Details about the GSIS Retirement Benefits under P.D. 1146
GSIS RETIREMENT BENEFITS – Here are the features and what retirees will get under the Presidential Decree 1146 and the requirements.
The huge advantage of maintaining an active membership to the Government Service Insurance System, more popularly called GSIS, is that you have benefit offers that you can turn to. The state-run social insurance agency offers several benefits that attend to multiple needs and situations.
In times of disability, involuntary separation from work, sickness, and even death, the Government Service Insurance System is an entity that its members with qualified accounts may turn to. They or their families can apply for a claim to obtain financial solutions.
However, it is important to note that the requirements under the benefits offered by the Government Service Insurance System vary. Each benefit offer has its own set of documentary requirements which you can check below:
- GSIS Disability Benefit Requirements
- GSIS Unemployment Benefit Requirements
- GSIS Funeral Benefit Requirements
- GSIS Separation Benefit Requirements
- GSIS Sickness Benefit Requirements
- GSIS Death Benefit Requirements
- GSIS Retirement Benefit Requirements
However, with regards to the GSIS Retirement Benefit, the requirements depend on the retirement program you have chosen. The GSIS Retirement benefits also differ among the retirement programs.
One of the retirement programs is the Presidential Decree 1146. You can check its features below including the GSIS retirement benefits under it and the requirements in filing a claim.
Presidential Decree 1146
The P.D. 1146 is open for retiring members of the GSIS who have rendered at least 15 years of service and must at least be 60 years old upon retirement. The member must have also spent the last 3 years of service prior to retirement must be continuous and your employment status is permanent.
Under this retirement program, the retiring member may choose between the Pension and the Cash Payment. Under the former, the member may choose from the two (2) options:
- 5-Year Lump Sum or the total amount to be received within the 5-year guaranteed period
- Immediate Pension or the old-age pension
In filing a claim for the GSIS Retirement under the Presidential Decree 1146, there are documents that must prepared and submitted to the state-run social insurance agency. Here are the documents needed:
- duly-accomplished application form for Retirement/Separation/Life Insurance Benefit
- Service Record with Leave without Pay (LWOP) certification (indicating specific time and dates of LWOP)
- Declaration of Pendency/ Non-Pendency of Case (DPNPC) form (date administered/ notarized should be on or after receipt of notification from GSIS
The other retirement programs bear a unique type of benefits and documentary requirements. These include the GSIS Retirement Benefits under Republic Act 1616 “Take All”.