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Retirement Income Security Benefit (RISB)

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Retirement Income Security Benefit (RISB)

Post by 6608 on Wed 01 Jul 2015, 12:45

More info from VAC site see below
http://www.veterans.gc.ca/eng/services/financial/retirement-income-security-benefit


Retirement Income Security Benefit

The Retirement Income Security Benefit (RISB) is a monthly taxable benefit.
This benefit tops up a Veteran’s total annual income to at least 70% of what he or she received in financial benefits from VAC before age 65.
Survivors may also be eligible for this benefit.


Eligibility details
Veterans of the Canadian Armed Forces who:
*have reached age 65;
*were eligible for the Earnings Loss Benefit (EL) at the age of 65 as a result of being totally and permanently incapacitated; or
*who turned age 65 between April 1, 2006 and July 1, 2025 and who were eligible for SISIP LTD total disability benefits at that time; and
*are eligible for a VAC disability benefit.
Survivors of Canadian Armed Forces Veterans who:
*are no longer eligible for Earnings Loss; or
*survived a Veteran who was eligible for RISB at the time of their death.
What you need before you start
Veterans Affairs Canada will contact Veterans and survivors who appear to be eligible for this benefit.
If you have not been contacted and feel you meet the eligibility criteria, please contact us.



The 2025 is interesting for the sisip Ltd people?



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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Sat 11 Apr 2015, 23:55

oh so you started in 92 and got dropped in 2000 . I just misunderstood your situation as a lot of guys get dropped after 2 years so I assumed you started in 98 . my bad .

ya buds you should be ok.

propat

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Sat 11 Apr 2015, 22:30

My release date 1992 if i win appeal back to 2000 means my sisip should have never been terminated and i should fall under the old plan. i will have MC inquire with the adjudicator. thanks propat.

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Sat 11 Apr 2015, 22:15

hey wild thing I think its 1995 that changed from life to 65 buds.

propat

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Sat 11 Apr 2015, 21:19

If you drew sisip before the new charter it should be for life. If i win my appeal back to 2000 im making sure MC sends them a letter to inform them of this, thats the way the old policy read. dont want a battle at age 65.

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Re: Retirement Income Security Benefit (RISB)

Post by Nemo on Sat 11 Apr 2015, 19:25

I too am glad that RISB will benefit some veterans but not happy that it still is not addressing the issue for all veterans. Lots of veterans that are too disabled to work but recieve CPP(D) and LTD from SISIP may not be considered 100% by VAC and therefore will never qualify for much from VAC and definitely not RISB. VAC's definition of 100% disability is not the same as CPP(D) or SISIP thus disqualifying many from any benefit from VAC. In my case, I do get a monthly VAC pension under the old charter. And tho I can't work, I do not qualify for anything further from VAC. But had the feds not done away with life for SISIP benefits, then my situ would be a lot better at 65 than it will be. I simply won't qualify for any of these new VAC benefits including RISB.
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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Sat 11 Apr 2015, 18:53

bigrex its just the cheapest way to deal with the issue outside of not dealing with the issue .

pinger that's true as I said . im glad they are going to catch a few people with this because of the people they will catch , those at the lowest levels . a little is better than nothing at all.

I didn't really expect more from these guys but I was hoping . a guy has got to hope.

propat

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Re: Retirement Income Security Benefit (RISB)

Post by bigrex on Sat 11 Apr 2015, 17:09

The thing is, even those who are not entitled to a CF pension or are lower earners, will not get a lot out on this, IMO. Since the minimum ELB, is already $42424, plus another $19900 for PIA/PIAS, bringing their total income to $62325. Their RISB floor would then become $43626, or $3635/month. So once you deduct the $584 for PIA, $1074 for PIAS, $563 for OAS, $1065 for CPP, that only leaves a RISB payment of $350/month, or $4195 annually. So the RISB benefit equals less than 10% of what they were collecting from ELB before the age of 65. So therefor, the RISB does not offer the financial stability post 65, that the Committee likely intended, when compared to merely losing the ELB.
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Re: Retirement Income Security Benefit (RISB)

Post by pinger on Sat 11 Apr 2015, 16:04

Grosgig, I ain't clapping my hands either. Next fall or December might have clarity, maybe not, no one knows. Assumptions or jumping to conclusions in the meantime is just too draining for me, like pissing in the wind (sorry teen).

