The Association of Employees of the Commonwealth of Puerto Rico is a non-profit institution, created with the primary purpose of promoting savings and offering a series of services and benefits to public employees, pensioners and their families. Thanks to the effort, dedication and perseverance of honest public servants and fighters, who earned the trust of their peers, it began with 120 members, and today it serves more than 150,000 members. In 1912, this group devised the creation of a socioeconomic instrument that would allow them to save and free them from moneylenders and usurers, who took advantage of their economic needs by charging them large sums of money in interest payments. Later, in 1921, the then representative Alfonso Larra Charriez presented a bill to the Legislature, which became Law 52 of July 11, 1921, known as the Puerto Rico Island Government Savings and Loan Fund. Thus, the dream of these public servants, among whom were Jesús María Molina, Jorge Felices, Luis Sevillano, Miguel A. Correa, Félix Hilera and Susano Bocanegra, came true. Subsequently, on June 28, 1966, Law 133 was approved, which became known as the Law of the Employees Association of the Commonwealth, which conferred powers and faculties on its governing bodies to achieve the purposes for which it was created. The approval of Act No. 9 of April 25, 2013, the new law of the Commonwealth Association, ratified the private nature of the institution and guarantees that the owner partners have the power to make decisions on administrative matters. , operational and financial, through the Assembly of Delegates.
Managed by public servants, the growth of the Employees Association has been unmatched. For almost a century, it has contributed to the sustenance and progress of its enrollment, since the performance of its management is paid as dividends to the accounts of its partners. In this way, its stability and development contributes significantly to the socioeconomic well-being of the Puerto Rican people. By the 1960s, the Association had $ 40 million in total assets. Currently, it has $ 2 billion in assets and is recognized as an unquestionable model of financial strength and sound administration. The Employees Association remains at the forefront to improve its offerings and continue to offer security and trust, with the purpose of serving and contributing to the economic, physical and moral well-being of all retirees from the government and public employees. Stimulate savings among retired employees and members; establish insurance plans, including death insurance; make loans; Provide retired employees and members with homes and hospital facilities for the medical treatment of them and their families, and any other activity that the Assembly of Delegates, after studying, considers feasible and profitable for the purposes pursued, and to tend, By all the means and resources within its reach, to the improvement and individual and collective progress of the employees and members received pensioners that integrate it in the economic, moral and physical order. The Association aspires to improve the quality of life of the owner members by providing them with security and well-being as their primary provider of financial and insurance services, and by facilitating savings and credit. The Association will provide its services with parameters of profitability, effectiveness and excellence under the most favorable terms and conditions possible for the partner owners and safeguarding the development and growth of the institution. To be a model of healthy administration characterized by commitment, integrity, mutual respect and honesty.