P.R. Laws tit. 7, § 608b
The special incentives that the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority shall grant to those employees who comply with the parameters consigned in § 608 of this title, are the following:
(a) A lump sum for voluntary retirement equal to fifty percent (50%) of the annual salary of the employee who avails him/herself of the program authorized by this chapter.
(b) Continuation of the life and cancer insurance benefit provided by the Bank to employees, without age limit, fixed according to the coverage and conditions in effect to December 31, 2007.
(c) The medical plan until the insured (the employee) reaches the age of sixty-four (64) years. The coverage shall be fixed according to those in effect December 31, 2007, while the Bank, and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, retains the power to amend the coverage of the medical plan applicable to those employees who belong to the plan as well as to change its administrator when deemed convenient, as is presently occurring, and under equal conditions with the medical plan provided for the employees of the Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority. There may not be any changes in the status of the beneficiaries except to cancel their membership. A pensioner who becomes a member of the plan and subsequently goes to work in a position which makes him/her eligible for a medical plan shall loose his/her right to continue participating of these benefits. The Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, may require that once a year all employees who wish to continue under this coverage submit to the Department of Human Resources and Labor Relations of the Bank a sworn statement about their eligibility.
(d) As an alternative, in lieu of the medical plan described above, an employee may choose to receive an amount of money to be offered, which shall fluctuate between five thousand dollars ($5,000) and fifty five thousand dollars ($55,000) according to the years remaining to the employee before reaching the age of sixty-four (64). Choosing this alternative in lieu of the medical plan shall be done on the date in which the employee gives notice of his/her intention of joining the plan.
(e) Grant a Christmas Bonus of eight point seventy five percent (8.75%), for up to a maximum of five thousand two hundred and fifty dollars ($5,250), on the income received from the date of the last bonus to the date on which the early retirement of the employee is effective.
History —Dec. 12, 2007, No. 188, § 3.