Srb being eliminated

No, it will pay you 2% of what your total ELB would be, even though the actual payment is reduced to 15%, because of SISIP.

Shoulda asked this earlier. I’m on the sisip plan with the 15% top up from vac. Does that make a difference?

Okay. I’ll just assume a lower number for now till I get the official amount. Thanks for answering my questions.

Well, it's possible to figure it out, if you have access the initial ELB worksheet, that tells you your initial benefit amount and effective date. Then you would only have to add the annual COLA amounts, since then, including the increase to 90%, from Oct 1st, 2016, to March 31st, 2018

Okay. Thanks for the help. Out of curiosity how would I calculate my total, or should I just wait till I/we get the word from vac on the numbers

Here is everything pertinent from the Veterans Well Being Act and Regulations (used to be called the NVC)

"Supplementary Retirement Benefit

Marginal note:Eligibility — veterans

• 25 (1) The Minister may, on application, pay a supplementary retirement benefit to a veteran who has been in receipt of an earnings loss benefit in accordance with subsection 18(4) — or would, but for their level of income, have been in receipt of it — if the veteran is no longer entitled to that benefit.
  

Continuation of benefit


18(4) If the Minister determines that the veteran has a diminished earning capacity that is due to the physical or mental health problem for which the rehabilitation plan was developed, the earnings loss benefit continues to be payable to the veteran after the plan has been completed or cancelled until the earlier of

• (a) the day on which the Minister determines that the veteran no longer has a diminished earning capacity that is due to that health problem, and
  
• (b) the day on which the veteran attains the age of 65 years."
  

and



"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."

Okay. That sounds clearer. I’ve been on it since 2011. So happy birthday to me and others this April!

No, anyone who is, or has been, on ELB, will get 2% of all the money that they would have received from the ELB, if there had been no deductions. So if someone has been on ELB since 2006, they could get a payment of over $10000, even after taxes.


Edit. the reason for this, is the SRB was designed to compensate Veterans who had been unable to contribute to a retirement plan, because they were on ELB, until age 65. But since the new IRB, is going to be paid for life, with a 30% reduction at 65, they don't think Veterans need the SRB anymore.  Hopefully, as time goes by, they will eliminate that 30% decrease, because the cost of living isn't going to magically decrease by 30%, simply because you reach the age of 65.

Hello. Looking for some clarification on this. The pfl factsheet mentions anyone receiving elb currently could be paid out when the pfl takes affect on April 1st. If this is true, how do they figure the dark magic on what we would receive? Or is it only to those who are closer to the srb payout age. Thanks for any help. It’s confusing wading through the vac language sometimes