Caraga Dev’t Admin. Committee discusses GSIS Retirement Programs

By Jennifer P. Gaitano

Friday 15th of June 2012

BUTUAN CITY, June 15 (PIA) –The retirement program of the Government Service Insurance System (GSIS) was discussed in a meeting of the Caraga Regional Development Council–Development Administration Committee (RDC-DAC).

Chariss Jo Dela Cruz of GSIS Butuan Branch said that the GSIS offers various retirement programs depending on the qualifications of the member.

“GSIS has retirement packages generally acknowledged to be one of the most generous in the country-ensuring financial freedom for its members, especially after they leave the service,” Dela Cruz said.

Dela Cruz further said that with the retirement program under Republic Act 660 also called “Magic 87,” it provides option both for annuity and lifetime pension. For retirement under Republic Act 1616, GSIS will refund the members’ GSIS premiums with this “take-all” option at the same time. For retirement under Presidential Decree 1146, only those who have been in government service after May 31, 1977, but before June 24, 1997, can avail of this retirement program. It also gives a retiree the choice between a basic monthly pension and cash payment.

Also, for retirement program under Republic Act 8291, a retiree may choose for his/her personal reward, either the five-year lump sum or cash payment with instant pension while retirees could also combine their GSIS and Social Security System (SSS) creditable years of service to qualify for retirement program offered by both pension funds as stipulated in Republic Act 7699 or the Portability Law.

Meanwhile, Dela Cruz also informed the committee that GSIS recently revised the Claims and Loans Interdependency Policy (CLIP) to the Choice of Loan Amortization Schedule for Pensioners (CLASP), which aims to make it less burdensome for prospective retirees to settle their outstanding obligations.

“The GSIS also conducts Pre-Retirement Counseling Seminars every month across the country where various retirement modes are discussed. Future retirees are taught how to compute their retirement claims under each retirement law,” Dela Cruz added.

The GSIS is created by Commonwealth Act No. 186 that was passed on November 14, 1936, and later amended under Republic Act No. 8291 dated June 24, 1997.

Dela Cruz also informed RDC-DAC members that GSIS continues to provide protection in contingencies of death, retirement, separation, disability, or unemployment.

The RDC-DAC is chaired by Butuan City Mayor Ferdinand Amante. (RER/JPG/PIA 13-Caraga)