SUPPLEMENTARY RETIREMENT BENEFIT - LUMP SUM - 1 APRIL 2019

We are not going to get SRB payments for future years. period. If you have been on ELB for exactly 5 years, on Apr 1st, and your ELB benefit, before any deductions, is $5000 per month, the SRB would be calculated like this

$5000 x 60 months = $300000 x 2% = SRB payment of $6000 (obviously COLA, and the increase to 90% will affect the overall calculations)

It doesn't matter if you are only 30 years old, or 60. But honestly, when the SRB was created, the only money that NVC Veterans were going to entitled to after age 65, was the PIA. So the SRB, was intended to act as a buffer, when the monthly benefits stopped. So we were lucky that they didn't eliminate it, a few years ago, when the RISB was introduced. And at least they are paying us the money we have accrued so far, because they could have ended it, and just kept that money, leaving us to launch a court case, that may not even be successful.

Hi Supremedebater - You are correct, it’s hard to get an answer on this. I got this answer about a mth ago. But rereading it, it’s not much of an answer. Hopefully we will get a more detailed letter in Apr?
Their answer:
Of course these programs have been in the works for a while and
most calculations etc have been done but we are still not priviledge
to all information. Based on the legislation now, you would
have been eligible for the Supplementary Retirement Benefit (SRB)
when you reached the age of 65, which you will not have reached
that age before April 1, 2019. You are correct, the calculation
before April 2019 is 2% of what you received in the Earning Loss
Benefit. The SRB is being consolidated in the Income Replacment
Benefit with 5 other benefits. This has been done to make things
easier for Veterans.

Having Veterans and their families apply for six separate financial
benefits related to income replacement was unnecessarily complex.
That's why we have consolidated the six benefits into a single
monthly payment–the Income Replacement Benefit (IRB). However
we do not have details of the calculations yet and probably will
not see the calculations until April 2019.

Teentitan, care to chime in?

Ya I’ve spoke to Vac, for some reason the call centre and most case managers don’t have a clue what is happening. I’m starting to think that if they don’t know, maybe the pension for life task force knows more but ya can’t speak to them. Regardless I’m curious also because if they are doing this, no one I know has had any notice at all. Maybe it’s all a crock?

I have been following this thread and this what I take away from it.  Please correct me if I am wrong or just misunderstood the topic.

1.VAC is going to pay out Veterans that are receiving SRB with a lump sum.
2. If your receiving SRB it would’ve good till age 65.
3. SRB is measured at 2% per year of what total gross benefits?
4.2% pay out for years remaining till you time out at 65.

So why no news or letter from VAC about this, April 1st is just around the corner.

bigrex wrote:It's always been a taxable benefit. It's just a good thing that the ELB lawsuit settlement, will be tax free, or we would really get shafted next year, during income tax season.

Yes I realize that but I'm saying it shouldn't be

Well I am sure glad I live here in Canada with all the evil in the world!

It is evil

I started realizing how the condition of our hearts affects the way we see. If your heart is full of bitterness, anger, and resentment, you're going to look at this world as a very evil place.
Danny G

It's always been a taxable benefit. It's just a good thing that the ELB lawsuit settlement, will be tax free, or we would really get shafted next year, during income tax season.

Taxed! Bastards.

Hi folks,
Info directly from VAC and the Gazette, It is sad that 37 days before the effective date of PFL no news for this one, wich is pretty significant for someone that has been on ELB for a long time - taxable benefit so for 2019 check your taxes.

Good afternoon guys
Cosmo
*******

The SRB will cease to be a financial benefit on April 1, 2019. On or after April 1, 2019, Veterans and survivors eligible for the SRB will be paid a taxable lump-sum amount, which will equal 2% of their total ELB payable (before offsets) up to March 31, 2019. Eligible Veterans and survivors will be notified by the Department of their entitlement and the amount of the payment on or after April 1, 2019.

Regards, VAC Social Media Team

Those entitled to continued ELB on March 31, 2019, will receive a lump sum payment equal to the SRB amount they will be entitled to on that date. Those who had been entitled to receive continued ELB but were no longer entitled to that benefit and had not received the SRB to which they are entitled will also receive a lump sum payment

The Gazette

Sleeping Dog - Lol, what a stupid answer back fm yr CM. One would think the CM, who have daily direct contact with Vets would know the policies, and changes. Johnny Out,,VVV

johnny211 wrote:Bigrex - Tks Brother great find. It’s unfortunate the ones answering our ? At Vac, can’t find their own policy. VVV...

they are so far behind the times I asked my Cm on myvac if there was any truth to what I read about VAC telling vets to to stall their claims till April 1 or that they were experiencing a shortage of funds due to an influx of claims. The Cm responded with a reply as if I was crazier than I am, “ where did you hear such nonsense!” , lol , so I cut and pasted the link from a CBC article dated feb 15. The C M replied “ I’m just a front line worker, they don’t tell me anything”, lol

Bigrex - Tks Brother great find. It’s unfortunate the ones answering our ? At Vac, can’t find their own policy. VVV...