GSIS Thread

[George Estregan Lives]

pano ba sumali sa Kabuhayan fund?

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Hi, sorry di ko nasagot agad question mo. Medyo matagal na kasing inactive tong thread na to. Anyway, try getting in touch na lang with GMFI thru 551-1881 or 551-5519.

[sally bogna mathay]

Pare, any new info on what we discussed last week over the phone? Hope to hear from you soon.

[George Estregan Lives]

Pare, I was waiting for your call last week. I already got a hold of your dad's records, but I left it in the house. Anyway, based on what I gathered, Comelec has yet to report to GSIS that your dad already passed away. In fact, our record shows he remains in active duty, but is no longer remitting premiums. I'm still in consultation with one of the claims guys here on how much his beneficiaries stand to receive, but I was informed that it is important that Comelec's admin send the necessary papers to GSIS showing he ceased to be in duty as of 2000.

 

I'll feed you more info as they come.

 

Pare, any new info on what we discussed last week over the phone? Hope to hear from you soon.

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[sally bogna mathay]

Pare, I was waiting for your call last week. I already got a hold of your dad's records, but I left it in the house. Anyway, based on what I gathered, Comelec has yet to report to GSIS that your dad already passed away. In fact, our record shows he remains in active duty, but is no longer remitting premiums. I'm still in consultation with one of the claims guys here on how much his beneficiaries stand to receive, but I was informed that it is important that Comelec's admin send the necessary papers to GSIS showing he ceased to be in duty as of 2000.

 

I'll feed you more info as they come.

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Thanks, pare. I was away for a week and just got back Friday. I'll try to call you this week. Are you referring to the clearance from Comelec, death certificate, etc? I have them with me. Ok, I'll be there sometime in June. Will inform you once my sked is fixed so that we can meet up.

[rickyv]

saan ka nakakita ng walang sweldo pumapasok kung hindi talaga kurupt? Mike Gopez kurupt!

[George Estregan Lives]

up lang...

[rainbowxpress]

Ask ko lang, kung pwede pa me magpolicy loan after na nakuha ko yung maturity value ng aking policy?

[pogingpogi]

patulong naman kase yung mother ng gf ko nakaassign sa counsilor then after 9yrs nung matapos na yung term niya yung parang separation pay niya nakuha niya lang is 1k bakit naman gnun wala naman utang yung tao.....patulong naman

[George Estregan Lives]

Ask ko lang, kung pwede pa me magpolicy loan after na nakuha ko yung maturity value ng aking policy?

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Explain ko lang to sandali, please bear with me...

 

Yung policy mo na nagmature is called the life endowment policy (LEP), which is the old life insurance policy provided to regular members na pumasok sa service prior to August 1, 2003. Since nag-mature na yung LEP mo, nakapagclaim ka na ng cash surrender value (CSV)

 

This means (I assume you're still in the service) you now have a new life insurance policy. And this policy is called the Enhanced Life Policy (ELP). ELP effectively replaces LEP. With ELP, you now start accumulating a sort of a seed money, called the ination value of the policy. Usually, once you convert from LEP to ELP, may startup seed money na yun, pero dahil kinuha mo na yung (CSV), medyo hindi pa sya ganoon kalaki.

 

So to answer your question, pwede kang magpolicy loan. Up to 90% of your accumulated termination value, with interest rate of 8% per annum compounded monthly. Kaso, baka medyo maliit pa lang iyon kasi kaka-claim mo pa lang ng CSV.

 

Better check with your liaison officer kung magkano na termination value ng policy mo.

 

Sana nakatulong ako. Sorry for the late reply. Akala ko kasi wala nang nagpopost dito eh.

[George Estregan Lives]

patulong naman kase yung mother ng gf ko nakaassign sa counsilor then after 9yrs nung matapos na yung term niya yung parang separation pay niya nakuha niya lang is 1k bakit naman gnun wala naman utang yung tao.....patulong naman

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Ok, nine years in service, pero 1K lang nakuha nya. Ikaklaro ko lang ha? Separation pays are given by her employer, meaning the LGU she worked for, not the GSIS. Ang separation package kasi ng GSIS for her case (less than 15 years service and below 60 years of age) is cash payment equivalent to 100% of the Average Monthly Compensation for every year of service payable upon reaching age 60.

 

But if you're talking about cash surrender value for her life insurance policy--where she's supposed to get higher than P1K--I suspect she incurred underpayments. Meaning, kahit na kinakaltasan sya ng contributions for her premium payments, malamang hindi nireremit ng agency nya.

 

I suggest you ask her to ask her agency it already updated all its obligations with the GSIS. She can ask for a copy of the remittance list showing her premiums (with official receipt). If everything is in order, meaning napatunayan na niremit yung prima nya sa GSIS, please PM me her particulars (name, agency, period of service, birthdate, and policy number). I'll see what can be done.

 

Thanks.

[rainbowxpress]

Salamat. Tama yung premise mo regarding my query.

[rickyv]

kelan yung draw niyo nung raffle ng altis?

[bjverga]

To all government employees who will be affected by EO366, pls take note.

