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UNIVERSITY OF PUERTO RICO ...I'' , Iv' m ' I'.'''' RESOLUTION OF THE SUPERIOR EDUCATIONAL COUNCIL ESTABLISHING THE RETIREMENT SYSTEM OF THE UNIVERSITY OF PUERTO RICO June, 1953 Río Piedras, Puerto Rico
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UNIVERSITY OF PUERTO RICO RETIREMENT SYSTEM CONTENTS Establishment - Acticle 1 Purpose.... Ñame. Operativa date. Section 1 2 3 Définitions - Article 2 , University. ............. Government. Doard................ Employee.............. Member............... Present employee Future entrant. New member. Compensation or salary - - - ... Effective date............ System.... .......... Service............... Trustee Total Service Mílitary service........... Actuarial equivalent. ..... ... Regular interest. .......... Fiscal year............. The masculina pronoun ......... Membership - Article 3 Members of the system....... Exclusions fiom Membership.... Service Credit - Article 4 Prior service. ........... Membership service _ ........ Military service. .......... Creditable service........ . Computation of service. ...... 7 8 9 10 11 Page 1 1 1 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 4 5 6 6 7 7
Section - Page Leaves of Absence 12 7 Conditions for Super aonuation Retirement — Article 5 Optional retirement- 13 — 8 Compulsory retirement..... .. 14 8 Retirement Annuity — Article 6 Vesting of annuity 15 8 Amount of annuity - 16 9 Average final compensation 17 9 Fractional service 18 9 Early retirement- - -- -- -- - 19 -------- 9 Minimum annuity- - -- -- -- - 20 -------- 10 Máximum annüity - - -- -- - 21 -------- 10 Reversionary annuity — Article 7 Optional privilege- - -- -- -- - 22 -------- 10 Death Benefits — Article 8 Dearh while in service- ------ 23 -------- 11 Death benefit after retirement- - - 24-24 a -------- 11 Disability Benefits — Article 9 Disability annuity- - -- -- -- - 25 -------- 12 Refunds — Article 10------- - - 26 ' -------- 14 Retirement Reserve — Article 11 Revenue - -- -- -- -- -- - - 27 -------- 14 Contributions by members- --- 27-a -------- 15 Contributions by University- - - - 27-b - -- -- -- - 15 Interest. - -- -- -- -- -- -- - 28 -------- 16 Administration — Article 12 29 17Management Administrative Personnel- - - - - 30 19 Administrative Expense 31 20 Investments ----------- 32 20 11
Section Page General Provisions — Arricie 13 Assignments Prohibited. .... . 33 ........ 21 Rules and Regulations. ...... 34 ........ 22 Vésting 35 22 Obligations of University. ..... 36 ........ 22 Annual Report — Actuarial Survey. 37 ........ 23 Accounting. 38 23 Monthly Payments — Life Annuities 39 ........ 25 Superseded Pensión and Retirement system.............. 40 ........ 26 Repeal............... 41 ........ 27 Certification No.59 a......... .... 27 111
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UNIVERSITYOF PUERTO RICO RETIREMENT SYSTEM
Section 2. Ñame. The system so created shall be known as the "University of Puerto Rico Retirement System". In such ñame all its business shall be transacted, all of its moneys shall be invested, and all of its cash, securities, and other property shall be held.
Section 3. Operativo Date. The system shall become operativo as of July 1, 1949, superseding the existing pensión and retirement system created in 1945.
ARTIGUE
Section 1. Purpose. The purpose of such system is to provide retirement annuities and other benefits for the staff members and employees of the University of Puerto Rico who become aged or otherwise incapacitated, thereby enabling them to accumulate reserves for themselves and their dependents to meét, without prejudice or hardship, the hazards of oíd age, disability, death, and termination of employment, with the objective of encouraging qualified personnel to enter and remain in the service of the University, thus effecting economy and efficiency in the administration of the University.
In accordance with the provisions of Section 7 of Law No. 135, approved May 7, 1942, "Act of the Eniversity of Puerto Rico" authorizing the establishirent of a pensión a,nd retirenient system for the personnel of the University, including the faculty members and the technical and adn^inistrative employees thereof, the Superior Educational Council of the University of Puerto Rico hereby creates and establishes the "University of Puerto Rico Retirement System" and provides for the maintenance, financing, andadministration of such system as follow^s; 1 - ESTABLISIIMENT
RESOLUTION ESTABLISHING THE
ARTICLE 2 - DEFIMTIONS
(c) Board shall mean fhe retirement board provided for herein as the agency responsible for the active management of the system.
(d) Employee shall mean any member of the faculty,technical, administrativo, clerical, mechanical, labor, or other personnel of the University employed on a permanent and continous basis.
(b) Governinent shall mean the Government of Puerto Rico, including any department, división, agency, or dependency of the government.
(e) Member shall mean any person included in the membership of the system.
(a) University shall mean the University of Puerto Rico, including its several colleges and dependencies.
(f) Present employee shall mean any employee in service on June 30, 1949, or on an approved leave of absence on such date.
(g) Future entrant shall mean any person becoming an employee on or after July I, 1949.
Section 4. Words and phrases, wherever used in this outline, unless a different ireaning is clearly indicated by the context, shall have the following meanings:
(h) New member shall mean any member without prior service credit.
