P.R. Laws tit. 3, § 766d
(a) Annuity for years of service.— Retirement shall be optional for new participants who have enrolled for the first time in the System after April 1, 1990, as of the date on which they reach the age of sixty-five (65), have completed a minimum of ten (10) years of credited service and have not requested or received the reimbursement from the accumulated contributions. The amount of the annuity shall be one point five percent (1.5%) of the average compensation multiplied by the years of credited services. However, a minimum pension of five hundred dollars ($500) per month, effective on July 1, 2013, is hereby fixed for those participants who retired in accordance with the provisions of Chapter 2. Every pensioner who receives a pension of less than five hundred dollars ($500) per month shall receive effective on July 1, 2013, the corresponding raise so that his/her pension amounts to five hundred dollars ($500).
(b) Annuity for high-risk service.— Members of the Police Corps and Firefighters Corps who join the System for the first time after April 1, 1990, shall have the option of availing themselves of a retirement annuity as of the date on which they reached fifty-five (55) years of age and have completed thirty (30) years of creditable service. The amount of this annuity shall be seventy five percent (75%) of average compensation. These participants may avail themselves of a retirement annuity upon completing thirty (30) years of creditable service and before reaching the age of fifty-five (55), and in this case the annuity shall be sixty-five percent (65%) of average compensation.
(c) Annuity for early retirement.— Participants who enter the System for the first time after April 1, 1990, whose separation from service occurs upon reaching fifty-five (55) years of age and who have completed at least twenty-five (25) years of creditable service, shall be entitled to receive the, annuity for years of service provided in subsection (a) of this section with an actuarial reduction calculated according to the Actuarial Tables adopted by the Board of Trustees.
(d) Annuity for deferred retirement.— Participants who enter the System for the first time after April 1, 1990, whose separation from service occurs upon reaching sixty-five (65) years of age and who have not requested or received reimbursement for accumulated contributions, shall be entitled to receive an annuity for deferred retirement upon reaching sixty-five (65) years of age. This annuity shall be calculated according to the formula established in subsection (a) of this section.
History —May 15, 1951, No. 447, p. 1298, added as § 6-D on Feb. 16, 1990, No. 1, § 3; renumbered as § 2-103 on Sept. 24, 1999, No. 305, § 11; Sept. 2, 2000, No. 302, § 4; June 27, 2003, No. 156, § 2; Apr. 24, 2007, No. 35, § 4; Apr. 4, 2013, No. 3, § 5, eff. July 1, 2013.