CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

BOARD OF TRUSTEES 

ELECTRIC POWER AUTHORITY 

EMPLOYEE RETIREMENT SYSTEM 

[logo] 

PREPA EMPLOYEE 

RETIREMENT SYSTEM 

ELECTRIC POWER AUTHORITY 

EMPLOYEE RETIREMENT SYSTEM REGULATIONS 

AMENDED: APR 26 2018 

 

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Exhibit 2 Page 1 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

TABLE OF CONTENTS 

 Page 

 Article No. 1 – Definitions 2 

 Article No. 2 – Membership 7 

 Article No. 3 – Creditable Service 30

 Article No. 4 – Benefits 35

 Article No. 4.A – Requirements for Employees who Started 

 working in the Authority from January 1, 1993 91

 Article No. 5 – Contributions 93

 Article No. 6 – Administration of the System 100

 Article No. 7 – Administration of Funds 104

 Article No. 8 – Accounting 108

 Article No. 9 – General Provisions 111

 Article No. 10 – Transfer of Benefits 113

 Article No. 11 – Amendments 115

 Notes 115

 Certification 116

 

Amended: Apr 26 2018 

 

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Exhibit 2 Page 2 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

 Page 

 Article No. 1 – Definitions 2 

 Article No. 2 – Membership 7 

 Article No. 3 – Creditable Service 30

 Article No. 4 – Benefits 35

 1. Retirement Pension 35

 2. Disability Pension 39

 3. Year of Salary Benefit 44

 

 a) Death during Active Service 44

 b) Retirement 44

 c) Calculation of Benefits 46

 d) Contribution by the Member 50

 e) Advance Collection of the Benefit 51

 f) Return of Excess Accrued Contributions 54

 4. Suspension of Service 55

 5. Exams for Members Retired due to Disability 57

 6. Re-entry into Active Service 59

 a) New Member as Employee 59

 b) Members Separated from Service without Signing Up 

 for a Pension 59

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I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

 c) Members Separated from Service who Opt for a 

 Deferred Pension 60

 d) Members Separated from Service who are Receiving 

 Pension 61

 e) Members Separated from Service After Having Collected 

 the Year of Salary Benefit 61

 7. Optional Benefits in Substitution of Regular Benefits 62

 7A. Option of Benefit for Death during Active Service Instead of 

 Return of Contributions 64

 8. Benefits for Deducted Compensation from Pension 67

 9. Loans to Members 67

 10. Special Provisions applicable to Former Members who 

 Retired or Stopped Service prior to July 1, 1969 73

 11. Annual Merit Payment for 30 Years or More of Credited 

 Service 76 

 12. Minimum Monthly Pension and Christmas Bonus 79

 13. Increase in Pension Awarded Prior to July 1, 1972 80

 14. Special Provisions for Members who Retire prior to 

 July 1, 1973 83

 15. Special Provisions for Members who Retire from July 1, 1974 84

 16. Increase in Pension 85

 17. Reduced Merit Pension 86

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Exhibit 2 Page 4 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

 a) Active Members who Began to Work in the Authority 

 before January 1, 1993 86

 b) Active Members who Began to Work in the Authority 

 starting on January 1, 1993 87

 c) Use of Sick Leave for Accrued Illness to Complete 

 Retirement Years 88

 d) Pension to Surviving Spouse and Minor Children of 

 Deceased Retirees 88

 18. Christmas Bonus 89

 19. Retiree Funeral Expense Benefits 90

 Article No. 4.A – Requirements for Employees who Started 

 working in the Authority from January 1, 1993 91

 Article No. 5 – Contributions 93

 1. By the Members 93

 2. Contributions by the Authority 95

 Article No. 6 – Administration of the System 100

 Article No. 7 – Administration of Funds 104

 Article No. 8 – Accounting 108

 Article No. 9 – General Provisions 111

 Article No. 10 – Transfer of Benefits 113

 Article No. 11 – Amendments 115

Amended: Apr 26 2018 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

 

RETIREMENT SYSTEM OF THE EMPLOYEES OF THE 

PUERTO RICO ELECTRIC POWER AUTHORITY 

REGULATIONS 

The Governing Board of the Puerto Rico Electric Power Authority hereby 

creates a retirement fund for officers and employees of the Authority, which shall 

be known as the Puerto Rico Electric Power Authority Employee Retirement 

System, effective from July 1, 1945, in accordance with the following 

Regulations: (Amendment of December 14, 1979) 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

2 

ARTICLE 1. DEFINITIONS 

The following words and phrases, as used in these Regulations, shall 

have the following meanings, unless the context clearly requires otherwise: 

(1) “Retirement System” or “System” shall mean the Puerto Rico 

Electric Power Authority Employee Retirement System, as described and drafted 

in these Regulations, or as amended in the future. 

(2) “Date of System Implementation” shall mean July 1, 1945.

(3) “Authority” shall mean the Puerto Rico Electric Power Authority, and 

when these Regulations authorize a discretionary act by the Authority, it shall be 

exercised by its Governing Board. 

(4) “Trustee Board” or “Board” shall mean the management board of the 

System as provided in Article 6. 

(5) “Employee” shall mean any person who receives a Regular, Special 

Regular, Conditional Regular, or Temporary appointment or any other 

appointment in the Authority by the Governing Board or by the Executive Director 

thereof, and who receives 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

3 

fixed compensation from the Authority which is not a pension; voluntary 

separation payment or fees under contract. In the event that a controversy arises 

as to the right of any person in the Authority’s service to be classified as an 

Employee under these Regulations, the decision of the Executive Director of the 

Authority in that regard shall be final. (Approved June 12, 2003, Res. 2003-037). 

 (6) “Member” shall mean any person included as a System member as 

provided in Article 2. 

(7) “Compensation” shall mean basic salary received by an employee for 

services rendered at the Authority excluding any additional pay for temporary 

situations, internships, hours worked in excess of his or her regular work 

schedule, bonuses, and special pay. (Approved on July 23, 1999, Res. 99-113).

 (8) “Average Final Compensation” shall mean the annual average 

compensation received by a member during the three years of credited service 

during which she or he received the highest compensation. 

(9) “Service” shall mean time worked in the Authority or using any 

authorized paid leave or Employment Separation Leave, and Authorized Salary 

for Defined Period for Union Purposes, 

Amended: Apr 26 2018 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

4 

while she or he is an employee of the Authority. It shall also mean any credited 

time for retirement purposes, in accordance with laws in effect which may be 

applicable to this System. (Approved on January 14, 2000, Res. 2000-002). 

(10) “Member Service” shall mean the period of service provided by an 

employee since he or she became a member, which shall be credited as 

provided in Section (2) of Article 3. 

(11) “Prior Service” shall mean the period of services rendered by a 

member prior to the date he or she became a member and for which credit is 

granted in accordance with the provisions of these Regulations. (Approved on 

August 20, 1999, Res. 99-056). 

(12) “Credited Service” shall mean the sum of member service and prior 

service. 

(13) “Accrued Contributions” shall mean the sum of contributions made 

by a member to the System, minus the contribution, if any, paid to credit his or 

her account under the terms of the Federal Social Security Act plus interest 

thereon at a rate of five percent (5%) of the annual compound interest. 

(Amendment January 17, 1986 at 4% and October 23, 1987, effective January 1, 

1988, at 5%). 

Amended: Apr 26 2018 

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Exhibit 2 Page 9 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

5 

(14) “Pension” shall mean annual life payments made under the System, as 

provided under these Regulations. All pensions shall be paid in monthly payments, and 

the check shall bear the date it is sent via Federal Mail, ending with payment of pension 

made the month immediately prior to the date of death of the member and the fractional 

payment of the accrued pension corresponding to such portion of the month in which 

the death occurs, except that if the member has retired due to disability or has elected 

an optional benefit, the provisions of these Regulations applicable to such optional 

benefits shall be those that apply. IT IS FURTHER PROVIDED, that any pension that 

amounts to less than $120 per year may be paid by order of the Board of Trustees, 

through a global sum of the equivalent actuarial value. (Amendment March 6, 1987) 

 (15) “Pension Reserve” shall mean the effective value on the date the 

calculation is carried out of all payments to be made to a retired member or to his or her 

account, calculated at a regular interest rate and based on the last tables adopted by 

the Board of Trustees. 

(16) “Regular Interest” shall mean the annual compound interest at the rate 

determined by the Board of Trustees from time to time to be applied in all actuarial 

calculations required with regards to the 

Amended: Apr 26 2018 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

6 

System, and a rate of four per cent shall be adopted from the date of implementation of 

the System until it is modified by the Board of Trustees. 

(17) “Actuarial Equivalent” shall mean a benefit of equivalent value calculated 

at a regular interest based on the tables recently adopted by the Board of Trustees. 

(18) “Beneficiary” shall mean any person who receives a pension or any other 

benefit authorized under these Regulations. 

 (19) It is understood that whenever a male pronoun is used in these Regulations, 

it shall also include the female gender. 

Amended: Apr 26 2018 

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Exhibit 2 Page 11 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

7 

ARTICLE 2 – MEMBERSHIP 

 (1) (As amended on August 14, 1946). Any person who is an employee on the 

date of implementation of the System shall be a member starting on that date, unless, 

within the following three months, or three months from the date of his or her return to 

service if on the date of implementation he or she is on authorized leave, he or she 

informs the Board of Trustees of his or her decision not to be a member, thus waiving all 

of the benefits granted by the System. IT IS FURTHER PROVIDED, however, that any 

employee member of the System at the date of its implementation who has any 

retirement plan implemented by the Puerto Rico Legislature, who does not notify his or 

her decision not to be a member on or before October 31, 1946 may continue being a 

member of the System, but shall stop being a member 90 days after entry into effect of 

the provisions approved by the legislature of Puerto Rico authorizing the employees of 

the Authority who have any retirement plan implemented by the Puerto Rico legislature 

to give up the plan that he or she has, unless before the expiration of those 90 days he 

or she gave it up. 

 

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Exhibit 2 Page 12 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

8 

 (2) Any person appointed as an employee after the date of implementation of the 

System is required, as a condition of his or her employment, to be a member from his or 

her date of employment. HOWEVER, IT IS FURTHER PROVIDED that if an employee 

of the Island Government or of any of the instrumentalities or public corporations 

established by the Puerto Rico Legislature who has any retirement or pension 

established by said Legislature who is transferred or occupies a position or employment 

in the Authority, shall [sic] have three months from the date of his or her employment by 

the Authority to decide whether or not he or she wishes to continue being a member of 

the pension or retirement plan to which he or she belongs. In the event that he or she 

gives up said plan, he or she shall be required to enter the System from the date of 

giving up said plan. 

 (3) Any employee who is a member of the System as of the date of its 

implementation who is subscribed to the retirement plan of the officers and employees 

of the Insular Government of Puerto Rico shall receive credit for prior service as long as 

said employee is allowed to resign and in effect resigns from said retirement plan. 

 (4) Any employee on the date of implementation who decides not to subscribe to 

the System may subsequently request entry as member of the System, and must 

submit certificate of good health to the satisfaction of 

Amended: Apr 26 2018 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

9 

the Board of Trustees, but said employee shall not receive credit for prior service unless 

he or she is accepted as a member within a period of one year from the date of 

implementation of the System, or if it is an employee of the conditions specified in 

Section (3), unless he or she becomes a member within a period of one year from the 

date of implementation of the System, or in a period of three months from the date he or 

she is allowed to give up the retirement plan of the officers and employees of the Island 

Government of Puerto Rico and effectively gives up said plan adopting whichever date 

is later of these two. 

 (5) This System, from its date of implementation, is established instead of any 

other provisional pension plan adopted by the Authority prior to said date, and any 

benefit or claim that may be derived from said pension plan shall cease in its entirety on 

the aforementioned date of implementation. IT IS FURTHER PROVIDED, however, that 

such persons who have become beneficiaries of such pension plan prior to the date of 

implementation of these regulations, shall continue receiving benefits granted by it. 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

10

 (6) Any employee who becomes a member of the System shall immediately send 

the Board of Trustees a form with the information necessary to establish the rate of his 

or her contribution and determine the amount of his or her future benefits. 

 (7) A member shall cease to be a member if he or she is absent from service for 

six consecutive months without written leave expressing his or her wish to continue as a 

member after said period has elapsed, or if he or she withdraws his or her accrued 

contributions or becomes a beneficiary or if he or she dies. Notwithstanding any 

contrary provision, no member who ceases being an employee prior to having a right to 

retire shall be entitled to benefits beyond those specified in Section (4) of Article 4. 

 (8) (As amended on March 1, 1968 effective February 1, 1968). Notwithstanding 

any contrary provision contained in these Regulations, an employee shall receive credit 

for service in the following cases: 

 (a) A member who was an employee on the date of implementation of the 

System who became or becomes a member after a year from such date of 

implementation but before May 1, 1969 shall receive credit for prior service and member 

service as if he or she became a member on the date of implementation of the System, 

as 

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Exhibit 2 Page 15 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

11

long as he or she notifies the System in writing, before July 1, 1969 of his or her 

decision to be covered under the provisions of Paragraph (a) herein and pays or agrees 

to pay, in addition to his or her regular contributions, a retroactive contribution 

determined on the basis of his or her compensation from the date of implementation of 

the system until the date in which he or she became or becomes a member at the rate 

of contribution applicable to him or her in accordance with his or her age on the date in 

which he or she entered or enters as a member with regular interest as to said amount 

from the dates in which payments would have been made if he or she had become a 

member on the date of implementation of the System. Said retroactive contribution shall 

be made in one single payment or in the payments provided by the Board of Trustees. 

 (b) An employee who became a member by virtue of the provision of work 

condition provision number 26 of Article XL of the Collective Bargaining Agreement of 

the Puerto Rico Electric Power Authority (previously the Water Resources Authority) 

and the Puerto Rico Irrigation and Electrical Industry Workers Union, in effect from July 

1, 1960 through June 30, 1963, and who, before becoming a member, had a Special 

Regular appointment with an annual salary and other special work conditions without 

being entitled to membership in the Retirement System, shall receive a member service 

credit for services 

Amended: Apr 26 2018 

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Exhibit 2 Page 16 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

12

rendered from September 6, 1953 through the date he or she became a member, as 

long as the System is notified in writing, prior to July 1, 1969, of his or her decision to be 

covered under the provisions of this paragraph (b) and he or she pays or agrees to pay, 

in addition to regular contributions, a retroactive contribution determined on the basis of 

his or her compensation from the date of effect of the Special Regular appointment 

mentioned above through the date of his or her membership at the contribution rate that 

would have applied to him or her in accordance with his or her age the moment of 

becoming a member, with regular interest on said amount from the dates in which 

payments would have been made if he or she had become a member on the effective 

date of the above Special Regular appointment. Said retroactive contribution shall be 

made in one single payment or in such partial payments as provided by the Board of 

Trustees. 

