P.R. Laws tit. 4, § 242a
The Administrator shall establish and maintain in the System an account with the individual and employer contributions of each participant who enrolls in the System after July 1, 2014 and is a Hybrid Program participant. Such account shall be credited and debited in accordance with § 242 of this title.
The Courts Administration Office may make matching contributions to the System, at its discretion, from its budget appropriations and its own income for any fiscal year, in an amount that shall not exceed fifty percent (50%) of the contribution of each Hybrid Program participant while the participant is serving as a judge of the General Court of Justice. These contributions shall be deposited in the System to increase its level of assets, reduce its actuarial deficit, and strengthen its capacity to meet future obligations. These contributions shall be in addition to the corresponding employer contribution. The Administrator shall credit to the account of every Hybrid Program participant the following items:
(1) Contributions of Hybrid Program Participants.— Contributions made by the Hybrid Program Participant.
(2) Employer contributions.— Any matching contribution made by the Courts Administration Office, at its discretion, to the account of the any Hybrid Program participant.
(3) Return on investment.— The return on investment shall be credited at the close of each semester of each fiscal year. The return on investment shall be computed the last business day of each semester of the fiscal year on the average monthly balance of the contributions account of the Hybrid Program participant, during the semester in question. The return on investment shall be determined by the Board and shall never be less than eighty percent (80%) of the System’s portfolio net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice. Hybrid Program participants shall always be entitled to at least one hundred percent (100%) of their contributions to the Hybrid Program account.
History —Oct. 19, 1954, No. 12, p. 152, added as § 10–A on Dec. 24, 2013, No. 162, § 11.