(a) Credit.— The Administrator shall credit to the account of every Hybrid Program participant the following items:(1) Initial balance transfer.— In the case of participants of the Retirement Savings Account Program, the balance of the savings account and income transferred to the Hybrid Program shall be credited.(2) Contributions of Hybrid Program participants.— Contributions made by the Hybrid Program participant as required under this act shall be credited once they are remitted by the employer to the System.(3) Return on investment.— The return on investment shall be credited at the close of each semester of each fiscal year. The return on investment shall be computed the last business day of each semester of the fiscal year on the average monthly balance of the contributions account of the Hybrid Program participant, during the semester in question. The return on investment shall be determined by the Board and shall never be less than eighty percent (80%) of the System’s portfolio net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice.(b) Rights on the o net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice.(b) Rights on the contributions account.— Hybrid Program participants shall always have one hundred percent (100%) right over the initial balance transfer provided in subsection (a)(1) of this section and their contributions to the Hybrid Program accounts. History —May 15, 1951, No. 447, p. 1298, added as § 5-108 on Apr. 4, 2013, No. 3, § 22, eff. July 1, 2013. (a) Credit.— The Administrator shall credit to the account of every Hybrid Program participant the following items:(1) Initial balance transfer.— In the case of participants of the Retirement Savings Account Program, the balance of the savings account and income transferred to the Hybrid Program shall be credited.(2) Contributions of Hybrid Program participants.— Contributions made by the Hybrid Program participant as required under this act shall be credited once they are remitted by the employer to the System.(3) Return on investment.— The return on investment shall be credited at the close of each semester of each fiscal year. The return on investment shall be computed the last business day of each semester of the fiscal year on the average monthly balance of the contributions account of the Hybrid Program participant, during the semester in question. The return on investment shall be determined by the Board and shall never be less than eighty percent (80%) of the System’s portfolio net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice.(b) Rights on the o net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice.(b) Rights on the contributions account.— Hybrid Program participants shall always have one hundred percent (100%) right over the initial balance transfer provided in subsection (a)(1) of this section and their contributions to the Hybrid Program accounts. History —May 15, 1951, No. 447, p. 1298, added as § 5-108 on Apr. 4, 2013, No. 3, § 22, eff. July 1, 2013. (a) Credit.— The Administrator shall credit to the account of every Hybrid Program participant the following items:(1) Initial balance transfer.— In the case of participants of the Retirement Savings Account Program, the balance of the savings account and income transferred to the Hybrid Program shall be credited.(2) Contributions of Hybrid Program participants.— Contributions made by the Hybrid Program participant as required under this act shall be credited once they are remitted by the employer to the System.(3) Return on investment.— The return on investment shall be credited at the close of each semester of each fiscal year. The return on investment shall be computed the last business day of each semester of the fiscal year on the average monthly balance of the contributions account of the Hybrid Program participant, during the semester in question. The return on investment shall be determined by the Board and shall never be less than eighty percent (80%) of the System’s portfolio net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice.(b) Rights on the o net rate of return during each semester of each fiscal year, of the management fees such as, but not limited to, fees payable to portfolio managers, custody, and investment advice.(b) Rights on the contributions account.— Hybrid Program participants shall always have one hundred percent (100%) right over the initial balance transfer provided in subsection (a)(1) of this section and their contributions to the Hybrid Program accounts. History —May 15, 1951, No. 447, p. 1298, added as § 5-108 on Apr. 4, 2013, No. 3, § 22, eff. July 1, 2013.
Puerto Rico Legal Code