2023 Laws of Puerto Rico › TITLE THREE - Executive (§§ 1 — 9311) › Chapter 33 - Retirement of Government Personnel (§§ 761 — 830q) › § 784 - Employees Retirement System—Interchange of credits

Notwithstanding any provision elsewhere in §§ 761 et seq. of this title, any person in the employ of a public enterprise on December 31, 1951, who was a member of a superseded pension plan and whose corresponding rights therein have been acknowledged, shall, effective January 1, 1952, succeed to membership of the System created under §§ 761 et seq. of this title, with all the rights, privileges, and obligations prescribed by law for the members of the said System, in consideration whereof the said public enterprise shall pay monthly for such member as normal employer’s contribution, the amounts prescribed by §§ 761 et seq. of this title.
Any member withdrawing from the service of any employer as herein defined to enter the service of another employer covered by the provisions of §§ 761 et seq. of this title who shall be maintaining an independent retirement plan, or pension fund, by whatever name called, shall not be entitled to a refund under the provisions of §§ 761 et seq. of this title. The accumulated contributions of such member, together with appropriate service credits shall be transferred to such independent retirement plan or pension fund, to the end that continuity of rights of such member shall be maintained. By such transfer, the member shall relinquish and forfeit any and all rights to creditable service that had accrued in this System.
With regard to every person who, upon becoming a member of this System, would have accrued certain contributions and creditable services in an independent retirement plan or pension fund maintained by any employer covered by this chapter, the Administrator is hereby authorized to receive the accrued contributions made by the participant from said plan or independent fund, and to register these contributions in behalf of the participant in this System. The Administrator shall also register, for the purposes of this System, the subsequent services of said participant, for the contribution periods accrued and hereby transferred, as well as the prior services subject to the provisions of § 765 of this title. If any contributions accrued and transferred to this System as indicated, exceed the amount that the employee would have accrued if he/she had been a member of this System for a period equal to that of his participation in the other pension or retirement plan, an adjustment shall be made through which the employee shall receive the corresponding reimbursement of whatever excess there is of his/her contributions. But, if the amount equal to the accrued contributions were less than said amount, the participant shall make the corresponding additional payment according to the rules prescribed to such effects by the Board.
Every participant who has been a member of an independent retirement plan or pension fund, and has lost his/her rights thereunder upon accepting the reimbursement of his/her contributions, or upon waiving any other benefits, shall not be entitled to the validation in this System of neither subsequent nor prior services corresponding to the period for which he would have lost his rights, upon receiving the said reimbursement. If said participant wishes to validate his/her creditable services for the period of services rendered as a participant of said independent retirement plan or pension fund, he/she shall be required to contribute to this System, along with the corresponding interest at the prescribed rates, the amounts that he/she would have paid to this System, or any superseded pension fund, as defined in this chapter, during said period of services, subject to the provisions of § 765 of this title.
History —May 15, 1951, No. 447, p. 1298, § 23; May 8, 1952, No. 210, p. 502; renumbered as § 2-118 and amended on Sept. 24, 1999, No. 305, § 27.