(i) Compensation or salary shall mean the full rate of compensation that would be payable to a member if he worked the full normal working time,including
V"'the valué of any maintenance or other sirrilar allowances.
(m) Trastee shall mean the Superior Educational Cound of the University of Puerto Rico.
(n) Total service shall mean prior service and membership service.
(j) Effective date shall nnean the date of approval of tliis Resolution when benefit payrrents under the plan shall becotre payable and all other provisions hereof shall be in full forcé and effect.
(k) System shall mean the L'niversity of Puerto ráco Retirerr.ent System.
(p) Actuarial equivalent shall mean an annuity or benefit of equal valué to the accurrulated contributions, annuity, Or benefit, when computed apon the basis of the actuarial tables in use by the system.
iq) Regular interest shall be such rate as shall be fixed by the retirement board, provided that for the first five years of operación of the system the rate shall be three per cent per annum compounded annually.
(r) Fiscal year shall mean the fiscal year of the Rniversity.
(o) Military service shall mean service during war in the United States army, navy, marines, or coast guard, or in any women's auxiliary thereof, as the result of enlistment or induction.
(1) Service shall mean employment by the (Jniversity as an employee for salary or compensation, or service otherwise creditable as herein provided.
Any person described in paragraphs (a) or (b) above, who shall be on an approved leave of absence on the effective date, formilitary service or other cause,shall be entitled to member ship as though he were in active service on such date, pro vided he has complied with the conditions therein prescribed, and service credit shall be granted to such person on the same basis as an employee in active service on the effective date.
(s) The masculine pronoun, wherever used, shall include the feminine pronoun.
Section 5. The foRowing employees of the Rniversity shall be menibers of the system:_
(b) Any person, regardless of age, who, on the effective date is an employee but is not a member of the pensión and retirement system in operation by the Rniversity under a resolution adopted on February 21, 1945, who has waived membership in any other pensión plan m.aintained by the Government as provided under Act No. 232, approved May 12, 1945.
ARTICLE 3 - MEMBERSHIP
(c) Any person becoming an employee after the effective date who is under age 55 upon entry into the service of the Rniversity, whose membership shall begiii upon completion of six months of service, provided such person waives membership, if necessary, in any other pensión plan maintained by the Government as provided under Act No. 232, ap proved May 12, 1945.
(a) Any person, regardless of age, who, on the effective date is an employee and a member of the pensión and retirement system in operation by the Rniversity under a resolution adopted on February 21, 1945.
Each member will receive as prior service full creait for service rendered the Government prior to June 30, 1949, and the University prior to January 1, 1945, without making any contribution therefor. Such member will also be entitled to credit for service rendered the University during the period from January 1, 1945 to June 30, 1949, but the allowance of such latter credit to a member not covered on the operative date by the retirement system superseded by this resolution shall be conditioned upon his making a contribution to the system equal in rate to that made by the other em;ployees for such period, based upon his earnings during that time, including interest at the rate of 3% per annum from July 1, 1949 to the date of payment.
Each member entitled to prior service credit shall file with the board, on a foim prescribed by the board and under such
SectioH 6- Exclusions from Membership. The following employees shall not be ir.embers of the system:
(a) Casual or part-time employees.
The retirement board shall determine who are employees and entitled to membership within the meaning of this Resolution.
(b) Persona whose services are compensated on a fee or hourly basis.
(o) Employees covered by other pensión fundamaintained by the government who do not waive membership therein as herein provided.
ARTICLE 4 - SERVICE CREDIT
Section 7. Prior Service. Each present employee shall receive credit for all service rendered the University or the government prior to the operative date, subject to such restrictions as herein provided, and as provided in Section 16 A of the Act of the University of Puerto Rico. No credit shall be given for service compensated on a fee or hourly basis.
Section 8. Membership Service. Each member shall also receive credit as membership service for all service rendered the University on and after the operativo date but the allowance of such credit to a member not covered by the retirement system superseded by this resolution shall be conditioned upon his making a contribution to the system equal in rate to that made by the other employees for the period from July 1, 1949 to the effective date, based upon his earnings during that time, including interest at the rate of 3% per annum from^ July 1, 1949 to the date of payment. No credit shall be given for service compensated on a fee or hourly tiasis.
rules as it may adopt, a detailed stateirent of all such prior service for which the rrember claims credit. Such claini for prior service shall be verified by the board as soon as practi cable after the filing thereof. Upon such verification, the board shall cause to be issued a statement of prior service, certifying to the member the length of prior service for which credit has been granted.Such statement shall be final and conclusive for the purpose s of this systemas to such service,except for the correction of error, provided that any member may, within one year from the date of original issuance of such certifícate, request the board to modify or correct such prior service certi fícate. Such certifícate shall become nuil and void upon the death of a member, and shall be cancelled automatically upon receipt by a member of a refund of his contributions. Such certifícate may be reinstated only under the conditions prescribed under the provisions hereof.
Section 9. Military Service. Prior service credit shall be granted for such time as any member shall have been in the service of the armed forces of the pnited States after September 23, 1940, having entered such service as an employee, provided such member shall reenter or shall have reentered service of the University within a period of six months from the date of termination of such service. Membership service credit shall be allowed for such time as a member shall have
been in the service of the arraed forces of the United States as a draftee or as a volunteer in time of war, having enterad such service as an employee, provided such raember shall reenter the service of the University within a period of six raonths frora the date of terraination of his military service. Military service credit in any case, as herein provided, shall notextend beyond oneyear aftera formal declaration of peace.
