Law Summary
Eligibility
- Members, including EO 90 registrants, may withdraw TAV after 10 years of continuous membership and 120 monthly contributions.
- Members with gaps cannot pay retroactively to qualify; reactivated members start counting contributions anew.
- Contributions used to offset outstanding loans count toward the 120 contribution requirement.
Limitations of Coverage
- Ineligible members include those with outstanding housing loans as principal/co-borrower/sponsor.
- Members with outstanding short-term loans are not permitted to withdraw unless loans are fully paid.
- Offsetting loan payments against withdrawal benefits is prohibited.
Payment of Benefits
- The payout includes member's accumulated contributions, employer's counterpart contributions (if any), and credited dividends.
- TAV computed to the 120th contribution month.
- Dividends computed up to the date of claim filing based on annual credited dividends.
- Early withdrawal before year-end forfeits dividends for that year.
- Subsequent contributions and dividends after withdrawal are treated as continuous membership.
Period of Availment
- Eligible members have one year from reaching 120 months of continuous contributions to file for withdrawal.
- Failure to withdraw within this period means eligibility rests only after 15 years and 180 continuous monthly contributions.
Other Provisions
- Withdrawal option may be exercised only once but does not terminate membership.
- Membership and mandatory contributions continue post-withdrawal.
Amendments
- Management may amend these guidelines subject to Board of Trustees' authority.
- Circular is effective immediately upon issuance.