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PERA law

badkuk · 106 · 34681

badkuk

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on: Sep 09, 2008, 04:18 PM
hi peeps, came across this article in another forum:


PERA for your retirement
By: Alvin T. Tabanag, RFP
Business Mirror, June 30, 2008


http://www.pinoysmartsavers.com/weekly06301.html


Just some questions:

1.) does this extend to self-employed as well?
2.) Is it just a matter of nominating a certain investment that you make  -- i.e. MFs, UITFs -- as your PERA account? Can you nominate existing investments or does it need to be a new one?
3.) 100,000 is the maximum *annual* contribution?(naks, rich ata ako :D )
4.) As an account holder, what sort of document and/or reports do you get about your accounts?
5.) Is it insured? Up to how much?
6.) What if you decide to retire at 35, or for some reason, unable to continue working. Do you have to wait another 20 years before you get your money?
7.) What if you croak before age 55, who gets the money, and when can they get it?
8.) We all know what happened to the SSS and GSIS;  what guarantee do we have that this won't happen to PERA?

tia








cool_78

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Reply #1 on: Sep 29, 2008, 08:08 PM
Another cool news about the pera bill http://business.inquirer.net/money/features/view/20080928-163465/Joys-of-tax-free-saving-and-investing

What interest me is the 5% tax rebate, yearly kaya ito? Maybe someone more familiar with this care to explain :yoohoo:
« Last Edit: Sep 29, 2008, 08:09 PM by cool_78 »


rod

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Reply #2 on: Sep 30, 2008, 12:40 AM
I think this is not for OFW's.  :watchuthink:


r00tcipher

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Reply #3 on: Sep 30, 2008, 09:44 AM
 i think pwede to sa OFW, kung di man eh di ung kamag anak ng OFW.

 kelan ba implementation nito? similar ba to sa 401k?


bluegenes

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Reply #4 on: Sep 30, 2008, 10:43 AM
This is great news! Hope it will be implemented soon@ :applause:


rod

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Reply #5 on: Sep 30, 2008, 11:42 PM

 i think pwede to sa OFW, kung di man eh di ung kamag anak ng OFW.

 kelan ba implementation nito? similar ba to sa 401k?


as per the Finance Dept. plan. the implementation will be on January 1, 2009. this is what i read on some articles.


workoshore

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Reply #6 on: Dec 21, 2008, 05:51 PM
Does anyone have updates on this?
cheers... :cool2:


bluelobster

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Reply #7 on: Feb 02, 2009, 03:59 AM
PERA implementing rules ready by end-Feb.

THE IMPLEMENTING guidelines of a law seeking to establish voluntary personal retirement plans would be completed by the end of February, a Bangko Sentral ng Pilipinas (BSP) deputy governor said.

BSP Deputy Governor Nestor A. Espenilla, Jr. said the central bank has already made a working draft as a result of consultations with industry players involved in the law's implementation. The draft is due for review by other regulatory authorities this month, he said.

"We have a working draft which we crafted in close coordination with industry players. We are hoping to present this to other government regulators for discussion and comment. If all goes well, we'll proceed to a revised draft before end-February," Mr. Espenilla told reporters.

Republic Act 9505 or the Personal Equity and Retirement Account (PERA) Act was signed into law six months ago to increase domestic savings and take advantage of inflows from Filipinos working abroad. A PERA refers to a voluntary retirement account, contributions to which are invested in investment products that include unit investment trust funds, mutual funds, insurance and pre-need plans, and stocks.

A contentious issue is the accreditation of the administrator and custodian of the account, Mr. Espenilla said.

The law has tasked the central bank to come up with the criteria for eligibility of these PERA administrators and custodians.

"There are things to be threshed out like the standards for the key players, the administrators. What are the things they need to have to be able to qualify," the central bank deputy governor said.

The administrator, according to RA 9505, will essentially oversee a PERA. His tasks include tracking contributions, computing values of investments, collecting taxes for the government, and making sure contributions are placed in PERA invesment products.

As agent for the Bureau of Internal Revenue (BIR), an administrator's task is to ensure that tax incentives would not be redundant, Mr. Espenilla said.

