SUMMARY OF CONTRIBUTIONS

The contributions made to the Teachers Retirement System are additional benefits for pensioners as granted by special laws. These laws are intended to grant benefits such as: medical plan premiums payments, Christmas bonuses, medication purchase bonuses, cost of living adjustment pension increases, among other benefits. The Teachers Retirement System Administration is the Agency that administers the allocations produced by these special laws.

The allocations included in this section are authorized by special laws that are itemized below:

Act No. 72 of June 20, 1956, as amended, authorized the use of Teacher Annuity and Pension funds and the General Fund to grant loans for cultural trips to currently active and retired teachers.

Act No. 95 of June 29, 1963, as amended, known as the Public Employees Health Benefits Law established a medical surgical benefits plan including hospitalization and supplementary benefits for Commonwealth of Puerto Rico functionaries and employees. Said law covers pensioned employees.

Act No. 124 of June 8, 1973, as amended, increased the pensions granted under the provisions of Act No. 447 of May 15, 1951, as amended, or for pensions superseded by this law and by Act No. 218 of May 6, 1951, as amended. In addition, it authorized Government Employees Retirement System Administrator and the Teachers Retirement System Executive Director to implement this law.

Act No. 49 of May 23, 1980, as amended, granted a Christmas bonus in December of every year to retired teachers under the provisions of Act No. 218 of May 6, 1951, as amended, and to pensioned teachers and professors under any other law.

Act No. 47 of June 1, 1984, increased the pensions granted under the provisions of Act No. 218 of May 6, 1951, as amended, that created the Teacher Retirement System under the funds or pensions superseded by it and to provide the necessary funds.

Act No. 62 of September 4, 1992, known as Government of Puerto Rico Retired Teachers Pension Adjustment Law, ordered the Teachers Retirement System created by virtue of Act No. 218 of May 6, 1951, as amended, to adjust the pensions granted or to be granted by said system by 3% every three years beginning January 1, 1992.

Act No. 39 of June 13, 2001, authorized the Puerto Rico Teachers Retirement System to increase by 3% pensions under the provisions of Act No. 218 of May 6, 1951, as amended, that were awarded with an effective date in or before January 1, 1998. Act No. 218, supra, was derogated by Act No. 91 of March 29, 2004.

Act No. 162 of July 15, 2003, granted an income tax free medications bonus for pensioned teachers and Teacher Retirement System beneficiaries.

Act No. 171 of July 30, 2003, increased the pensions under the provisions of Act No. 218 of May 6, 1951, as amended, by 3% granted and effective on or before January 1, 2001. Act No. 218, supra, was derogated by Act No. 91 of March 29, 2004.

Act No. 91 of March 29, 2004, as amended, known as the Commonwealth of Puerto Rico Teacher Retirement System Law. Said law established the benefit, services and legal precepts that this system offers its participants. The system funds are to be used and applied as provided by this law to the benefit of the system members, their dependents and beneficiaries for the payment of retirement, disability and death annuities, death benefits, and other benefits.

Statistical Data	2010	2011	2012
Cultural trip loans Act No. 22, 1965	869	900	900
Health plans beneficiaries Act No. 52, 1966	25,658	26,313	30,725

FISCAL YEAR 2011-2012 ADOPTED BUDGET

The adopted consolidated budget for Fiscal Year 2011-2012 amounts to $98,640,000 from Special Appropriations - General Fund.

This budget reflects an increase of $6,712,000 in comparison with the funds allocated for Fiscal Year 2010-2011 due to an increase in pensioners.

The funds allocated to the Teachers Retirement System will be used to provide funds for pensions and social security, as stated by law.

SUMMARY OF CONTRIBUTED FUNDS