Law Summary

1. Purpose and Scope

• Explanation: This Circular outlines the policy for the payment of the Annual Persistency Bonus (APB) to accredited PRA Marketers as a fiscal incentive.
• Key Definitions:
  • Annual Persistency Bonus (APB): A financial incentive awarded to marketers for enrolling Principal retirees into the SRRV program.
  • Accredited PRA Marketers: Individuals recognized by the PRA who are authorized to enroll retirees under the SRRV programs.

2. Payment Structure

• Explanation: The payment structure for the APB is tiered based on the number of Principal retirees enrolled by the Marketer.
• Key Details:
  • For the first five (5) Principal retirees enrolled, the payment is US$60.00 each.
  • From the sixth enrollee onwards, the payment increases to US$100.00 each per annum.

3. Enrollment Eligibility

• Explanation: Marketers have the freedom to enroll multiple Principal retirees under the SRRV SMILE and/or SRRV Human Touch programs.
• Key Requirements:
  • Marketers must ensure compliance with all obligations related to the enrolled Principal retirees.

4. Conditions for Payment

• Explanation: The payment of the APB is contingent upon certain conditions being met.
• Important Requirements:
  • The enrolled Principal retiree must remain in good standing and compliant with the Annual Processing Fee (APF) and any other obligations.

5. Eligibility for Bonus

• Explanation: Only accredited marketers are entitled to receive the APB.
• Key Details:
  • Valid accreditation is a prerequisite for the entitlement to the bonus.

6. Implementation and Oversight

• Explanation: The implementation of this Circular is assigned to the Resident Retiree Servicing Center (RRSC) in collaboration with the Marketing Department.
• Responsibilities:
  • The RRSC and Marketing Department are responsible for enforcing this policy and disseminating information regarding the APB.

Key Takeaways

• The Annual Persistency Bonus (APB) is a structured incentive for accredited PRA Marketers based on the number of Principal retirees enrolled.
• Payments are tiered, with different amounts applicable based on the number of enrollments.
• Compliance with obligations related to enrolled retirees is mandatory for receiving the APB.
• Only accredited marketers are eligible for the bonus, ensuring that the program maintains integrity and accountability.