GSIS reminds agencies to submit list of early retirees
Manila (22 January) -- The Government Service Insurance System (GSIS) is reminding agencies to submit the names of employees who will avail of early retirement 60 days prior to their preferred retirement date to ensure the judicious settlement of their retirement benefits.
The pension fund said the early notification mechanism is also meant to facilitate the reconciliation of the members' accounts.
GSIS President and General Manager Winston F. Garcia said the full compliance of all agencies concerned is crucial in ensuring the success of the program, especially in meeting the GSIS's aforementioned objectives.
"The success of this activity would require the cooperation and full support of all agencies by providing us the names of their employees below 65 years old who intend to avail of early retirement," he said.
On the other hand, names of employees who will retire at age 65, or the compulsory age of retirement, need not be submitted since the reconciliation of their accounts shall be done 60 days prior their 65th birthday.
Mr. Garcia added that the GSIS is prioritizing the reconciliation of premium and loan payments of prospective retirees to facilitate the timely and accurate computation of their benefits.
For further details on this program, the pension fund has advised the Authorized Agency Officers of different agencies to coordinate with the Membership Group of the GSIS.
The GSIS has four retirement modes, namely: Republic Act 660 that took effect on June 16, 1951; R.A. 1616 which took effect on May 31, 1957; Presidential Decree 1146 which took effect on June 1, 1977; and R.A. 8291 which took effect on June 24, 1997.
Under R.A. 660, the so-called Magic 87 is used, wherein the age of the member and the years in service he has rendered will be added. If the sum is 87, he will be qualified to retire under R.A. 660 with pension. This mode is applicable only to employees who entered government service before June 1, 1977.
For R.A. 1616, the retiree must have rendered at least 20 years of service regardless of age and employment status. His last three years of service prior to retirement must also be continuous, except in cases of death, disability, abolition or phase out of position due to reorganization.
On the other hand, P.D. 1146 involves the pension benefit from the amended R.A. 660. Under this mode, a member can retire if he is 60 years old, a permanent employee, and has rendered at least 15 years in service.
Meanwhile, under R.A. 8291, there are two options: the 5-year lump sum and the 18-month cash payment and pension. The requirements under this mode include a minimum years in service of 15 years and the retiree must be at least 60 years old. (GSIS) [top]