- Application
for benefits
- Computation
of premiums
- Request for Individual Statement of Fund (ISF)
- Request for ID Card
- How to avail of Actuarial Valuation
- How
to establish a Reserve Fund
- Consolidation
of multiple ID numbers
- The fastest and most efficient way to remit premiums
- Request for management briefing or membership seminar
How
to apply for benefits
A
member who is already resigned or retired from the school
can already apply for benefits. A resigned employee who is
not more than 50 years of age can either apply for Repurchase
Benefits or Separation from Service Benefits. On the other
hand, a retired employee, with at least 10 years service,
can apply for Retirement Benefits. We have different sets
of forms for each type of benefit (see FORMS).
All application for benefits should be signed by the authorized
signatory of school. For inquiries please contact us at: peraa@peraa.org
How
to compute premiums
To
compute for the premiums of the school, the following information
are needed:
-
Name
of employees qualified for membership (please check the eligibility
requirement of your school)
-
Current
basic monthly salary of the qualified employees.
-
Rate
of contribution for the employer's share.
-
Rate
of contribution for the employee's share (if the school has
a contributory plan or if the employees gives voluntary contribution.
The
premium for each employee can be computed as follows:
SAMPLE
DATA:
| Name
of Employee: |
Juan
De la Cruz |
| Current
Basic Monthly Salary |
P
10,000.00 |
| Rate
of Contribution - Employer's Share |
3.25% |
| Rate
of Contribution - Employee's Share |
2.00% |
SAMPLE
COMPUTATION:
| Employer's
Share Contribution (0.0325 x 10,000) |
P
325.00 |
| Employee's
Share Contribution (0.02 x 10,000) |
P
200.00 |
| Total |
P
525.00 |
The
above computation will be applicable to all qualified employees.
Total contributions for all qualified employees will be the
amount due to PERAA. Please note that you have to accomplish
the Premium Remittance Form (see FORMS)
so that the contributions will be credited to the account
of the employees. For inquiries please contact us at: peraa@peraa.org.
Request
for Individual Statement of Fund
If
you wish to get an updated accumulated value (AV) of your
fund with us as of current date, please write us at the PERAA
office address or email us at: peraa@peraa.org.
Indicate your name, PERAA ID No. and mailing address in you
e-mail message. Due to confidentiality of information, we
will send your updated AV only in the address indicated in
your e-mail. You may, of course, personally request for your
AV update.
Request
for ID Card
The
PERAA ID Card is issued to all members who are already covered
by the school and who have submitted their Member's Record
to PERAA. The Member's Record is the basis in issuing the
ID Card. If you have not yet accomplished the said form, you
may download it from site (please see FORMS)
and submit the accomplished form in duplicate (duly signed
by the authorized school representative) to PERAA.
How
to avail of the Actuarial Valuation Services
PERAA
Participating Institutions can avail of our Actuarial Valuation
Services. The actuarial valuation will help the schools in
estimating the contribution rate that is needed to fund the
retirement and other benefits that the retirement plan will
give to qualified member/employees. To avail of this service
please furnish PERAA the following information in MS Excel
format.
- Name
of employees
- PERAA
ID No. (if there are any)
- Employment
Date
- Current
Monthly Basic Salary
- Retirement
Benefit Formula based on CBA or other applicable contract between
employees and the school
Please
email the above information to our address, peraa@peraa.org
How
to establish a Reserve Fund
The
Reserve Fund is a separate account from the individual accounts
of members and maintained under the name of the school. It is
established to fund the deficiency between the computed retirement
benefits of a qualified employee and his/her employer's accumulated
share at the time of retirement. The school should submit a letter
of intent to PERAA regarding its decision to establish a Reserve
Fund. The amount to be established for the fund is determined
through an actuarial valuation.
Consolidation
of Multiple ID Numbers
Issuance
of Multiple ID Numbers usually happens when a different name (e.g.
correction of name, change in the status of employee) is reported
in the Premium Remittance List of the school (and such change
of status was not properly reported to PERAA) or when a typographical
error is committed. PERAA will consolidate the two ID numbers
after the corresponding documents supporting the change of status
or a certification from the authorized signatories of the school
that the two ID numbers belong to the member is submitted to us.
What
is the fastest and efficient way to remit premiums?
The
fastest way, to date, is the on-line remittance system in
United Coconut Planters Bank. You may also remit on-line through
Banco de Oro, if available. You can pay the same day
and have the remittance credited on the same day. Just
fax or mail the validated deposit slip and the corresponding
Premium Remittance List (PRL). Of course, nothing beats
paying personally in PERAA.
Request
for management briefing or membership seminar
We
would like to hear from you. If you feel that there is a need
for us to meet the management and your employees to update
you or give some information regarding PERAA or retirement
in general, please feel free to write or call us. You can
contact us at 817-4532 or e-mail us at peraa@peraa.org
Please indicate in your e-mail message your concerns and we
would be happy to answer you. This is also an opportunity
for the school management to be briefed on how to upgrade
the retirement plan to better cope with RA 7641 or the New
Retirement Pay Law.
Copyright © 1999 [Private Education Retirement
Annuity Association]. All rights reserved.
Revised: March 2003 |