 (c) (As amended on August 6, 1969 effective May 1, 1969). 

 A member who has an appointment or a series of appointments as employee of 

the Authority under special service contract without being entitled to be a member of the 

Retirement System, shall receive a credit in the System for services rendered as an 

employee of the Authority under the contract(s) prior to the date of his or her 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

13

membership, as long as he or she notifies the System in writing within 90 days from 

becoming a member or prior to April 1, 1970, whichever comes later, as to his or her 

decision to request credit for said services, and pays or agrees to pay, in addition to his 

or her current contributions, a retroactive contribution determined on the basis of his or 

her compensation during the period(s) of service for which he or she requests credit, at 

the contribution rate applicable to him or her in accordance with his or her age when he 

or she became a member, plus current interest calculated as to said sum, from the 

dates in which the payments would have been made if the requestor had become a 

member on the initial date of his or her appointment under contract or on the date of 

implementation of the System, whichever came later. Said retroactive contribution shall 

be made in a single payment or in the payments determined by the Board of Trustees. 

 (d) A member who, prior to becoming a member of the System, provided 

services to the Authority with a non-regular appointment after the date of 

implementation of the System, without being entitled to be a member of the Retirement 

System shall receive credit in the System for said service, as long as he or she notifies 

the System in writing within the three years following his or her entry as a member or 

prior to April 1, 1973, whichever 

Amended: Apr 26 2018 

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Exhibit 2 Page 18 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

14

is later, as to his or her decision to request credit for said service, and pays or agrees to 

pay, in addition to current contributions, a retroactive contribution determined based on 

his or her compensation during the period(s) of service provided after the date of 

implementation of the System at the contribution rate applicable to him or her in 

accordance with his or her age when he or she became a member, plus current interest 

calculated as to said sum, from the dates in which the payments would have been made 

if the requestor had become a member of the System during said service. Interest to be 

paid by a member who requested credit for said service from the System prior to June 

30, 1972 shall be calculated through the date if he or she were notified the amount to be 

paid after June 30, 1972 or through the date on which he or she pays or agrees to pay 

the appropriate contribution if he or she was notified prior to June 30, 1972 and he or 

she pays or agrees to pay said contribution prior to said date. The interest to be paid by 

a member requesting credit for said service after June 30, 1972 shall be calculated 

through the date on which he or she pays or agrees to pay the appropriate contribution 

or up to a maximum of six months to be counted from the date on which he or she filed 

the credit request before the System, if he or she is notified the 

Amended: Apr 26 2018 

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Exhibit 2 Page 19 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

15

amount to be paid after the six-month period indicated above has elapsed. Said 

retroactive contribution shall be made in a single payment or in the installment(s) 

determined by the Board of Trustees. A member’s credit request for service with nonregular appointment under this section, if made for part of said service provided by him 

or her, shall include no less than one full year of said service, unless said service is for 

less than one year, and shall regard the most recent period(s) of said service. 

 (e) A member who, prior to becoming a member of the System provided 

service to the Authority prior to July 1, 1945 or to any natural or legal person or entity 

transferred to or acquired by the Authority prior to said date operating any electrical 

power distribution and production system or other service with regular or non-regular 

appointment prior to the date of implementation of the System shall receive credit for 

said service: PROVIDED he or she notifies the System in writing within three years from 

becoming a member or prior to April 1, 1973, whichever is later, as to his or her decision 

to request credit for said service. No contribution shall be required from the member as 

to said service. The 

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Exhibit 2 Page 20 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

16

Authority shall assume the total cost required to grant credit for said service. 

 (f) (As amended on September 17, 1970 effective July 1, 1969).

 On or after July 1, 1969 an employee may opt to receive credit for service as an 

employee of the Government of the United States or federal agencies provided in 

offices located in Puerto Rico as long as he or she notifies the System in writing before 

April 1, 1973 or within the three years after becoming a member, whichever is later, as 

to his or her decision to request credit for said service, and pays or agrees to pay, in 

addition to regular contributions, a retroactive individual and employer contribution 

determined as follows: 

 (i) For any said service provided on or after the date of 

implementation of the System, the amount of the retroactive contribution to be paid by 

the member shall be calculated based on the compensation received by the member for 

said service and the rate of contribution applicable to the member shall be determined 

in accordance with his or her age on the date in which he or she became a member and 

the employer contribution rates shall be determined in accordance with the rates 

applicable to the 

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Exhibit 2 Page 21 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

17

Authority during the period for which credit is claimed. The rate of contribution which 

shall be considered applicable to the Authority for these purposes shall be the sum of 

the rates of normal contribution and contribution for accrued obligations paid by the 

Authority during the period for which credit for service is claimed. 

 (ii) For any of said service provided prior to the date of 

implementation of the System, the amount of the retroactive contribution to be paid by 

the member shall be determined based on his or her compensation as employee in 

effect on June 22, 1957 or on the date in which he or she became a member of the 

System, whichever is later, and a contribution rate equal to the sum of 8.88 per cent and 

the rate of contribution of the member determined in accordance with his or her age on 

the date in which he or she became a member, with regular interest on the amount 

calculated based on the member’s contribution rate from July 1, 1945 through June 30, 

1957 or until the date in which he or she became a member of the System, whichever is 

later. 

 Said retroactive contributions shall be made in a single payment or 

in the installments provided by the Board of Trustees. A member’s request for credit for 

service as an employee provided to the government of the United States or federal 

agencies under this paragraph, if 

Amended: Apr 26 2018 

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Exhibit 2 Page 22 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

18

made with regards to just part of said service, shall not be for less than a full year of 

said service unless said service is under one year, and shall be with regards to the most 

recent period(s) of said services. 

 The right of an employee who becomes a member of the System 

on or after August 5, 1970 to request credit, in accordance with this paragraph, for 

services provided as employee of the Government of the United States or federal 

agencies in offices located in Puerto Rico shall be subject to the limitation that he or she 

shall not receive credit for more than one year of said service for each five full years of 

service as an employee of the Authority or of any natural or legal entity transferred to or 

acquired by the Authority; said limitation shall not be applicable to employees that 

became members of the System prior to August 5, 1970. 

 (iii) Federal agencies to be considered for purposes of time credit 

under this section shall be those in which an employee paid contributions to the Federal 

Retirement System or which due to his or her condition as irregular employee was not 

able to make contributions to said System, provided that agencies that pay contributions 

to a Private Pension Plan shall not be eligible. (April 30, 1983) 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 23 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

19

 (g) An employee honorably discharged from the United States Armed 

Forces may opt, on or after May 1, 1973, to receive credit for regular active service 

provided in the United States Armed Forces during times of peace, before or after 

becoming a member of the System, as long as he or she notifies the System in writing 

by May 1, 1976 or within three years after becoming a member of the System, 

whichever is later, as to his or her decision to request credit for said service, and pays 

or agrees to pay, in addition to his or her current contributions, an individual retroactive 

contribution as well as the Authority’s retroactive contribution determined as follows;

 (i) For services provided on or after the date of implementation of 

the System, the retroactive contribution to be paid by the member shall be calculated 

based on the compensation earned by the member for said services and the rate of 

contribution applicable to the member according to his or her age on the date of entry 

into the System, and the rates of contribution applicable to the Authority during the 

period(s) for which credit is requested. The rate of contribution that shall be considered 

applicable to the Authority for these purposes shall be the sum of the normal 

contribution and accrued obligations rates paid 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 24 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

20

by the Authority for the period for which service credit is requested. The salaries to be 

used to calculate the contributions to be paid for services rendered in the Armed forces 

on or after July 1, 1945 shall be the base pay for the rank held by the member in the 

Armed Forces without including additional pay or compensation of any other sort. 

 (ii) For services rendered prior to the date of implementation of the 

System, the amount of the retroactive contributions to be paid by the member shall be 

determined based on the compensation that said member is receiving as an employee 

of the Authority as of June 22, 1957, or as of the date that he or she became a member 

of the System, whichever is later, and a rate of contribution equal to the sum of 8.88 

percent and the contribution rate applicable to the member according to his or her age 

on the date of entering the System, plus regular interest on the individual contributions 

calculated from July 1, 1945 through June 30, 1957, or through the date of entry into the 

System, whichever is later. 

 A member shall not receive credit under the provisions of this 

section for any service for which he or she is receiving a pension from any retirement 

system of the Government of the United 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 25 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

21

States and/or federal agencies or of any retirement system of the Commonwealth of 

Puerto Rico, its agencies or instrumentalities. 

 Said retroactive contributions shall be made in a single payment or 

in the installment(s) determined by the Board of Trustees. A member’s credit request for 

service provided to the Armed Forces under this section, if made only as to part of said 

service provided by him or her, may not be for less than one full year of said service, 

unless said service is for less than a year, and shall be as to the most recent period(s) 

of said service. 

 For purposes of the provisions of this paragraph, the following shall 

be considered periods of peace: 

 a. From April 2, 1920 through December 6, 1941 

 b. From July 26, 1947 through June 25, 1950 

 c. From February 1, 1955 through August 4, 1964 

d. Any other period in which the United States was not 

involved in a war or armed conflict. 

 The phrase “regular active service” used in this section shall 

mean active full time service in the United States Armed Forces. It shall not include 

part-time service 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 26 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

22

or periodic service provided in intervals for training or other purposes, or any other 

services not provided on a full-time basis, including but not limited to: weekend training, 

fifteen-day National Guard camps and similar camps; whether or not the member was 

an employee of the Authority when the military services were provided. 

 Notwithstanding the above, any member on active duty who is

serving or has served under the Puerto Rico National Guard or the Armed Forces 

Reserve for the United States of America in Puerto Rico may credit the period used for 

basic training, up to a maximum of six (6) months, as long as he or she pays the 

Retirement System the actuarial value of the additional benefit for recognition of said 

service. (September 1, 1989) 

 It is further provided that the term pension used in this section shall 

not refer to payments received by a member due to physical or mental limitations 

caused by service provided to the entities mentioned above when said payment is not 

linked in any way to a given period of service and instead is connected to the limiting 

condition. (July 31, 1990) 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 27 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

23

 (h) Notwithstanding any contrary provision contained in these Regulations, 

from October 1, 1999, credit for prior service for which contributions were not paid to 

this System and for which credit may be received under these Regulations or any 

applicable special law, shall be carried out as provided herein, unless otherwise 

provided by the special law, in which case, everything provided herein that does not 

conflict with the special law shall be applied. 

 (i) The request for credit for service may be made at any point while 

the member is in active service. 

 (ii) The request for credit for prior service may be made for the 

period the member wishes or needs to credit, regardless of the creditable service 

worked by him or her. Whenever there is a request for partial service credit, it shall 

always be made regarding the most recent period of said service. (Approved on 

February 22, 2008, Res. 2008-013). 

 (iii) A member requesting credit for prior time shall pay, in addition 

to the appropriate contributions, as provided under these Regulations or in the special 

law allowing the credit, the interest accrued as to said contributions at the 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 28 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

24

regular (actuarial) interest rate, from the date said service was provided through the 

date the contributions are paid. 

 (iiii) The System shall notify the member as to the amount of

accrued interest and contributions that he or she shall pay no later than six months from 

the date of filing the request with all of the documents required to determine that the 

service may be credited and to calculate the amount to be paid. If after said period has 

elapsed the System has not made the appropriate notice, the calculation of interest 

shall be interrupted from the date the six months elapse until thirty (30) days after the 

date the notice is sent. From the moment of sending the notice, the System shall grant a 

period of 30 days during which interest shall not be calculated for the member to pay 

the amount notified. If payment is not made in said period, calculation of interest shall 

resume until the total appropriate amount is paid. The payment corresponding to the 

contributions, plus accrued interest, may be made in a single payment or through biweekly discounts for a period that shall not exceed two times the period for which credit 

is requested, up to a maximum of ten (10) years. The Board delegates to the System 

Administrator the authority to make exceptions to the payment plan terms. Nevertheless, 

in situations in which 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 29 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

25

credit for prior time is requested, credit for service time shall be granted when the 

member has paid the total contributions, plus the appropriate interest. It is further 

provided that in situations in which the total of the calculated payment is not complied 

with, only the period of time covered by the amount of contributions paid shall be 

credited. (Approved on August 23, 2013, Resolution 2013-039).

 (9) Election of Social Security Supplement: (as amended on October 24, 1968 

and May 21, 1969) 

 (a) Any employee who on or after July 1, 1969 is a member of the 

Retirement System or becomes one may, through written statement filed in the office of 

the Administrator of said System, elect benefits under the System that are completely 

supplementary to any benefits payable to him or her under the Federal Social Security 

Act and, in that event, the provisions of Articles 4 (1) (d), 4 (2) (b), 4 (4) or 4 (11) (c), as 

applicable which provide for discontinuing any retirement pension payable upon turning 

65 and payment of reduced retirement pension at the age of 65 and afterwards, shall 

not apply to said member. Effective July 1, 1969 or the date on which the

Amended: Apr 26 2018 

 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 30 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

26

employee becomes a member of the System after such date the deductions of 

contributions paid by each member of the System to pay the contribution on his or her 

compensation established by the Federal Social Security Act, as provided under Article 

5 (1) (c) shall not be applicable to any member that makes the choice described under 

Paragraph (a) herein. Said written statement must be filed on or before May 31, 1969 or 

of expiration of the 30 days subsequent to the date on which said employee becomes a 

member of the System, whichever date is later, and said choice shall not be revocable 

under any circumstances, including any interruption in service as employee of the 

Authority. 

