P.R. Laws tit. 3, § 768
Any member may elect at the time of retirement to receive a lesser amount of retirement annuity than that to which he has a right and provide with the remainder of his equity as actuarially determined, one or more annuities for persons who are dependent upon such member at the time of retirement, as named in a written direction filed with the Administrator. Such a privilege shall be extended provided that the member submits to a medical examination and meets medical standards of good health which shall be established by the Board in its rules and regulations, provided the persons named to receive the reversionary annuity are proved to be dependent on the member to the satisfaction of the Administrator; and provided further that no reversionary annuity resulting from such election is found to be less than two hundred and forty (240) dollars per annum; and that the amount of such annuity or annuities does not exceed the amount of the reduced retirement annuity to which the member is entitled under his election.
The amount of the reversionary annuities shall be determined by the Administrator in accordance with the written direction of the member. Any such reversionary annuity shall begin to run as of the day following the date of the death of the member. If one or more of the persons designated as beneficiaries do not survive the member, the corresponding reversionary annuity or annuities shall not be payable under the provisions of § 761 et seq. of this title. No change shall be permitted by the Administrator in the written direction filed in the System after the retirement annuity has been granted and has become effective and payable, except that if the member passes away within thirty (30) days from the date of his retirement, his demise shall be considered as a death in active service.
History —May 15, 1951, No. 447, p. 1298, § 8; June 20, 1956, No. 70, p. 292, § 2; renumbered as § 2-105 by Sept. 24, 1999, No. 305, § 14.