Section II. Computation of Service. Jn the coraputation of prior service or raerabership service for any and allpurposes herein, the following schedule shall govern: nine raonths of service or more during any fiscal year shall constitute a year of service; six to nine raonths, three-quarters of a year; three to six raonths, one-half year; less than three ra onths, one-quarter year. Except as herein otherwise provided, no serv ice credit shall be allowed for any period of absence without salary, ñor shall less than 15 days' service in any raonth constitute a raonth of service, ñor shall more than one year of service be creditable for all service rendered in any one fiscal year.
Section 12. Leaves of Absence. Prior service credit and raerabership service credit shall also include the following periods of leave of absence frora the University: (a) any approved leave of absence because of professional advanceraent or illness, with or without salary, provided the employee concerned shall raake a contribution to the systera equal to six per cent of salary for such period or periods of leave of absence, based upon the rate of salary in effect iraraediately preceding the beginning date thereof; and (b) any approved leave of absence, without salary, if the employee reraains attached to the University in sorae official capacityand makes a contribution to the systera equal totwelve per cent of salary based upon the rate of salary in effect iraraediately preceding the beginning date of such leave.
Section 10. Creditable Service. Creditable service shall consistof prior service credit and membership service credit.
Section 13. Optional Retirement. Any member tnay retire on a service retirement annuity, upon his written application to the board, on the first day of the calendar month, and retirement shall occur not less than 30 days or more than 90 days subsequent to the execution and filing ofsuch ap plication, provided that on the date of retirement as fixed by the board, such member shall be at least 55 years of age and shall have rendered at least 25 years of total service, or shall be at least 60 years of age and shall have rendered at least 10 years of total service, notwithstanding that withdrawal from service may have occurred prior to the time ap plication is made.
Interest at the rate of three per cent per annum, compounded annually, shall accrue on" any contributions for leaves of abseiice from the date of termination of any period of leave of absence to the date on which the contributions shall be made by the meraber.
ARTICLE 5 - CONDITIONS FOR STJPERANNUATIÜN RETIREMENT
Section 14. Compulsory Retirement. On and aftcr July 1, 1950, any member who shall have atiained the age of 65 years shall be retired, and such retirement shall occur on June 30th next following the date on which such age is attained. Upon written request of the member, and approval by the Superior Educational Council of the University, retirement of any such member may be deferred after age 65, for periods of one year, but in no eveqt shall such deferment be permitted beyond July Ist next following the date on which the member attained the age of 70 years.
Section 15. Vesting of Annuity. Any member withdrawing from service prior to the age of 60 years, regardless of cause, who has completed at least 10 years of creditable service
ARTICLE 6 - RETIREMENT ANNUITY
Section 18. praciional Service. Any period of service of less than a full year shall be recognized in the computation of part (a) of Section 16, and a proportionate amount of the annual annuity shall be determined for any such fractional period of service. but such fractional credit shall not apply to part (b) of said section.
(a) One and one-half per cent of average final compensations for each year of total service, plus (b) An amount equal to $5 per year for each com pleté year of total service.
Section 16. Amount of Annuity. The annual rata of re tirement annuity shall be equal to the sum of the following:
Section 17. Average Final Compensation. The average final compensation shall be the highest average annual com pensation during any 10 consecutivo years of creditable ser vice. Approved leaves of absence for professional advancéraent or illhess shall not interrupt the continuity of service if the member shall have made contributions therefor as herein provided. In cases of leave of absence in prior service the" employee shall receive credit for an annual salary equivalent to the one obtained the year before the original leave was granted. Jn cases of leave of absence in membership service the employee shall receive credit for the annual salary on which his contributions to the system are based.
Section 19- Early Retirement. Rpon retirement at the age of 60 years or over, a mem.ber shall receive the full rate of retirement annuity provided in Section 16. If retirement of a member occurs at or after 55 years but under the age of 60
and who has not received a refund of contributions from this system as herein provided,shall be entidad to a deferred retirement annuity beginning upon his attainment of the age of 60 years, or at his option, at any subsequent date.
ARTICLE 7 - REVERSIONARY ANNUITY
years, his annual service retirement annuity shall be reduced froni its valué at the age of 60 years -at the rate of 6 per cent for each year such member shall be less than 60 years of age.
Section 20. Minimum Annuity. The minimum retirement annuity under the plan shall be $480 per year in any case in which an employee has completed 20 years of total service or $360 per year in any case in which an employee has completed at least 15 years of total service, provided retirement cccurs on or after the age of 60 years. This minimum shall not apply in the case of retirement before such age.
Section 21. Máximum Annuity. The máximum retirement annuity uuder the plan shall be 60 per cent of average final compensation.
