P.R. Laws tit. 7, § 1231
For purposes of this chapter, the words and terms used or referred to shall have the meaning stated below:
(1) Economic year. — Shall mean the period of time which begins on July 1st of any year and ends on June 30th of the following year.
(2) Retirement choice. — Shall mean the voluntary and irrevocable choice to avail oneself to the Program’s benefits, made by any employee who meets the requirements to participate in the Program.
(3) Effective date of the pension. — Shall mean the day after the date on which the participant ceases in his/her functions in his/her position.
(4) Participant. — Shall mean any employee of the Commerce and Exportation Company who has been employed by the Puerto Rico Export Development Corporation and the Commercial Development Administration, who meets the requirements provided for in this chapter to participate in the Program and who during the choice period makes a retirement choice.
(5) Choice period. — Shall mean the period during which any employee who meets the requirements provided for in this chapter for participation in the Program may choose to avail him/herself of the benefits of this chapter.
(6) Program. — Shall mean the Temporary [sic] Retirement Program of the Puerto Rico Commerce and Exportation Company Employees. The same shall be administered by the Employee Retirement System of the Government of Puerto Rico and its Instrumentalities, with the collaboration of the Commerce and Exportation Company.
(7) Average compensation. — Shall mean the highest annual compensation of a participant during any three (3) years of creditable service up to the date of separation from the service.
(8) Creditable service. — Shall mean the service that is creditable under the Retirement Systems Act.
History —Sept. 16, 2004, No. 360, § 2.