2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 80C - Voluntary Early Retirement Program for the Employees of the Puerto Rico Trade and Export Company (§§ 1237 — 1237l) › § 1237g - Contributions

The Trade and Export Company shall contribute to the Retirement Systems Administration for the implementation of the Early Retirement Program provided in this chapter until the participant becomes eligible for obtaining a merit pension equal to seventy-five percent (75%) of his/her average compensation, as follows:
(a) A cash payment equal to the annuity to be received by the participant on account of the pension as of the effective date of the pension by virtue of the Early Retirement Program.
(b) The Trade and Export Company shall also contribute to the Program during the period remaining to the employee for complying with the conditions of the Retirement Systems Administration for retiring:
(1) The contribution of the employer and the individual contribution of each participant of the Program based on the salary the latter receives at the time of his/her separation from service.
(2) The Christmas bonus to which pensioners are entitled under the Retirement Systems Administration.
(3) The summer bonus and the bonus for medications.
(4) Any new benefit that was or is granted by law to pensioners and which has not been mentioned in the preceding clauses; Provided, That the pension increase of three percent (3%) granted every three (3) years to pensioners under §§ 761 et seq. of Title 3 or through special legislation shall be expressly excluded from said benefits.
(c) The total economic contributions shall be remitted to the Retirement Systems Administration forty (40) days after the Joint Resolution on the General Budget for each economic year has been signed or in case the latter is vetoed, as of said moment.
(d) When a participant dies within a maximum period of six (6) years after the effective date of his/her pension, the Puerto Rico Trade and Export Company shall continue to pay the economic contribution to the Retirement Systems Administration.
(e) When a participant dies while receiving a retirement annuity from the Program, the surviving spouse or his/her minor or physically or mentally disabled children shall be entitled to a pension to be determined according to the provisions of this chapter:
(1) If the participant is not covered under Title II of the Federal Social Security Law at the time of his/her death, the persons mentioned in subsection f of this Section [sic] shall receive equal shares of sixty percent (60%) of the annuity received by the participant at time of his/her death.
(2) If the participant were to be covered under Title II of the Federal Social Security Law at the time of his/her death, the persons mentioned in subsection f of this Section [sic], shall receive, in lieu of what is provided in subsection (f)(i) of this Section [sic], equal shares of thirty percent (30%) of the annuity received by the participant at time of his/her death. The surviving spouse of the participant shall receive the pension provided in this subsection when reaching the age of sixty (60). Provided, further, That the surviving spouse must have been married to the deceased participant for at least ten (10) years.
(3) The provisions of clauses (1) and (2) of this subsection shall not apply once the participant becomes part of the Retirement System, at which time the provisions of § 788a of Title 3, shall apply.
(4) In the case of minor or mentally disabled children, the corresponding pension may be given to their father or mother, as the case may be, or to any other person designated by the Court of First Instance, always looking after the welfare of the minor.
(5) In the case of minors, the payments shall be made until they reach the age of eighteen (18), except if they are persons permanently disabled to work due to their mental condition or physical disability, or until the age of twenty-five (25) if they are pursuing studies. Said studies must be pursued at an institution recognized by the Puerto Rico Higher Education Council or by the Department of Education, as the case may be. The Board may designate an educational institution located outside of Puerto Rico which is recognized by an entity similar to the Puerto Rico Higher Education Council or to the Department of Education, as an institution in which the children of a deceased participant are able to pursue studies and qualify for receiving benefits under this section.
(6) Any person mentioned in this section who is not in agreement with the determination of the Retirement Systems Administrator in relation to his/her application for the payment of benefits, may request reconsideration within a term of thirty (30) days after having been notified of said determination.
(7) In case one of the persons mentioned in this section were to be entitled under any of the laws of Puerto Rico to another pension for the same service or due to the death of a participant, the higher pension shall be paid.
(8) Any person entitled to receive or who is receiving on his/her own right, a pension from any retirement system under the laws of Puerto Rico, shall receive or continue to receive the same in addition to the pension herein provided for the death of the participant. The right to said pension for the death of the participant shall be retroactive to the time of death of the participant and payment thereof, as concerns the surviving spouse, shall begin as of the date in which the latter meets the eligibility requirements established in this section.
(9) Except as otherwise provided in this chapter, the pensions granted under this section shall be exempt from embargo or attachment.
History —July 13, 2007, No. 66, § 8.