AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX
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AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX
Republic Act No. 3096
June 17, 1961
Case Overview and Summary
Summary of Republic Act No. 3096Retirement Benefits
- Allows retirement after 20 years of service, with gratuity of 1 month's salary per year of service, up to 24 months (Section 1(c))
- Automatic retirement at 65 years old, optional retirement at 63 with lump sum payment for first 5 years and monthly annuity after (Section 1(e))
- Exceptions for judiciary and constitutional officers (Section 1(e))
Administration of the System
- Managed by a Board of Trustees appointed by the President (Section 2)
- Trustees serve 3-year terms, with staggered initial terms (Section 2)
- Trustees receive per diem of 25 pesos per session (Section 2)
Investment of Funds
- Allows investment in first liens on improved real estate up to 60% of appraised value, with total real estate loans not exceeding 70% of assets (Section 3(c))
- Real estate loans have maximum term of 10 years, renewable for another 10 years (Section 3(c))
Miscellaneous Provisions
- Abolishes previous retirement plans, with provisions for existing retirees and those with vested rights (Section 4(a))
- Prohibits new retirement plans without approval, limits gratuities to 1 month's salary per year of service or 2 years' salary maximum (Section 4(b))
- Prohibits gratuities for those entitled to benefits under this Act (Section 4(b))
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AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX
Republic Act No. 3096
•June 17, 1961
REPUBLIC ACT No. 3096
AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX, AS AMENDED BY REPUBLIC ACTS NUMBERED SIX HUNDRED SIXTY, SEVEN HUNDRED TWENTY-EIGHT, ELEVEN HUNDRED TWENTY-THREE, THIRTEEN HUNDRED SEVENTY-SEVEN, FIFTEEN HUNDRED SEVENTY-THREE, SIXTEEN HUNDRED SIXTEEN AND EIGHTEEN HUNDRED TWENTY.
Section 1. Subsections (c) and (e) of Section twelve of Commonwealth Act Numbered One hundred eighty-six, as inserted by Republic Acts Numbered Sixteen hundred sixteen and Six hundred sixty, and as amended by Republic Act Numbered Seven hundred twenty-eight, are hereby further amended to read as follows:
"(c) Retirement is likewise allowed to a member, regardless of age, who has rendered at least twenty years of service. The benefit shall, in addition to the return of his personal contributions plus interest and the payment of the corresponding employer's premiums described in subsection (a) of Section five hereof, without interest, be only a gratuity equivalent to one month's salary for every year of service, based on the highest rate received, but not to exceed twenty-four months. This gratuity is payable by the employer...
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