P.R. Laws tit. 7, § 608f
The actuarial cost of the pensions provided in this chapter, as determined by the Administrator of the Retirement System of the Employees of the Government and the Judiciary, shall be paid in advance by the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, to the Retirement Systems Administration of the Employees of the Government and the Judiciary according to the payment schedule established by the Administrator of the Retirement Systems. Said actuarial cost shall consist of the difference between the present value of the accelerated pension provided in this chapter and the present value of a pension for years of service under the provisions of §§ 761 et seq. of Title 3, and according to the provisions of the present legislation. It is further provided that the GDB and its affiliate, the IFA and its subsidiary, the HFA shall annually compensate the Retirement Systems Administration of the Employees of the Government and the Judiciary for the costs incurred for the implementation and administration of the Voluntary Early Retirement Program authorized by this chapter and for all actuarial studies requested or to be requested by the Bank, it affiliate and its subsidiary from the Retirement System. The funds for paying for the Voluntary Early Retirement Program shall proceed from the GDB and its affiliate, the IFA and its subsidiary, the HFA, and therefore the resources of the General Fund of the Commonwealth of Puerto Rico shall not be encumbered.
In case the payment made by the GDB and its affiliate, the IFA and its subsidiary, the HFA, is greater than the actuarial cost, the Retirement Systems Administration of the Employees of the Government and the Judiciary shall reimburse to the GDB and its affiliate, the IFA and its subsidiary, the HFA, as the case may be, the excess of the amount paid within a period of not more than thirty (30) days [following] the effective date of the Program. If on the contrary, the payment made by the GDB and its affiliate, the IFA and its subsidiary, the HFA, were inefficient, these shall issue a payment for the additional cost certified by the corresponding Retirement Systems Administration, within a period of not more than thirty (30) days [following] the effective date of the Program.
History —Dec. 12, 2007, No. 188, § 7.