The executive director of the Retirement Board of the Government of Puerto Rico, Luis Collazo Rodríguez, announced today that according to the provisions of the Debt Adjustment Plan approved on January 18, 2022, the government will liquidate the obligations that the Retirement System has with the participants of the 2000 System and the Defined Contribution Hybrid Program (Law 3).
According to the agreement, the process to restore about $1.4 billion to the 64,482 participants active and inactive of the Retirement Systems.
The active participants will receive in their Plan 106 accounts the contributions made to these plans from January 1, 2000 to June 30, 2017, plus accrued interest.
From not be an active participant, you will need to request a refund of the contributions or the transfer of these to another qualified retirement plan through an online request through the withdrawal.pr.gov portal.
Collazo indicated that for the participants of the 2000 Reform and Law 3which are those who contributed from January 2000 to June 30, 2017 and who previously left with an annuity at age 65 based on their contributions and other factors, “An amount of around $1,400 million was set aside to return these contributions and interest to the participants”.
If the participant is not active, that money will be paid to him and he will not have to wait until age 65 to receive an annuity.
“This restitution of contributions and interest is consistent with Governor Pedro Pierluisi’s public policy of doing justice to our public servants and pensioners. This agreement approved as part of the Debt Adjustment Plan is good news for all the participants of Reforma and Ley 3 who for years worked and contributed to Retiro and will now have control of their contributions,” the official said in a press release. press.
The Retirement Board mentioned that sent notifications via postal mail to the beneficiaries, indicating the amount to be received plus the interest accrued on the contributions. Likewise, they will have until May 16 to make a claim or request a review.
To complete the reimbursement request, access the review form and for additional information, you must visit retirement.pr.gov.