Details about the GSIS Retirement Benefits under R.A. 660
GSIS RETIREMENT BENEFITS – Here are the features and what retirees will get under the Republic Act 660 and the requirements.
Countless Filipinos are constantly in the pursuit of making sure that they get that retirement benefit when old age comes. Among these are members of the Government Service Insurance System or more popularly called GSIS. It is one of the entities with a Retirement Benefit offer.
Actually, the Government Service Insurance System has several benefit offers for its members. It is aside from the GSIS loan offers that members may turn to for certain cash needs. The benefits were designed to help the members in times of unemployment, disability, retirement, and a lot more.
Members of the Government Service Insurance System who have active and updated accounts may avail the benefit offers of the state-run social insurance giant. They come with different requirements.
- 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
With regards to the requirements under the GSIS Retirement Benefit, the list varies depending on the retirement program that the retiring member has chosen. One of these programs is the Republic Act 660 or also called the Magic 87.
Repulic Act No. 660
The Republic Act No. 660 is open for retiring members of the Government Service Insurance System who have entered government service before June 1, 1977 with a permanent appointment status. The last 3 years of the member’s service prior to retirement must be continuous, except in cases of death, disability, or abolition of position due to reorganization.
Under this retirement program, the retiree must be at least aged 52 and has rendered a minimum of 15 years of service. He/She must meet the corresponding years of service (YOS) required for eligibility as well.
If you pick the R.A. 660 as your retirement program, your age will be a factor in determing your GSIS Retirement Benefits. Here’s a guide…
- Below 60 — monthly pension paid annually
- Below 63 but at least 60
- initial 3-year Lump Sum payable upon retirement
- subsequent 2-year balance payable at age 63
- 63 and above
- 5-year Lump Sum
To apply for the said GSIS Retirement program, there are specific documents that must be compiled and submitted to the social insurance giant. Here are the documentary requirements under the R.A. 660:
- 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
There are different GSIS retirement benefits under the Republic Act 1616 and the GSIS retirement benefits under the Presidential Decree 1146. There is also a separate list of the GSIS Retirement Benefits under Republic Act 8291.