Information on Benefit and Financial Policies
Explore details about benefit and financial policies including contributions, benefit payouts, active beneficiaries, historical trends, and cash flows from 2016 to 2025. Learn about changes in contributions, benefits, and assets over the years.
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Presentation Transcript
Presenters Ms. Jovalyn I. Koshiba Employer Services Manager Mr. Hefflin Bai Member Services Manager
Financial Highlights 2016 Contributions (Revenues) Percentage Total: $13,193,136 Government Contributions: 49% $6,462,649 Private Contributions: $44% $5,862,818 Penalties & Interest: 5% $701,327 Bad Debt-Tax (recoveries): 1% $166,341
Contributions Policies 12% Social Security Tax 6% Employer 6% Employee RPPL 9-12 increased Maximum remuneration from $5,000 to $6000 on October 1, 2015 $8,000 on October 1, 2017 No maximum amount of remuneration on October 1, 2020
Benefit Policies On August 20, 2013 a new law (RPPL 9-11 and RPPL 9- 12) was signed by the President of the Republic to accommodate all beneficiaries. Effective October 1, 2013 all benefits was increased by $50.00 Dual Benefits for Surviving Spouse who are at retirement age or above Threshold for Earnings test went up from $1,800 to $3,000
Annual Benefit Payout Benefit Type 2016 Budget % Retiree $11,119,875 71% Survivors (SP/DC) $4,041,171 26% Disability $472,482 3% Lump Sum $77,613 1% Total $15,711,141 100%
Current Number of Active Beneficiaries Benefit Type Count Value Retirement 1,975 $939,379 Surviving Spouse 852 $289,006 Surviving Child(ren) 272 $20,815 Disability 80 $36,305 Dependent Disabled 27 $3,301 Total 3,206 $1,288,806
Historical Trend Information Net Assets Available for Benefits Year End Accrued Liability (AAL) Funded Ratio Unfunded AAL 09/30/201 4 $98,040,000 $240,492,000 41% $142,452,000 09/30/2013 $93,182,000 $201,486,000 46% $108,304,000 09/30/2011 $77,367,000 $168,614,000 46% $91,247,000
Cash flows and Asset Balances from 2016 to 2025 Year End Ben Pmts Contribution Net 2016 11,781,063.99 11,819,350.00 38,286.01 38,286.01 2017 12,370,117.19 12,203,479.00 (166,638.19) (166,638.19) 2018 12,988,623.05 12,600,092.00 (388,531.05) (388,531.05) 2019 13,638,054.21 13,009,595.00 (628,459.21) (628,459.21) 2020 14,319,956.92 13,432,407.00 (887,549.92) (887,549.92) 2021 15,035,954.76 13,868,960.00 (1,166,994.76) (1,166,994.76) 2022 15,787,752.50 14,319,701.00 (1,468,051.50) (1,468,051.50) 2023 16,577,140.12 14,785,091.00 (1,792,049.12) (1,792,049.12) 2024 17,405,997.13 15,265,606.00 (2,140,391.13) (2,140,391.13) 2025 18,276,296.99 15,761,738.00 (2,154,558.99) (2,154,558.99)
Moving Forward Improve on collections in three areas: Educate every person interested to start business Actively pursue businesses with delinquent accounts Lobby politicians to create ways to help sustain ROP SS into the future
