Re: SUPPLEMENTARY RETIREMENT BENEFIT - LUMP SUM - 1 APRIL 2019

by **bigrex** Sat 16 Mar 2019, 23:38

They said that they are going to issue the payments automatically.

by sailor964 Sat 16 Mar 2019, 23:26

Do you require to fill out any forms to get the SRB payment as it states of the VA website or is it automatic?

by **bigrex** Fri 15 Mar 2019, 17:39

If you are on EELB, we will be getting the SRB payment, based on the total ELB amount, the Veteran has received between 2006 and March 30th 2019. The budget implementation legislation states that this will be paid out, ON or AFTER April 1st. If it was intended to make Veterans wait until age 65, the legislation would say that the SRB is still payable when the Veteran turns 65, but will not accrue any money, after Apr 1st.

So I imagine that the computer will spit out the benefit, and will be automatically deposited to our accounts, within the first week of April.

by propat Fri 15 Mar 2019, 11:51

yes teager of course they will be doing this via computer with a small team . however that post above you refer to seems to suggest we may not get paid till age 65 as well witch kinda makes no sense very few vets that qualify are or will be 65 . what maybe 20 people . doesn't take hardly any time at all to punch in data for 20 people . why have 15 done and 5 not when 20 shouldn't take an hour .

sorry buds learned a long time ago to take what people from VAC say with a huge grain of salt . on this subject alone they have been all over the map .

I hope they were right at least about the calculations being mostly complete . then come April 1st they could send out the checks .

im just not gonna hold my breath because well …. I just don't trust a lot of what many of them say.

propat

by Teager Fri 15 Mar 2019, 10:59

The new system calculates everything with a computer. So as long as they don't F up the program it will calculate everything automatically. This greatly reduces the amount of people needed and explains why an above post says most calculations have been done.

by Supremedebater Fri 15 Mar 2019, 10:11

Your right there propat.

by propat Fri 15 Mar 2019, 09:54

ya I would not expect to see them to even start work on this till sometime after april 1st. they will probably have a specific team work on this and the way they seem to disseminate information people will have notices and/or checks before a lot of front line workers even know anything about it .

JMO

propat

by Supremedebater Fri 15 Mar 2019, 09:26

That is because they are not informed and because so much is changing they just don’t have the time I’m told. But who knows. The legislation says some vets will.

by johnny211 Fri 15 Mar 2019, 05:26

Had a Vet Friend call VAC on the SRB yesterday. Seems once again we are getting conflicting stories. That VAC person checked and said they see nothing on a SRB payout. So who really knows? VVV

by Supremedebater Wed 13 Mar 2019, 11:24

by **bigrex** Wed 13 Mar 2019, 11:15

Yes, you need to have been DEC, and getting Extended ELB, or would have, if it wasn't zeroed out by other sources of income. It should also be paid out for the duration of being on ELB, so if you were on ELB for 5 years, before being declared DEC, the SRB should include those 5 years in the calculations.

from the regulations

29 The supplementary retirement benefit shall be paid as a lump sum in an amount equal to 2% of the total amount of earnings loss benefit that would have been payable to or in respect of the member or veteran, as the case may be, if no amounts from sources prescribed under subsection 19(1) or 23(3) of the Act were considered in determining the amount of earnings loss benefit payable.

There is no mention of DEC, when talking about how the SRB is calculated.

by Supremedebater Tue 12 Mar 2019, 19:31

Is it only paid if dec and only when dec or is it since a veteran was elb? It’s sad cause you can’t ask vac

by **bigrex** Tue 12 Mar 2019, 18:18

Yes, it will be taxed, but it cannot be deducted from your other benefits. It's can't be deducted from the ELB, under the NVC, because you can't get the SRB, until after your ELB ceases. And the ELB is officially ceasing, as of next month, for everyone. And it can't be used to reduce the new IRB, because technically, after April 1st, the SRB will no longer exist.

by sailor964 Tue 12 Mar 2019, 02:00

So i'm guessing it will be taxed as it would be an income, would it be clawed back from ELB. I've been on the ELB since 2007 and extended to 65. I guess it's wait and see what happens.

by Supremedebater Mon 11 Mar 2019, 00:36

bigrex wrote: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.

This is true. Personally speaking it’s always been tiring to say the least when it comes to reading what’s happening and who to speak to. I’m just going to wait and see what happens. Cheers

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