P.R. Laws tit. 7, § 608
The Government Development Bank (the Bank) and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, in their capacity as public corporations, shall implement a staggered Voluntary Early Retirement Program for all employees who meet the requirements established in this chapter. These employees shall constitute the following group:
(a) The first group shall be constituted by those persons who have been employees of the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, for at least one (1) year prior to the date of their retirement and who by December 31, 2007, have completed twenty-four (24) years or more of credited services in the Retirement System.
(b) The second group shall be constituted by those persons who have been employees of the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, for at least one (1) year prior to the date of their retirement and who by March 31, 2008, have completed twenty-four (24) years or more of credited services in the Retirement System.
Implementation of the Voluntary Early Retirement Program for the employees of the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, herein authorized, shall be done in strict compliance with all labor laws, the collective bargaining agreements in effect and with due respect to the Merit Principle, to the legal provisions that prohibit political discrimination and to the vested rights of the public servants employed in said entity.
History —Dec. 12, 2007, No. 188, § 1.