R.A. 3096

REPUBLIC ACT No. 3096

AN ACT TO FURTHER AMEND COMMONWEALTH ACT NUMBERED ONE HUNDRED EIGHTY-SIX, AS AMENDED BY REPUBLIC ACTS NUMBERED SIX HUNDRED SIXTY, SEVEN HUNDRED TWENTY-EIGHT, ELEVEN HUNDRED TWENTY-THREE, THIRTEEN HUNDRED SEVENTY-SEVEN, FIFTEEN HUNDRED SEVENTY-THREE, SIXTEEN HUNDRED SIXTEEN AND EIGHTEEN HUNDRED TWENTY.

Section 1. Subsections (c) and (e) of Section twelve of Commonwealth Act Numbered One hundred eighty-six, as inserted by Republic Acts Numbered Sixteen hundred sixteen and Six hundred sixty, and as amended by Republic Act Numbered Seven hundred twenty-eight, are hereby further amended to read as follows:

Section 2. Section sixteen of Commonwealth Act Numbered One hundred eighty-six, as renumbered and amended by Republic Act Numbered Six hundred sixty, is hereby further amended to read as follows:

"Sec. 16. Administration of the System. The System shall be a non-stock corporation, with its principal place of business in Manila or Quezon City, Philippines. It shall be managed by a Board of Trustees to consist of the General Manager of the System and of four other members to be appointed by the President of the Philippines with the consent of the Commission on Appointments. The trustees shall elect from among themselves a chairman and a vice-chairman. Each trustee, except the General Manager who shall cease as trustee upon his separation as General Manager, shall hold office for three years or until his successor is duly qualified, except that, of the four other members of the Board first appointed under this amendatory Act, two shall hold office for two years, and two for three years. At the expiration of the respective terms of such members, a successor shall be appointed for the term of three years, from the date of such expiration. All vacancies, except through the expiration of the terms, shall be filled for the unexpired term only. The trustees shall be entitled to a per diem of twenty-five pesos for each day of actual attendance in session."

Section 3. Subsection (c) of Section twenty-two of Commonwealth Act Numbered One hundred eighty-six, otherwise known as the Government Service Insurance Act, as amended by Republic Act Numbered Fifteen hundred seventy-three, is further amended to read as follows:

Section 4. Subsections (a) and (b) of Section twenty-eight of Commonwealth Act Numbered One hundred eighty-six, as amended by Republic Acts Numbered Six Hundred sixty and Seven hundred twenty-eight, are hereby further amended to read as follows:

"Sec. 28. Miscellaneous provisions. (a) Act Numbered Two thousand five hundred and eighty-nine, as amended, and all other retirement or pension plans heretofore in force in any chartered city or corporation owned or controlled by the Government are hereby declared inoperative or abolished, and Act Numbered Four thousand one hundred and eighty-three shall cease to be applicable to employees of any local government admitted to the System: Provided, That the rights of those already retired shall not be affected: Provided, further, That as of the date of approval of this Act the present value of the benefit as may be computed by the actuary of the System or the gratuity payable to any member who has established his right before the approval of this Act to retire under either Act Numbered Two thousand five hundred and eighty-nine or Act Numbered Four thousand one hundred and eighty-three or under any retirement or pension plan mentioned above shall be credited and paid by the employer concerned to the retirement insurance fund of the System in installments to be determined by the System and approved by the President and shall be included in the computation of the additional premiums or amounts required in Section seven hereof for the service annuity described in subsection (a) of Section eleven hereof: And provided, finally, That such a member shall be entitled to the retirement benefit described in this Act only if he so notifies the System on or before December thirty-one, nineteen hundred and sixty-two, otherwise it shall be deemed that he does not desire to retired under this Act and accordingly the gratuity or benefit payable to him under the law or retirement or pension plan mentioned above shall be exclusively reserved for him by the System. The extension of time herein provided shall not be applicable to those already retired. If such member elects the retirement benefit of this Act, but his position is abolished, or he dies or becomes disabled before becoming eligible to said benefit, or he resigns after rendering twenty years of service, he or his legal heirs may be paid the retirement benefit to which he has established his right prior to the approval of this Act and his contributions under this Act shall be refunded as provided in Section eleven (d) hereof."

Section 5. This Act shall take effect upon its approval.

Approved: June 17, 1961