P.R. Laws tit. 3, § 786-2
(a) Transfer to the Program.— Every employee who is a participant of the System as of December 31, 1999, and every employee who is a member of an employer retirement system as of December 31, 1999, and who after said date becomes a participant of the System, may choose to waive the benefits provided under this chapter and any other act that supplements this chapter, and commences his/her participation in the Program, effective January 1, 2000, or on the date he/she commences to participate in the System, respectively, as provided in this section. The employee’s determination to avail him/herself of the transfer option or not, is irrevocable. The savings account of every employee who participates in this System, or who participates in any other employer system and chooses to change to the Program, shall be initially credited with the amounts provided in § 786-7(a)(1) of this title.
(b) Notice of the transfer option.— The Administrator shall notify the employees who are participants of the System as of December 31, 1999, and every employee who is a member of an employer’s retirement system as of December 31, 1999, and subsequently becomes a participant of the System, of the right to avail him/herself of the transfer option. The notice must be made on the date, and contain such information that be established by the Board.
(c) Exercise of the transfer option, irrevocability.— Once the employees are notified as provided in subsection (b) of this section, they shall inform the Administrator of their decision to exercise the transfer option granted by this section or not, in the form, manner and on the date established by the Administrator. It shall be construed that any persons not exercising the transfer option in the form, manner, and on the date the Administrator provides, have chosen not to avail themselves of the transfer option.
History —May 15, 1951, No. 447, p. 1298, added as § 3-102 on Sept. 24, 1999, No. 305, § 30.