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SUPPLEMENTARY RETIREMENT BENEFIT - LUMP SUM - 1 APRIL 2019

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Post by propat on Sun 20 Jan 2019, 07:59

lg6 I think you may be a little confused .

take everything big rex said above and apply this thought one where your confusion I think may lay .

SRB is calculated BEFORE deductions like the SISIP deduction . if you were simply zeroed out of ELB because of the SISIP and other deductions before 2012 that doesn't matter . it will be calculated when you started ELB whether they were paying you or not .

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Post by Guest on Sun 20 Jan 2019, 13:27

Thinking; prior to 2012 i never applied for ELB via veteran affairs i received my Earnings lost benefit from Sisip reduced by my pension act pension. After 2012 Manuge CA law suit i got an unreduced earning lost from Sisip. I never applied for the VAC ELB until they offered the 90% top up.
So the way i see it the only monies i will receive in Apr will be the ELB top up from that date to 2019. I think that top up didnt occur until 2014?

But when i turn 65 I think sisip also gives us a 2% top up on all the ELB i received from them.

Bigrex and Propat what are your thoughts. There must be others in the same boat as I?

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Post by propat on Sun 20 Jan 2019, 13:54

ok got ya buds your confusion is the terminology very understandable given all the acronyms flying around since the new A-B-C benefits came on line .

SISIP is not ELB its LTD .ELB is also LTD . SISIP is not ELB and ELB is not SISIP.

so you never did receive ELB from SISIP as you can only receive it from VAC . your calculations for the SRB will only be done by VAC for ELB from your first payment till april 1st.never heard about the SISIP one but I am curious so I will see what I can find .

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Post by propat on Sun 20 Jan 2019, 14:11

hey buds just went through the SISIP policy and I see nothing regarding any 2% top up at 65.

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Post by bigrex on Sun 20 Jan 2019, 14:16

There was nothing in the SISIP policy about paying a SRB style payment, at age 65. If there was, it would have been included in the SISIP lawsuit.
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Post by Guest on Sun 20 Jan 2019, 14:56

Strange you say this: ELB every t4 i got from sisip says earning loss (EL) can you check yours and see if your says the same.
I am starting to question my comment on 2% at 65 from sisip. I will check next week. I hope your wrong for the good of all of us! Smile

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Post by Guest on Sun 20 Jan 2019, 15:12

Its only for ELB with VAC not sisip ! I was wrong!

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Post by Gunner8 on Mon 21 Jan 2019, 10:14

So what does this mean, anyone who is on ELB will be getting a lump sum?

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Post by bigrex on Mon 21 Jan 2019, 15:34

Only if you are deemed DEC, and getting Extended Earning Loss. So if someone is, or was getting ELB, while going back to school, they will not be entitled to this SRB payout.
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Post by SIGS PIGS on Mon 21 Jan 2019, 16:10

bigrex,

I just read your comments,

i just was deemed DEC in Dec 18, and EELB what does this mean to me going forward,

thanks,

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Post by bigrex on Mon 21 Jan 2019, 19:08

Well, ELB is changing into the IRB, and really the only change, instead of switching from ELB to the RISB program, when you turn 65, the IRB is merely reduced by 30%. It's actually an improvement, because f how the RISB used CIA and CIAS, to calculate how much you should get at age 65.


lets compare a severely disabled Veteran who is getting $5000/mo from ELB, plus grade 3 CIA, and CIAS,  under the two programs.

NVC before age 65 - $5000 (ELB) + 600 (CIA) + $1200 (CIAS) = $6800
NVC after age 65 - $6800 Total benefits - 30% = $4760, before deductions.

PFl before age 65 -IRB $5000 + $500 APSC + $1200 CIAS.
PFL after age 65 = IRB $3500 (70%) + $500 APSC + $1200 CIAS.= $5200/mo, before deductions


It's a significant drop at age 65, regardless, but under the IRB, it will allow the Veteran to keep several hundred dollars more, than under the RISB. And we can always hope, that someday, some future government, will eliminate the 30% deduction, as a way of improving the PFL.


Plus Sigs, you should now get the SRB payout, in April, but depending on how long you've been on ELB, it might not be very much.
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Post by Vet1234 on Mon 21 Jan 2019, 19:39

no one has been on ELB for over 13 years. I cant see a payment over 25k anywhere.
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Post by SIGS PIGS on Mon 21 Jan 2019, 20:09

bigrex,

I have only been on ELB since last Apr,

cheers,
SIGS

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Post by bigrex on Mon 21 Jan 2019, 23:20

Vet1234 wrote:no one has been on ELB for over 13 years.   I cant see a payment over 25k anywhere.
 I'm not sure where you are coming from. I don't think anyone has said that they have been on ELB for longer than 13 years, or that their SRB would be $25000. In fact, in order to get a SRB of 25K, their average ELB payment would have to have been over $8000/mo for those 13 years. Now, if the SRB was going to paid out, based on ELB that would have been earned, by age 65, then 25K is a very reasonable number.
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Post by bosn181 on Tue 22 Jan 2019, 14:34

i have been on elb for almost 11 years and i got a long way to go before 65 will be interesting to see how all this will play out.

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