Coverage
- Applies to members with remaining savings or dividends in the Fund after receiving provident benefit claim proceeds.
- Excludes members who re-entered mandatory coverage unless the grounds for membership termination occur after re-enrollment.
Definition of RTAV
- RTAV refers to savings and dividends remaining after receiving provident benefits based on termination grounds including:
- Death
- Compulsory Retirement
- Permanent Departure from the Country
- Permanent Total Disability or Insanity
- Termination from Service Due to Health
- RTAV computation considers:
- Applicable declared dividends
- Member’s savings and employer counterpart in remittance process
- Savings and dividends recovered via Fund’s enforcement activities
Mechanics for Notification and Release
- Public announcement in newspapers to inform eligible members to check entitlement via website, Fund branches or local government units.
- Posting of qualified members list in Fund’s website, branches, and local government units.
- Notification by mail for RTAV of Php500.00 or more; credited to cash card or disbursed by check according to previous proceeds release method.
- Unclaimed RTAV over Php500.00 after ten years from membership termination is reclassified to Fund’s Retained Earnings and becomes non-claimable.
- For RTAV under Php500.00 released via cash card, amounts credited immediately; if released by check, Fund branches may use petty cash to disburse.
- Members have 60 calendar days from announcement or mail date to claim RTAV, otherwise amount is reclassified as Fund’s Miscellaneous Income and becomes non-claimable.
- Initial implementation based on records as of 31 December 2013 including 2013 dividends.
- Subsequent updates and releases semi-annually based on April and September cut-off dates; RTAV reclassified as Accounts Payable and stops earning dividends thereafter.
Escalation Clause
- Initial resolution of interpretation or implementation issues by concerned officer.
- Unresolved issues escalated to next approving authority.
Amendments
- The Senior Management Committee may amend, revise, or update the guidelines to further Program objectives and Fund’s mandate.
Repealing Clause
- All inconsistent circulars, memos, rules, and issuances are repealed, amended, or modified accordingly.
Effectivity
- Guidelines become effective immediately upon issuance.