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Cash Payment
A payment equivalent to 18 months of the basic monthly pension for
life payable immediately with no 5-year guarantee
18 x BMP plus BMP for life starting immediately upon retirement
PD 1146
Who may qualify?
1. in service after May 31, 1977 but before June 24, 1997
Options:
1. Old-age pension
2. Cash payment
Old-age pension
Retiree must be at least 60 years old and have rendered 15 years of
service. They will receive BMP guaranteed for 5 years. After 5-year
guarantee, retiree shall receive BMP for life.
Computations
Average Monthly Compensation (AMC)
AMC = Total compensation during last 36 months of service or 3
years / 36
Revalued Average Monthly Compensation (RAMC)
RAMC = 170% * AMC (AMC is 1,000 or less)
= AMC + P700.00 (AMC is more than 1,000)
Basic Monthly Pension (BMP)
BMP = 37.5% x RAMC (15 years of service or less)
BMP = 37.5% x RAMC + 2.5% x RAMC x (Years of service 15)
(more than 15 years of service)
** BMP shall not exceed 90% of the AMC
5-Year Lump Sum
Lump sum = 60 x BMP; BMP for life after 5-year guarantee
Cash Payment
Cash payment = 18 x BMP; BMP for life immediately
Gratuity Pay
Gratuity pay = years of creditable service converted to gratuity
months x highest compensation
First 20 years = 1 month salary (gratuity months)
20-30 years = 1.5 months salary
over 30 years = 2 months salary
A pensioner who retires more than once shall be entitled to the higher
of:
1. the monthly pension computed for the first retirement claim; or
2. the re-computed monthly pension for the new claim
Dependents Allowance
1. The legitimate, legitimated or legally adopted, and illegitimate
children, conceived on or before the date of retirement of a
retiree will each receive dependents' allowance equivalent to 10
percent of the member's monthly pension, or P250, whichever is
higher.
2. Only five minor children, beginning from the youngest, are
entitled to the dependents' allowance. No substitution is allowed.
3. If there are more than five dependents, the legitimate,
legitimated or legally adopted children shall be preferred.
The dependents' allowance stops when the child reaches 21 years
old, gets married, gets employed, or dies.
The dependents' allowance is granted for life for children who are
over 21 years old, if they are incapacitated and incapable of selfsupport due to physical or mental defect that is congenital or
acquired during minority.
Benefit Payment
The retiree-member has the option to receive the first 18 months'
pension paid out in lumpsum, but discounted at a preferential rate of
interest to be determined by the SSS. The member shall start
receiving his pension on the 19th month, and every month
thereafter. This option for advance payment shall be exercised only
when filing the first retirement claim. It is only the advanced pension
payments that are discounted on the date of payment; the