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The survey was based on 1,130 active client companies of Actuarial Advisers Inc. covering 208,270 employees, where all regular employees are eligible. Normal retirement is at age 60 with a minimum years of service, and the benefit is based on the minimum benefit required by law, Republic Act 7641. Early retirement with employer’s approval is provided for those reaching age 50 with a minimum years of service, and the benefit is computed similar to normal retirement. Late retirement is until age 65, with the same benefit formula computation. |
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Resignation benefit is provided but requires a minimum number of years of service, and the benefit amount is less than the formula for normal retirement benefit if service is less than the years required for full vesting. A benefit computed based on the formula for normal retirement is paid if the employee dies or becomes disabled. Benefits are paid in lump sum, and financing the retirement costs is the employer’s responsibility. |