Section 22. Optional Privilege. With the condition that this option shall not become effective in the eveni a member dies within 30 days after filing an application for a service retirement annuity or before the first payment of such annuity shall be due, a member may elect, at least one year prior to retirement to take a lesser service retirement annuity during his lifetime with the provisión that upon his death his surviving spouse or any other relativo within the second degree of blood relationship, direct or collateral, that may be appointed by the member, shall receive a reversionary annuity as may be pro vided, according to the actuarial tábles in use by the system, from the remainder of his equity as determined by the board. The reversionary annuity resulting from such election shall be not less than $300 per year, ñor more than the amount of reduced retirement annuity to which the member may be entitled under this election. The amount of reversionary annuity shall be that determined by the board in accordance with the written direction of the member. Such reversionary annuity shall begin as of the day following the date of death of the member, provided that if the spouse does not survive the mem ber at the date of his death, no reversionary annuity shall be 10
payable, ñor shall any change be permitted by the board in the written direction filed by the inember after the service retirement annuity has been granted and has become effective, except as hereinabove otherwise provided. This election shall not apply in the case of a member receiving a disability retirement annuity.
ARTICLE - DEATH BENEFITS
Sectioii 23. Death While in Service. Upen death of a member while in service, a payment shall be made of the total amount of his contributions, without interest. In addition, if such member shall have had at least one year of creditable service and shall have been in receipt of compensation from the University within a périod of 12 months prior to the date of death, a death benefit shall be payable,equal to one-twelfth of the yearly rate of compensation at date of death, multiplied by the number of completed years of total service, but not to exceed 50 per cent of such rate of annual compensation, provided, however, that the minimum amount of payment under this section in the case of any member shall be $300. These payments shall be in the form of a single sum, and shall be made in accordance with the laws of descent of Puerto Rico governing the settlement of estates.
Section 24a. Upon the death of a member while in service, specially if said death occurs in the line of duty, if the Su perior Educational Council of the University finds that the 11
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8
Section 24. Death Benefit After Retirement. Upon death of a retired member, provided such member did not elect a reversionary annuity, a death benefit shall be paid in accord ance with the laws of Puerto Rico governingthe settlement of estates, of the excess, if any, of the amount of his con tributions, as of the date of retirement, over the total amount received by him on his retirement annuity at date of death. The minimum amount of payment in any such case shall be $300. The benefit shall be paid in a single sum.
Section 25. Disability Annuity. Upon total and permanent disability due to any cause occurring prior to an employee's attainment of the age of 60 years, a member who shall have completad at least 15 years of total service and who shall be mentally or physically incapacitated for the performance of duty shall be entitled to a disability retirement annuity. Such annuity shall begin to accrue upon expiration of 90 days following the commencement of disability, provided that if written application for such annuity is not filed with the board prior to the expiration of the 90 days and within the last 30 days of such period, the annuity shall begin to accrue as of the day 30 days prior to the receipt of such application. This annuity shall be equal to 1-1/2 per cent of average final compensation, for each year of total service, subject to a minimum of 25 per cent of such compensation,and a máximum allowance of 50 per cent of such compensation or $2,400 per year, whichever is less. Jf disability occurs on or after the age of 60 years, the employee shall be entitled to the regular retirement annuity.
benefits payable to the widow or heirs of the descedent under this system are insufficient to meet the subsistence expenses of said widow or heirs, it may authorize the payment of a pen sión to said widow or heirs for such period of time as the Council may deem reasonable. In granting said pensions, due considerations shall be given by the Supe'-ior Educational Council to all the circumstances of the case, such as the age ofthewidowor heirs, their income, the benefits payable to them under the Workmens' Compemsation Act and to the sums pay able by any insurance company or association, whether private or public. To avoid any actuarial déficit in theRetirementSys tem because of the aforesaid provisions the Council shall appropriate and transfer to the Retirement Fund the amount necessary for the payment of such special pensions.
ARTICLE 9 - DISABILITY BENEFITS
A member shall be considered to be physically or mentally incapacitated and entitled to a disability retirement annuity 12
In the event a disability annuitant resumes regular gainful employment, other than casual employment, and his earnings therefrom, together with his disabiliiy annuity, exceed the rate of compensación received by the member ai the date of disa bility retirement, his annuity shall be reduced to an amount which, when added to his earnings, shall not exceed such rate of compensation.
whenit i's found upon medical examination by a physician or f^ysicians designated by the board that he is unable because of such disability to perform properly the duties of his regularly assigned position in the service of the University.
At least once each year during the first five years íollowing the allowance of a disability reticement annuity to any member, and at least once in every three-year period thereafter, the board shall require any disability annuitant to undergo a medical examination to be made at the place of residence of said beneficiary, or any other place mutually agreed upon, by a physician or physicians engaged by the board. If any examination indicates that the beneficiary is no longer physically or mentally incapacitated for service, or that he is en gaged or is able to engace in a position similar to that previously held at the University, payments by the system shall be discontinued.
Should any disability annuitant refuse to submit to a medical examination as herein provided, payments by the system shall be discontinued until his withdrawal of such refusal, and should his refusal continué for one year, ell rights of the member in any disability retirement annuity shall be revokedby the board.
Any disability annuitant who is restored to active service shall particípate fully under the provisions hereof to the san e extent as any active member.
The disability retirement annuity shall, in any event, be reduced by any amounts received by the member as work13
ARTÍCLE 10 - REFRNDS
The board may, in its discretion, withhold payment of a refund for a period not to exceed one year after receipt of an application from a member.
