(a) Separation from service by death.— The balance in the savings account of every participant of the Program who dies shall be paid in one single lump sum to the person or persons that the participant has designated as beneficiary in the form and manner established by the Administrator. In the event that the participant had not designated any person as his/her beneficiary, the balance of the savings account shall be paid in a single lump sum to the persons entitled thereto under the applicable law provisions on community property, joint ownership, and estate.(b) Separation from service by disability or terminal illness.— The balance in the savings account of every participant of the Program who is permanently separated from service due to total and permanent disability as provided in this chapter, who is separated from service due to disability pursuant to §§ 376 et seq. of Title 25, or due to terminal illness, as determined by the Administrator, shall be distributed to the participant by the Administrator, at the option of the participant, in a lump sum, or through the purchase of an annuity contract, or any other optional form of payment pursuant to § 786-9 of this title.(c) pant by the Administrator, at the option of the participant, in a lump sum, or through the purchase of an annuity contract, or any other optional form of payment pursuant to § 786-9 of this title.(c) Date of purchase of the annuity contract and commencement of distribution.— The purchase of any annuity contract provided in this section shall be made after the separation from service due to total and permanent disability, disability under §§ 376 et seq. of Title 25, or terminal illness, but not later than sixty (60) days from that date. Monthly payments provided in this section shall commence after the separation from service due to total and permanent disability, but not later than ninety (90) days from that date. The single lump sum distribution of the savings account of the participant of the Program shall be made not later than sixty (60) days from the date the participant of the Program is permanently separated from service. History —May 15, 1951, No. 447, p. 1298, added as § 3-110 on Sept. 24, 1999, No. 305, § 30. (a) Separation from service by death.— The balance in the savings account of every participant of the Program who dies shall be paid in one single lump sum to the person or persons that the participant has designated as beneficiary in the form and manner established by the Administrator. In the event that the participant had not designated any person as his/her beneficiary, the balance of the savings account shall be paid in a single lump sum to the persons entitled thereto under the applicable law provisions on community property, joint ownership, and estate.(b) Separation from service by disability or terminal illness.— The balance in the savings account of every participant of the Program who is permanently separated from service due to total and permanent disability as provided in this chapter, who is separated from service due to disability pursuant to §§ 376 et seq. of Title 25, or due to terminal illness, as determined by the Administrator, shall be distributed to the participant by the Administrator, at the option of the participant, in a lump sum, or through the purchase of an annuity contract, or any other optional form of payment pursuant to § 786-9 of this title.(c) pant by the Administrator, at the option of the participant, in a lump sum, or through the purchase of an annuity contract, or any other optional form of payment pursuant to § 786-9 of this title.(c) Date of purchase of the annuity contract and commencement of distribution.— The purchase of any annuity contract provided in this section shall be made after the separation from service due to total and permanent disability, disability under §§ 376 et seq. of Title 25, or terminal illness, but not later than sixty (60) days from that date. Monthly payments provided in this section shall commence after the separation from service due to total and permanent disability, but not later than ninety (90) days from that date. The single lump sum distribution of the savings account of the participant of the Program shall be made not later than sixty (60) days from the date the participant of the Program is permanently separated from service. History —May 15, 1951, No. 447, p. 1298, added as § 3-110 on Sept. 24, 1999, No. 305, § 30. (a) Separation from service by death.— The balance in the savings account of every participant of the Program who dies shall be paid in one single lump sum to the person or persons that the participant has designated as beneficiary in the form and manner established by the Administrator. In the event that the participant had not designated any person as his/her beneficiary, the balance of the savings account shall be paid in a single lump sum to the persons entitled thereto under the applicable law provisions on community property, joint ownership, and estate.(b) Separation from service by disability or terminal illness.— The balance in the savings account of every participant of the Program who is permanently separated from service due to total and permanent disability as provided in this chapter, who is separated from service due to disability pursuant to §§ 376 et seq. of Title 25, or due to terminal illness, as determined by the Administrator, shall be distributed to the participant by the Administrator, at the option of the participant, in a lump sum, or through the purchase of an annuity contract, or any other optional form of payment pursuant to § 786-9 of this title.(c) pant by the Administrator, at the option of the participant, in a lump sum, or through the purchase of an annuity contract, or any other optional form of payment pursuant to § 786-9 of this title.(c) Date of purchase of the annuity contract and commencement of distribution.— The purchase of any annuity contract provided in this section shall be made after the separation from service due to total and permanent disability, disability under §§ 376 et seq. of Title 25, or terminal illness, but not later than sixty (60) days from that date. Monthly payments provided in this section shall commence after the separation from service due to total and permanent disability, but not later than ninety (90) days from that date. The single lump sum distribution of the savings account of the participant of the Program shall be made not later than sixty (60) days from the date the participant of the Program is permanently separated from service. History —May 15, 1951, No. 447, p. 1298, added as § 3-110 on Sept. 24, 1999, No. 305, § 30.
Puerto Rico Legal Code