Every employee of any public instrumentality may voluntarily authorize that a specific amount of his/her salary be withheld up to the maximum amount allowed by Act No. 91 of June 29, 1954, § 169, to deposit it in an individual retirement account. To such effects, the employee must complete and submit a salary withholding authorization form, in original and one copy, in which the amount to be withheld from his/her salary for each payroll period shall be specified under the employee’s signature, to the unit, division or personnel office of his/her respective agency.The total payroll amount withheld authorized by the public employee shall not be withheld in the same payroll period and must be prorated based on the total number of payroll periods in which each fiscal year is divided. The public instrumentality for which the employee renders services, other than a Public Service Corporation, shall be responsible for remitting a copy of the salary withholding authorization form submitted by the latter in conjunction with a list or magnetic tape containing the names of employees to which discounts should be made and the amounts to be discounted to the Secretary of Treasury.The amount by the latter in conjunction with a list or magnetic tape containing the names of employees to which discounts should be made and the amounts to be discounted to the Secretary of Treasury.The amount discounted from employee’s salary for the individual retirement account shall be registered in the payroll of the public instrumentality in which the employee works and in the salary payment voucher or stub to be handed to the employee. History —Aug. 11, 1991, No. 60, § 1, eff. Jan. 1, 1992.
Puerto Rico Legal Code