(a) Beginning on August 1, 2014, every active System participant shall mandatorily contribute ten percent (10%) of his/her monthly salary to his/her Defined Contribution Account. The percentage of the mandatory contribution to be made by each participant according to his/her monthly salary shall be reviewed as follows: (1) for Fiscal Year 2017-2018, to eighty-two percent (82%) of the maximum employer contribution established in subsection (b) of § 396b of this title for said fiscal year; and (2) for Fiscal Year 2020-2021, to seventy-one percent (71%) of the maximum employer contribution established in § 396b of this title for said fiscal year.(b) The review established in subsection (a) of this section for Fiscal Years 2017-2018 and/or 2020-2021 may be rendered ineffective if the actuary certifies at the beginning of the corresponding fiscal year that such review is not necessary to reduce the actuarial deficit of the Retirement System.(c) Any participant who wishes to contribute to his/her Defined Contribution Account a higher percentage than that established in subsection (a) of this section may do so by requesting the Executive Director in writing to withhold a higher amount his/her Defined Contribution Account a higher percentage than that established in subsection (a) of this section may do so by requesting the Executive Director in writing to withhold a higher amount from his/her salary. History —Dec. 24, 2013, No. 160, § 5.5.
Puerto Rico Legal Code