 It is further provided that any new member who becomes a member 

of the System for the first time after October 1, 1990, shall be subject to the Complete 

Supplement Plan with Federal Social Security. (July 31, 1990) 

 (b) An employee who is a member or becomes a member of the 

Retirement System on or after July 1, 1969 and who does not make the choice 

described in Paragraph (a) above shall be considered to have chosen benefits under 

the System that are coordinated with any benefits payable to him or her under the 

Federal Social Security 

Amended: Apr 26 2018 

 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 31 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

27

Act, and in that event, the provisions of Articles 4 (1) (d), 4 (2) (b), 4 (4) or 4 (11) (c), as 

applicable, which provide for discontinuing any retirement pension payable upon turning 

65 and payment of reduced retirement pension at the age of 65 and afterwards, shall 

apply to said member. Therefore, contributions that said members are required to make 

to the System under Article 5 (1) (a) shall be reduced in accordance with Article 5 (1) (c). 

 (c) Any member who fails to make the choice described in the above 

Paragraph (a) from the first moment that he or she was eligible to do so may, 

nevertheless, do so later, to enter into effect on the first day of the calendar month 

following his or her written statement filed to that effect in the Office of the Retirement 

System Administrator, as long as, however, said member pays the Retirement System a 

sum of money (plus interest thereon at the prevailing rate as determined by the Board of 

Trustees from time to time for said purposes) in an amount that, when added to the 

contributions made by the member to the System on or after July 1, 1969, provides the 

balance of the contributions that would have been required to have been made to the 

System on said date and subsequently if he or she made said choice from the first 

Amended: Apr 26 2018 

 

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Exhibit 2 Page 32 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

28

moment in which he or she was eligible to do so. Said payment shall be in a lump sum 

or in equal periodic installments as allowed by the Board of Trustees. Said choice shall 

not be revocable under any circumstance and shall not change due to any interruption 

in service as an employee of the Authority. 

 (10) Contributions of members who belonged to the Commonwealth of Puerto 

Rico’s 2000 plan: (As amended on October 31, 2008, Resolution 2008-073)

 A member may request from the System credit for service in other agencies of 

the Commonwealth of Puerto Rico as a participant in the Retirement Savings Account 

Program, created under Law No. 305 of September 24, 1999, as amended. The 

member must submit the request in writing and pay the System a retroactive 

contribution calculated on the basis of the base salary received for said service up to 

the limit of the compensation provided in Article 1(6). The contribution rate used for 

calculation shall correspond to the regular contribution that said member would have 

paid in accordance with Article 6(1) (a) if he or she had been a member on said date, 

plus employer contribution rates applicable to the Authority in accordance with Article 

6(2) (a) during the period for which credit is being requested.

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 33 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

29

Furthermore, the member shall pay actuarial interest from the moment the service was 

provided through the date the System receives the total savings, plus interest accrued 

in the other system. The amount received shall be credited to the debt and he or she 

shall continue to pay actuarial interest on the balance until they are paid. The member 

shall have 6 months from when notice is sent to pay or enter into an agreement of 

payment of the additional contribution. If this does not occur, there shall be credit for 

period of service equivalent to savings and interests transferred. If subsequently, the 

member wishes the difference between equivalent service and service credited in the 

other system to be credited, he or she shall pay the additional contribution calculated 

and notified through the date of the transfer, plus actuarial interest on it from the date of 

the transfer until the date the payment is made. Said payment may be made as a single 

payment or under a payment agreement, as provided in Section 2(h) (iii) of this Article. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 34 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

30

ARTICLE 3. CREDITABLE SERVICE 

(1) Service as of retirement date, which shall be the basis for calculating pension, 

shall consist of the sum of all of the member’s service and prior service.

(2) A member’s service that may be credited under the System shall include all 

service as employee provided by a member since he or she joined the System, or since 

he or she became a member for the last time, in the event that there was an interruption 

in his or her membership status and as to which period the member and the Authority 

made contributions; PROVIDED, that it shall include all service provided by the member 

as an employee of the Yauco Power Plant between July 1, 1945, and the date on which 

said Plant was acquired by the Authority, on April 1, 1948, and for which period the 

member and the Authority made contributions. 

 (3) Prior creditable service under the System shall include all service provided, 

as an employee, prior to the date of implementation of the System from the last reentry 

into service, if there was an interruption in employment, including said service, but not 

limited to that provided by a member to the Authority or any natural or legal person or 

entity that operates any electric power 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 35 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

31

distribution and production system or other service, transferred or acquired by the 

Authority prior to July 1, 1945, as long as said member was an employee of said person 

or entity as of the date of transfer or acquisition; PROVIDED, however, that credit shall 

be given for any service provided by a member to the Island and Federal Government 

prior to said date, which was or is acknowledged by the Authority, without taking into 

account interruptions therein; ALSO PROVIDED that recognition of prior service shall 

include all service provided by a member to the Yauco Power Plant prior to July 1, 1945, 

as long as said member was an employee of said Plant on the date of its acquisition by 

the Authority. Any employee eligible to be a member on the date of implementation of 

the System or who is authorized to be absent on said date and who becomes a member 

within the period provided under Article 2 shall be entitled to credit for prior service as 

long as he or she continues being a member through his or her date of retirement. Any 

unpaid absence lasting longer than one year which he or she had prior to the date of 

implementation of the System shall be considered an interruption in service, unless the 

absence is excused by the Board of Trustees. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 36 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

32

 From July 1, 1980, Employment and Salary Separation Leave authorized 

for a Defined Period for Union Purposes shall be recognized as creditable service, as 

follows: 

 (a) This benefit shall be granted to regular employees who are members 

of the Electric Power Authority Retirement System, who have a request for Employment 

and Salary Separation Leave authorized for a Defined Period for Union Purposes 

approved by the Head of Personnel. This leave is accepted as defined and regulated in 

the Authority’s Administrative Manual.

 (b) On a biweekly basis, the Union in question shall pay the Retirement 

System all of the individual and employer contributions corresponding to each employee 

based on the salary of his or her position while he or she is using this leave in 

accordance with the applicable Salary Scale. 

 (c) Failure to pay four (4) consecutive biweekly periods of said 

contributions within 30 days from the date the fourth payment is due shall lead to 

automatic cancellation of the credit for said leave for the unpaid period. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 37 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

33

 (d) The Union in question shall pay the Retirement System on a biweekly 

basis the installments corresponding to the debts that the employees have or shall have 

with said System who are under said leave, such as Mortgage Loans, Title I, Personal 

Loans and others. 

 (e) In situations where the Union does not make payments for the 

obligations mentioned above during a period of six (6) months, the Retirement System 

shall request that the Authority deduct any late payments plus interest from Union fees 

collected, and that it send them to the System. This provision shall apply in cases in 

which the Union Leave is granted after the date of approval of this amendment. (April 30, 

1983, effective July 1) 

 In situations involving members whose retirement is recommended due to 

disability, prior service may be credited while requestor is an employee of the Authority 

or up to sixty (60) days after the date of the orientation of the System that is coordinated 

and notified by the Evaluative Medical Service Section. If said service is credited, the 

date of effect shall be that on which the Member pays the contributions of said 

creditable service. (Approved on November 12, 2008, Resolution 2008-077)

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 38 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

34

 (4) Notwithstanding any contrary provision contained in these Regulations, 

periods of absence in the Authority’s service due to United States service for war may 

be credited as member service, as long as the necessary contributions are made to 

cover the cost of said credit either by the Authority, or jointly by the Authority and the 

member, as provided by the Authority itself. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 39 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

35

ARTICLE 4. BENEFITS 

 (1) Retirement Pension. 

(As amended on August 20, 1952, February 9, 1955, November 23, 1955 and October 

24, 1968). 

 (a) Any member in active service may retire upon written notice to the 

Board of Trustees or may be retired by said Board of Trustees upon written request sent 

to it by the Authority stating in either case on which date the retirement shall go into 

effect, which shall not be less than thirty or more than ninety days after filing said 

request, and it is required that as of the date specified for his or her retirement, the 

member turned sixty. Members who entered the System from August 1, 2000 must also 

have a minimum of five years of credited service. (Approved on July 10, 2000. 

Resolution 2000-020). 

 (b) Any member in active service who has turned 65 on the date of 

implementation of the System and any member in active service who turns 65 after the 

System is implemented shall retire on said date of implementation or on the first day of 

the following month in which he or she turns 65, as applicable, but may continue in 

service for a period of one year, upon request 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 40 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

36

from the Authority and for successive periods of one year, through successive similar 

requests. Regardless of whether a member’s services were extended through such 

request, the member may retire following a request in writing to the Board of Trustees 

stating on what date he or she wishes to retire, which shall not be under thirty or over 

ninety days after submitting said request. The Board of Trustees shall retire said 

member on the date specified or on the first day of the following month. 

 (c) (As amended on August 2, 1950, and on February 1, 1967 effective 

January 1, 1967). 

 Upon retiring, after turning sixty, and after completing five years of 

credited service, if the member entered the System after August 1, 2000, he or she shall 

receive a pension which for members with twenty or less years of credited service and 

five thousand dollars ($5,000) or less of average final compensation shall be equal to 

the sum of one and four percent of the average final compensation plus twelve dollars 

and fifty cents ($12.50), multiplied by the number of the member’s credited years of 

service. A member with over twenty years of service and five thousand dollars ($5,000) 

or less of average final compensation, shall receive a pension equal to the amount 

resulting from the use of the formula described 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 41 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

37

above for the first twenty years of credited service added to the result of two percent of 

the average final compensation multiplied by the number of years in excess of credited 

service of the member. Members who have a final average compensation of over five 

thousand dollars ($5,000) shall receive a pension equal to one and a half percent of his 

or her final average compensation multiplied by the first twenty years of the members 

credited service, plus two percent of said final average compensation multiplied by the 

number of the member’s credited years of service in excess of twenty. (Approved on 

July 10, 2000, Resolution 2000-020). 

 (d) If the member is totally insured under the Federal Social Security Act 

and, in accordance with Article 2 (9), has refrained from electing benefits under the 

System which are completely supplementary to any benefits payable to him or her 

under said Social Security Act, the pension payable under Paragraph (c) of this Article 

shall be discontinued when the member turns 65. From then on, and until he or she 

turns 80, the member shall receive a retirement pension that shall consist of: one 

percent (1%) of his or her average final compensation up to four thousand two hundred 

dollars ($4,200), plus one and a half percent (1 1⁄2%) of the portion of said compensation 

in excess of four thousand 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 42 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

38

two hundred dollars ($4,200), plus two dollars ($2.00) multiplied by the number of years 

of creditable service, plus half of one percent (0.5%) of his or her final average 

compensation multiplied by the number of years of creditable service in excess of 

twenty: IT IS FURTHER PROVIDED, that retirement pension payable after the member 

turns 65 and until he or she turns 80 shall not be lesser than the benefit the member 

would otherwise be entitled to receive in accordance with the accrued assets withheld in 

the System in his or her account as of January 1, 1955; and PROVIDED FURTHER that 

in no event shall the retirement pension plus benefits received by a member under the 

Federal Social Security Act when he or she turns 65 until he or she turns 80 shall be 

lesser than the retirement pension that a retired member receives until he or she turns 

65. Once the member turns 80 the calculation of the pension that he or she was 

receiving until he or she turns 65 shall be reestablished (approved on June 28, 2001, 

Resolution 2001-026) 

 (e) The maximum service pension payable to a member before or after 

turning 65 shall be seventy-five percent (75%) of his or her final average compensation. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 43 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

39

 (2) Disability Pension.

 (a) (As amended on August 22, 1946). Any member in active service who 

has completed five or more years of creditable service may be retired with a disability 

pension by the Board of Trustees through a request to the Authority or through his or 

her own request. The date of effect of the disability pension if granted shall be 

established by the Board of Trustees. The Board of Trustees shall not grant a disability 

pension until one or more of the doctors designated by it certify that the member is 

totally disabled, mentally or physically, from continuing to perform his or her work duties, 

that said disability is probably permanent and that said member should retire. Effective 

on January 1, 1993, if the member started to work in the Authority from that date and his 

or her disability has not been certified by the State Insurance Fund as related to the 

work, a minimum of 10 years of credited service shall be required in order for him or her 

to be entitled to a disability pension in accordance with paragraph (b) of this Section. 

(Approved on January 14, 2000, Resolution 2000-003). 

Amended: Apr 26 2018 

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Exhibit 2 Page 44 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

40

 (b) In the event of retirement due to disability, the member shall receive a 

disability pension as determined under Article 4 (1) (c) if he or she has turned sixty (60) 

and has less than twenty-five (25) years of credited service or an Annual Merit Payment 

or Reduced Merit Payment if he or she has twenty-five (25) years or more of credited 

service, in accordance with these Regulations; (Amended; Approved on August 17, 

2000, Res. 2000-030); otherwise, he or she shall receive a disability pension 

determined in accordance with this Paragraph (b) as follows: The disability pension 

shall be equal to ninety percent (90%) of the pension that he or she would have been 

entitled to for the same period of service if the member retired with service pension in 

accordance with Article 4 (1) (c); PROVIDED, however, that if the resulting retirement 

pension is lower than twenty per cent (20%) of the final average compensation, the 

disability pension shall be equal to twenty percent (20%) of the final average 

compensation, except that in no event may it exceed ninety percent (90%) of the 

retirement pension that the member would have received in accordance with Article 4 

(1) (c) if he or she had remained in active service until he or she turned sixty (60). 

Starting on July 1, 1969, if the member was fully 

Amended: Apr 26 2018 

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Exhibit 2 Page 45 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

41

insured under the provisions of the Federal Social Security Act and failed to elect under 

Article 2 (9) beneficiaries under the System who are completely supplementary to any 

benefits payable to him or her under said Social Security Act, the disability pension 

determined in accordance with the prior sentence shall be discontinued when he or she 

turns 65 and from then until the member turns 80 he or she shall receive disability 

pension calculated in accordance with Article 4 (1) (d). Once the member turns 80 the 

calculation of the pension that he or she was receiving until he or she turned 65 shall be 

reestablished. (Approved on May 20, 2011, Resolution 2011-025). 

 (c) Any member in active service who, if it were not for the fact that he or 

she does not have five years of credited service, or ten years, if he or she began to 

work in the Authority on or after January 1, 1993, and his or her disability has not been 

certified by the State Insurance Fund as work-related, would have been eligible for a 

disability pension under paragraphs (a) and (b) of this Section, shall be entitled upon 

request and decision of the Board of Trustees as provided in paragraph (a), instead of 

any other benefits provided under these Regulations, to receive a pension payable in a 

lump sum 

Amended: Apr 26 2018 

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Exhibit 2 Page 46 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

42

determined in accordance with the tables included below, based on the number of years 

of credited service by the employee at the moment of retirement due to disability. 

