673f

The actuarial cost of the pensions provided in this chapter determined by the Administrator of the Retirement System Administration of the Government of Puerto Rico shall be totally paid by the Puerto Rico Tourism Company to the Retirement System Administration prior to the implementation of the Voluntary Early Retirement Program. 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 Title 3, and in accordance with the provisions set forth herein. It is further provided, that the Puerto Rico Tourism Company shall annually compensate the Retirement System Administration for expenses incurred for the administration of the Voluntary Early Retirement Program authorized by this chapter. The funds for the payment of the Voluntary Early Retirement Program shall originate from the Puerto Rico Tourism Company, therefore the resources of the General Fund of the Commonwealth of Puerto Rico shall not be encumbered. Nor may a debt be issued for the payment of the Retirement Program authorized herein. History —Dec.

efore the resources of the General Fund of the Commonwealth of Puerto Rico shall not be encumbered. Nor may a debt be issued for the payment of the Retirement Program authorized herein. History —Dec. 21, 2006, No. 273, § 7, eff. Jan. 31, 2007.