Any member who has received a refund shall be considered a new member upon subsequent le-employment if such person qualifies for membership under the provisions hereof. After the completion of at least five years of continuous membership service following his latest re-employment, such member shall have the right to make a repayment to the system of the amount or amounts previously received as refund, including regular interest from the dates of refund to the date of repayment. Upon the restoration of such refunds, as herein provided, such member shall have reinstated to his account, all credited service represented by the efunds of which repayment has been maoe. Repayment of refunds by any m.ember shall include all refunds received by a member prior to the date of his last withdrawa) from service and shall be made in a single sum.
ARTICLE 11 - RETIREMENT RESERVE
men's compensation under any applicable workmen's compensation laws.
Section 27. Revenue. There shall be created a Retirement Reserve to which shall be credited the following: 14
Section 26. Upon complete separation from service, any member who is not eligible for a service retirement annuity shall be entitled to receive a refund of the total amount of bis contributions, without interest. Any member withdrawing from service who does not receive a refund and later returns to service shall receive credit for the amount of total service in forcé at the time of his separation from service. Any mem ber receiving a refund shall thereby ipso facto forfeit, wave, and relinquish all accrued rights in the system including all credited service.
(2) An amount resulting from the application of a rate 15
(a) Contributions byMembers. Each member of the system shall contribute six per cent of compensation earned and accruing to such member including amounts received during summer sessions. Special compensation, or additional fees, shall not be considered as earnings for contribution purposesj This contribution shall be made as a deduction from compen sation, notwithstanding that the compensation paid in cash to such member shall be reduced thereby below the established rate. Every employee who is a member of the system shall be deemed to consent and agree to the deduction from compen sation as herein provided, and shall receive for his full salary or compensation, and payment to such employee of compen sation less such deduction shall constitute a full and complete discharge and acquittance of all claims and demands whatsoever for the services rendered by such employee during the period covered by such payment, except as to the benefits herein provided.
(b) Contributions by University. The University shall make contributions to the system each year on an actuarially funded basis, toward the annuities and benefits herein pro vided. These contributions shall be equal to the sum of the following:
(1) An amount resulting from the application of a rate per cent of compensation of the members, representing the present valué of the actuarial reserve requirements for membership service, for such year, for service retirement annuity and disability retirement annuity purposes, and the one-year term premium for the University's liability for death benefits on account of death of members occurríng while in service, after deducting the contri butions by the members. Such rate per cent shall be fixed by the board annually, prior the beginning of each fiscal year, upon recommendation of the actuary. For each of the first five fiscal years of operations the rate of contribution shall be five and forty-two hundreths of one per cent of member's compensation.
(4) The actuarial liability on the pensions granted by the Uni<?ersity under the superseded pensión and retirement system, in forcé upon the effective date of this resolution, shali be covered by assets of such system which are to be transferred to the retirement system hereby created as hereinafter provided.
For each of the first five years of operations, this rate of contribution shali be fifty-reight hundredths of one per cent of member's compensation.
per cent of compensation of the members whicb will amortiza the remaining prior service liability ovar the remainder of a specified period, as determined by the board upon recommendation of the actuary, but not te exceed a period of forty years following. the date on whicb this resolution becomes effective.
Section 28. Interest. The Board shali annually determine a rate of regular interest to be compounded annually as shali be equitable, in its judgment, taking into consideration the actual interest earnings of the system. The minimum regular interest rate shali be two per cent per annum, and the máximum raie shali be four per cent per annum. For the first five years 16
The amount of contributions by the University shali be determined by applying the applicable percentage rate of contributions to the total compensation paid the members during each payroll period, and all such amounts shali be paid to the system following the cióse of each payroll period, concurrently with contributions made to the system by the members, insofar as practicable.
(3) Interest income from investments or other sources, and any other income accruing to the system, shali be held in the system to meet the requirements for regular interest on the reserves, as herein provided. Any excess above the rate of regular interest established by the board shali remain in the interest and investment income reserve account toprovide for possible future deficiencies in interest income or other contingehcies.
The Board shall direct the administration of the system in accordance with the provisions hereof, subject to the orders, rules, directions, and resolutions of the trustee.
of' operations of the systein following the effective date, the rate of interest shall be three per cent per annum.
ARTICLE 12-ADMlNISTRATION
Section 29. Management. The Superior Educational Council of the University of Puerto Rico shaíl constitute the trastee of the system established hereunder. The résponsibility for the proper operation of the system and for making effective the provisions of this resolution shall be vested in such tras tee. The active management of the system shall be directed by a retirement board composed of the faculty representativa of Río piedras and Mayagiiez and the Deán of Administration of the Dniversity, as ex-officio members, and two additional members appointed by the Chancellor of the Rniversity, as follows; one representing the School of Medicine and Tropical Medicine, and one representing the Agricultura) Extensión and Agricultural Experimental Station divisions. The original appointees by the Chancellor shall serve respectively for terms of four and five years. As their terms expire, new mem bers shall be appointed to fill their vacancias and such appointments shall be made for terms of five years.
Copies of minutes of the proceedings of the boa''d, financial statements, and records reflecting all authorizations and acts of the Board involving expenditures of moneys, or approval of annuities or benefits, shall be submitted to the trustee for ratification and approval before such authorizations shall be effective. An affirmative approval shall be had from the trustee of any such authorizations or payments within 20 days following the submission of the reports relative thereto. Failure to receive notice from the trustee of its disapproval of any actions of the board, within the specified period, shall be construed as approval by the trustee of all such authorizations and payments and the same shall then be effective.
