Retirement Income Security Benefit (RISB)

trooper no you have it wrong. Wether you are moderate of severely injured if you are in receipt of any ELB payment at age 65 it stops.

They then take 70% of your ELB and call it a RISB.

The RISB is added to your CPP, OAS, CF Pension (if you are getting one) and that is your post 65 income until you die. Now remember if your new post 65 is less then $43K VAC will give top up or add to the RISB to make sure the vet is getting $43K annual income.

kk thanks for that.

propat

lots of questions ???

those severely disabled on PA and NVC collecting PIA and supplement . where do they stand???

propat

Any tax free payment from VAC does not enter any calculations of the RISB.

But if you are a PA guy who get ELB then when your LTD ends at 65 you convert completely over to ELB and get the 70% RISB.

Now if you are getting LTD but not approved for ELB then let's hope that when it was brought up today in the debrief with the VAC reps they look at this and give it a sober second thought and automatically convert the LTD vet to an ELB vet for the RISB.

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!

I see they are using maximums again 1500 would be more likely for PIA and supplement not 2700 but I see where they are going .

as long is on the total benefits and just on the benefits that are lost this could actually help some people.

propat

Thanks for that teen.

The MVA was just on the news as a guest and when he first started to explain the RISB he said what teen has posted, the RISB is meant for the moderate to severely disabled veterans who reach 65, and are receiving ELB.
Then he went on to explain that he was looking to combined benefits (alongside the other lifetime benefits for the serious injured soldiers) and (combined them into a single pension for the more serious injured Veterans.
He also said to Rex's point that younger Veterans would have peace of mind that those on ELB  once 65 will have this in place to allow for some relief.

He also said that this is all about addressing the NVC - and said that he is working on a number of other measures to address NVC  issues.

Those that are on sisip LTD and are not part of the NVC or did not apply for(ELB -  like teen said this change does not address those Veterans, however, I am going to guess that if this RISB passes through the house, and is implemented, it wont be long before the LTD 65 year timeline is addressed.

That's not going to fly with sisip ltd guys! It ends for us at 65 so WTF. Also I thought the whole lawsuit regarding the clawback declared PA payments as not income therefore not to be included nor deducted! What about a ELB guy who gets PA as well? Doesn't sound all that great right now!

Here's an example given to us at the debrief:

Pvt Marc is 21 and is severly injured after just one year.

Upon release his VAC financial benefits toal $62K (ELB, PIA and PIAS)

At 65 Marc's ELB stops and his income falls to $27K. So Marc receives 70% of the $35K or $24.5K in RISB.

So Marc's post 65 total income is $51.5K (The $27K + $24.5K RISB).

If any vet's post 65 total income is lower then $43K then VAC will 'add' to the RISB to achieve the minimum of $43K

I think they better start putting out some details, with examples, not just briefing notes. Right now, the only positive thing that I can see, from my perspective, about this program is, I have 22 years for it to be improved, before it will affect me.

So here is how the RISP is "proposed" to work.  Minister O'Toole is going to present the bill and have it in the Senate before the election rit is dropped.  For those who don't know when an election is called if the bill is not/not in the Senate then it dies.

So the RISB is meant for the moderate to severly disabled veterans in receipt of ELB, EELB PIA, PIAS, CFIS under the NVC.

When the vet reaches age 65 he/she will receive 70% of the sum of the above benefits.  The "floor" or minimum RISB will be $43,000.00.  So if the vet's income drops below $43K VAC will make up the difference.

The $43K will go up with the Consumer Price Index (or COLA) yearly.

Also a "widow's benefit" is now going to be added to the NVC.  When the vet dies the survivor/spouse will receive 50% of the 70% RISB.  This of course is taxable income.

The RISB is only for veterans who are in receipt of NVC benefits.so unfortunately LTD or PA vets do not qualify.  

In the near future to reduce applications and red tape VAC is going to take all the benefits ELB, EELB, PIA, PIAS, CFIS and merge them into one payment.  More information will be coming.

Questions that arised in the de-brief that are going to be investigated, discussed and, possibly, included in the Bill to be presented are:

1.  If a LTD client reaches 65 who has applied and been granted ELB or is in receipt of PIA, PIAS, CFIS can possibly qualify for the RISB.
2.  There will be discussions on not/not capping the COLA at 2% annually

A request for briefing notes on the de-brief were asked to be written up by Friday 13 March so there is consistentency in information about the new RISB.