Propat, your right and I agree. If the risb bottom " floor " can be a safety net to some of us that are havenots, that have fallen through the cracks, all the better. Been there... not pretty.

So like Trooper says, it is a positive step forward (esp. from yesterday).

Time will tell, but my bets are off Cool   jmo. pinger.
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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Sat 11 Apr 2015, 09:18

sure buds . ya what they do is take 70% of your ELB/SISIP base rate ( before any deductions ) . so 70% of 75% of your pre release salary lol.

so no they don't deduct it twice .

hope this helps.

propat

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Re: Retirement Income Security Benefit (RISB)

Post by grosgig on Sat 11 Apr 2015, 08:18

someone can answer me on that. If you are on eelb or elb, when they make the calculation of these benefit they calculate your cf pension as an income so they lower your elb/eelb right ?
when you will turn 65 ( you see where i'm going) your eelb/elb cease. When they do the calculation for the risb do they take your amount of elb/eelb you had receive (ur cf pension was already deduct ) or they redo a calculation with a bigger elb amount because they don t deduct ur cf pension ). if not they calculate our cf pension twice.

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Fri 10 Apr 2015, 17:38

ya I agree bigrex the ELB/SISIP extended for life of course is the answer im sure we can all agree on this . even if extended at 70% well that would still be considered a significant move in my opinion .

the RISB isn't even close to that and to have this rolled out using words like " significant and substantial " and " game changer " well buds I just cant get there from here .

disappointing ??? ya sure .

surprising ???? ahhhh ;; not so much.

election promises will come so will the counters from the others . watch and shoot .

propat

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Re: Retirement Income Security Benefit (RISB)

Post by bigrex on Fri 10 Apr 2015, 16:49

The thing is, the Tories keep saying that the experts agree that you need 70% of your income after 65, but why does that mean that is all you should be allowed to make? I'm sure the PM's pension won't be reduced to 70% once he turns 65.
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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Fri 10 Apr 2015, 15:49

ya this is very little made to look like a lot . im glad they are going to catch a few people with this because of the people they will catch , those at the lowest levels . a little is better than nothing at all.

I guess after preaching balanced budget for countless years and even with the setback in the general coffers due to oil pricing but still holding the line on a balanced budget .

well improvements on the disabled vet front may be lean ones indeed .

why is the PIA and sup is in this calculation ???

it looks like its just to minimise costs.

well at least they didn't add the mil pension to the calculation but then again im not sure anyone with a mil pension would not benefit from this anyway so that would not minimise the cost much if at all .

propat


Last edited by propat on Fri 10 Apr 2015, 16:58; edited 1 time in total

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Re: Retirement Income Security Benefit (RISB)

Post by Guest on Fri 10 Apr 2015, 12:43

Well it's suppose to be 70% of your income in the year you reach 64 - they want to insure that we get 70% of what we are receiving in our 64th year using the RISB calculation for determination.

What needs to be addressed, and changed is the implementation of ELB/SISIP for life.
This may not happen in the near future, but I think the push for this will continue going forward.

Also, I don't care to much for the 2 categories of minimum amounts, one being $43'400 which is looking like very little will be in that position to benefit from that minimum as the calculations includes more income from that Veteran.

The other minimum is set at $29'600 for those only receiving ELB - or SISIP again not real much of a top up for those Veterans, which I think could reduce the amount of Veterans who actually would benefit significantly from it.

Don't get be wrong, I still think it's an improvement, and as always welcome any improvement.

I think if they were to just use the 1, $43'400 minimum - those who are only receiving the ELB/SISIP, and let's face it, those are the ones that will mostly benefit from the RISB, would make it a far better benefit in targeting the intent of the RISB.

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