Besides the lump sum so calculated, the member’s accrued contributions shall be 

returned to him or her. 

 Table for work-related disability cases as certified by the State Insurance 

Fund or for any disability if the member began to work in the Authority before January 1, 

1993:

NUMBER OF YEARS OF CREDITED SERVICE BENEFIT

Less than one year 20% of annual compensation 

One year or more, but less than two 40% of annual compensation 

Two years or more, but less than three 60% of annual compensation 

Three years or more, but less than four 80% of annual compensation 

Four years or more, but less than five 100% of annual compensation 

 Table for non work-related disability cases under the State Insurance 

Fund, if the member began to work in the Authority from January 1, 1993: 

Amended: Apr 26 2018 

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Exhibit 2 Page 47 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

43

NUMBER OF YEARS OF CREDITED SERVICE BENEFIT

Less than one year 10% of annual compensation 

One year or more, but less than two 20% of annual compensation 

Two years or more, but less than three 30% of annual compensation 

Three years or more, but less than four 40% of annual compensation 

Four years or more, but less than five 50% of annual compensation 

Five years or more, but less than six 60% of annual compensation 

Six years or more, but less than seven 70% of annual compensation 

Seven years or more, but less than eight 80% of annual compensation 

Eight years or more, but less than nine 90% of annual compensation 

Nine years or more, but less than ten 100% of annual compensation 

 If a member that retires due to disability in accordance with the provisions 

of this section returns to active service and once again becomes a member of the 

System, the provisions of Section 6 (b) (ii) of this Article, first option, shall apply to him 

or her, and he or she shall reimburse the lump sum received in accordance with the 

above tables, plus the returned accrued contributions and interest accrued at the 

actuarial rate on both sums in order for the years of service credited as of his or her first 

retirement to be restored. In the event that the member chooses not to return the benefit 

of the lump sum plus the contributions that were returned to him or her, he or she will 

not receive credit for prior service and the benefit corresponding to the 

Amended: Apr 26 2018 

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Exhibit 2 Page 48 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

44

lump sum shall be deducted from the benefit for Retirement or death to which said 

member is entitled on the date of his or her second retirement. (Approved on January 

14, 2000, Resolution 2000-003). 

 (3) Year of Salary Benefit. (Entire text amended through Resolution 2005-062, 

approved on November 18, 2005). 

 (a) Death during Active Service 

 When the System receives satisfactory evidence of the death of a 

member in active service it shall pay his or her appointed beneficiary or beneficiaries, or 

if there are none, his or her heir(s), the Year of Salary Benefit provided herein. 

 (b) Retirement

 Any member who is granted a retirement pension in accordance 

with the provisions of these Regulations shall also be entitled to receive the Year of 

Salary Benefit provided herein unless the retirement pension is granted under Section 

(4) of this Article and if on the date of effect thereof the member does not have fifteen 

(15) years of credited service, or when it is granted under Section (2) of this Article and 

on the date of retirement due to disability the member does not have five (5) years of 

credited service or ten (10) years of credited service, if he or she began to work in the 

Authority from 

Amended: Apr 26 2018 

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Exhibit 2 Page 49 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

45

January 1, 1993, and the disability is not related to a work accident as certified by the 

State Insurance Fund Corporation. 

 The member may opt to receive a hundred percent (100%) of this 

benefit, on the date of his or her retirement, or receive fifty percent (50%) of said 

amount upon retirement and the remaining fifty percent (50%) on any subsequent date, 

or that his or her designated beneficiary (or beneficiaries) or heir(s) receive it upon his 

or her death. If the member retires from service with over fifteen (15) years of credited 

service and opts to leave his or her accrued contributions in the System in order to 

receive a retirement pension when he or she turns sixty (60) in accordance with the 

provisions of Section (4) of this Article, he or she shall collect the Year of Salary Benefit 

when he or she turns that age and his or her retirement goes into effect, except as 

provided under Section (9) (c) of this Article. In the event that the Member dies before 

turning sixty (60), his or her appointed beneficiary (or beneficiaries) or heir(s) shall not 

be entitled to receive the Year of Salary Benefit and shall only be entitled to receive the 

member’s contributions accrued as of the date of his or her separation from service, 

after deducting any debt guaranteed by said contributions. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 50 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

46

 (c) Calculation of the Benefit 

 The Year of Salary Benefit shall be equal to the compensation that 

the member earned the year immediately prior to his or her separation from service in 

the Authority, except, when the member dies in active service and on the date of death 

has less than one year of credited service; when the retirement pension is granted 

under Section (1) of this Article and the member has less than fifteen (15) years of 

credited service and when the member began to work in the Authority on or after 

January 1, 1990 and the member did not provide part of the minimum amount of 

credited service required under these Regulations for the member to be entitled to 

receive this benefit at the Authority. In the event of these three exceptions, the benefit 

shall be determined as follows: 

 (i) Death during active service with less than one year of credited 

service. 

 When on the date of his or her death in active service the member 

has less than one year of credited service, the Year of Salary Benefit shall be equal to 

the compensation that the member earned for credited service, plus an amount equal to 

the 

Amended: Apr 26 2018 

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Exhibit 2 Page 51 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

47

additional compensation that he or she would have earned if he or she remained in 

active service until he or she finished a year of credited service. 

 (ii) Retirement under Section (1) of this Article with less than fifteen 

(15) years of credited service. 

 When the member receives a retirement pension in accordance 

with Section (1) of this Article and has less than fifteen (15) years of credited service, 

the Year of Salary Benefit shall be calculated as if he or she had completed the required 

fifteen years of credited service and it shall be multiplied by the proportion of his or her 

years of credited service over fifteen. The result will be the benefit to be paid. 

 (iii) Part of the minimum period of credited service was not provided 

at the Authority. 

 When a member who began to work in the Authority on or after 

January 1, 1990 receives a retirement pension in accordance with the provisions of 

these Regulations and part of the minimum required credited service for the type of 

pension granted was not carried out at the Authority, the Year of Salary Benefit shall be 

the result of the following steps: 

Amended: Apr 26 2018 

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Exhibit 2 Page 52 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

48

• The proportion between the years of credited service 

worked at the Authority and the minimum period of 

credited service required for the type of retirement 

given to the member is determined. If the pension is 

for disability and the member began to work in the 

Authority before January 1, 1993 or began after said 

date, but the disability is related to a work accident 

certified by the State Insurance Fund Corporation, the 

minimum required time is five (5) years. If the member 

began to work at the Authority from January 1, 1993 

and the disability is not related to a work accident 

certified by the State Insurance Fund Corporation, the 

minimum required period is ten (10) years. If the 

member was granted a retirement pension under 

Section (1) of this Article or a deferred pension under 

Section (4), the minimum required time is 

Amended: Apr 26 2018 

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Exhibit 2 Page 53 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

49

fifteen (15) years. If the retirement pension granted is 

actuarial under Section (4), the minimum required 

period is twenty (20) years. If the member was 

granted a reduced merit pension (in accordance with 

Resolution 99-147 of the Board of Trustees approved 

on October 14, 1999) the minimum required time is 

twenty-five (25) years. If the member received a merit 

annual payment under Section (11) of this Article or 

under Resolution 99-147, the minimum time required 

is thirty (30) years. 

• The proportion obtained in accordance with the first 

step is multiplied by the compensation earned by the 

member the year immediately prior to the date of his 

or her separation from service at the Authority. 

• The years of credited service worked at the Authority 

are subtracted from the minimum period of credited 

service required in accordance with the 

Amended: Apr 26 2018 

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Exhibit 2 Page 54 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

50

type of retirement granted and the proportion between 

this result and the minimum required credited service 

is obtained. 

• The proportion obtained in the prior step is multiplied 

by the salary or base pay received by the member 

during the last year of credited service not worked at 

the Authority used as a base for calculation of the 

contribution that the member paid for his or her 

accreditation. 

• The results obtained in the second and fourth steps 

are added and this shall be the benefit to be paid. 

 In every case, prior to making payment of all or part of 

this advance benefit, the System shall deduct any balance owed by the member to the 

System secured by it, up to the amount of the benefit to be paid. 

 (d) Contribution by the Member. 

 Members make a contribution to the System which is sufficient to 

cover the total cost of this benefit. The contribution shall be equal to 2.40% of their 

compensation or of the salary or base pay 

Amended: Apr 26 2018 

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Exhibit 2 Page 55 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

51

which served as a basis for the calculation of his or her contribution for accreditation of 

service not provided at the Authority or as to which contributions were not paid to the 

System as of the date provided. This contribution shall be deducted by the Authority 

from the compensation of active members, in addition to and in the same manner as the 

contribution provided under Article 5, Section (1). The total contribution of the members, 

including that which corresponds to this benefit, shall be 9.06% for members who began 

to work in the Authority prior to January 1, 1993 and 11% for those who began to work 

in the Authority after said date. The retroactive contribution required for accreditation of 

service as to which contributions were not paid to the System as of the date in which 

said service was provided shall be paid by the member to the System in a single 

payment, unless the member requests and is granted a payment agreement through 

authorization of deduction from salary, as provided under Article 2 (8) (h). 

 (e) Advance Collection of Benefit. 

 The Year of Salary Benefit may be collected in advance by any 

member in active service who has twenty (20) or more years of credited service, if he or 

she is under sixty (60), or fifteen (15) or more years of credited service if he or she is 

sixty (60) or older. The request for advance payment shall be submitted in writing to the 

System and the amount to be paid shall be that which the member would be 

Amended: Apr 26 2018 

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Exhibit 2 Page 56 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

52

entitled to, in accordance with the provisions of this Section, taking the date of the 

request as the retirement date. Any member that has a personal loan in effect with the 

System shall have to pay it prior to receiving payment of this benefit in advance, or the 

System shall deduct the balance of the loan that he or she has on said date from the 

benefit to be paid. 

 Members who request payment of the Year of Salary Benefit in 

advance shall be required to choose in the application one of the following two 

alternatives: 

 (i) Not collecting any difference for this benefit on his or her 

retirement date. 

 (ii) Receiving on his or her retirement date the difference between 

the amount of the Year of Salary Benefit collected in advance and the amount that he or 

she would be entitled to receive for this benefit on the date of his or her retirement. 

 Once the member opts for payment of the benefit in advance under 

the alternative selected, it shall be irrevocable. The cost of receiving this benefit in 

advance shall be paid by the member who, from receipt thereof and through the date of 

his or her death in active service or of his or her retirement, shall pay the System an 

additional contribution beyond what is provided under paragraph (d) of this Section and 

in Article 5 (1) to cover the total cost for the System to pay this benefit 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 57 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

53

in advance. This additional contribution shall be calculated separately for members who 

began to work in the Authority prior to and on or after January 1, 1993. For both groups 

of members, the Board shall determine the rates of additional contribution depending on 

the alternative that the member selected from the two mentioned in the above 

paragraph. The rate of additional contribution applicable to each alternative within each 

group shall be based on a study according to experience carried out by the System 

Actuary, at least once every three years, such that members who opt for the benefit in 

advance pay the total cost for the System to advance said payment. The new rates of 

additional contribution that are calculated in this manner shall apply to members who 

request the benefit in advance, once they enter into effect, as well as to members who 

requested or collected it previously, except, if prior to July 1, 2001 they opted for the first 

choice that does not provide for collecting the difference in the benefit on the date of 

retirement. For these members, the additional contribution shall remain at .45% until 

their retirement or death while in active service. Whenever the Board of Trustees 

revises the applicable additional contribution rates it shall inform active members in 

writing and the new contribution rates shall enter into effect thirty (30) days after said 

notice. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 58 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

54

 If a member passes away during active service after collecting the 

Year of Salary Benefit in advance, his or her designated beneficiary or beneficiaries or 

heir(s) shall be entitled to receive the contributions accrued as of the date of death after 

deducting the additional contribution provided herein plus current interest accrued 

thereon. 

 If a member retires from service for a reason other than retirement 

or death, after having collected the Year of Salary Benefit in advance, his or her 

contributions accrued in the System shall be returned after deducting therefrom the 

contribution paid in accordance with paragraph (d) of this Section, plus the additional 

contribution provided herein plus current interests accrued on both contributions. 

 (f) Return of Excess of Accrued Contributions. 

 If a retired member dies without the pension payments received as 

of the date of his or her death reaching the amount of contributions accrued in the 

System, after deducting twenty-five percent (25%) for the cost of the Year of Salary 

Benefit plus the additional contribution and current interests accrued thereon, if he or 

she collected said benefit in advance, the excess of the contributions shall be 

Amended: Apr 26 2018 

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Exhibit 2 Page 59 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

55

given to his or her heir(s) as long as he or she did not choose an optional benefit under 

Section (7) of this Article, in which case the terms of the option selected shall govern; or 

if he or she does not have a surviving spouse or minor or disabled children entitled to 

the Surviving Spouse Benefit, as provided in the Regulations for the Administration of 

the Surviving Spouse Benefit in effect on such date. (Approved on November 18, 2005, 

Resolution 2005-062). 

 (4) Interruption in Service. 

(As amended on January 29, 1960 and on October 24, 1968). Any member who 

stops being an employee for any reason other than death or retirement under Sections 

(1), (2) or (11) of this Article 4 shall be entitled to receive within sixty (60) days after 

filing a request to that effect a lump sum of money equal to the amount of his or her 

accrued contributions through the date in which he or she stops being an employee. If 

the member provided ten or more years of creditable service, he or she may, instead of 

receiving said lump sum of money, choose to leave the accrued contributions in the 

System, in which case he or she shall be entitled to receive upon turning sixty (60) a 

retirement pension determined based on his or her final average compensation and 

creditable service through the date in which he or she stopped being an employee, 

calculated in 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 60 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

56

accordance with Article 4 (1) (c). In the event that the member chooses to leave his or 

her accrued contributions in the System in order to be entitled to receive the benefit for 

separation and if when turning 65 years of age is fully insured under the Federal Social 

Security Act and failed to elect, in accordance with Article 2 (9), benefits under the 

System which are completely supplementary to any benefits payable to him or her 

under said Social Security Act, his or her retirement pension shall be discontinued upon 

turning 65. From then on until turning 80 the member shall receive a service pension 

calculated as provided under Article 4 (1) (d). Once the member turns 80 the calculation 

of the pension that he or she was receiving until turning 65 shall be reestablished, 

PROVIDED, however, that on or after June 21, 1982, upon turning 60, instead of 

receiving said pension, as provided above, members after 20 years of service may opt 

to receive: 

 (1) A monthly pension of actuarial value equal to the pension that he or 

she would otherwise be entitled to, to go into effect from the moment of his or her 

separation from the Authority, assuming that when turning 65 the member is fully 

insured under the Federal Social Security 

Amended: Apr 26 2018 

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Exhibit 2 Page 61 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

57

Act. If when the member turns 65 he or she is not fully insured under the Federal Social 

Security Act, then starting on the date he or she turns 65, once he or she submits the 

appropriate evidence, the monthly pension shall be increased in the amount of the 

difference between the deferred pension calculated in accordance with Article 4 (1) (c) 

and Article 4 (1) (d). 

