REPUBLIC ACT No. 1616
AN ACT FURTHER AMENDING SECTION TWELVE OF COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX, AS AMENDED, BY PRESCRIBING TWO OTHER MODES OF RETIREMENT AND FOR OTHER PURPOSES.
Section 1. Section twelve of Commonwealth Act Numbered One hundred eighty-six, as amended, is hereby further amended by adding two new paragraphs after paragraph (a) which reads as follows:
"(b) Notwithstanding the provisions of the preceding paragraph, a member may be allowed to retire after rendering a total service of thirty years, regardless of age, the retiring employee to receive a monthly annuity for life, but the benefit for service rendered after June sixteen, nineteen hundred and fifty-one, shall be whatever amount of annuity can be purchased by the accumulated government and personal contributions to the credit of a member plus interest allowed by the system on the date of retirement. Said annuity shall be computed in accordance with the mortality table and the rate of interest adopted by the system. This benefit shall be in addition to the benefit for service rendered...
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Republic Acts
AN ACT FURTHER AMENDING SECTION TWELVE OF COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX
Republic Act No. 1616
Summary of Republic Act No. 1616
Modes of Retirement
- Retirement after 30 years of service, regardless of age (Section 1(b)):
- Entitled to a monthly annuity for life
- Benefit for service after June 16, 1951 is the amount of annuity purchased by accumulated contributions plus interest
- Annuity computed based on mortality table and interest rate adopted by the system
- In addition to the benefit for service before June 16, 1951 under Section 11(A)
- Retirement after 20 years of service, regardless of age (Section 1(c)):
- Entitled to return of personal contributions plus interest
- Gratuity equivalent to one month's salary for every year of service, up to 24 months
- Gratuity based on the highest rate received
- Gratuity payable by the employer or office concerned
Other Provisions
- Commutation of unused vacation and sick leave upon retirement (Section 2)
- Renumbering of paragraphs in Section 12 of Commonwealth Act No. 186 (Section 3)
- Effectivity upon approval (Section 4)
Modes of Retirement
- Retirement after 30 years of service, regardless of age (Section 1(b)):
- Entitled to a monthly annuity for life
- Benefit for service after June 16, 1951 is the amount of annuity purchased by accumulated contributions plus interest
- Annuity computed based on mortality table and interest rate adopted by the system
- In addition to the benefit for service before June 16, 1951 under Section 11(A)
- Retirement after 20 years of service, regardless of age (Section 1(c)):
- Entitled to return of personal contributions plus interest
- Gratuity equivalent to one month's salary for every year of service, up to 24 months
- Gratuity based on the highest rate received
- Gratuity payable by the employer or office concerned
Other Provisions
- Commutation of unused vacation and sick leave upon retirement (Section 2)
- Renumbering of paragraphs in Section 12 of Commonwealth Act No. 186 (Section 3)
- Effectivity upon approval (Section 4)