P.R. Laws tit. 3, § 5026
(a) The agency shall contribute to the Retirement System the money, in cash, equivalent to the annuity that the participant will receive as [a] pension, for a maximum period of five (5) years after the effective date.
(b) In addition, the agency shall make the following contributions to the program:
(1) The employer’s and the individual’s contributions of each participant, based on his/her salary at the time of separation from service.
(2) The medical plan in effect for all pensioners under the Retirement System.
(3) The Christmas bonus to which all retirees are entitled under the retirement system shall be patronales individuales of the participants in this Early Retirement Program.
(c) In the case of agencies that do not constitute a public corporation, the Office of Management and Budget shall assign to the Retirement System, in the Joint Resolution of the General Budget, all the necessary resources to cover the payment of the economic contributions, as provided in subsections (a) and (b) of this section, corresponding to those employees participating in the program. These budgetary allocations shall begin in the 2000-2001 fiscal year, until the provisions of subsection (a) of this section are complied [with].
In order for the Office of Management and Budget to make the pertinent budgetary allocations, it shall required that the administrator of the retirement system submit a detailed certification of the funds that he estimates shall be necessary for each fiscal year.
(d) In the case of public corporations, these shall include in their annual operational budgets, the amounts necessary to cover the payment of the pensions and of the individual employer’s contributions of the participants in this Early Retirement Program.
(e) The total amount of the economic contributions of the participating employers shall be remitted to the Retirement System forty (40) days after the signature of the Joint Resolution of the General Budget for each year.
(f) If the agency or corporation ceases operations, the economic contribution shall be paid through an advance from the General Fund, disbursed by the Secretary of the Treasury. These advances shall be repaid.
History —Aug. 12, 2000, No. 174, § 10.