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(1) Establish and maintain an office in the facilities provided by the University for the meetings of the board and for the keeping of the books, accountaj and records of the systeir; hold regular ireetings at least monthly, and such special meetings as may be deemed necessary; and keep a full record of all of its proceedings, which shall be open to inspection ijy the public.
(5) Submit to the board of trastees copies of the record of proceedings of each regular or special meeting, within ten days following the holding of such meeting, in sufficient numbers for all members of such board, and such other periodic statements or reports,as will enable the board of trastees to effectively carry out its duties and properly discharge its responsibilities in accordance with the provisions hereof.
(2) Provide for the installation of a system of accounts and records which will give full effect to the requirements of this resolutiun; adopt all necessary actuarial tables to be iBed in the operation of the system; and provide for the compilation of such statisticai and financial data as may be required for actuarial valuations, periodic survevs, and calculations.
(3) Obtain such inforraation from the participating merabers and the University as shall be necessary for the proper operation of the system.
The retirement board shall have, in addition to other duties arising out of this.Tesolution not otherwise specifically reserved or assigned to others the following duties:
(6) Accept any gift, grant, or bequest of any money or property of any kind, for the* purposes designated bythegrantor if such purposes are specified as providing cash benefits to 18
(4) Consider and pass upon all applications for annuities, benefits, refunds, and other payments, and authorize the expenditures for such purposes, in accordance with ihe provisions hereof.
Section 30. Administrative Personnel. Subject to the order, directions, and resolutions of the retirement board, the Treasurer of the University shall be the executive nead of the system. He shall keep all books, records, files, and ac counts of the system and receive all applications for annuities, benefits, refunds, and loans. Subject to the authorization of the retirement board, he shall make all investments and loans which shall be governed by the terms, conditions, and limitations hereinafter prescribed on investments of funds of the system. The Treasurer of the University shall also be the treasurer of the retirement system.
Legal councel for the system may be employed by the University or provided by the College of Law of the University.
The retirement board may, in its discretion, employ such professional and clerical services as may be required for the fffoper operation of the system.
(7) Have the accounts of the system audited as of the end of each fiscal year, by a competent accountant, andsubmit an annual report to the University as soon as possible following the cióse of the year embodying, among other thingS; a balance sheet showing the financial and actuarial condition of the system, a statement of income and expenditures for the year, a statement showing changes in the asset, liability and reserve accounts during the year, a statement of invest ments owned by the system, detailed statements of invest ments acquired and disposed of during the year, including the description of each security, parchase or sale price and ñames of vendors or vendees, and such other financial or statistical data as are necessary for a proper interpretation of the condi tion of the system and the results of its operations. The board shall also cause to be published for distribution among the members a synopsis of such report.
some or all of the members or annuitants ot the system; if no such purposes are designated, the same shall be credited to the account representing income from investments.
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Section 31. Administrative Expense. All costs and expenses incurred in che "administración of the system shall be paid by the Uñiversity, Section 32. Investments. The assets of the system in excess of requirements for current operations shall be invested in the following types of securities or loans; (l)bonds orsecurities which are direct obligations of the Enited States, or yvhich are secured or guaranteed as to principal by the Enited States; (2) bonds which are direct obligations of any State of the Enited States, or of any of Ts political subdivisions having a populación of not less than 25,000 inhabitants, with certain limitations; (3) bonds or evidences of indebtedness of the Government of Puerto Rico or of its instrumentalities, and bonds of the municipalities of Puerco Rico; (4) entire first mortgages on otherwise unencumbered improved real estáte worth at least 50 per cent more than the amount loaned thereon, said worth to be substantiated by appraisal bearing the confirmación and approval of the Treasurer and Auditor of Puerto Rico, provided that the investment in any one such mortgage does not exceed the sum of $10,000 or 1 per cent of the total investments cwned by the system, whichever is the greater. The limitations as regards the worth of the mortgaged property and as regards the máxi mum investment allowed in any one mortgage shall not apply to mortgages secured under the provisions of the Nacional Rousing Act. The requirement of approval and confirmación by the Treasurer and Auditor of Puerto Rico shall not apply to mortgages given by a member as collateral for an extraordinary loan; and (5) personal loans to employees who are members of the system, under rules established by the board, consisting of (a) Ordinary Loans, which may be made with or without guarantors, and which shall not exceed in the case of any member an amount equal to his accumulated contributions in the system plus one month's salary; and (b) Extraordinary Loans, which may be granted to any member only upon signatures or guarantors or upon adequate collateral, or both, as approved by the Board, such loans not to exceed in any case the annual salary of the member, plus the amount of his accumulated contributions. provided. however, that the 20
rate of interest to be charged on any ordinary loan pr extraordinary loan shall be not more than 5 per cent per annum, and the period of any loan shall not exceed 5 years in any case, and provided further, that the aggregate principal outstanding at any time of all ordinary and extraordinary loans made by the system shall at no time exceed one-half of the total assets of the system including such loans. Any raember who shall be on temporary appointment shall oe entitled to the privilege of an Ordinary Loan, the term of which shall not exceed beyond the duration of such temporary appointment.
