7079

The actuarial cost of the pensions provided for in this chapter, as determined by the Retirement System Administrator for the Employees of the Government and the Judiciary, shall be paid annually by the Administration to the Retirement System Administration for the Employees of the Government and the Judiciary, according to the payment structure established by the Administrator. Said actuarial cost shall consist of the difference between the present value of the accelerated pension provided in this chapter and the present value of a pension for years of service under the provisions of §§ 761 et seq. of this title, and pursuant to the provisions of this legislation. The funds to defray the program shall originate from the fund appropriated to the Administration and the general expense budget, and no debt of any kind shall be issued to defray the same. The payment plan authorized in this chapter made by the Administration is a five (5)-year projection.\nIn the event that the payment made by the Administration is in excess of the actuarial cost, the Retirement System Administration for the Employees of the Government and the Judiciary shall reimburse the Administration the amount

made by the Administration is in excess of the actuarial cost, the Retirement System Administration for the Employees of the Government and the Judiciary shall reimburse the Administration the amount paid in excess within a term not to exceed thirty (30) days as of the effective date of the Program. If, on the contrary, the payment made by the Administration were insufficient, the latter shall issue a payment for the additional cost certified by the Retirement System Administration within a term not to exceed thirty (30) days as of the effective date of the Program.\nHistory —Aug. 13, 2008, No. 275, § 10.