Bill Type
Congress Name
Long Title
AN ACT GRANTING RETIRED MEMBERS OF THE GOVERNMENT SERVICE INSURANCE SYSTEM THE FULL VALUE OF THEIR CONTRIBUTIONS TO THE SYSTEM, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 8291, OTHERWISE KNOWN AS "THE GOVERNMENT SERVICE INSURANCE SYSTEM ACT OF 1991
Date filed
July 1, 2004
Scope
Legislative History
| House Bill/Resolution NO. HB00745 | |
| FULL TITLE : AN ACT GRANTING RETIRED MEMBERS OF THE GOVERNMENT SERVICE INSURANCE SYSTEM THE FULL VALUE OF THEIR CONTRIBUTIONS TO THE SYSTEM, AMENDING FOR THE PURPOSE REPUBLIC ACT NO. 8291, OTHERWISE KNOWN AS "THE GOVERNMENT SERVICE INSURANCE SYSTEM ACT OF 1991 | |
| ABSTRACT : The main objective of the bill is to grant members of the Government Service Insurance System (GSIS), upon retirement from the service, the full value of the contributions of the member and the employer including the interest earnings of said contributions. It introduces the concept of "full value of contributions" which shall be used as the basis for the payment to the retirees of their lump sum and the basic monthly pension benefits. | |
| PRINCIPAL AUTHOR/S : ABAYA, JOSEPH EMILIO A. | |
| DATE FILED : 2004-07-01 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS (Journal Entries) : | |
| 1. Codilla (014 ) | 2. Amin (015 ) |
| 3. Espino (025 ) | |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITEE HEARINGS/ACTIONS: | |
| 1. Under deliberation by the Mother Committee on 2004-10-27 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON GOVERNMENT ENTERPRISES AND PRIVATIZATION ON 2004-07-28 |
Abstract
The main objective of the bill is to grant members of the Government Service Insurance System (GSIS), upon retirement from the service, the full value of the contributions of the member and the employer including the interest earnings of said contributions. It introduces the concept of "full value of contributions" which shall be used as the basis for the payment to the retirees of their lump sum and the basic monthly pension benefits.'
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.