Employee Benefits in Puerto Rico 2020

In 1952, Puerto Rico was granted the status of Commonwealth of United States after its constitution was ratified by the electorate. The Employees Retirement System (ERS) and Teachers Retirement System (TRS) are the major governing bodies of social security. The existing retirement system was introduced in 1951 as a defined benefit plan, but over the years evolved into a hybrid plan. The systems now provide coverage for retirement, disability and death.

The report provides in-depth industry analysis, information and insights of the employee benefits in Puerto Rico, including: overview of the state and compulsory benefits in Puerto Rico, detailed information about the private benefits in Puerto Rico, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in Puerto Rico.

Key Highlights

– The ERS and TRS are responsible for the functioning of the overall social security system.

– Private benefits are employee benefits which are not mandated by the law but are provided by the employer to increase employees’ motivation to work.

– In Puerto Rico, employers provide voluntary retirement plans in accordance with the Employment Retirement Income Security Act (ERISA).

– Qualified pension, stock bonus and profit-sharing plans are the three voluntary retirement plans that are provided in the country under both DB and DC schemes.

Scope

This report provides a detailed analysis of employee benefits in Puerto Rico –

– It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits

– It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen's compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits

– It highlights the economic and regulatory situations relating to employee benefits in Puerto Rico

Reasons to buy

– Make strategic decisions using in-depth information related to employee benefits in Puerto Rico.

– Assess Puerto Rico’s employee benefits market, including state and compulsory benefits and private benefits.

– Gain insights into the key employee benefit schemes offered by private employers in Puerto Rico.

– Gain insights into key organizations governing Puerto Rico’s employee benefits, and their impact on companies.

Table of Contents

Table of Contents

1. EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?

2.2 Definitions

3 COUNTRY STATISTICS

4 OVERVIEW OF EMPLOYEE BENEFITS IN PUERTO RICO

5 REGULATIONS

6 STATE AND COMPULSORY BENEFITS

6.1 Retirement Benefits

6.1.1 Introduction

6.1.2 Eligibility

6.1.3 Benefits

6.1.4 Payment Options

6.1.5 Contributions

6.2 Death in Service

6.2.1 Introduction

6.2.2 Eligibility

6.2.3 Benefits

6.2.4 Payment Options

6.2.5 Contributions

6.3 Long-Term Disability Benefits

6.3.1 Introduction

6.3.2 Eligibility

6.3.3 Benefits

6.3.4 Payment Options

6.3.5 Contributions

6.4 Short-Term Sickness Benefits

6.4.1 Introduction

6.4.2 Eligibility

6.4.3 Benefits

6.4.4 Payment Options

6.4.5 Contributions

6.5 Medical Benefits

6.5.1 Introduction

6.5.2 Eligibility

6.5.3 Benefits

6.5.4 Payment Options

6.5.5 Contributions

6.6 Workmen’s Compensation Insurance

6.6.1 Introduction

6.6.2 Eligibility

6.6.3 Benefits

6.6.4 Payment Options

6.6.5 Contributions

6.7 Maternity and Paternity Benefits

6.7.1 Introduction

6.7.2 Eligibility

6.7.3 Benefits

6.7.4 Payment Options

6.7.5 Contributions

6.8 Other Benefits

6.8.1 Family Benefits

6.8.2 Unemployment Benefits

6.8.3 Leaves & Holidays

7 PRIVATE BENEFITS

7.1 Retirement Benefits

7.2 Disability Benefits

7.3 Death Benefits

7.4 Medical Benefits

7.5 Accidental Death and Dismemberment Benefits

8 APPENDIX

8.1 Methodology

8.2 Contact GlobalData

8.3 About GlobalData

8.4 GlobalData’s Services

8.5 Disclaimer

List of Tables

List of Tables

Table 1: Insurance Industry Definitions

Table 2: Puerto Rico – Country Statistics

Table 3: Retirement Plan Limits

Table 4: OSADI-Retirement Age

Table 5: ERS Pension Eligibility

Table 6: Pensionable Salary Limits, 2019 and 2020

Table 7: Long-Term Disability Benefits – Dismemberment Benefits

Table 8: Medical Benefits – Additional Medicare Tax

Table 9: Income Eligibility Guidelines

Table 10: List of Cancelled Holidays

Table 11: Compulsory Holidays in Puerto Rico

Table 12: Dismemberment benefits under the Group accidental death and dismemberment insurance

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