P.R. Laws tit. 3, § 775
The system created by §§ 761–788 of this title shall be considered a trust. Any change in the benefit structure of the trust, which results in an increase in the amount of annuities or other benefits, shall be supported with prior actuarial studies to determine its cost, and the corresponding legislation shall provide for its financing.
A Board of Trustees is hereby created and established, which shall be responsible for the enforcement of the provisions of §§ 761–788 of this title. Said Board shall consist of eleven (11) members, four (4) of whom shall be ex-officio members, to wit: The Secretary of the Treasury, the Commissioner of Municipal Affairs, the President of the Government Development Bank for Puerto Rico, and the Director of the Director of the Human Resources Office. Three (3) members shall be appointed by the Governor of Puerto Rico for terms of three (3) years each, and shall perform their duties until a successor is appointed and takes office. Two (2) of these members shall be participants of the System created by §§ 761–788 of this title and the other one shall be a participant of the Retirement System of the Judiciary, both shall have at least ten (10) years of credited service on the date of their appointment. Of the remaining four (4) members, two (2) shall be pensioners of each system, appointed by the Governor for terms of three (3) years and shall perform their duties until a successor is appointed and takes office. The other two (2) members shall be the Chairs of the Federation of Mayors and the Association of Mayors of Puerto Rico, respectively.
The ex-officio members may designate delegates to represent them at meetings of the Board and in any other activities within their duties as members of the Board, except when the Chair of the Board requires their attendance.
The System hereby created shall be organized as an agency of the Government of Puerto Rico, independent and separate from others. Neither the Board of Trustees nor the Administration shall be subject to provisions of the “General Services Administration Act”, or of the “Office of Management and Budget Organic Act”; they shall, however, be individual Administrators under the provisions of §§ 1461 et seq. of this title, known as the “Puerto Rico Public Service Personnel Act”.
History —May 15, 1951, No. 447, p. 1298, § 15; June 28, 1961, No. 132, p. 283, § 1; May 26, 1975, No. 27, p. 51; Dec. 10, 1975, No. 14, p. 972, § 2; Feb. 16, 1990, No. 1, § 11; July 20, 1990, No. 16; May 21, 1992, No. 10, § 7; renumbered as § 4-101 on Sept. 24, 1999, § 32; July 6, 2011, No. 116, § 5, retroactive to July 1, 2011.