Guide on the GSIS Retirement Benefit Programs Members May Choose From
GSIS RETIREMENT BENEFIT PROGRAMS – Here are the options provided by the Government Service Insurance System for retiring members.
Are you one of the millions of members of the Government Service Insurance System? More popularly called GSIS, government employees in the country are mandated to maintain an active membership to the state-run social insurance agency.
GSIS provides several benefits for its members. One of them is the GSIS Retirement Benefit. Undeniably, it is the benefit offer that the members look forward to the most. Upon hitting the retirement age, a member may choose among the GSIS Retirement Benefit programs which you can check below.
GSIS Retirement Program under the Republic Act 1616 “Take All”
This retirement program is open for retiring members who have as entered government service before June 1, 1977 and have rendered at least 20 years of service regardless of age and employment status. The last 3 years of service prior to retirement must be continuous, expect in cases of death, disability, or abolition of position due to reorganization.
The GSIS retirement benefits under the Republic Act 1616 provides the retiring member the equivalent of the gratuity years multiplied by the highest salary received from the last employer.
GSIS Retirement Program under the Presidential Decree 1146
To qualify for the R.A. 1616 retirement program, the retiring member must have rendered at least 15 years of service and must at least be 60 years old upon retirement. Furthermore, he/she must have also spent the last 3 years of service prior to retirement must be continuous and your employment status is permanent.
The GSIS retirement benefits under the Presidential Decree 1146 gets the retiring member to choose between a five-year lump sum or an immediate pension.
GSIS Retirement Program under the Republic Act 8291
Also one of the GSIS Retirement Benefit programs is the Republic Act 8291 wherein retiring members of the GSIS who are at least 60 years old and have rendered at least 15 years of service may qualify. He/She must not be a permanent total disability pensioner. With regards to the GSIS retirement benefits under the Republic Act 8291, the retiree is given two (2) options:
- Lump sum equivalent to your 60-months basic monthly pension (BMP) payable at the time of retirement and a BMP payable for life after the 5-year guaranteed period; or
- Cash payment equivalent to 18-month BMP payable upon retirement and an immediate BMP payable for life from the date of retirement.
GSIS Retirement Program under the Republic Act 660
Retirees who are at least 52 years old may choose the Republic Act 660 provided that he/she has rendered a minimum of 15 years of service. The GSIS retirement benefits under the Republic Act 660 is dependent on the age of the retiree.
GSIS Portability Law
One of the most unique among the GSIS Retirement Benefit programs is the Portability Law which is for retiring members who have not met the required number of contributions at the time of retirement. The GSIS retirement benefits under the Portability Law includes the total of the member’s contributions and those premiums paid by his/her empoloyer.
The Portability Law is also called Republic Act 7699. This GSIS retirement program combines the GSIS and SSS premiums of the member for qualification to the retirement programs.