 (2) or he or she may choose to receive a monthly pension of an actuarial 

value equal to the pension that he or she would otherwise be entitled to from the 

moment of his or her separation, assuming that when he or she turns 65, the member is 

not fully insured under the Federal Social Security Act. If when turning 65 said member 

is fully insured under the Federal Social Security Act then from the date he or she turns 

65, once he or she submits the appropriate evidence, the pension shall be reduced in 

the amount of the difference between the deferred amounts calculated in accordance 

with Article 4 (1) (c) and Article 4 (1) (d). (Approved on June 28, 2001, Resolution 2001-

026)

 (5) Exams of Members who Retire due to Disability 

 (a) Once a year, after the retirement of a member who retires due to 

disability, the Board of Trustees may require, and upon request of the member 

Amended: Apr 26 2018 

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Exhibit 2 Page 62 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

58

or the Authority, shall request from any retired member who has not turned sixty and is 

receiving a disability pension, that he or she submit to a medical exam by a doctor or 

doctors appointed by the Board, and said exam shall be carried out in the residence of 

said retired member, or in any other place chosen through mutual agreement. If the 

retired member refuses to submit to said medical exam, his or her pension may be 

suspended while he or she refuses to submit to said exam, and if said refusal continues 

for one year, any right that he or she may have as to the part of his or her pension 

contributed by the Authority shall cease. 

 (b) If the medical exam reveals that the disability of the retired member 

who has not turned sixty has ceased and he or she has recovered his or her ability to 

work, the part of his or her pension contributed by the Authority may be suspended or if 

the disability has been partially cured and his or her capacity to work has been partially 

restored, said part of his or her pension may be reduced. In the event that a disability 

pension is suspended or reduced and the retired member has another disability and 

once again loses his or her ability to work, in the five years following the date of 

suspension or reduction, said member shall be entitled to request from the Board of 

Trustees that his 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 63 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

59

original pension be restored and the Board may at its discretion restore all or part of 

said original pension. 

 (6) Readmission into Active Service. 

 (a) New Appointment as Employee 

 If a member is separated from service with the Authority and then 

returns as an employee, he or she shall be an active member from the date of his or her 

new appointment as employee. 

 (b) Members Separated from Service Without Signing Up for a 

Pension 

 (i) A member that has been separated from service without a right 

to receive a pension or lump sum for disability in accordance with Article 4 (2) (c), who 

has not withdrawn his or her Accrued Contributions and who returns to service as an 

Employee before six months pass from terminating his or her employment, shall have 

all Credited Service on the date of separation from employment recognized. All of the 

provisions of the Regulations shall apply to this member as if the interruption in the 

Member’s Service did not occur.

 (ii) A member who has been separated from service in the Authority 

without signing up for a Pension and who withdrew his or her Accrued Contributions or 

who did not withdraw his or her Accrued Contributions but 

Amended: Apr 26 2018 

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Exhibit 2 Page 64 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

60

six months elapsed from the end of his or her employment, or who retired and received 

a lump sum, in accordance with Article 4 (2) (c), if he or she returns to service as an 

Employee, shall be considered for all purposes a new Employee and Member. In the 

event that he or she has not withdrawn his or her Accrued Contributions, any Credited 

Service that he or she had on the date he or she was separated from employment shall 

be credited once again. A member who has withdrawn his or her Accrued Contributions 

and/or received a lump sum in accordance with Article 4 (2) (c) may request credit for 

credited service that he or she had when he or she was separated from employment in 

accordance with Article 2 (8). 

 (c) Members Separated from Service who Opt for a Deferred Pension

 A Member who was separated from service in the Authority with a 

right to a Deferred Pension and who opted to leave his or her Accrued Contributions in 

the System, if he or she returns to service as an Employee before starting to receive a 

Deferred Pension, any credited service that he or she had in the System on the date he 

or she was separated from service shall be recognized and the provisions of the 

Regulations shall apply as if the interruption in the Member’s Service had not occurred.

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 65 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

61

 (d) Members Separated from Service and who are Receiving a 

Pension

 (i) Any Member who has been separated from Service in the

Authority and who is receiving a pension and reenters service as an Employee shall be 

subject to an immediate cancellation of all Pension payments he or she is receiving at 

the time. 

 (ii) A Member who after he or she is receiving a Pension reenters 

service as an Employee shall be considered for all purposes as a new Employee and 

Member. 

 (iii) As of the date of the Member’s second retirement, he or she 

shall receive a Pension from the System that is equal to the Pension that he or she 

received prior to his or her reentry into service as an Employee, plus pension accrued 

as a new Member for Service credited after reentry. 

 (e) Members Separated from Service After Collecting the Year of 

Salary Benefit 

 Members who reenter Service as Employees after collecting Year 

of Salary Benefit shall be entitled to receive on the date of separation from Employment 

an additional Year of Salary Benefit calculated in accordance with Article 4 (3) (c) 

multiplied by the proportion of Credited Service provided 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 66 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

62

 

after reentry divided by 15 years, which shall be no greater than 100%. (Approved on 

April 20, 2001, Resolution 2001-010). 

 (7) Optional Benefits in Substitution of Regular Benefits 

 Before the first pension payment to which he or she is entitled becomes 

due, any member may opt to turn the pension into an equal actuarial value pension 

under any of the optional formats mentioned below; PROVIDED however that no choice 

for an optional benefit shall be effective until after thirty days from the date of submitting 

the option to the Board of Trustees or until thirty days from withdrawal (whichever 

happens later) and if the member dies before said option enters into effect the benefits 

to be paid to his or her account shall be the same as those provided in this Article. 

 OPTION NO. 1 – Payment of a reduced pension during the life of a 

pensioner with a provision to the effect that upon the pensioner’s death said pension 

shall continue and be paid for a lifelong term to the person appointed by him or her in an 

appropriately acknowledged document submitted to the Board of Trustees on the date 

of his or her retirement, if the person survives him or her. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 67 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

63

 OPTION NO. 2 – Payment of a reduced pension during the life of the 

pensioner on the condition that after his or her death a pension equal to half of the 

member’s reduced pension shall continue to be paid for a lifelong term to the person 

designated by him or her in an appropriately acknowledged document submitted to the 

Board of Trustees on the date of his or her retirement if the person survives him or her. 

 Persons who receive a pension in accordance with the provisions of 

Options 1 and 2 shall not be entitled to receive the Christmas Bonus and Automatic 

Raise benefits every three years. (Approved on January 14, 2000, Resolution 2000-

001). 

 It is further provided that a member who exercises any of the options 

mentioned above shall be entitled to a restitution of the pension to which he or she 

would have been entitled if he or she had not exercised said option on the month 

following the death of the designated beneficiary. (July 31, 1990) or when so requested 

from the System. (Approved on October 4, 1991, Resolution 91-096). 

 It is further provided that the member may change the beneficiary in the 

option selected only in the event of death, divorce or disinheritance; requesting this in 

writing from the Administrator of the Retirement System and agreeing to assume the 

cost of the actuarial 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 68 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

64

study that said change entails. It shall enter into effect within 30 days from the request 

and payment of costs of the study. If the member dies before the process concludes, 

the request for change of beneficiary shall be cancelled. (Approved on November 17, 

1998, Resolution 98-101) 

 (7A) Option of Benefit for Death during Active Service instead of Return of 

Contributions (Complete text approved on January 10, 1996, Resolution 96-009). 

(a) The benefit to be offered is an additional option that the member shall 

have that he or she may choose or revoke at any point and which shall 

additionally amend the rights provided in the System Regulations, which

authorizes the return of the contributions of any member who dies before 

his designated beneficiaries or heirs. 

(b) The person to whom the member is legally married on his or her date 

of death shall be considered the surviving spouse for purposes of 

determining the right to this Benefit; 

(c) The benefit paid to the surviving spouse and minor children shall never 

be lower than the total contributions made by the member; 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 69 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

65

(d) If there are remaining contributions and there is no widow or children 

entitled to receive said benefit, the remainder shall be paid to the heirs of 

the deceased member; 

The benefit for members with less than thirty years of credited service shall be as 

follows: 

(a) The member shall have the option to select that upon his or her death, 

his or her designated beneficiaries or heirs receive, instead of a return of 

contributions, payment of $175 per month for life for the spouse and an 

equal sum for each of his or her children that are under 18 or totally 

disabled to perform remunerated work. 

(b) The total to be paid per month shall not exceed $700 under any 

circumstances. 

(c) When the total of the calculation of the rights of the surviving spouse 

and children exceeds $700, $700 shall be split between the number of 

beneficiaries. 

(d) The spouse shall be entitled to receive his or her monthly payment 

while he or she remains unmarried. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 70 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

66

The benefit for Death while in Active Service for the surviving spouse and 

children under 18 or who are totally disabled for members who have thirty years or more 

of credited service and while they are in active service shall be as follows: 

(a) Any members of the System with thirty years or more of credited 

service who notify the Administrator in writing may opt to receive this 

benefit. 

(b) The amount of the benefit shall be equal to 30% of what the final 

average pension would be upon their death. 

(c) Members who request in writing to receive this Benefit shall not be 

entitled to have their designated beneficiaries or heirs receive their 

contributions. 

(d) For purposes of determining the right to this benefit, the surviving 

spouse shall be the person to whom the member was legally married upon 

his or her death. 

(e) The surviving spouse shall be entitled to receive the benefit as long as 

he or she does not remarry. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 71 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

67

 (8) Benefit for Compensation Deducted from Pensions 

 Any amounts that, under the provisions of any worker compensation act or 

similar law, are paid or payable by the Authority to a member or his or her dependents 

for any disability or death shall be deducted and shall be considered a payment instead 

of any benefits payable from the funds provided by the Authority in accordance with the 

provisions of these Regulations for the same disability or death. In the event that the 

effective value of the total of the benefits payable under said worker compensation act, 

or similar law, is less than the reserve of the benefits that would be paid from funds 

provided by the Authority under these Regulations, then the effective value of said 

payments shall be deducted from the reserve and the resulting sum reduced in this 

manner shall be paid in accordance with the provisions of these Regulations. 

 (9) Loans to Members

 (As approved on April 28, 1948). In the event that loans are made to 

active or retired members under the provisions of Article 7 (2)(a) of these Regulations, 

the following benefits payable under the provisions of this Article may be used to secure 

payment of said loans, as follows: 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 72 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

68

 (a) The accrued contributions of a member shall be reduced in an amount 

equal to what said member owes of a loan, including interest, in any event in which 

contributions are required to be returned to said members. 

 (b) Effective January 1, 2006, if on the date of retirement a member owes 

on a personal loan, the System shall deduct the amount owed from the payment of the 

Year of Salary Benefit to which said member is entitled. If said payment is not enough to 

cover the amount owed of the loan, the balance owed shall be deducted from the 

amount to be paid to the member for Death, Retirement or Disability Benefits from the 

Special Fund created by the Authority in the Retirement System. However, it is further 

provided that if the member has a personal loan whose balance on the date of 

retirement exceeds fifty percent (50%) of the Year of Salary Benefit and he or she 

chooses to only collect fifty percent (50%) of this benefit on his or her date of retirement, 

and leave the remaining fifty percent (50%) in the System, he or she shall be required to 

do so under the following conditions: 

 (i) On the date of retirement, the balance of the loan shall be paid up to 

fifty percent (50%) of the Year of Salary Benefit paid. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 73 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

69

 (ii) The balance of the personal loan exceeding fifty percent (50%) of the 

Year of Salary Benefit paid shall be paid by the member during the year immediately 

after his or her retirement through payment of interest plus contributions to the principal, 

as determined by him or her, or exclusively through payment of accrued interest. The 

form of payment shall be determined on the date of retirement and monthly payments 

agreed upon shall be automatically deducted from the member’s pension.

 (iii) After a year from the member’s retirement, if he or she still has a 

pending balance on his or her personal loan, the System shall proceed to liquidate the 

balance of the loan against fifty percent (50%) of the Year of Salary Benefit that he or 

she left in the system and pay him or her the remainder of the benefit, if any. If there is 

any balance of the personal loan after liquidating the Year of Salary Benefit, the 

member accepts that said balance plus the interest accrued thereon, if any, is deducted 

from his or her pension automatically through monthly installments not to exceed the 

maximum amount allowed by law. (Approved on January 30, 2006, Resolution 2006-

001, amended Resolution 2005-069 of December 29, 2005). 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 74 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

70

 (c) (As amended on April 25, 1951). In the event that a retired member 

dies before settling a loan, the death benefit to which his or her beneficiary or heirs are 

entitled will be reduced in an amount equal to what said member owes including interest. 

 (d) (Added on March 24, 1958). From January 1, 1958, notwithstanding 

any contrary provision contained in these Regulations, any member who upon turning 

60 is entitled to receive a pension under the provisions of Section (4) of this Article after 

completing ten (10) years or more of creditable service prior to the date in which he or 

she ceased to be an employee, and opted to leave his or her accrued contributions with 

the System and who owes the Retirement System on a loan, said member shall be 

allowed to pay said debt and will in this manner become entitled to the complete amount 

of the pension for service upon turning 60; PROVIDED, however, that if he or she does 

not promptly make two (2) consecutive monthly payments within 30 days from the date 

the second payment is due, the difference between the amount of his accrued 

contributions and the balance of the debt shall be returned to him or her instead of any 

other benefits under the Retirement System. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 75 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

71

(Approved on January 28, 2002, Resolution 2002-001 to add paragraphs (e) and (f) to 

Section 9). 

 (e) When the loan granted to an active or retired member is a personal 

loan, it shall have a risk coverage up to a maximum of $10,000. This risk coverage shall 

be known as the Personal Loan Coverage Benefit. For active members the risks 

covered are death, physical disability, and emotional disability as a consequence of a 

related physical accident by the State Insurance Fund. Retired members shall only have 

coverage for risk of death. 

