(a) Retirement shall be optional for any participant of the System in active service who shall have completed at least thirty (30) years of creditable service. Said participant shall be entitled to receive the Merit Annuity for thirty (30) years or more of service in accordance with subsections (b) and (c) of this section thereof.(b) Participants of the System under the Coordinating Plan and receiving Social Security benefits, who have not attained sixty-five (65) years of age, shall receive a merit annuity to be computed as provided for hereinafter:(1) For those participants who have completed thirty (30) years or more of creditable services and have not attained fifty-five (55) years of age or more, sixty-five percent (65%) of the average compensation.(2) For those who have completed thirty (30) years or more of creditable services and have attained fifty-five (55) years of age or more, seventy-five (75%) of the average compensation.(3) Years in excess of thirty (30) may only serve as basis to calculate the average compensation.(c) As soon as the participants mentioned in subsection (b) of this section attain sixty-five (65) years of age or more, and the status of fully insured as basis to calculate the average compensation.(c) As soon as the participants mentioned in subsection (b) of this section attain sixty-five (65) years of age or more, and the status of fully insured under the Federal Social Security Act, their pension shall be recomputed on the basis of the formula provided in subsection (d) of this section.(d) Except members of the Police Corps and mayors, if the participant who retires has attained sixty-five (65) years of age or more and the status of fully insured under the Federal Social Security Act, the amount of the merit annuity for thirty (30) years of service or more shall be one and one-half percent (1 1 / 2 %) of the average compensation up to six thousand six hundred dollars ($6,600) annually, multiplied by the number of years of creditable services, plus the percent applicable to each participant in accordance with the provision of subsection (b) of this section of the average compensation in excess of six thousand six hundred dollars ($6,600) annually. History —May 15, 1951, No. 447, p. 1298, added as § 6-A on June 19, 1968, No. 91, p. 164; Apr. 26, 1972, No. 19, p. 39; June 8, 1973, No. 123, p. f six thousand six hundred dollars ($6,600) annually. History —May 15, 1951, No. 447, p. 1298, added as § 6-A on June 19, 1968, No. 91, p. 164; Apr. 26, 1972, No. 19, p. 39; June 8, 1973, No. 123, p. 493, § 1; renumbered as § 2-102 on Sept. 24, 1999, No. 305, § 11; Sept. 2, 2000, No. 302, § 2. (a) Retirement shall be optional for any participant of the System in active service who shall have completed at least thirty (30) years of creditable service. Said participant shall be entitled to receive the Merit Annuity for thirty (30) years or more of service in accordance with subsections (b) and (c) of this section thereof.(b) Participants of the System under the Coordinating Plan and receiving Social Security benefits, who have not attained sixty-five (65) years of age, shall receive a merit annuity to be computed as provided for hereinafter:(1) For those participants who have completed thirty (30) years or more of creditable services and have not attained fifty-five (55) years of age or more, sixty-five percent (65%) of the average compensation.(2) For those who have completed thirty (30) years or more of creditable services and have attained fifty-five (55) years of age or more, seventy-five (75%) of the average compensation.(3) Years in excess of thirty (30) may only serve as basis to calculate the average compensation.(c) As soon as the participants mentioned in subsection (b) of this section attain sixty-five (65) years of age or more, and the status of fully insured as basis to calculate the average compensation.(c) As soon as the participants mentioned in subsection (b) of this section attain sixty-five (65) years of age or more, and the status of fully insured under the Federal Social Security Act, their pension shall be recomputed on the basis of the formula provided in subsection (d) of this section.(d) Except members of the Police Corps and mayors, if the participant who retires has attained sixty-five (65) years of age or more and the status of fully insured under the Federal Social Security Act, the amount of the merit annuity for thirty (30) years of service or more shall be one and one-half percent (1 1 / 2 %) of the average compensation up to six thousand six hundred dollars ($6,600) annually, multiplied by the number of years of creditable services, plus the percent applicable to each participant in accordance with the provision of subsection (b) of this section of the average compensation in excess of six thousand six hundred dollars ($6,600) annually. History —May 15, 1951, No. 447, p. 1298, added as § 6-A on June 19, 1968, No. 91, p. 164; Apr. 26, 1972, No. 19, p. 39; June 8, 1973, No. 123, p. f six thousand six hundred dollars ($6,600) annually. History —May 15, 1951, No. 447, p. 1298, added as § 6-A on June 19, 1968, No. 91, p. 164; Apr. 26, 1972, No. 19, p. 39; June 8, 1973, No. 123, p. 493, § 1; renumbered as § 2-102 on Sept. 24, 1999, No. 305, § 11; Sept. 2, 2000, No. 302, § 2. (a) Retirement shall be optional for any participant of the System in active service who shall have completed at least thirty (30) years of creditable service. Said participant shall be entitled to receive the Merit Annuity for thirty (30) years or more of service in accordance with subsections (b) and (c) of this section thereof.(b) Participants of the System under the Coordinating Plan and receiving Social Security benefits, who have not attained sixty-five (65) years of age, shall receive a merit annuity to be computed as provided for hereinafter:(1) For those participants who have completed thirty (30) years or more of creditable services and have not attained fifty-five (55) years of age or more, sixty-five percent (65%) of the average compensation.(2) For those who have completed thirty (30) years or more of creditable services and have attained fifty-five (55) years of age or more, seventy-five (75%) of the average compensation.(3) Years in excess of thirty (30) may only serve as basis to calculate the average compensation.(c) As soon as the participants mentioned in subsection (b) of this section attain sixty-five (65) years of age or more, and the status of fully insured as basis to calculate the average compensation.(c) As soon as the participants mentioned in subsection (b) of this section attain sixty-five (65) years of age or more, and the status of fully insured under the Federal Social Security Act, their pension shall be recomputed on the basis of the formula provided in subsection (d) of this section.(d) Except members of the Police Corps and mayors, if the participant who retires has attained sixty-five (65) years of age or more and the status of fully insured under the Federal Social Security Act, the amount of the merit annuity for thirty (30) years of service or more shall be one and one-half percent (1 1 / 2 %) of the average compensation up to six thousand six hundred dollars ($6,600) annually, multiplied by the number of years of creditable services, plus the percent applicable to each participant in accordance with the provision of subsection (b) of this section of the average compensation in excess of six thousand six hundred dollars ($6,600) annually. History —May 15, 1951, No. 447, p. 1298, added as § 6-A on June 19, 1968, No. 91, p. 164; Apr. 26, 1972, No. 19, p. 39; June 8, 1973, No. 123, p. f six thousand six hundred dollars ($6,600) annually. History —May 15, 1951, No. 447, p. 1298, added as § 6-A on June 19, 1968, No. 91, p. 164; Apr. 26, 1972, No. 19, p. 39; June 8, 1973, No. 123, p. 493, § 1; renumbered as § 2-102 on Sept. 24, 1999, No. 305, § 11; Sept. 2, 2000, No. 302, § 2.
Puerto Rico Legal Code