RESOLVED, to APPROVE and CONFIRM an increase of 3.5% (same as last year) in the monthly pensions of regular pensioners, effective January 1, 2005, subject to the following guidelines:

1. Entitlement

1.1 Entitled to the Pension Adjustment are the following pensioners under R.A. 8291, P.D. 1146 and R.A. 660 who are receiving their regular monthly pensions; and are still qualified to their corresponding pensions and living as of January 1, 2005:

1.1.1 Old-age/retirement pensioners, including joint-life retirees;

1.1.2 Disability pensioners;

1.1.3 Joint-life beneficiaries;

1.2 Entitled also are pensioners under R.A. 7699 (Portability Law) who are receiving their regular pro-rata pensions and are still qualified and living as of January 1, 2005;

1.3 Entitled also are deferred annuitants or the retirees who received in advance their guaranteed pensions in the form of lump sums and who shall be resuming their regular monthly pension within calendar year 2005. Effectivity of their adjustment shall only be upon resumption of their regular monthly pensions.

1.4 Not entitled are:

1.4.1 Basic Survivorship and Dependent Pensioners

1.4.2 New Retirees for Calendar Year 2005

1.4.3 Deferred annuitants who received the cash payment of 18 times the basic monthly pensions (BMP) as separation benefit and shall be starting their monthly pensions after January 1, 2005. They shall only be entitled to pension increases after 2005.

2. Amount of Pension Adjustment

                             

Type of Pension	Rate of Increase	Minimum Pension*
Old Age/Retirement/Disability	3.5%	P2,500.00

^* -Minimum Pension does not apply to pro-rata pension of pensioners under R.A. 7699.

3. Financial Requirements for the Social Insurance Fund

                                               

Additional Monthly Cash Outlay	P 25.99 M
Additional Annual Cash Outlay	P 311.91 M
Additional Reserve Requirement	P 1,841.19 M
Resulting Average Monthly Pensions:
Old-Age/Retirement Disability	P5,881.68

Adopted: 22 Nov. 2004 (Board Meeting No. 29)