University of Puerto Rico.
Audited Financial Statements and Required Supplementary Information. University of Puerto Rico retirement system years ended june 30, 2015 and 2014 with report of independent auditors.
The University of Puerto Rico (the -University-) was organized through Law No. 135 of May 7, 1942, known as the Act of the University (superseded by Act Number 1 of January 20, 1966 as amended (the -Act No. 1-)), as a public corporation and governmental instrumentality of the Commonwealth of Puerto Rico (the -Commonwealth-). On February 16, 1945 the Universitys Council on Higher Education, with the Universitys endorsement and consent, enacted a resolution to create, maintain, finance and manage the University of Puerto Rico Retirement Plan (the -System-) effective January 1, 1945 in order to provide pension benefits to all university employees. The Act No. 1 designated the Governing Board as Trustee with the faculty to govern the System. In addition, the Governing Board appointed the Systems Board to oversee the System administration and an Executive Director to manage its everyday affairs in accordance with the faculties and provisions of Certification Number 27 (1973-74), as amended. The System has functioned pursuant to the terms and conditions of Act No. 1 and Certification Number 27.r discussion and analysis of the Systems financial performance provides an overview of the Systems financial activities for the fiscal years ended June 30, 2015 and 2014.