P.R. Laws tit. 3, § 786-1
(a) Creation of the Program.— A Retirement Savings Account Program is hereby created which consists in the establishment of a savings account for each participant of the System who becomes a part of said program as provided in this §§ 786-1 through 786-12 of this title. The contributions of each participant of the Program and the investment yield shall be credited to the savings account pursuant to § 786-7 of this title. The benefits to be provided to each participant upon separation from the service, whether by retirement or otherwise, shall depend on the total accrued in the savings account.
(b) Participants of the Program.— The following persons shall participate in the Program:
(1) Every new employee who enters the System for the first time on or after January 1, 2000.
(2) Every person who has been a participant of the System before January 1, 2000, has been separated from the service before, on, or after January 1, 2000, has received reimbursement of his/her contributions to the System pursuant to § 774 of this title, and after December 31, 1999, becomes an employee and a participant of the System.
(3) Every person who is an employee and a participant of the System as of December 31, 1999, and avails him/herself of the transfer option granted by § 786-2 of this title.
(4) Every person who is an employee and a member of an employer retirement system as of December 31, 1999, and after that date becomes a participant of the System and avails him/herself of the transfer option granted by § 786-2 of this title.
History —May 15, 1951, No. 447, p. 1298, added as § 3-101 on Sept. 24, 1999, No. 305, § 30.