P.R. Laws tit. 3, § 762
Beginning January 1, 1952, the System herein created shall supersede and take the place of the pension funds or plans now constituted and operating under and in pursuance of the following acts:
Act No. 70, approved May 3, 1931, as subsequently amended.
Act No. 23, approved July 16, 1935, as subsequently amended.
Act No. 155, approved May 9, 1938.
The pension funds herein above named shall be merged into and become part of the System herein created and such System shall be construed to be a continuation of the said pension funds which it shall supersede and replace. All moneys, securities and other assets of each of the said superseded pension funds and all books, accounts, properties, files and records, shall be transferred on the operative date or as soon as possible thereafter by the Board of Trustees of each of such superseded pension funds, and the Administrator of the System is hereby authorized and empowered to receive the same, to become the property of the said System, and thereupon each such superseded pension fund shall cease to exist.
All annuities, pensions and other benefits granted prior to the operative date shall from and after the said operative date be paid by the System herein created, according to the acts named above.
All amounts deducted and withheld from the salaries or compensation of the participants of the superseded pension funds shall be credited to the said participants who shall become members of the System if they are in active service, or if not, then when they enter into active service.
All claims for annuities, pensions, benefits, refunds or other benefits against the superseded pension funds, which may be pending on the operative date of the System, shall be allowed or disallowed by the Administrator according to the provisions of the respective superseded acts. Such claims as are allowed shall be paid by the System.
History —May 15, 1951, No. 447, p. 1298, § 2; June 19, 1954, No. 73, p. 374, § 1; renumbered as § 1-103 on Sept. 24, 1999, No. 305, § 5.