2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART III - Other Financial Institutions (§§ 551 — 1390) › Chapter 61A - Voluntary Early Retirement Program for the Employees of the Government Development Bank for Puerto Rico (§§ 608 — 608h) › § 608a - Pension; uncredited services

After choosing early retirement, all employees who have not received the reimbursement of their accrued contributions or who having received said reimbursement have returned or deposited the same with the Retirement System not later than thirty (30) days as of the date of availing themselves of the Early Retirement System Program authorized by this chapter and who comply with the provisions of § 608 of this title, have completed twenty-four (24) years of credited services regardless of their age and who voluntarily avail themselves of the Program authorized in this chapter, shall be entitled to receive a pension of seventy-five percent (75%) of the average compensation. This average compensation shall be determined according to the employee’s date of entry into the Retirement System, as established in §§ 761 et seq. of Title 3.
Those employees who by March 31, 2008, have had twenty-four (24) or more years accredited to the Retirement System and who in order to qualify for said Program need to have uncredited services accredited by the Government Employees Retirement System, must submit their application to the Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, not later than thirty (30) days as of the effective date of this act and before the date of separation from service. So that these employees may complete the months they may lack to credit their uncredited services and thus meet the retirement requirements provided by this chapter so as to be able to avail themselves of said early retirement, these employees shall be allowed, as an exception to § 765a of Title 3, to use their accrued vacation and sick leave. To those effects, every twenty (20) days accrued shall equal one (1) month of work. The Government Development Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority, shall certify to the Retirement System that the application for uncredited services was submitted while the employee was still in active service and that it meets all other requirements of this chapter.
For purposes of this Early Retirement Program, the Retirement System is authorized to include among its creditable services that period during which employees have rendered services in agencies, divisions, instrumentalities, public corporations or municipalities of the Commonwealth of Puerto Rico as employees recruited through temporary service agencies, provided they are employees of the Bank and its affiliate, the Puerto Rico Infrastructure Financing Authority and its subsidiary, the Puerto Rico Housing Financing Authority and participants in the Government of Puerto Rico Employees Retirement System at the time they applied for accreditation for services, have been members of the Retirement System on or before December 31, 1999, have not withdrawn their contributions when applying for the accreditation or if having received the same, have returned or deposited them with the Retirement System not later than thirty (30) days as of the date of availing themselves of the Early Retirement System authorized by this chapter and pay to the System the corresponding individual and employer contributions on the basis of the salaries received while rendering said services plus the interest as determined by the System.
History —Dec. 12, 2007, No. 188, § 2.