 To finance the cost of this benefit, a fund shall be created in the 

Retirement System known as the Personal Loan Coverage Benefit Fund. Contributions 

to this Fund shall come from the Authority, from the General System Fund and from 

members to whom personal loans are granted, in the following proportion: 

 (i) $150,000 per year from the Retirement System 

 (ii) $150,000 per year from the Authority 

(iii) Any amount necessary to cover the cost of the benefit as 

determined 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 76 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

72

 

annually by the Board of Trustees based on prior experience, 

shall be approved by the members along with periodic 

payment of principal and interests on the loan. 

 (f) Nevertheless, any contrary provision in these Regulations, in the event 

that a member makes an approved request for a Voluntary Separation from 

Employment Leave and Salary for a Specified Period to provide service in another 

government entity in accordance with the Authority’s Administrative Manual, and still 

owes part of his or her obligation for non-mortgage loans, shall be obligated to settle it 

or may, if he or she so desires, authorize his or her new employer to withhold it from his 

or her salary and pay the System the agreed-upon periodic payments in accordance 

with the promissory note signed on the date of execution of the loan. In the event that 

the member is granted this leave for any other purpose for a period not to exceed a year, 

during which period the member is not earning income, the Administrator is authorized 

to leave collection of payment of principal and interest corresponding to the period of 

unpaid leave pending until said member returns to work at the Authority, resigns from 

employment or retires, as appropriate. However, it is further provided that in these 

cases, 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 77 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

73

the member shall be required to pay the proportional part of the contribution 

corresponding to the Personal Loan Coverage Benefit in advance on a quarterly basis, 

calculated as to the remainder of the debt as of the date of effect of the unpaid leave 

and further provided that, if payment is not made within thirty (30) days after the start of 

each quarter, the loan shall not be covered by the aforementioned benefit. In the event 

that the member returns to work at the Authority as of the termination of said leave, he 

or she shall pay the System the interest due corresponding to the loan for the duration 

of the period of unpaid leave. (Approved on January 28, 2002, Resolution 2002-001). 

 (10) Special Provisions Applicable to Former Members who Retired or 

Resigned from Service prior to July 1, 1969. (As amended on October 24, 1968 and 

on May 21, 1969). 

 (a) The complete retirement pension as calculated in accordance with the 

provisions of Article 4 (1) (c), 4 (2) (b), 4 (4) or 4 (11) (b), as applicable, which at present 

is being paid or pending payment to any former member of the System who retired or 

was separated from service prior to July 1, 1969, and who has not turned 65 prior to 

said date, shall continue to be paid in 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 78 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

74

full when he or she turns 65 and subsequently and the provisions of Articles 4 (1) (d), 4 

(2) (b), 4 (4) or 4 (11) (c), which provide for payment of a reduced retirement pension 

when the member turns 65 and subsequently, shall not be applied to said member. 

 (b) Starting with the first retirement pension payment payable on or after 

September 1, 1968, the retirement pension payable to any former member of the 

System who retired or was separated from service prior to July 1, 1969, effective 

September 1, 1968, when he or she turns 65, whichever of said dates is later, the 

amount that said member would have been entitled to if not for the reduction, if any, 

shall be increased in the amount of the pension due to application of Article 4 (1) (d). 

 (c) Any former member who is sixty (60) years old as of September 1, 

1968 who opted for the “Separation Benefit” provided in Section (4) of this Article and 

still has not started to receive retirement pension payments but is entitled to start to 

receive a separation pension on or after September 1, 1968 if his or her separation took 

place after completing thirty (30) years or more of creditable service and turning 55 or 

upon turning that age, shall be entitled to receive, instead of any 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 79 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

75

other benefits, on or after September 1, 1968, as applicable, an Annual Merit Payment 

for Thirty Years or More of Creditable Service, calculated in accordance with Paragraph 

(b) of Article 4 (11) or, if his or her separation occurred after having completed thirty (30) 

years or more of creditable service and on or after turning 52, shall be entitled to receive 

a Reduced Annual Merit Payment calculated as provided on Paragraph (d) of Article 4 

(11). 

 (d) Any former member who turns sixty (60) or over on or after September 

1, 1968, who opted for the “Separation Benefit” provided under Section (4) of this Article 

and who still has not started receiving retirement pension payments but is entitled to 

start to receive a separation pension on or after September 1, 1968, if his or her 

separation occurred after completing thirty (30) years or more of creditable service, shall 

be entitled to receive, instead of any other benefits, on or after September 1, 1968, as 

applicable, an Annual Merit Payment for Thirty Years or More of Creditable Service 

calculated in accordance with Paragraph (b) of Article 4 (11). 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 80 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

76

 (11) Annual Merit Payment for Thirty Years or More of Creditable Service. 

 (a) Effective July 1, 1973, any member in service who has 30 years or 

more of creditable service may retire with an Annual Merit Payment for Thirty Years or 

More of Creditable Service in accordance with this Section (11) instead of any other 

benefits in the Retirement System upon written request to the Board of Trustees or may 

be retired by said Board through written request of the Authority and in both cases the 

request shall indicate on what date retirement shall enter into effect, which shall be no 

less than 30 nor more than 90 days after said request is filed. 

 (b) Pension payable to a member upon his or her retirement with an 

Annual Merit Payment for Thirty Years or More of Creditable Service shall be equal to 

seventy-five percent (75%) of his or her final average compensation, unless modified 

under paragraph (c) of this Section (11). A member in service as of July 1, 1973 with 

more than thirty (30) years of creditable service on that date shall receive an additional 

amount in his or her pension equal to two percent of his or her final average 

compensation multiplied by the number of years of creditable service through July 1, 

1973 in excess of thirty (30). Years of service provided 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 81 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

77

prior to July 1, 1973 for which any member in service receives credit in harmony with 

the System Regulations or under applicable legislation of the Commonwealth of Puerto 

Rico and which results in an accrual in excess of thirty (30) years of creditable service 

as of July 1, 1973 if the member paid for these shall be considered years of creditable 

service in excess of thirty (30) as of July 1, 1973 if the member pays the System the 

appropriate contributions plus interest, if any. Years of service provided subsequent to 

July 1, 1973 in excess of thirty (30) shall only be considered for purposes of calculating 

the final average compensation. 

 (c) If a member is fully insured under the Federal Social Security Act 

and he or she has failed to opt for benefits in the System under Article 2 (9), which are 

completely supplementary to any benefits payable to him or her under said Social 

Security Act, the pension payable under the prior paragraph (b) shall be discontinued 

when he or she turns 65. From that point on and until the member turns 80 he or she 

shall receive a retirement pension which shall consist of the following:

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 82 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

78

 (i) One and a half percent (1 1⁄2%) of any part of his or her final 

average compensation that does not exceed $4,200 plus $2.00, multiplied by the 

number of years of his or her creditable service; plus 

 (ii) Seventy-five percent (75%) of the part of his or her final average 

compensation in excess of $4,200; plus 

 (iii) For members who are in service as of July 1, 1973 with more 

than (30) years of creditable service on said date, two percent (2%) of any portion of his 

or her final average compensation in excess of $4,200, multiplied by the number of 

years of creditable service through July 1, 1973 in excess of thirty (30). 

 PROVIDED, however, that said retirement pension plus 

benefits payable to the member under the Federal Social Security Act after turning 65 

and until he or she turns 80 shall not be less than the retirement pension payable to the 

member in accordance with the provisions of the above paragraph (b) prior to turning 65. 

Once the member turns 80 years old, the calculation of the pension that he or she was 

receiving until he or she turned 65 shall be reestablished. (Approved on June 28, 2001, 

Resolution 2001-026). 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 83 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

79

 

 (d) The Annual Merit Payment for Thirty Years or More of Creditable 

Service pension payable before or after the member turns 65 under this Section (11) 

shall in no case be greater than eighty-five percent (85%) of the final average 

compensation of said member. 

 (12) Minimum Monthly Pension and Christmas Bonus. 

 From January 1, 1984, the sum of $180.00 is established as a 

minimum monthly pension payable to members who retire under the provisions of this 

Article 4, except for those that are actuarial in nature and those given to Retired 

Members under sections (1) and (2) of this Article when the member has not completed 

10 or more years of creditable service. (September 1, 1989) 

 (a) Members who retire under the provisions of this Article 4, other 

than those that opt for an actuarial pension and those who retire in accordance with 

sections (1) and (2) of this Article, when they have ten or more years of service credited 

on their retirement date, shall receive a minimum monthly pension of $180.00, 

notwithstanding any other provision of these Regulations. (Approved on September 14, 

2000, Resolution 2000-041) 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 84 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

80

 

 (b) In order to cover the cost of this benefit, a Special Fund has been 

created which shall receive half a percent (.50%) of interests collected annually on 

Personal Loans granted to the members. 

 (c) On the first Friday of the month of December of each year, the 

System shall give a Christmas Bonus of four hundred (400) dollars (Christmas Bonus) 

to all retired members who, during said year are not entitled to receive a Christmas 

Bonus paid by the Authority. If the retired member entitled to this benefit dies after June 

30, and before the first Friday of December of the year in which he or she were to 

receive the Christmas Bonus, the sum shall be paid to his or her designated 

beneficiaries or heirs. (Approved on June 29, 2011, Resolution 2011-033). 

 (13) Increase in pensions granted prior to July 1, 1972. 

 Any pension of less than $500 per month payable on or after July 1, 1972 

for retirement or separation which occurred prior to said date shall be increased as 

provided in this Section. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 85 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

81

 (a) Effective on July 1, 1972, any pension payable on or after said date, 

instead of any adjustment in the minimum monthly pension effective on that date in 

accordance with Section (12) of this Article, if applicable, shall be increased by $15; 

PROVIDED, that the monthly payments for said pension shall not exceed $500 as a 

result of said increase; PROVIDED FURTHER that for members who retire with ten (10) 

or more years of creditable service, monthly payments for pension in no event shall be 

less than the amount which would otherwise be payable as minimum monthly payment 

under the provisions of Section (12) of this Article. 

 (b) Effective July 1, 1973, any monthly pension payable on or after said 

date, instead of any adjustment in the minimum monthly pension effective on that date 

in accordance with Section (12) of this Article, if applicable, shall be increased by $10; 

PROVIDED that said monthly pension shall not exceed $500 as a result of said 

increase; PROVIDED FURTHER, that for members retired with ten (10) or more years 

of creditable service, monthly payments for pension in no event shall be less than the 

Amended: Apr 26 2018 

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Exhibit 2 Page 86 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

82

amount that would otherwise be payable as minimum monthly payment under the 

provisions of Section (12) of this Article. 

 (c) Effective July 1, 1979, any monthly pension payable on or after said 

date and which is greater than $180.00 shall increase by $25.00. (December 14, 1979). 

 In situations involving optional benefits payable in accordance with 

Section (7) of this Article, the amount of any increase in monthly payments for pension 

provided under this Section shall be reduced to the same extent that the regular benefit 

to which the member is entitled is reduced on the date of starting to earn it as a result of 

choosing the appropriate option. 

 (d) Starting on July 1, 1988, the pension for any member retired as of 

said date and whose retirement occurred prior to said date shall be increased as 

follows: 

 $50 per month to pensions that were granted 20 or more years 

previously. 

 $40 per month to pensions that were granted 10 or more, but less 

than 20 years previously. 

 $25 per month to all the rest. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 87 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

83

 (14) Special Provisions for Members Who Retired prior to July 1, 1973 

 Effective July 1, 1973, the pension payable to any member or on his or her 

behalf, as appropriate, whose retirement or separation occurred prior to said date, after 

any appropriate adjustment on said date in accordance with the provisions of Sections 

(12) and (13) of this Article, shall be increased, as provided in this Section. 

 (a) For members who retired on or before the first day of the month 

following the date on which he or she turned that age if receiving disability pension, the 

pension otherwise payable as of July 1, 1973 shall be increased in the following 

amounts: 

 (i) Ten percent (10%) over such portion of the pension that does 

not exceed $6,000 per year; plus 

 (ii) Six percent (6%) over such portion of the pension in excess of 

$6,000 per year, but which does not exceed $7,200 per year. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 88 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

84

(b) For members who were separated from service or opted for retirement 

not covered by the provisions of paragraph (a) of this Section, the pension otherwise 

payable as of July 1, 1973 shall be increased in the following amounts: 

 (i) Six percent (6%) over such portion of the pension that does not 

exceed $6,000 per year; plus 

 (ii) Four percent (4%) over such portion of the pension in excess of 

$6,000 per year, but which does not exceed $7,200 per year; plus 

 (iii) Two percent (2%) over such portion of the pension in excess of 

$7,200 per year. 

 (c) For members who stopped being employees prior to July 1, 1973 and 

are entitled to a pension in accordance with Section (4) of this Article which did not 

become payable on July 1, 1973, said pension, when it becomes payable, shall be 

increased in accordance with Paragraph (c) of this Section. 

 (15) Special Provisions for Members who Opted for Retirement from July 1, 

1974.

Starting on and after July 1, 1974, the pension of any member who is 

receiving said pension from said date, whose retirement or separation occurred prior to 

said date, 

 

Amended: Apr 26 2018 

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Exhibit 2 Page 89 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

85

after any adjustment effective on said date in accordance with Sections (12), (13), and 

(14) of this Article, shall be increased by $50 per month. The increase shall be 

exclusively payable to the member while he or she is alive and shall cease upon his or 

her death. 

 (16) Increase in Pensions (New paragraph, approved on October 23, 1992, 

Resolution 92-098). 

 (a) Increase effective July 1, 1992 to all pensions granted on or before 

June 30, 1990 under the following terms: 

 1) Up to $300 of pension shall be increased by eight percent 

 2) over $300 up to $600 shall be increased by four percent 

 3) over $600 shall be increased by two percent 

(b) the minimum monthly increase shall be $25 and the maximum shall be 

$50

(c) actuarial pensions shall receive the $25 minimum increase if they 

comply with the requirement of having been issued on or before June 30, 1990. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 90 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

86

 

(d) these increases, under the same terms, shall be automatically 

granted every three years from July 1, 1992 or from the date of retirement of anyone 

who retired after June 30, 1990 and subsequently, as applicable. 

 The scope of this resolution is retroactive through January 1, 1992, 

as to payment to retirees who as of said date received pension from our System for 

three or more years. 

