P.R. Laws tit. 7, § 1237f
The actuarial cost of the pensions provided in this chapter, as determined by the Administrator of the Retirement System of the Government of the Commonwealth of Puerto Rico, shall be paid by the Trade and Export Company to the Retirement Systems Administration prior to the implementation of the Voluntary Early Retirement Program. 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.
It is furthermore provided that the Puerto Rico Trade and Export Company shall annually compensate the Retirement Systems Administration for the expenses incurred for the implementation and administration of the Voluntary Early Retirement Program authorized by this chapter and for all actuarial studies that may have been solicited or are solicited by the Company from the Retirement System. The funds for paying for the Voluntary Early Retirement Program shall proceed from the own funds of the Puerto Rico Trade and Export Company and thus the resources of the General Fund of the Commonwealth of Puerto Rico shall not be encumbered. It shall neither be possible to solicit legislative appropriations, loans and/or lines of credit to pay for the Program.
In the event the payment made by the Puerto Rico Trade and Export Company pursuant to § 1237e of this title, is greater than then actuarial cost, the Retirement Systems Administration shall reimburse to the Trade and Export Company 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 Puerto Rico Trade and Export Company were insufficient, the latter shall issue a payment for the additional cost certified by the Retirement Systems Administration within a period of not more than thirty (30) days [following] the effective date of the Program.
History —July 13, 2007, No. 66, § 7.