Application For Retirement Under Ra 660, Ra 1616, Pd 1146 And Ra 8291 /separation (Page 4 of 4) in pdf

Application For Retirement Under Ra 660, Ra 1616, Pd 1146 And Ra 8291 /separation Page 4

II. SEPARATION

ENTITLEMENT TO SEPARATION BENEFITS UNDER RA 8291

A member who has accumulated a minimum of three (3) years creditable service shall be entitled

to separation benefit upon resignation or separation under the following terms:

1. For member with at least three (3) years but less than fifteen (15):

A cash payment

equivalent to one hundred percent (100%) of the average monthly

compensation for every year of creditable service the member has paid contributions, but not

less than Twelve Thousand Pesos (P12,000), payable upon reaching sixty (60) years of age or upon

separation, whichever comes later.

2. For member with at least fifteen (15) years of service and less than sixty (60) years of age upon

separation:

a. A cash payment equivalent to eighteen (18) times the basic monthly pension, payable at

the time of resignation or separation;

b. An old-age pension benefit equal to the basic monthly pension, payable monthly for life

upon reaching age 60.

PRESCRIPTIVE PERIOD FOR FILING OF SEPARATION BENEFIT

Application for separation benefits must be filed within 4 years from the date of separation as

provided for under RA 8291.

IV. DOCUMENTARY REQUIREMENTS

Application Form;

Declaration of Pendency/Non-Pendency of Case prior to electronic crediting or check printing.

Application For Retirement Under Ra 660, Ra 1616, Pd 1146 And Ra 8291 /separation Page 4