 (17) Reduced Merit Pension 

 (a) Active Members who Began to Work at the Authority prior to 

January 1, 1993; 

 (1) Effective January 1, 2000, any active members who began to 

work at the Authority before January 1, 1993 and who on the date of their retirement 

have between 25 and 29 years of credited service, shall receive a pension equal to a 

percentage of their final average compensation calculated according to the following 

table: 

Years of Credited Service Percentage of the Final Average 

Compensation 

25 62.5 

26 65.0 

27 67.5 

28 70.0 

29 72.5 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 91 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

87

 

Members who opt for this benefit may not use accrued sick leave to increase their years 

of credited service. 

 (b) Active Members who Began to Work in the Authority from 

January 1, 1993; 

 (1) Effective January 1, 2015, any active members who began to 

work in the Authority from January 1, 1993 and who on their date of retirement have 30 

years of credited service and are between the ages of 50 and 54 shall receive a pension 

equal to a percentage of his or her final average compensation calculated according to 

the following table: 

Age Percentage of the Final Average 

Compensation 

50 years 62.5 

51 years 65.0 

52 years 67.5 

53 years 70.0 

54 years 72.5 

Members who opt for this benefit may not use accrued sick leave to complete the 30 

years of credited service required for purposes of retirement. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 92 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

88

 (c) Use of Accrued Sick Leave to Complete Retirement Years; 

 (1) Effective January 1, 2000, active members who do not opt for

early retirement referred to in the above sections 1 and 2 may use their accrued sick 

leave, at a rate of one month of creditable service for each fifteen (15) days of accrued 

sick leave, to complete the years of service required to retire with a merit pension. From 

January 1, 2000, it shall be the obligation of the Retirement System to pay all of the 

pensions received by members who retired prior to said date and who used their 

accrued sick leave to increase or complete years of credited service for purposes of 

retirement. 

 (d) Pension to [Surviving Spouse] and Minor Children of Deceased 

Retirees; 

 (1) Effective January 1, 2000, when a retired member dies, the 

Retirement System will give his or her surviving spouse and children who are under 18 

or disabled, if applicable, a pension equal to thirty percent (30%) of the pension that the 

retired member was receiving when he or she died. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 93 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

89

Said pension shall be provided under the same terms and conditions established by the 

Authority’s Governing Board in the Regulations adopted to that effect (Surviving 

Spouse). Effective January 1, 2000, the Retirement System shall be responsible for all 

pensions granted by the Authority to the surviving spouse and children under 18 or 

disabled of retired members who died prior to that date and said pensions shall be paid 

by it in full. (Approved on October 14, 1999, Resolution 99-147). 

 (18) Summer Bonus 

 Any member who has separated from service and receives a Pension 

under the provisions of Section (1), (2), (4), and (11) of this Article 4 and who retired no 

later than December 31 of the prior year shall receive a Summer Bonus of $100. This 

benefit shall be paid on July 1st of each year. If the retired member who is entitled to 

receive this benefit dies after December 31st of the prior year and before July 1st of the 

year in which the bonus is paid, the sum shall be paid to his or her designated 

beneficiaries or heirs (Approved on September 26, 2003, Resolution 2003-066). 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 94 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

90

 (19) Funeral Expenses for Retirees Benefit 

 When the Retirement System receives satisfactory evidence of the death 

of a retired member who receives a pension under paragraphs (1), (2), (4) or (11) of this 

Article, it shall pay the person submitting evidence of the funeral expenses which he or 

she incurred as to death of the retiree the amount provided in said evidence up to a 

maximum of one thousand dollars ($1,000.00). (Approved on April 25, 2004, Resolution 

2014-020). 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 95 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

91

ARTICLE 4.A

REQUIREMENTS FOR NEW EMPLOYEES WHO START WORKING AT THE 

AUTHORITY ON OR AFTER JANUARY 1, 1993 

(New article approved on October 23, 1992, Resolution 92-099). 

 Any new employee who begins to work at the Authority on or after January 1, 

1993 shall be governed by the following requirements: 

(a) The minimum age to opt for a merit pension shall be 55, with 30 years 

of credited service. In the event that the new member opts for retirement 

under 55 years of age and the minimum years of service, the pension to 

be received shall be calculated on actuarial grounds. 

(b) The member’s contribution from the start of his or her service at the 

Authority shall be 11 percent of his or her gross base salary. 

(c) Requiring a minimum of ten years of credited service as a member to 

be entitled to receive a disability pension, unless it is a result of a work 

accident certified by the State Insurance Fund, in 

Amended: Apr 26 2018 

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Exhibit 2 Page 96 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

92

which case a minimum of five years of credited service shall be required. 

(ch) The contribution of the System shall be calculated over the gross 

base salary up to a maximum of $50,000 per year and the salary over 

which contributions are paid shall be used for calculation of the final 

average compensation and Benefit for Retirement or Death (Year of 

Salary).

(Approved on July 23, 1999, Resolution 99-055). 

(d) It shall not be considered for purposes of determining the amount of 

the pension (final average compensation) yearly increases that exceed 10 

percent of the member’s salary to be applied to members who began to 

work at the Authority from January 1, 1993. (Approved on July 23, 1999, 

Resolution 99-055). 

Note: As to the Reduced Merit Pension for members who began to work at 

the Authority on or after January 1, 1993, see Article 4, Section 17, 

paragraph b. 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 97 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

93

ARTICLE 5. CONTRIBUTIONS 

 (1) By members 

 (a) Each member shall contribute to the System a specific uniform 

percentage of his or her compensation, established in accordance with the provisions of 

the Board of Trustees which, calculated at a regular interest rate based on the tables 

adopted by the Board of Trustees is sufficient, when the member turns 60, to pay a 

pension equal to three quarters of one percent (.75%) of the average annual 

compensation for the three consecutive years prior to his or her retirement, during which 

the member received higher salaries, multiplied by the number of years of service as a 

member; PROVIDED that said contributions are adjusted to cover any amendments to 

the contribution rates established in the Federal Social Security Act in effect from 

January 1, 1955. (April 30, 1983). 

 (b) The Authority shall deduct said percentage from the compensation of 

each member in each and every payroll. When determining the amount of 

compensation of a member for the period covered by the payroll, the Authority may take 

the compensation payable to the member the first day of said period as if it continued 

throughout all of said period, and may not make deductions for the compensation during 

Amended: Apr 26 2018 

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Exhibit 2 Page 98 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

94

any period lesser than the total period, if the member was not paid or was not a member 

from the first day of the period covered by payroll. In order to facilitate said deductions, 

it may modify the deduction that corresponds to any member by an amount that does 

not exceed 1/10th of 1 percent of the annual percentage of compensation which will 

serve as a basis for said deduction. It is understood that every member has agreed and 

consented to the deductions mentioned in these Regulations, and shall grant a receipt 

for his or her total compensation. Payment of compensation, minus said deductions 

shall be a total exoneration and release from any claims and complaints for services 

provided by said member during the period covered by said payment, other than his or 

her claims as to benefits that he or she may be entitled to under these Regulations. The 

amounts deducted from member compensation shall be paid by the Authority to the 

Board of Trustees to be deposited in the fund created by these Regulations. 

 (c) (As amended on October 24, 1968, May 21, 1969). Effective on 

January 1, 1955, the Authority shall deduct from the contributions paid by each member 

to the System the contribution established by the Federal Social Security Act as to his 

or her compensation as it was in effect on the date mentioned above. The Authority 

shall withhold said 

Amended: Apr 26 2018 

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Exhibit 2 Page 99 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

95

contribution to be paid to the Puerto Rico Treasury Secretary; PROVIDED that as of 

July 1, 1969 the deduction established herein shall not be applied to any member who 

opts for benefits under the System which are completely supplementary to any benefits 

payable to him or her under the Federal Social Security Act, in accordance with 

paragraph (a) of Section (9) of Article 2. 

 (d) Effective June 1, 1972, in addition to the percentage of his or her 

compensation determined in accordance with paragraph (a) of this Article 5 (1), each 

member shall contribute to the System three hundredths of a percent (.03%) of his or 

her compensation. Said additional contribution shall be increased, effective July 1, 1973, 

one and fourteen hundredths of a percent (1.14%) of each member’s compensation. 

Said additional compensation shall be deducted by the Authority from the compensation 

of each member in the manner provided for payment of the member’s contributions 

under the provisions of paragraph (b) of this Article 5 (1). 

(2) Contributions by the Authority. 

 (a) (As amended on February 1, 1967, to enter into effect January 1, 

1967). Every month, or in the period agreed upon with the Board of Trustees, the 

Authority shall contribute to the Fund created 

Amended: Apr 26 2018 

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Exhibit 2 Page 100 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

96

under these Regulations a percentage of compensation of all members which shall be 

known as normal contribution, and until it is decided in accordance with this Section (2), 

the Authority shall make another contribution which shall be known as contribution for 

accrued obligations. 

 (b) Based on the regular interest and the mortality and service tables 

adopted by the Board of Trustees immediately after making each valuation during the 

period in which the contribution for accrued obligations is payable, the Actuary shall 

determine the uniform percentage of the compensation of all members calculated to be 

required as contributions payable by the Authority to provide benefits of the System to 

which the members are currently entitled, in addition to the contributions payable by 

said members. The percentage determined in this manner shall be known as the 

percentage of normal contribution. After all of the contributions for accrued obligations 

have been paid, the percentage of normal contribution shall be determined after each 

actuarial valuation as the percentage of compensation of all members and shall be 

obtained by deducting from the total of the obligations of the Retirement System for all 

benefits to active and retired 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 101 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

97

members to be contributed by the Authority, the amount of funds on hand which were 

kept for said benefits and dividing the remainder by one percent of the current value of 

the future compensation of all members. 

 (c) Immediately after the first valuation from the date of effect of any 

amendment to the Regulations of the Retirement System, the Actuary shall determine 

the amount of all of the obligations of the Retirement System for all of the present and 

future benefits of active and retired members not covered by the assets held for said 

benefits, future contributions to be made to the System by active members and normal 

future contributions on account of said members. The amount so calculated shall be 

known as accrued obligations, and the percentage of contribution payable for said 

accrued obligations shall be known as the contribution rate for accrued obligations. 

 (d) The total amount to be paid annually by the Authority shall not be less 

than the sum of percentages of compensation of all members known by the percentage 

of normal contribution and the percentage of contribution for accrued obligations, 

PROVIDED however that from January 1, 1967, the rate of contribution for accrued 

obligations shall be one and a half percent (11⁄2%) of the 

 Amended: Apr 26 2018 

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Exhibit 2 Page 102 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

98

total annual compensation of the members of the System, payable on a monthly basis, 

and PROVIDED further that the amount of each annual contribution for accrued 

obligations from July 1, 1967 shall not be lesser than the payment for the prior accrued 

annual obligation; and PROVIDED further that joint payment by the Authority shall be 

enough, when combined with the asset of the Retirement System to pay the benefits 

that shall be charged to the System during the current year. 

 (e) Contributions for accrued obligations shall be suspended as soon as 

the reserves accrued of the Retirement System equal the actuarially calculated effective 

value approved by the Board of Trustees of the total sum of the obligations of the 

Retirement System for the benefit of active and retired members minus the effective 

value of future normal contributions based on the percentage that is in effect and future 

contributions that shall be received on account of the persons that are members on said 

date. 

It is further provided that in the event that the cost of the total contribution corresponding 

to the Authority reaches zero (0), the normal contribution, under the Regulations shall 

be no less than 5% of the payroll of active members. (Approved on June 29, 2011, 

Resolution 2011-032). 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 103 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

99

 (f) (As amended on August 17, 1956). From January 1, 1955, the 

Authority shall pay the Secretary of the Treasury of Puerto Rico from its normal 

contribution to the Retirement System fund, the contribution imposed from time to time 

by the Federal Social Security Act.

 (g) The Authority shall contribute all of the funds necessary for the 

System’s administrative expenses. The Board of Trustees may authorize payment of 

the System’s administrative expenses from the general fund whenever this is beneficial 

for the administration of the System, in which case the Authority shall cover said 

expenses in the accrued obligation contribution. (Approved on August 17, 2000, 

Resolution 2000-035) 

Amended: Apr 26 2018 

Case:17-03283-LTS Doc#:24530-2 Filed:06/12/23 Entered:06/12/23 17:45:09 Desc:

Exhibit 2 Page 104 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

100

ARTICLE 6. ADMINISTRATION OF THE SYSTEM 

 (1) The Board of Trustees shall be responsible for the general administration 

of the System and for enforcing the provisions of these Regulations. It shall be 

comprised of eight members, one of which shall be the Executive Director of the 

Authority, who may be substituted during his or her absences by the Acting Executive 

Director of the Authority, three shall be active members of the System elected by the 

active members by individual vote and under the supervision of the Authority, three shall 

be appointed by the Authority’s Governing Board and one shall be a retired member of

the System elected by retired members under the supervision of the Retirement System. 

The trustees shall be appointed or elected for a three-year term. The Executive Director 

of the Authority shall act as trustee while he or she holds the position of Executive 

Director. Each term of an elected or appointed trustee shall be considered to have 

expired on the date of the anniversary of establishment of the System and any 

appointment or election, except for those to fill vacancies for terms that do not expire, 

shall be carried out on said anniversary dates. Empty positions for terms that do not 

expire shall be covered in the same manner they were originally covered. 

Amended: Apr 26 2018 

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Exhibit 2 Page 105 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

101

 (2) The Board of Trustees shall hold ordinary meetings (June 19, 1987) once 

a month and also special meetings deemed necessary. Six trustees shall constitute a 

quorum and each trustee shall have the right to vote but six votes in agreement shall be 

necessary for any decision of the Board to be valid. It shall elect a president and vice 

president from its members and appoint a secretary and deputy secretary who cannot 

be trustees and obtain administrative, legal, office, medical and actuarial services 

necessary to carry out the provisions of the System (December 23, 1993) 

 (3) The Board of Trustees shall adopt from time to time the service and 

mortality tables necessary as a basis for actuarial calculations and establish the 

percentages of contribution to the System as provided by Article 5 of these Regulations. 

In order to advise the Board in the adoption of tables and establishment of percentages 

of contribution that shall be made to the Retirement System, the Board of Trustees shall 

appoint an actuary who shall make the annual actuarial valuations and recommend to 

the Board the tables and contribution percentages that he or she believes should be 

used by it. The third year after the date of implementation of the System and from that 

date at least once every five years, the Board of Trustees shall order an actuarial 

investigation 

Amended: Apr 26 2018 

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Exhibit 2 Page 106 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

102

based on the experience acquired as to mortality, service and compensation of the 

members and benefits of the Retirement System. 