The law grants a 5% tax credit to PERA contributions for each year, which are capped at P100,000 a year and P200,000 in the case of overseas Filipino workers.

All income from investments and reinvestments, as well as distributions from PERA accounts, will be tax-exempt.

Asked on who would be the PERA administrator, Mr. Espenilla said "that's part of the key discussions."

A custodian, according to RA 9505, should be distinct from the administrator and is tasked with "maintaining custody of all original securities, evidence of deposits or other evidence of investment."

The PERA law, signed in August last year, was supposed to take effect 15 days after its publication in a newspaper of general circulation. Its tax incentives, however, could only take effect beginning January 1 this year.

The BIR has been tasked to come up the rules governing the administration of these tax incentives.

Together with the Finance department, it is still drafting these rules, hence, even if the BSP comes out with the accreditation standards for administrators and custodians and the list of investment products, investors still need to wait for the BIR's implementing guidelines. - Maria Eloisa I. Calderon
« Last Edit: Sep 17, 2012, 01:44 PM by FutureGizmo »


mlangseth

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Reply #8 on: Feb 02, 2009, 07:59 AM
With what is happening right now, i do not think this will fly.
Why would I have somebody take care of my finances, if i can take care of it myself?
Nobody should be interested in your money than yourself..
We have retirement fund galore, 401k, TDA,IRA, roth IRA, -what happened to the funds? They are all down the drain, 40-50% lost..
I'd rather do my own savings now than put it on other vehicles to be manipulated by human beings you even do not know.
Just my 25 cents.


jpm247

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Reply #9 on: Feb 02, 2009, 08:19 AM
With what is happening right now, i do not think this will fly.
Why would I have somebody take care of my finances, if i can take care of it myself?
Nobody should be interested in your money than yourself..
We have retirement fund galore, 401k, TDA,IRA, roth IRA, -what happened to the funds? They are all down the drain, 40-50% lost..
I'd rather do my own savings now than put it on other vehicles to be manipulated by human beings you even do not know.
Just my 25 cents.

I agree with mlangseth, this is somewhat similar to the  Employee Retirement Income Security Act of 1974 (ERISA) law in the US.

I have also read Rich Dad's prophecy book and it said that most likely the market would crash by 2016 because of the ERISA law, relating to millions of baby boomers already retired and a "forced" selling of a percentage of their stocks when they reach the age of 70 & 1/2  as mandated by the law. Just my opinion as I believe that this "prophecy" would be happening by that time.  Just sharing what I have read.
« Last Edit: Feb 02, 2009, 09:43 AM by jpm247 »


mt88

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Reply #10 on: Feb 02, 2009, 11:58 AM

Please give us more details of your group, your office, the names of your volunteers so that we all can determine this is not another CDLA's scheme to have full details of us all or that your group is not part of the government (or PDIC) trying to get the upper hand on it's citizens (depositors).

You can PM me the information if you do not wish to post names in public.




leela

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Reply #11 on: Feb 02, 2009, 12:25 PM
i just started my retirement fund (aside from what i'm getting sa office) and i chose to save it muna sa BPI direct save-up.


arnel

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Reply #12 on: Feb 02, 2009, 04:33 PM
i totally agree with nidaime,,,
worried na nga ako sa SSS eh kung pag retire ko ba may makukuha pa ako or nasaid na ng gobyerno natin ang pondo,,, ayaw ko nang kumuha pa ng batong ipupukpok ko sa ulo ko,,,

il just take care of my finances by myself instead,,, whatever happens eh responsible ako,,,  :D


workoshore

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Reply #13 on: Feb 02, 2009, 07:52 PM
Sorry guys...but from what I understand in this PERA, we the account owner have the say where to put our funds...just like the MF's...

lets wait for the IRR, which I hope will clearly state the roles of Administrator and Custodian, against the Account owner...imho...

cheers... :cool2:


red01

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Reply #14 on: Feb 02, 2009, 08:00 PM
^^You're right.  We can choose where to put our money.  Since for retirement siya, may tax incentives.  

Can't wait for implementation.  Tagal kasi ng guidelines.  .  


 


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