P.R. Laws tit. 27, § 435
(a) Protection for employees.— The sale contract shall include those terms and conditions that are needed to comply with the following:
(1) Accrued retirement benefits.— No employee or former employee who is a participant of the Retirement System or his/her beneficiaries, shall lose the retirement benefits accrued as of the date of the sale. The buyer shall not have to make contributions to the Retirement System for the employees or former employees who participate in the same and shall not be liable for the obligations the Retirement System has with said persons. The buyer shall not reduce the accrued retirement benefits over which the employees have accrued vested benefits as of the date of the sale, and shall not reduce the pensions granted as of the date of the sale, under the P.R.T.C. retirement programs. The Authority and the buyer shall decide on a plan for compliance with this provision.
(2) Collective bargaining agreements.— The buyer shall agree to recognize the unions that, on the date of the sale, represent the union employees, and shall assume the collective bargaining agreements in effect on that date.
(b) Employee benefits.— As part of the sale, the Authority or the buyer shall establish a benefit plan for employees, which may include an early retirement plan, a special bonus plan, or a transfer of shares plan.
(c) Management employees.— In case a regular management employee does not choose to join the early retirement plan which may be implemented as provided by this chapter, he/she shall be guaranteed at least a year of employment with the salary and fringe benefits enjoyed by the employee, as of the date on which the Federal Communications Commission authorizes the sale of the assets of the Authority, in addition to the benefits established in subsection (b) of this section.
History —Aug. 4, 1997, No. 54, § 6.