CALCULATION OF ELB

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CALCULATION OF ELB

Post by shanghaied on Thu 23 Oct 2014, 19:25

Hi,
How is it done? Just say a member's yearly salary was $100000 and has a 30 year pension equalling $60000 or $5000/month. The
ELB 75% top up equals $1500/month. Does that mean they help me to find me a Job that will pay me a minimum monthly salary of a $1500/month Or do they help me find a job that pays 75% of my former salary which would be $75000 divided by 12 months equalling $6250/month?
I understand that regardless of the salary Vac will bring any difference up to the 75% mark. But which is it $1500 or $6250?


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Re: CALCULATION OF ELB

Post by bigrex on Thu 23 Oct 2014, 20:31

The way it works, if they calculate your current 75% mark, (based on $100000), at $6250/mo, they will deduct the gross amount of your CF pension from that amount. So if you get a CF annuity of $5000, your ELB payment would be $1250 before taxes. But unless you are deemed TPI (totally and permanently impaired), ELB will only be paid out while in school. If you complete your schooling, but are unable to find adequate employment, you may be entitled to a different program called the CF income supplement, but because it is based on household income, you may not qualify for it based on your large CF annuity, even if you lose half of it in taxes.
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Re: CALCULATION OF ELB

Post by shanghaied on Fri 24 Oct 2014, 08:28

Thanks, but what I was driving at was on the employment side of things. when it comes to salary for a future job and gainful employment. Are they looking to place a member in a job that pays any amount and that amount is used to eliminate or minimize ELB payments or is the member going to receive help in finding job placement gainfully with a job that has a salary of 65% of their military pay.
If anyone can shine some light on this it would be appreciated.

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Re: CALCULATION OF ELB

Post by bigrex on Fri 24 Oct 2014, 10:39

Once you start working, or even before, ELB will stop. It doesn't matter if the job only pays $1. We have members here that have gone through it, losing their ELB while still searching for a job. The CF income supplement will pay a certain amount, while on the job search, or if all you can get is a low paying job, but I'm not sure how it works. I know it states it is for low income veterans, so I'm not sure what they classify as low income.
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Re: CALCULATION OF ELB

Post by RobbieRoyal on Sat 25 Oct 2014, 18:29

absolutely correct Rex if you work then your capable of supplementing your income which is the sole reason for being offered ELB or LTD for that matter. Once you have any income then it will take 1 minimum of 100 moons to proof you can't work.
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Re: CALCULATION OF ELB

Post by Guest on Wed 29 Oct 2014, 19:00

Hi need some help here please. I have just been approved ELB short term. Do I need to coordinate with the Pension office for any deductions between ELB and Superannuation? Just don't want to get caught with my pants down months from now owing money to the Pension people. Same question for my DVA pension do I need to make sure that DVA does their numbers as well? Really appreciate your help on this thanks.

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Re: CALCULATION OF ELB

Post by Guest on Wed 29 Oct 2014, 19:57

if you have been approved ELB you should have already submitted the pension amount to them if for some strange reason you didn't do that now.

your superannuation will only deduct for CPP

DVA deducts nothing

ELB will deduct a few things including your superannuation but not your DVA.

clear as mud???

propat

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Re: CALCULATION OF ELB

Post by Guest on Wed 29 Oct 2014, 20:19

Thanks propat. I did fill out the application originally and they asked about income which I filled out accordingly but my ELB seems high to me if based on 75% of income as a Cpl on release so maybe I better check with DVA to make sure. Thanks again propat.

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Re: CALCULATION OF ELB

Post by Guest on Wed 29 Oct 2014, 21:32

hey no problem buds doesn't hurt to check and double check . give em a call and make sure they are taking it off if it doesn't change anything it will at least give you piece of mind.

propat

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Re: CALCULATION OF ELB

Post by bigrex on Wed 29 Oct 2014, 21:33

Gunner, unless you have been release recently, VAC will add indexing calculations when figuring out your ELB. I know when I went on ELB in 2012,the 75% amount was around $400 higher than it was when I was on SISIP in 06/07.
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