Retirement Income Security Benefit (RISB)

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Retirement Income Security Benefit (RISB)

Post by Teentitan on Mon 09 Mar 2015, 17:01

So here is how the RISP is "proposed" to work.  Minister O'Toole is going to present the bill and have it in the Senate before the election rit is dropped.  For those who don't know when an election is called if the bill is not/not in the Senate then it dies.

So the RISB is meant for the moderate to severly disabled veterans in receipt of ELB, EELB PIA, PIAS, CFIS under the NVC.

When the vet reaches age 65 he/she will receive 70% of the sum of the above benefits.  The "floor" or minimum RISB will be $43,000.00.  So if the vet's income drops below $43K VAC will make up the difference.

The $43K will go up with the Consumer Price Index (or COLA) yearly.

Also a "widow's benefit" is now going to be added to the NVC.  When the vet dies the survivor/spouse will receive 50% of the 70% RISB.  This of course is taxable income.

The RISB is only for veterans who are in receipt of NVC benefits.so unfortunately LTD or PA vets do not qualify.  

In the near future to reduce applications and red tape VAC is going to take all the benefits ELB, EELB, PIA, PIAS, CFIS and merge them into one payment.  More information will be coming.

Questions that arised in the de-brief that are going to be investigated, discussed and, possibly, included in the Bill to be presented are:

1.  If a LTD client reaches 65 who has applied and been granted ELB or is in receipt of PIA, PIAS, CFIS can possibly qualify for the RISB.
2.  There will be discussions on not/not capping the COLA at 2% annually

A request for briefing notes on the de-brief were asked to be written up by Friday 13 March so there is consistentency in information about the new RISB.
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Re: Retirement Income Security Benefit (RISB)

Post by bigrex on Mon 09 Mar 2015, 17:42

I think they better start putting out some details, with examples, not just briefing notes. Right now, the only positive thing that I can see, from my perspective, about this program is, I have 22 years for it to be improved, before it will affect me.
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Re: Retirement Income Security Benefit (RISB)

Post by Teentitan on Mon 09 Mar 2015, 18:04

Here's an example given to us at the debrief:

Pvt Marc is 21 and is severly injured after just one year.

Upon release his VAC financial benefits toal $62K (ELB, PIA and PIAS)

At 65 Marc's ELB stops and his income falls to $27K. So Marc receives 70% of the $35K or $24.5K in RISB.

So Marc's post 65 total income is $51.5K (The $27K + $24.5K RISB).

If any vet's post 65 total income is lower then $43K then VAC will 'add' to the RISB to achieve the minimum of $43K

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:14

That's not going to fly with sisip ltd guys! It ends for us at 65 so WTF. Also I thought the whole lawsuit regarding the clawback declared PA payments as not income therefore not to be included nor deducted! What about a ELB guy who gets PA as well? Doesn't sound all that great right now!

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:24

Thanks for that teen.

The MVA was just on the news as a guest and when he first started to explain the RISB he said what teen has posted, the RISB is meant for the moderate to severely disabled veterans who reach 65, and are receiving ELB.
Then he went on to explain that he was looking to combined benefits (alongside the other lifetime benefits for the serious injured soldiers) and (combined them into a single pension for the more serious injured Veterans.
He also said to Rex's point that younger Veterans would have peace of mind that those on ELB  once 65 will have this in place to allow for some relief.

He also said that this is all about addressing the NVC - and said that he is working on a number of other measures to address NVC  issues.

Those that are on sisip LTD and are not part of the NVC or did not apply for(ELB -  like teen said this change does not address those Veterans, however, I am going to guess that if this RISB passes through the house, and is implemented, it wont be long before the LTD 65 year timeline is addressed.


