COOP RETIREMENT PROGRAM
In showing that cooperativism is not only about loans and repayment, SLEMCOOP adopted the Members Retirement Benefit Program in 1992 to provide benefits to members in good standing who have retired from government service. The program gives prior importance on the members share capital contribution in the computation of the benefits.
What are the program benefits?
The program gives cash incentive to retiring members of the cooperative.
How is the cash incentive computed?
The yearly average share capital of the member for the last five years prior to the retirement year will be used in the computation as follows:
If retiring this year:
First year (last year) – 4 % of the average share capital of the last year
Second year – 8 % of the average share capital of the second year
Third year – 12 % of the average share capital of the third year
Fourth year – 26 % of the average share capital of the fourth year
Fifth year – 50 % of the average share capital of the fifth year
Benefit Amount – 100 % , the sum of computed yearly amount
Who are entitled to receive the program benefits?
Those who are members in good standing (MIGS) and have retired from the service due to age, early retirement or disability.
What happen to the benefits of retirees with outstanding obligations?
The benefits of retirees with outstanding obligations will be applied to their obligations.
Does longevity of membership affects the giving of the benefit amount?
Those who become members of SLEMCOOP before 1988 will receive 100% of the benefit amount. Those who become members of SLEMCOOP in 1988 and onward will receive 80% of the benefit amount.
When can a member be refused for program entitlement?
A delinquent member cannot avail of the program benefits. Delinquency may be due to delinquent payment of obligations, inactive members and those who have not fully paid the minimum subscribed capital requirement.
Are there contributions required to be able to receive the benefits of the program?
There is no contributions required. Only the share capital of members will serve as basis for receiving the benefit.
How can one claim their benefits?
1.0 Accomplish the Request for Payment of Retirement Benefits.
2.0 Submit proof of retirement from GSIS, SSS, etc.
Other proof of retirement may be required.