Subject to the limitations herein prescribed, the board shall have full power to hold, purchase, sell, assign, transfer, and dispose of any of the securities and investments that it shall have acquired, as well as the proceeds thereof. All bonds shall be acquired by the board at prices not to exceed the prevailing market valúes for such securities. All invest ments shall be clearly marked to indícate ownership by the system, and to the extent possible shall be registered in the ñame of the system.
Section 33. Assignments Prohibited. The right of a mem ber to a retirement annuity, disability annuity or benefit, the 21
ARTICLE 13 - GENERAL PROVISIONS
Except as otherwise provided herein, no member of the board of trastees or of the retirement board, and no employee of the retirement board, shall have any direct interest in the income, gains, or profits of any investments made by the board, ñor shall any such person receive any pay or emolument for service in connection with any Investment made by the board. No such member or employee shall become an endorser or surety or in any manner an obligor for money loaned by or borrowed from the system. All interest derived from investments and any gains from the sale or exchange of investments, shall be credited by the treasurer to the account of the system.
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Nothing in this section shall nevertheless be deemed to prevent the assignment of the aforesaid rights to the Ijniversityto guarantee the. payment of and ordinary or extraordinary loan made to the member.
refund of contributions, or any other right accrued or accruing to any meniber or beneficiary under the provisions of this sygtein shall be unassignable and shall not be subject to sale.
Section 34. Rules and Regulations. The trastee shall establish rules and regulations to implement the provisions herein which shall not be inconsistent therewith. It shall also adopt appropriate b.y-laws defining the duties and authority of the officers of the retirement board and providing for the holding of periodic meetings of the retirement board for the ¡iroper operation and administration of the system. All applications for annuities and benefits shall be passed apon by the board, and all payments of every kind and character shall be authorized by the board, subject to approval by the trustee.
Section 35. Vesting. Each member shall, by virtue of the payment of contributions to the system, receive a vested interest in such contributions, and in consideration of such vested interest, shall be conclusively deeméd to undertake and agree to pay the same and to have the amounts deducted from his compensation as herein provided.
Section 36. Obligations of University. It shall be the duty of the Eniversity to provide suitable quarters for the offices of the retirement board and to furnish such board with records concerning the period of service, dates of birth, compensation, new entrants into service, deaths, withdrawals and such other data relating to the emiployees as may be necessary for the proper and effective operation bf the system, in accordance with the provisions hereof. The payment of the required contributions by the University, all annuities and benefits granted under the provisions of this system, and all credits established hereunder are hereby made obligations of the University to the extent specified herein.
(a) Members' Contribution Reserve. The amounts contributed by the members shall be credited to this reserve, together with regular interest thereon as herein provided. An individual account shall be maintained for each member, to which shall be credited the amounts of his contributions and interest thereon. Regular interest on such contributions 23
All assets of the system shall be credited according to the purposes for which they are held in the following desig nated reserve accounts:
Section 37. Annual Report - Actuarial Survey. An annual report shall be prepared by the retirement board and submitted through the Chancellor to the trastee as of the cióse of each fiscal year, reflecting the results of the financial operations of the system and embodying all important financial and statistical data pertinent to its operations. This report shall include the results of an actuarial valuation of the liabilities and reserves of the system as of the end of the fiscal year.
Section 38. Accounting. An adequate system of accounts and records shall be established and maintained for the system that will reflect fully the requirements of the provisionsof this Resolution. This system shall be integrated, to the extent possible, with the accounts, records, and procedures of the University to the end that the same shall opérate most effectively and at mínimum expense, and that duplication of records and accounts raay be avoided.
•
At least once every five years an actuarial survey and investigation shall be made of the operating experience of the system including a study of the rates of mortality, disability, re tirement, separation, and other essential factors relating to the operations of the system. Such survey shall also provide for a verífication and determination of the rates of contribution by the University for membership service and prior service as herein provided. The trustee shall engage actuarial or other professional service to assist it in the preparation of the annual reports, to advise in matter of policy and to make the periodic actuarial surveys.
(b) Employer's Contribution Reserve. The amounts contributed by the University under the provisions hereof, for service retirement annuity and disability retirement an nuity covering membership service and prior service, shall be credited to this reserve. Regular interest shall be credited annually upon the mean amount in the reserve.
Upon the granting of a service retirement annuity or a disability annuity, the accumulated contributions, including interest, to the credit of the member concerned shall be transferred from this reserve to the retirement reserve. Refunds and death benefit payments representing members' contribu tions shall be charged to this reserve.
(c) Retirement Reserve. Upon the granting of a service retirement annuity or disability retirement annuity the ac cumulated contributions of the member, including interest, and an amount representing the excess of the actuarial valué of the annuity or benefit over such accumulated contributions, shall be transferred to this reserve from the members' con tribution reserve and employer's contribution reserve, respectively.
shall be credited annually, as of June 30^h of each year, and shall be allowed only on the amount of the accuirulated contributions Standing to the credit of each member at the beginning of each year. A statement of account shall be issued to each member, annually, as of the end of each fiscal year, showing the amount of his accumulated contributions plus interest.
Upon the granting of a service retirement annuity, or disability retirement annuity, an amount representing the excess of the actuarial valué of the annuity, or benefit over the accumulated contributions of the member, including in terest, shall be transferred from this reserve to the retirement reserve.
