P.R. Laws tit. 4, § 242b
(a) Retirement benefit.— Upon permanent separation from service, when the separation is not due to death, destitution, or total and permanent disability, the balance of the contributions account of the Hybrid Program participant shall be distributed to the participant, if he/she has less than twelve (12) years of credited service.
(b) Date of issue of annuity contract and commencement of distributions.— In the case that the participant:
(1) Permanently separates from service after completing twelve (12) years or more of credited service as a judge, but the separation is not due to death, destitution, or total and permanent disability, and
(2) has reached the age of sixty-five (65), shall be entitled to a life annuity to be computed based on the balance of his/her contributions in accordance with subsection (c) of this section.
(c) Computation of life annuity.— The life annuity of each participant shall be computed upon retirement as follows:
(1) The accumulated balance of all contributions to the account of the Hybrid Program participant on the date of retirement, shall be divided by
(2) a factor, established by the Board in consultation with its actuaries and to be determined on the basis of the actuarial life expectancy of the participant and a specific interest rate.
(d) An annuity issued under this section shall be paid for life on a monthly basis and may not be increased, reduced, revoked, or repealed, unless it is issued by error, or as otherwise explicitly provided. The first annuity payment shall cover the fraction of the current month up to the end of the month; and the last payment shall cover up to the end of the month in which the participant dies.
(e) Death of participant on active service.— Upon the death of any participant in active service who had accumulated contributions in the Hybrid Program, such contributions shall be refunded to the person or persons designated by the participant by a written order duly recognized and filed with the Administrator, or to his/her heirs, if such designation had not been made. The refund shall consist of the amount of the contributions made and the return thereon as of the date of the participant’s death. The Administrator shall collect from such contributions any outstanding debt that the participant may have with the System.
(f) Death of a pensioner.— In the event that, pursuant to §§ 233–246 of this title, an annuity by transfer is due upon the death of a Hybrid Program participant who was receiving a retirement annuity, the person or persons designated by the participant by a written order duly recognized and filed with the Administrator, or his/her heirs, if such designation had not been made, shall receive a death benefit in a lump sum payment. Such benefit shall consist of the excess, if any, of the contributions accumulated in favor of the participant in his/her contribution account until his/her retirement date, over the total amount of all retirement annuity payments that the participant received before his/her death. If a participant who is a pensioner dies within thirty (30) days after his/her retirement date, it shall be understood that, for purposes of any of the provisions of §§ 233–246 of this title, he/she died while in active service, notwithstanding any provision of §§ 233–246 of this title to the contrary.
History —Oct. 19, 1954, No. 12, p. 152, added as § 10–B on Dec. 24, 2013, No. 162, § 12.