Sisip LTD 2% top up at 65

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Sisip LTD 2% top up at 65

Post by ScottyG on Wed 26 Jul 2017, 12:02

Question: I read that the extended earning loss benefit at 65 there is a 2% payment based on the amount received.
If you are on Sisip LTD is there a 2% payment at 65 also?

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Re: Sisip LTD 2% top up at 65

Post by Guest on Wed 26 Jul 2017, 14:51

ScottyG wrote:Question: I read that the extended earning loss benefit at 65 there is a 2% payment based on the amount received.
If you are on Sisip LTD is there a 2% payment at 65 also?

Scotty,

What you are referring to is the Supplementary Retirement Benefits.

Supplementary Retirement Benefits:

The Financial Benefits Program is designed to recognize and to compensate for the loss of earnings caused by a career ending or service related disability. One potential consequence of a loss in earnings is a reduction in the amount of retirement benefits that may be available due to the Veteranís inability to work and therefore contribute to a pension plan because of the career ending or service related disability. The SRB is part of the Financial Benefit Program and is designed to compensate for the lower pension benefits that may be payable to a Veteran who has been unable to engage in suitable gainful employment due to being determined to have a diminished earnings capacity as defined by Veterans Affairs Canada

The SRB is a taxable lump sum payment.

The amount of SRB is equal to 2% of the sum total of all the Earnings Loss (EL) benefits payable to an eligible Veteran or survivor before deductions.

Eligibility - Veteran

The SRB is payable to a Veteran who:

is unable to engage in suitable gainful employment as a result of being having a diminished earning capacity as defined by VAC, and

was receiving EL, or would have been receiving EL except for other sources of income which raised the Veteranís income above the maximum limit, and

ceases to continue to be eligible for EL upon:
reaching age 65, or
no longer meets the criteria for Diminished Earning Capacity ie: recovers to a point of being able to be gainfully employable


http://www.veterans.gc.ca/eng/about-us/policy/document/1093#anchor48716

Regarding your question asking if SISIP LTD has the same policy, according to one of our members yes; "Here it goes, for those on Sisip, to get the SRB of 2%, you have to be on the Rehab Program, and be total invalid. So, you apply on the Rehab Program, fill in the paperwork and the moment you are on it, then if you are totally disabled, they will close your program and send you a letter saying you are totaly invalid.
Then you will receive at age 65, the SRB of 2% of all you got from Sisip on the date of applying or from the date of the new charter, have to check. This is the reason to apply on the rehab program even if you are not fit, I would say most precisly you should even more apply, because if not, you will not get the SRB of 2%.
That is the reason lots of Sisip LTD do apply.
"

However, without an actual link confirming this, I have to say no, SISIP LTD does not have the same policy, Supplementary Retirement Benefits. I could not find it in the SISIP LTD policy. So until the link is posted here from the policy, the answer remains no.

Here's the link to the SISIP Policy: https://www.cfmws.com/en/AboutUs/SISIPFS/download/Documents/901102_e.pdf

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Re: Sisip LTD 2% top up at 65

Post by By the Bay on Wed 26 Jul 2017, 18:52

Does that mean you must be under the SISIP Rehab program or can you be under the VAC Rehab to receive the SISIP LTD 2% at age 65?
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Re: Sisip LTD 2% top up at 65

Post by bigrex on Wed 26 Jul 2017, 19:00

So basically, the answer is no. But even though you are on SISIP, you are still able to get this benefit, by jumping through all the policy hoops that someone on EELB would. But honestly, I would be surprised if there are any SISIP recipients, who have not at least applied for ELB already, just to get the 15% top up, to the 90% of imputed income.

By the Bay, SISIP does not have a rehab program like VAC's. Theirs is strictly a vocational rehab, that only covers reschooling during the first 2 years after your medical release. If you qualify for ongoing LTD benefits, they will not provide any financial support for health programs. So, if you are on SISIP until 65, apply for the VAC rehab program, ELB and PIA, if you have not already. You have nothing to lose, but a lot to gain from doing so.
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Re: Sisip LTD 2% top up at 65

Post by ScottyG on Wed 26 Jul 2017, 20:39

So if your on ltd with sisip for 10 years and at 59 you go back to work full time do u get the 2% on those 10 yrs?

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Re: Sisip LTD 2% top up at 65

Post by By the Bay on Thu 27 Jul 2017, 00:42

Bigrex,

Thank you! That makes sense! Very Happy

Cheers,
By the Bay
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Re: Sisip LTD 2% top up at 65

Post by bigrex on Thu 27 Jul 2017, 11:11

Scotty, after reviewing the legislation, you will only get the SRB, if you have been in receipt of ELB, or would have been, if not for being zeroed summed. It does not include those only getting SISIP. So if you were strictly on SISIP for 10 years, and had not applied for and approved for ELB, you will NOT get the SRB. But if you were on SISIP for 10 years, but was also getting ELB for 2 years, before they ceased, either because you are not totally disabled any longer, or turn 65, you would only get the RSB for the two years you were getting the ELB.
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Re: Sisip LTD 2% top up at 65

Post by ScottyG on Thu 27 Jul 2017, 19:01

thanks for the clarity

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