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LEGAL AUTHORITY
Act 91 - 2004, as amended, known as the Puerto Rico Teacher's Retirement System Act. The funds of the System shall be used and applied, as provided in this Act, for the benefit of the System members their dependents and beneficiaries, for the payment of retirement and disability annuities, death annuities and other benefits. MISSION Provide economic security to teachers through a pension fund that guarantees an income upon retirement. Effectively and efficiently manage the annuity and pension fund, develop investment strategies that will result in economic solvency to the System and the actuarial projection. Additionally, manage the resources appropriated annually from the General Fund to cover the cost of special acts mandates. ORGANIZATIONAL STRUCTURE
PROGRAM TEACHER'S RETIREMENT SYSTEM ADMINISTRATION Program DescriptionManages the Teacher's Retirement System and all technical and administrative activities required to provide services to the System participants.
Statistical data was provided by the agency during the fiscal year 2012-13 budgetary process. Clientele Active, retired teachers and their beneficiaries. FISCAL YEAR 2012-2013 ADOPTED BUDGET
The adopted consolidated budget for fiscal year 2012-2013 amounts to $22,339,000 in Revenues from Internal Sources. The adopted budget reflects a decrease of $1,488,000 when compared to funds assigned in fiscal year 2011-2012. This decrease is due mainly to the impact of resolutions adopted by the Board of Trustees authorizing the implementation of early retirement programs similar to those established by Act 70-2010 and a reduction in administrative expenses in compliance with agreements and conditions established for the approval and signing of the most recent collective bargaining agreement. There is also a reduction of $550,000 in the capital improvements program as a result of the completion in fiscal year 2011-2012 of non-recurring projects for the improvement of physical facilities. The adopted budget will allow the Teacher's Retirement System to manage the loans portfolio, investments and other System's resources for the benefit of its participants. Some of the benefits provided to the participating members include: beneficiaries and dependents pensions by merit, age and years of service pensions, death benefits, personal, cultural or mortgage loans. SUMMARY OF AVAILABLE RESOURCES
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