Last edited by trooper on Mon 09 Mar 2015, 19:50; edited 3 times in total (Reason for editing : read the videos wrong)

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:24

I see they are using maximums again 1500 would be more likely for PIA and supplement not 2700 but I see where they are going .

as long is on the total benefits and just on the benefits that are lost this could actually help some people.

propat

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:27

I know guys who get both ELB and PA payments so how would that work. You know why didn't they just take the age cut off for ELB and Sisip ltd off . Now you have how many thousands of ltd guys losing there income replacement at age 65 just because they are covered under sisip instead of ELB. Why not just put all the sisip ltd guys on ELB and get rid of sisip ltd and this will take care of this problem. Also I wonder if they will deduct the CFSA pension also. You know your having a beer in the sunshine thinking ,Hey, the conservatives finally get it, then you hear all the small print and exclusions and it's like a kick in the gut all over! Pedro pass the damn peanuts at least I know they'll leave a good taste in my throat! Navrat Out and about in Cuba!

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Re: Retirement Income Security Benefit (RISB)

Post by Teentitan on Mon 09 Mar 2015, 18:27

Any tax free payment from VAC does not enter any calculations of the RISB.

But if you are a PA guy who get ELB then when your LTD ends at 65 you convert completely over to ELB and get the 70% RISB.

Now if you are getting LTD but not approved for ELB then let's hope that when it was brought up today in the debrief with the VAC reps they look at this and give it a sober second thought and automatically convert the LTD vet to an ELB vet for the RISB.
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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:30

lots of questions ???

those severely disabled on PA and NVC collecting PIA and supplement . where do they stand???

propat

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:31

kk thanks for that.

propat

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Re: Retirement Income Security Benefit (RISB)

Post by Teentitan on Mon 09 Mar 2015, 18:34

trooper no you have it wrong. Wether you are moderate of severely injured if you are in receipt of any ELB payment at age 65 it stops.

They then take 70% of your ELB and call it a RISB.

The RISB is added to your CPP, OAS, CF Pension (if you are getting one) and that is your post 65 income until you die. Now remember if your new post 65 is less then $43K VAC will give top up or add to the RISB to make sure the vet is getting $43K annual income.
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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Mon 09 Mar 2015, 18:43

Teen,

I may have worded that wrong, what I was trying to say is that when the MVA was explaining it on the news I understood him to say that yes once you reach 65 your ELB converts to RISB but when he talked about taken all of the previous income and putting all in one pension - he the MVA said that ( Combined benefit RISB alongside the other lifetime benefits for seriously injured soldiers ), and combined them into a single pension for our most serious injured Veterans.

Does that make more sense than what I posted ?

http://atlantic.ctvnews.ca/video?playlistId=1.2270420

Ok teen, just looked at the video and what he said word for word is this " Combined benefit RISB alongside the other lifetime benefits for seriously injured soldiers, and combined them into a single pension for Combined benefit RISB alongside the other lifetime benefits for seriously injured soldiers,( and combined them into a single pension for our more serious injured Veterans).

Don't really know what to make of this.


Last edited by trooper on Mon 09 Mar 2015, 19:56; edited 1 time in total

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Re: Retirement Income Security Benefit (RISB)

Post by RobbieRoyal on Mon 09 Mar 2015, 19:10

that is exactly what i got from this Teen and like i said due to being accepted and qualifying for ELB I am currently on the EELB wagon so as you stated and thank god I am a ole VC and NVC straddler, my question is Teen will they ever do away with us straddlers
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Re: Retirement Income Security Benefit (RISB)

Post by RobbieRoyal on Mon 09 Mar 2015, 19:18

hup 2 3 on red hup
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Re: Retirement Income Security Benefit (RISB)

Post by Teentitan on Mon 09 Mar 2015, 19:54

OK he sorta screwed that up because what he wants to do and it will be announced soon is right now for the seriously disabled we know there is
ELB
EELB
PIA
PIAS
CFIS

Five benefits/allowances for severly disabled. What he wants VAC to do is this to get rid of the confusion is take all of these and make it ONE name.

That is where he tripped up and confused the issue.
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