P.R. Laws tit. 3, § 337
(a) The actuarial cost to be determined by the Administrator of the Retirement System of the Employees of the Government and the Judiciary and the pensions provided for in this chapter shall be paid annually by the Department to the Retirement System Administration of the Employees of the Government and the Judiciary, pursuant to the payment structure established by the Administrator. Said actuarial cost shall consist of the difference between the present value of the accelerated pension provided for in this chapter and the present value of a pension for years of service pursuant to the provisions of §§ 761 et seq. of this title, and of this legislation. It is further provided that the Department shall annually compensate the Retirement System Administration of the Employees of the Government and the Judiciary for any costs incurred in the implementation and administration of the Voluntary Early Retirement Program authorized by this chapter and all actuarial studies requested or to be requested by the Department to the Retirement System. The Voluntary Early Retirement Program shall be defrayed with funds originating from the Department, so that the resources of the General Fund of the Commonwealth of Puerto Rico shall not be encumbered nor a debt of any kind shall be issued for the defrayment thereof. The payment plan authorized by this chapter made by the present Secretary of Labor is a five (5) year projection that must have the funds consigned and shall be available in cash in their entirety on December 31, 2008.
In the event that the payment made by the Department is higher than the actuarial cost, the Retirement System Administration of the Employees of the Government and the Judiciary shall reimburse the Department the excess of the sum paid, in a term not to exceed thirty (30) days from the effective date of the Program. If, on the contrary, the payment made by the Department were insufficient, it shall issue a payment for the additional cost certified by the Retirement System Administration within a term not to exceed thirty (30) days from the effective date of the Program.
(b) The Department shall be responsible for the payment of any new benefit granted by Law to the pensioners who avail themselves of the Voluntary Early Retirement Program.
History —July 29, 2008, No. 136, §§ 10, 11.