Retroactive Application to Former Officials
- Former officials who ceased their term, retired, resigned, or became incapacitated before the law's approval are entitled to the benefits if they met the qualifications at the time of cessation.
- Such officials must refund any gratuity or pension previously received from the government.
- Pension benefits under this act accrue only from its approval date, not before.
Exclusion from Other Retirement Benefits
- Officials availing themselves of this law's provisions are barred from retiring under Republic Act No. 660 (as amended) or any other retirement laws.
- They are entitled to refund of their personal contributions to the Government Service Insurance System (GSIS) with applicable interest.
- The life pension benefits do not affect eligibility for life insurance benefits from the GSIS.
Tax and Creditor Protection of Benefits
- The lump sum pension is exempt from all forms of taxation.
- Such benefits cannot be subjected to garnishment, levy, or execution, ensuring protection from creditors.
Funding and Appropriations
- All funds necessary to implement this law shall be drawn from the National Treasury from currently unappropriated funds.
- These appropriations are to be considered as permanent annual appropriations, ensuring ongoing availability of funds.
Effectivity
- The law took effect immediately upon its approval on June 16, 1956.