Amendment of Section 11.8.2, Rule XI of the IRR of RA 8291

December 4, 2001 REVENUE MEMORANDUM CIRCULAR NO. 03-02 SUBJECT : Amendment of Section 11.8.2, Rule XI of the Implementing Rules and Regulations of RA 8291, Otherwise Known as The GSIS Act of 1997 TO : All Revenue Officials and Employees For the information of all revenue officials and employees, quoted hereunder is Memorandum Circular No. 5-2001 dated November 23, 2001 of the Government Service Insurance System. "PASEGURUHAN NG MGA NAGLILINGKOD SA PAMAHALAAN (GOVERNMENT SERVICE INSURANCE SYSTEM) Financial Center, Pasay City, Metro Manila 1308 To: ALL BRANCH MANAGERS BRANCHES AREA I November 23, 2001 MEMORANDUM CIRCULAR NO. 5-2001 TO : ALL HEADS OF DEPARTMENTS AND COMMISSIONS, JUDICIAL, EXECUTIVE AND LEGISLATIVE BRANCHES OF GOVERNMENT, PRESIDENTS OF STATE COLLEGES AND UNIVERSITIES, MANAGING HEADS OF GOVERNMENT OWNED AND CONTROLLED CORPORATIONS AND/OR GOVERNMENT FINANCIAL INSTITUTIONS, PROVINCIAL GOVERNORS, METRO MANILA/CITY AND MUNICIPAL MAYORS, GSIS MEMBERS AND OTHERS CONCERNED SUBJECT : AMENDMENT OF SECTION 11.8.2, RULE XI OF THE IMPLEMENTING RULES AND REGULATIONS OF RA 8291, OTHERWISE KNOWN AS THE GSIS ACT OF 1997 For purposes of streamlining procedures in the surrender of the policy/certificate of membership for its cash value upon the separation/retirement from the service by GSIS members at any time after termination, the GSIS Board of Trustees in Resolution No. 234, adopted on September 7, 2001, amended the subject Section to read as follows: "Section 11.8 Transfer/Separation/Retirement 2. A member who is separated/retired from the service for any reason other than dismissal for cause or total and permanent disability shall cease to be a life insurance member effective as of the date of his/her termination." In the case of members who were separated from the service prior to this amendment and opted to maintain their membership through direct payment of the corresponding premiums both personal and government share from date of separation to date, they shall be allowed to Continue their optional membership until its maturity date or sooner terminated by an earlier contingency. It must be understood, however, that in the event of undue arrearages in the payment thereof, this exemption shall no longer apply and in the process, allow the System the discretion to terminate the membership in accordance with this amended Section of the Implementing Rules and Regulations of RA 8291. To save as a guide to all concerned, stated below are the cut-off dates for the automatic surrender of membership, to wit: SCIAaT For those members who were separated/resigned/retired prior to September 7, 2001, the termination date of their policies/certificates of membership shall be as of September 30, 2001 For those who were separated/resigned/retired on or after September 7, 2001, their membership shall be automatically terminated as of the date of their separation. Further, the assistance of the respective administrative and/or personnel officer of concerned agencies are hereby solicited in the effective dissemination of this Circular. SGD. WINSTON F. GARCIA President and General Manager of the System" (SGD.) ESTELITA C. AGUIRRE Deputy Commissioner Resource Management Group