Retirement Income Security Benefit (RISB)

Retirement Income Security Benefit






A number of programs and services are currently in place to ensure that the health, rehabilitation and financial needs of Canada’s Veterans are met. These benefits include targeted financial supports like the Earnings Loss Benefit, which can provide financial compensation until age 65 for the economic impact career-ending injuries can have on a Veteran’s earning capacity. However, the Government of Canada recognizes that service-related injuries and illnesses can directly impact a Veteran’s ability to save for retirement.

The proposed new Retirement Income Security Benefit would address that challenge head-on by providing financial stability to moderately to severely disabled Canadian Veterans—those who are receiving the Earnings Loss Benefit due to being totally and permanently incapacitated as a result of their service to Canada. The Retirement Income Security Benefit would take the form of a monthly income support payment beginning at age 65.

The Retirement Income Security Benefit would ensure that an eligible Veteran’s total annual income is at least 70% of what he or she received in Veterans Affairs Canada financial benefits before age 65. Monthly payments would be calculated on a case-by-case basis, taking into account how much the Veteran was receiving before age 65 and other sources of income he or she may have beyond age 65.

It is critical that Veterans have peace of mind when it comes to support for their families. That’s why this income support would also be extended to families through continued monthly payments to the Veteran’s survivor.

In keeping with our Veteran-centric approach, Veterans and survivors would not be required to apply for this benefit. Before turning 65, eligible Veterans would be proactively contacted.

As with other benefits, the Retired Income Security Benefit will require parliamentary approval. Once it receives Royal Assent, the Government of Canada will work as quickly as possible to implement this new benefit and get more money into the pockets of eligible Veterans and their families.

Example of a Veteran who could benefit from these changes

Marc, a 21-year-old private, is severely injured after just one year of service. Before releasing from the military, Marc works with a Veterans Affairs Canada case manager to assess his needs and ensure a smooth transition from military to civilian life. Among the supports in place for him are VAC financial benefits totaling approximately $62,000 annually (which is comprised of income from the Earnings Loss Benefit, Permanent Impairment Allowance and Permanent Impairment Allowance Supplement).

Under the current system, when Marc reaches the age of 65, his Earnings Loss Benefit stops, causing his annual income to fall to roughly $27,000. With the proposed Retirement Income Security Benefit, Marc would receive an increase that would lift his total annual income to 70% of what he was receiving from VAC before age 65, ensuring a better opportunity to maintain quality of life in his retirement years.

It is important to note that the financial benefits Marc receives from VAC before age 65 and the Retirement Income Security Benefit are indexed annually. This means that if Marc were injured today, the actual amount he would receive upon turning 65 in 2059 would be adjusted to reflect cost of living increases.

A continuum of care

While income after age 65 is the focus of today’s announcement, it must be viewed as part of a spectrum of services and supports available to Veterans. Benefits and services such as rehabilitation and vocational assistance, the Health Benefits Program and the Clothing Allowance, for example, are designed to help support the needs of ill and injured Veterans.

Financial supports like the Earnings Loss Benefit, which provides eligible Veterans who are unable to work as a result of their service-related injury or illness with 75% of their pre-release salary (up to age 65), are also available to help Veterans make a successful transition to civilian life.

http://news.gc.ca/web/article-en.do?nid=945859

propat

Ummm, they keep saying 65... But actually didn't they change that to 67 for retirement, unless you were born before 1959 or around there in which you are still allowed 65, but anyone born after that date is now 67..

Or maybe my mind is just confusing me...

Right on there teen......looking after the troops.

trooper I asked that very question and it was sorta dodged. I will not let it go though because it should go back to 06'.

Cola you are right this is goof for NVC folks. It's not totally like a lifelong PA but it's pretty damn close!! Not to mention the 'widows benefit' too.

I am very happy for the NVC folks ~ it is about time they were taken better care of in line with the old charter folks. JMO.

Another question here what about those who are over 65 and qualify for the RISB what about RISB retro for these individuals ?

I cant wait to read the actual legislation.

propat

Hey in the debrief I wasn't the only confused one! Even the explainers got confused! LOL

Navrat wrote:I know guys who get both ELB and PA payments so how would that work. You know why didn't they just take the age cut off for ELB and Sisip ltd off . Now you have how many thousands of ltd guys losing there income replacement at age 65 just because they are covered under sisip instead of ELB. Why not just put all the sisip ltd guys on ELB and get rid of sisip ltd and this will take care of this problem. Also I wonder if they will deduct the CFSA pension also. You know your having a beer in the sunshine thinking ,Hey, the conservatives finally get it, then you hear all the small print and exclusions and it's like a kick in the gut all over! Pedro pass the damn peanuts at least I know they'll leave a good taste in my throat! Navrat Out and about in Cuba!

Nav, I need a pina colada please order me one at the swim up bar.
RR, I am a straddler too even though I don't get anything financially. I am wondering the same question as yourself.

Ok then teen, as always thanks for clearing that up, as I was confused with what he said.

Robbie they CAN'T get rid of straddlers. We did their paperwork and were found qualified to have the benefit.

OK he sorta screwed that up because what he wants to do and it will be announced soon is right now for the seriously disabled we know there is
ELB
EELB
PIA
PIAS
CFIS

Five benefits/allowances for severly disabled. What he wants VAC to do is this to get rid of the confusion is take all of these and make it ONE name.

That is where he tripped up and confused the issue.

hup 2 3 on red hup

that is exactly what i got from this Teen and like i said due to being accepted and qualifying for ELB I am currently on the EELB wagon so as you stated and thank god I am a ole VC and NVC straddler, my question is Teen will they ever do away with us straddlers

Teen,

I may have worded that wrong, what I was trying to say is that when the MVA was explaining it on the news I understood him to say that yes once you reach 65 your ELB converts to RISB but when he talked about taken all of the previous income and putting all in one pension - he the MVA said that ( Combined benefit RISB alongside the other lifetime benefits for seriously injured soldiers ), and combined them into a single pension for our most serious injured Veterans.

Does that make more sense than what I posted ?

http://atlantic.ctvnews.ca/video?playlistId=1.2270420

Ok teen, just looked at the video and what he said word for word is this " Combined benefit RISB alongside the other lifetime benefits for seriously injured soldiers, and combined them into a single pension for Combined benefit RISB alongside the other lifetime benefits for seriously injured soldiers,( and combined them into a single pension for our more serious injured Veterans).

Don't really know what to make of this.