 

 

In the course of our dealings with GSIS as EO366 retirees, we personally and or collectively learned of the existing GSIS policies that are grossly biased against government employees and future pensioners.

 

We believe that the CSC is the guardian of all civil servants and as such is in the best position to stand for fair treatment of government employees.

 

In view thereof, we enumerate hereunder the GSIS policies that we deem unjust and unless corrected, will cause great pain and anguish to government employees availing of GSIS loans and pensions:

 

1. Interest and Penalties on Loan Balances

 

While the benefits due from GSIS are being processed, GSIS continues to charge interest and penalties on loan balances even beyond the effectivity of retirement. It is worthwhile to note that, payments for these loans will only be deducted from the proceeds of the retirement claims; since, they are already with GSIS.

 

2. Discrepancies on Premium Contributions

 

There is an apparent difference in the posting of employees’ premium contributions as against the ideal premiums on almost all the retirees’. Since the premium due is a function of the members’ monthly salary, TLRC has been conscientiously remitting the corresponding amount due based on the formula supplied by GSIS. Pending the reconciliation of records on the GSIS database, the employees are again being charged with penalties and interest charges.

 

3. Non-recognition of Overpayments

 

Overpayments are not recognized, but instead reflected as difference (underpayment), which further reduces the aggregate length of creditable service of the member. For the same reason, there is no way that overpayments can be refunded.

 

4. Charging of Interests, Penalties and Surcharges on Premiums for Previous Government Services other than Permanent/Casual Appointments (Temporary, Co-terminus, Contractual, etc)

 

 

The option to pay the corresponding premiums for previous services other than permanent/casual appointments is generally advantageous to the concerned employees. However, this option was communicated to us only very recently and we are willing to pay for the premiums and reasonable interests. However, the imposition of excessive interest (2% per month!!!) and surcharges makes it virtually impossible for most of the members to avail of this option.

 

5. Procedures and Requirements in the Processing of Retirement Benefits

 

As per procedure, after initial processing the Field Office shall send letters to affected employees, formally informing them of the options whether to pay their underpaid/unpaid premiums or waive such option prior to the final processing of their claims. Without this document, the processing will be withheld.

 

However, up to this date no letters are received. The retiring employees were advised only in the Field Office that there is a need to signify their option. In the meantime, interest and penalties are piling up, even as the reconciliation of premium contributions is still being done.

 

Furthermore, the concerned employees at this point are in a dilemma, on whether to sign or not the waiver in the payment of underpaid/unpaid premiums, because of the information that once the retirees receive the retirement checks, the process becomes irreversible.

 

6. Advance Interest on Loans

 

Loan balances deducted from claims appear to have been charged interest on the full term of the loan despite the fact that the loans are effectively pre-paid upon the retirement

 

7. Difficulties in Validation of Members’ Records

 

The information/schedules being provided to GSIS members/prospective retirees virtually make validation and /or reconciliation impossible. As such member/retirees end up with no choice but to accept the GSIS comp*tation even while fully aware that they may have been shortchanged.

 

 

 

 

In view of the above, we earnestly request your intervention for the GSIS to consider the following:

 

1. Stop the charging of interests and penalties after the effectivity date of the retirement.

 

We believe that this is meritorious in the sense that the payments for these loans will only be deducted from the proceeds of the retirement claims that are already with GSIS, and that the processing of the retirement claims was delayed due to some inaccuracies in the GSIS database.

 

Furthermore, the supposedly underpaid/unpaid premiums were already remitted to GSIS and only proper posting will set the records straight.

 

2. While we are amenable for the charging of interests, but in the interest of fair play, we are requesting for the reduction of interest rates and surcharges to enable the members to pay the corresponding premiums for previous services other than permanent appointments.

 

3. Re-comp*tation to take into consideration overpayments made. As earlier mentioned, overpayments are still erroneously recognized as underpayment, resulting in further reduction in the number of creditable years of service.

 

4. Refund/rebate of the interests charged after the effectivity of the retirement, which were deducted in advance for the 2nd and 3rd years of the term of the loan.

 

5. To allow the re-comp*tation and payment of incremental/additional benefits even after receipt of retirement benefits, when the reconciliation of premium payments of concerned retired employees are completed.

[George Estregan Lives]

Thank you for raising very interesting points. For clarity, please forgive me if I respond with a sense of brevity, while attempting to capture the gist of your concerns.

 

I respect your opinion about the interest rates and penalties the GSIS is imposing. However, I think you know well enough that these are dictated by the GSIS Law (RA 8291), which Congress enacted.

 

In fact, the law says...

 

“SEC. 7. Interests on Delayed Remittances. Agencies which delay the remittance of any and all monies due the GSIS shall be charged interests as may be prescribed by the Board but not less than two percent (2%) simple interest per month...”

 

Point is, this is a matter best brought up with our lawmakers. The GSIS is merely complying with the law.

 

Also, the GSIS is very much open to reconciliation of member accounts. In fact, one only needs to present remittance lists with official receipts to trigger corrections in records. I don’t think asking of receipts is unfair, because in almost all transactions—whether private or in the public sectors—receipts serve as primary proof of payment.

[rickyv]

pansinin nyo naman ako, kelan ang raffle draw ng altis?