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The Government Service Insurance System (GSIS) reminded the all government offices of the requirements for those who wants to avail of early retirement to ensure the delivery of their benefits, the first one of those requirements being that the availment should be submitted at 60 days prior to their preferred retirement date.

The GSIS said it is requiring the early notification of the early retirement in order for them to have more time in reconciling the retiring members’ accounts. Winston Garcia, GSIS president and general manager, said government agencies must fully comply with all the requirements to ensure the success of the retirement program.

“The success of this activity would require the cooperation and full support of all agencies by providing us the names of their employees below 65 years old who intend to avail of early retirement,” he said.

For employees who will retire at age 65, which the compulsory age of retirement, Garcia said there is no need for the agencies to submit their names. The government pension fund manager is prioritizing the reconciliation of premium and loan payments of prospective retirees to facilitate the timely and accurate computation of their benefits.

There are four retirement modes in GSIS. These are all mandated under R.A. 660 which took effect in 1951; R.A. 1616 in 1957; Presidential Decree 1146 in 1977; and R.A. 8291 which took effect in 1997.

The R.A. 660, also called Magic 87, adds up the age of the member and the years he has rendered in service. If the sum is 87, he will be qualified to retire under the said R.A. with pension. This provision, however, is applicable only to employees who have entered government service before June 1 of 1977.

R.A. 1616, on the other hand, requires the government employees to have rendered at least 20 years of service, regardless of age and employment status. The last three years of his service prior to his retirement must be continuous, except in cases of death, disability, abolition, or phase out of position due to reorganization.

Meanwhile, P.D. 1146 allows the employee to retire at the age of 60, provided he is a permanent employee and has rendered at least 15 years in service. P.D. 1146 involves the pension benefit from the amended R.A. 660.

Lastly, the R.A. 8291 gives the retirees two options: a five-year lump sum or the 18-month cash payment pension. An employee who wants to avail of this must be at least 60 years old and has rendered a minimum of 15 years in service.