All payments on account of any such annuity or benefit shall be charged to this reserve. Regular interest shall be 24
25
crédited annually upon the mean amount of this reserve. Any excess balance in this reserve, as determined by.. actuarial valuation as of the cióse of any fiscal year, shall be applied to reduce the employer's contributions for membership service for the fiscal year next following the date of such valuation. Any deficiency in this reserve shall be removed by an increase in the amount of employer's contributions for membership service.
Section 39. Monthly Payments—Life Annuities. Any service retirement annuity, disability retirement annuity, or any other annuity provided herein shall be payable in equal monthly installments as life annuities, and shall not be increased, decreased,revoked, or repealed, except for error, or except where specifically otherwise provided. The cost of providing death benefits for members in receipt of retirement annuities shall not be construed as a reduction in the life annuity payable to the member.
(e) Interest and Investment Income Reserve. All income from investments, including gains on investment transactions, shall be credited to this reserve. All losses on in vestment shall be charged to this reserve. All amounts required for interest on the other reserve accounts of the fund shall be transferred from this reserve.
(d) Death Benefit Account. The amount representing the contributions by the University for death benefits shall be credited to this account. All death beiiefit payments on account of death of the members while in service shall be charged to this account.
The first payment of any annuity shall be made as of one month after the date of retirement of the member as fixed by the board; and the last payment shall be made as of the end of the month in which death occurs.
The amount credited to the University from contributions to the superseded system, and all interest earning of such system, shall be applied to reduce the accrued liability for prior service after making provisions for (1) the membership service liability for the period subsequent to July 1, 1949, and (2) the present valué as of the date of transfer, according 26
The University of Puerto Rico Retirement System shalí become operative as of July 1, 1949, as of which date it shall supersede and take the place of the pensión and retirement system in operation by the University under a resolution adopted on February 21, 1945. Prior service credit for employees entitled thereto shall be established as of July 1, 1949, and membership service credit shall accrue after such date, in accordance with the provisions hereof, provided, however. thát all other provisions hereof, the payment of annuities, benefits, and refunds, and the transfer of assets shall become effective upon adoption of this resolution.
All assets of the supersede system, consisting of cash, securities, accounts and loans receivable, and other assets of the system, shall be transferred tp the system hereby created as soon as possible or practicable following the adoption of this resolution. Credits in this system shall be established for the assets so received, in appropriate ac counts, which shall be allocated as between the employees and the University in accordance with their respective equities. Contributions made by former employees of the University shall be credited to them in this system to be held subject to demand by such former employees. Interest earnings on such assets for prior years and accruals thereon to the date of transfer shall be credited to the account of the University.
Section 40. Superseded Pensión and Retirement System.
It is the intention of this resolution that the contributions,, made by employees and by the University to the superseded system shall be considered as having been made to the sys tem hereby created, and shall be allocated and credited as herein provided, and shall be governed by all of the provisions of this resolution from and after the adoption thereof.
Payments for anuuities, benefits, and refunda under the provisions of this resolution shall begin to accrue from the date of adoption of this resolution, and no retroactive application shall be made of the provisions hereof as to such
Section 41. Repeal. The resolution adopted by the Superior Educational Council on February 21, 1945, effective as of January 1, 1945, is hereby repealed. Certificación número 59 a Yo, Ismael Rodríguez Bou", Secretario Permanente del Consejo Superior de Enseñanza, CERTIFICO: Que la anterior es una copia fiel y exacta del Plan de Retiro para los Empleados de la Universidad de Puerto Rico tal y como fué aprobada por el Consejo Superior de Enseñanza en su reunión celebrada el día 28 de noviembre de 1950 y subsiguientemente enmendado en sus reuniones del 6 de junio de 1951 y II de septiembre de 1951.
to the actuarial tables in use by this systeiu, of the pensiona granted by the University which are in forre and effect on the date of adoption of this resolution. Pensiona granted under the superseded system shall be paid by this system at the same ratea and according to the conditions under-which they were previously granted, and no revisión or change in the amount thereof shall be made.
payments.
Y para que así conste,expido la presente certificación bajo el sello de la Universidad de Puerto Rice, hoy día 2 de marzo de 1953, en Rio Piedras, Puerto Rico. ISMAEL Secretario Permanente 27
Certificación mímero 59 a Yo, Ismael Rodríguez Bou, Secretario Permanente del Consejo Superior de EnsefSanza, CERTIFICO; Que la anterior es una copia fiel y exacta del Plan de Retiro para los Empleados de la Universidad de Puerto Rico tal y como fué aprobado por el Consejo Superior de Enseñanza en su reunión celebrada el día 28 de noviem bre de 1950 y subsiguientemente enmendado en sus reuniones del 6 de Junio de I951 y 11 de septiembre de 1951. Y para que así conste, expido la presente certifica ción bajo el sello de la Universidad de Puerto Rico, hoy día 2 de marzo de 1953, en Río Piedr^ P. R. Ibmaél Rodfíg^^ Bou Secretario Permanente IRB;blcb
CONSEJO SUPERIOR DE ENSEÑANZA UNIVERSIDAD DE PUERTO RICO RIO PIEDRAS. P. R. OFICINA DEL SECRETARIO PERMANENTE
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