About Republic Act No. 4917 (R.A. 4917)

        Companies that have already set up a Retirement Fund for their employees did not have difficulty complying with the requirements of Republic Act No. 7641. In addition, for companies that set up retirement funds, an earlier law provided certain tax privileges for Retirement Funds as well as retirement benefits paid out from such Retirement Funds. Republic Act No. 4917 provided tax-exempt privileges for contributions to the Retirement Fund, as well as benefits paid out from such funds. To avail of these privileges, the Retirement Plan should be registered as tax-exempt with the Bureau of Internal Revenue, and a Trust Fund should be set up solely for the purpose of financing such benefits as provided under the Retirement Plan. For fixed benefit plans, an actuarial valuation by an accredited actuary is also required. The rules implementing R.A. 4917 are stated in Revenue Regulations No. 1-68 as amended by Revenue Regulations No. 1-83

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