P.R. Laws tit. 3, § 8883
Every eligible employee may opt to participate in one of the following three Program components subject to the criteria, terms, and conditions of each component.
(a) In order to participate in the Program, every eligible employee may resign voluntarily and receive a financial incentive that shall be determined according to the following table:
Gross Amount to be
Received
Up to 1 year 1 month of salary
From 1 year and one day to 3 years 3 months of salary
From 3 years and one day henceforth 6 months of salary
The corresponding financial incentive shall be payable in installments every fifteen days according to the regular payroll schedule in the agency.
(b) Any eligible employee who has between fifteen (15) and twenty nine (29) years in service credited into the Retirement System, regardless of age, may in its default, avail him/herself of the incentivized early retirement and receive a life retirement pension that shall be determined according to the following table:
Incentivized Pension (Percentage of
Salary at Date of Option)
15 37.5 %
16 40.0 %
17 42.5 %
18 45.0 %
19 47.5 %
20 50.0 %
21 50.0 %
22 50.0 %
23 50.0 %
24 50.0 %
25 50.0 %
26 50.0 %
27 50.0 %
28 50.0 %
29 50.0 %
Every eligible employee who has chosen to avail him/herself of the benefits of this subsection shall not be eligible to avail him/herself of the benefits of subsection (a) of this section. The employee shall choose between the benefit in subsection (a) of this section and the benefit in this subsection, but may not avail him/herself of both benefits.
Eligible employees who wish to avail themselves of the benefits of this subsection may use their vacation and sick leaves and their own funds to defray the amount determined by the Administrator in order to complete the time required to obtain credit for fifteen (15) years of service or the number of years desired in the table above.
(c) Part I.— Any eligible employee who has thirty (30) creditable service years or more and the age required to avail him/herself of the retirement benefits under the law governing his/her corresponding retirement plan, and who chooses to retire, shall be eligible, in addition to receiving the corresponding annuity on account of his/her retirement pension, to receive the financial incentive set forth in subsection (a) of this section; however, he/she shall not be entitled to the benefit under subsection (b) of this section.
Part II.— Any employee who has the required age to retire under the law governing his/her corresponding retirement plan, but who does not have thirty (30) years of public service, may use the financial incentive of up to six (6) months of salary provided in subsection (a) of this section to pay for the period of time not credited. The necessary amount of the financial incentive to pay for the period of time not credited shall be paid directly to the Retirement System and any surplus not used for this purpose shall be sent directly to the employee. The employee may also use his/her vacation and sick leaves accrued and his/her own funds for these purposes. In order to determine the amount to be paid for the period of time not credited, the formula established by the Retirement System shall be followed.
History —July 2, 2010, No. 70, § 4.