 (4) The Board of Trustees shall keep an accounting system that shows the 

transactions of the System, as provided below, and keep the information necessary for 

actuarial valuations of the capital and obligations of the different System accounts in a 

convenient format. Every year the Board shall submit to the Authority’s Governing 

Board a report showing the transactions carried out during the prior year, certified by an 

auditor hired by the Board of Trustees showing accrued assets and stocks and the last 

balance sheet showing the System’s financial situation, through an actuarial valuation of 

its assets and liabilities. 

 (5) The Board of Trustees may, from time to time and subject to the 

limitations of these Regulations establish rules for the administration and operation of 

the Retirement System. The decision of the Board of Trustees as to any matter or 

dispute shall be final within the administrative proceedings. Once the informal 

proceedings carried out by the employees of the Retirement System to deal with any 

claim of a member or beneficiary have concluded and the decision of the employee or 

of the Administrator has been notified, if 

Amended: Apr 26 2018 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

103

the member or beneficiary requests reconsideration of the employee’s initial decision 

and the former does not agree with said determination, he or she may file a brief within 

thirty (30) calendar days from notice to Appeal to the Board of Trustees so that said 

Board can decide. Said brief shall include all allegations and provide all evidence that 

supports his or her arguments. 

The Board of Trustees shall process said Appeal in accordance with the 

Adjudicative Procedure Regulations of the Retirement System. Notice of the final 

decision of the Board of Trustees shall advise of the right to request reconsideration 

and/or Judicial Review within the period and in the form and manner provided by the 

Uniform Administrative Procedure Act. 

 (6) Fiduciary Policy and Crime Policy; The Board of Trustees shall obtain 

policies that cover trustee and criminal liability for Trustees and officers of the 

Retirement System. 

 (9) Updating signatures; The Board of Trustees shall appoint the employees 

authorized to carry out transactions with the System’s assets. The Administrator shall 

ensure that the signatures of authorized employees are updated every time changes 

are made. (Approved on August 31, 2001, Resolution 2001-038) 

Amended: Apr 26 2018 

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Exhibit 2 Page 108 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

104

ARTICLE 7. ADMINISTRATION OF THE FUNDS 

(1) The Board of Trustees shall be the receiver of the different funds of the 

Retirement System, which shall be used to create a general fund for 

payment of the benefits listed in these Regulations. It further authorizes 

transfer of funds for payment of pensions and other benefits. (Approved 

on August 31, 2001, Resolution 2001-038) 

(2) The Board of Trustees shall have the following powers, subject to the 

limitations that the Governing Board of the Authority may hereinafter 

prescribe: 

 (a) Investing and reinvesting the System’s funds in accordance with 

the Investment Policy adopted by the Board of Trustees and ratified by the Authority’s 

Governing Board. Any amendment to the Investment Policy in effect shall be approved 

by the Board of Trustees and ratified by the Authority’s Governing Board before it enters 

into effect. (Approved on May 2, 2006, Resolution 2006-024). 

 (b) Selling, exchanging, transferring, granting options and disposing 

during any period of any property possessed, whether real or personal, and any sale 

may be made through private contract or auction, establishing the form of payment 

deemed convenient, without any 

Amended: Apr 26 2018 

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Exhibit 2 Page 109 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

105

person with whom the Board carries out any transaction being required to know the way 

in which the money paid is invested; 

 (c) Managing, running, repairing, improving, mortgaging or leasing for 

any number of years and under the terms and conditions deemed appropriate, any real 

property that it possesses; 

 (d) Settling or adjusting any debts or obligations and reducing the 

percentage of interest thereon, extending, modifying or collecting on them once they are 

due.

 (e) Submitting any controversy to binding arbitration; 

 (f) Voting personally or by proxy with regards to any actions or other 

stocks that it holds and exercising any other right related thereto; 

 (g) Adhering to or opposing the reorganization, recapitalization, 

consolidation, sale or merger of corporations or properties in which it has an interest, 

under such terms and conditions deemed advisable, and accepting any stocks that may 

be issued as a result of said reorganization, recapitalization, consolidation, sale or 

merger and conserving these; 

 (h) Enforcing or not enforcing, at its sole discretion, any right, 

obligation or claim, and abandoning, if it deems convenient, 

Amended: April 26, 2018 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

106

any property, whether real or personal, possessed at any period, and in general 

protecting in any way and moment the interests of the System; 

 (i) Causing any stocks that it may acquire to be registered on its 

behalf or on behalf of any person(s) designated, or not registering them and retaining 

them in whole or in part in such conditions that they can be transferred via delivery, and 

 (j) Making, executing, acknowledging and delivering any deeds, lease, 

assignments and instruments to carry out any acts deemed necessary and exercising 

all of the powers mentioned above under such terms and conditions deemed most 

convenient. 

 (3) The Board of Trustees is hereby authorized to make arrangements with 

any bank or trust company for the deposit, investment or reinvestment of Retirement 

System funds, as long as said bank or trust company is accepted by the Authority’s 

Governing Board, PROVIDED further that all investments or reinvestments or powers 

with regards to these investments, made by the Board of Trustees or by a bank or trust 

company, shall be subject to the terms mentioned above for investment of funds of the 

System. 

Amended: Apr 26 2018 

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Exhibit 2 Page 111 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

107

 (4) The Board of Trustees shall have powers to borrow money at any time 

and under the terms and conditions deemed convenient for improvement of the 

purposes of the Retirement System, and to that effect, may issue any promissory note 

and secure payment of these loans, encumbering the funds or properties in its custody 

or possession. 

Amended: Apr 26 2018 

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Exhibit 2 Page 112 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

108

ARTICLE 8. ACCOUNTING 

 The Board of Trustees shall provide that the following two accounts be kept: (1) 

member account and (2) accrued deposit and allotment account. 

 General accounts shall be kept for the contributions by each member, the 

contributions by the Authority, investment income, transfer of contributions to other 

retirement systems of the Government of Puerto Rico and any other deposit in the 

System fund. Accounts shall also be kept to account for payment of pensions, benefits, 

expenses and returns of Accrued Contributions from the System fund. For said 

purposes, an Accounting Manual shall be kept which shall include the following 

sections: 

 Account Structure 

 Account Manual 

 Conversion Table 

 Account Dictionary 

(Approved on August 31, 2001, Resolution 2001-038) 

 (1) The member account shall cover the members’ individual 

contributions. The contributions of all members shall be credited to this account. The 

contribution of members after 

Amended: Apr 26 2018 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

109

deducting an amount equal to the contribution required under the Federal Social 

Security Act, shall be credited to this fund as they are received. All returns made to any 

member prior to his or her retirement shall be debited from this account. When a 

member retires, the total of his or her accrued contributions for the deductions provided 

in Articles 5(1) and 4(3)(d) shall be transferred from the member’s account to the 

accrued deposit and allotment account. This account shall be charged for any amount 

that the Retirement System pays the Authority for it to pay the Puerto Rico Treasury 

Secretary as the contribution of the members under the Federal Social Security Act. 

 (2) The accrued deposit and allotment account shall be the account 

which shall receive all reserves for payment of pensions payable from the Authority’s 

contributions. The appropriate contribution of the Authority shall be credited annually in 

the accrued deposit and allotment account for each member as provided under Article 5. 

The interests and benefits obtained in financial investments shall be credited to this 

account. All pensions granted for retirement or benefits granted in their place, as well as 

lump payments for benefits, for death payable from the contributions contributed under 

the provisions of Article 4(3) shall be 

Amended: Apr 26 2018 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

110

charged from the accrued deposit and allotment account. Upon retirement of a member 

with no right to service prior to the implementation of the System, a sum equal to the 

current cost of the credit that corresponds to future retirement payments or benefits in 

their place shall be transferred from the accrued deposit and allotment account to the 

retirement reserve account, payable on behalf of the retired member. Any amount paid 

by the Authority’s Retirement System for contributions to be paid by the Authority to the 

Secretary of the Treasury of Puerto Rico under the Federal Social Security Act shall be 

charged to this account. 

Amended: Apr 26 2018 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

111

ARTICLE 9. GENERAL PROVISIONS 

 (1) The establishment of this Retirement System shall not be considered or 

interpreted as an employment contract or as a cause for one, nor shall it affect the rights 

that the Authority has to separate any employee from employment. 

 (2) The Authority’s intention is to maintain the System while it performs the 

duties and purposes for which it was created, but the Authority, through the 

recommendation of the Board of Trustees and action of its Governing Board may, for 

reasons that affect its development and normal operations as a solvent entity, 

discontinue, suspend or reduce its contributions to an amount that is lower than what is 

required under Article 5, in which case the contributions of the members may similarly 

be discontinued, suspended or reduced in the same proportion and for the same period 

and all of the benefits shall be reduced to the amounts that the contributions made 

through that date, plus such future reduced contributions (if any) that they may provide, 

in accordance with actuarial evaluations. 

 (3) Through recommendation of the Board of Trustees and action of its 

Governing Board, based on causes or circumstances that are outside of its control, the 

Authority may terminate the operation of the System 

Amended: Apr 26 2018 

 

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Exhibit 2 Page 116 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

112

at any moment. In the event of such termination, all of the System’s capital shall only be 

used for the benefit of active members, retired members and their beneficiaries under 

the System, and for no other purpose. Each member or person entitled to a pension 

shall be entitled to a proportional part of the total amount of the System’s capital that 

corresponds to it, in accordance with all of the prior contributions made by him or her 

and by the Authority with regards to the benefits that shall be paid to him or her or to his 

or her account and in the proportion that the obligations of the System in his or her 

account has to the total obligations of the System, as determined by the Board of 

Trustees based on the actuarial evaluations. The Board of Trustees may require from 

said members or from other persons that they withdraw such amounts, in the form of 

immediate or deferred yearly payments, as determined by the Board in its discretion. 

 (4) Notwithstanding any contrary provision established in these Regulations, 

when there are special circumstances, the Governing Board of the Authority shall be 

entitled to grant a special pension or benefit to any employee, whether or not he or she 

is a member of this System, and said pension or benefit shall be paid from the 

Retirement System, PROVIDED that the Authority shall first pay the System the amount 

required to cover the sum of said pension or benefit. 

Amended: Apr 26 2018 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

113

ARTICLE 10. TRANSFER OF BENEFITS

 None of the benefits granted under this System shall be subject in any way to an 

advance, alienation, sale, transfer, assignment, pledge or encumbrance and any 

attempt to advance, alienate, sell, transfer, assign, pledge or encumber it shall be null; 

and said benefit shall not be subject to nor may it be used in any way to cover or 

support debts, contracts, obligations, settlements or tortious acts of the person entitled 

to said benefit, except in the manner specifically provided under these Regulations. 

Members who voluntarily retire may authorize the Administrator of the Retirement 

System to make uniform deductions to their pension in order to pay for debts 

undertaken with the Electric Power Authority and fees, contributions or debts 

undertaken with the Employee Association of the Commonwealth of Puerto Rico 

(AEELA, acronym in Spanish), employee associations of the Electric Power Authority, 

savings and loan cooperatives, or for payment of a life or catastrophic illness insurance 

policy. In these cases, the retired member shall release the Retirement System and its 

Board of Trustees from any liability in the event of any injury. Under no circumstances 

may the retired member authorize the Administrator of the Retirement System to make 

deductions for payment of 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

114

a medical plan, except in such cases in which the medical plan is offered by the 

Electrical Power Authority. (Approved on November 4, 2016, Resolution 2016-040). 

 If any active or retired member or any other beneficiary under the System is 

declared bankrupt or attempts to advance, alienate, sell, transfer, assign, pledge or 

encumber any benefit granted by this System, other than as specifically provided under 

these Regulations, said benefit shall cease and terminate at the discretion of the Board 

of Trustees, and in this event the Board of Trustees shall retain them and apply them for 

the benefit of said active or retired member or other beneficiary, his or her spouse, 

children or other dependents or any of these in such manner and in the proportion that 

the Board of Trustees deems appropriate. 

Amended: Apr 26 2018 

 

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Exhibit 2 Page 119 of 121
CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

115

ARTICLE 11. AMENDMENTS 

These Regulations may be amended in whole or in part by the Board of Trustees 

when it deems appropriate, as long as the Board of Trustees notifies the Authority of its 

intention to amend thirty days in advance and also informs all of the members in order 

to give them the opportunity to be heard before the Authority makes a decision. IT IS 

HEREBY PROVIDED that the Authority may within said thirty-day period prohibit the 

proposed amendment, in which case it shall not enter into effect. IT IS FURTHER 

PROVIDED that no modification or amendment may deprive any active or retired 

member or any other person receiving a pension of any of the benefits to which he or 

she would be entitled due to the income accrued in or credited to his or her account 

under the System as of said date, unless he or she consents. 

NOTES: 

1. In the event that there is any discrepancy between the text of the 

Regulations and the Resolutions of the Board of Trustees, the latter shall 

govern; PROVIDED that a Resolution book shall be established through 

which every rule or amendment to the Regulations adopted in a meeting 

of the Board of Trustees shall be necessary [sic] to issue a 

Amended: Apr 26 2018 

 

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CERTIFIED TRANSLATION 

I, Juan E. Segarra, USCCI #06-067/translator, certify that the foregoing is a true and accurate 

 translation, to the best of my abilities, of the document in Spanish which I have seen. 

116

Resolution which shall be included therein, bearing the appropriate 

sequence number assigned by the Secretary of the Board. This number 

shall be assigned in the meeting of the Board of Trustees in which the 

Resolution is approved in order for it to be on the record in the Minutes. A 

copy of every Resolution shall be sent to the Administrator of the 

Retirement System. 

2. These Regulations have been reviewed in accordance with the 

amendments introduced through February 27, 2014. 

I CERTIFY that this is a true and exact copy of the Regulations of the Retirement 

System of the Employees of the Electric Power Authority which was amended by the 

Board of Trustees in its ordinary meeting held on April 26, 2018, through Resolution 

2018-015 and ratified by the Board of Government through Resolution 4650 from 

August 19, 2018. 

[signature] 

CARMEN L. HERRERO GARCIA 

CLERK, BOARD OF TRUSTEES 

Amended: Apr 26 2018 

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