) of this section is achieved.
(c) Those participants who choose to avail themselves of this Program shall pay their individual contributions for the remaining period of time needed to reach thirty (30) years of service and fifty-five (55) years of age according to the act in effect.
History —Jan. 27, 2000, No. 44, § 7; Sept. 2, 2000, No. 358, § 2, eff. 30 days after Sept. 2, 2000.