SEC. 16. Coast Survey Officers' Retirement and Separation Benefits Fund.&mdashA "Coast Survey Officer's Retirement and Separation Benefits Fund," hereinafter referred to as the "Fund" is hereby established for the purpose of providing the commissioned officers of the Bureau of Coast and Geodetic Survey a perpetual and financially stable fund that will assure to them and their beneficiaries the payment of the full benefits of this Act and any other retirement and separation benefits law that may, hereafter be provided.
The Fund shall consist of the following:
(a) Appropriations and contributions mentioned in Sections seventeen and eighteen of this Act;
(b) Unexpended portions of the annual appropriations of the Bureau of Coast and Geodetic Survey, which the President may set aside and transfer to the Fund, including unexpended portions of the appropriations of previous fiscal years;
(c) All fines and forfeitures of pay imposed on the officers of the Bureau of Coast and Geodetic Survey imposed pursuant to law;
(d) Monies in the form of donations, gifts, legacies, bequests, or otherwise which may be donated to the Fund by private individuals, organizations or corporations;
(e) All earnings of the Fund herein created.
Appropriation.
SEC. 17. Appropriation.—(a) There is hereby authorized to be appropriated annually the necessary amounts to meet the retirement and separation benefits requirements for each fiscal year minus the three per cent contribution of persons receiving monthly retirement or separation benefits from the Fund and one-half of the contributions of the officers on active duty, as provided in Section eighteen of this Act.
(b) The amounts authorized to be appropriated under this section shall be adjusted as necessary every fiscal year, taking into account increments to the Fund from its earnings and other sources.
SEC. 18. Contribution of Officers.&mdashOfficers in the active service shall contribute monthly to the Fund an amount equivalent to seven per cent of their monthly base and longevity pay. Persons receiving monthly retirement or separation benefits under this Act shall contribute monthly to the Fund an amount equivalent to three per cent of their monthly retirement or separation benefits. Any person entitled to any of the benefits provided under this Act may, at his option, elect to receive the full amount of his personal contributions to the Fund with interest at six per cent per annum or the benefits to which he is entitled under this Act. Any person honorably separated from the commissioned service of the Bureau of Coast and Geodetic Survey who is not entitled to any of the retirement or separation benefits provided in this Act shall be refunded the full amount of his personal contributions with interest at six per cent per annum.
Administration.
SEC. 19. Administration.—(a) The Bureau of Coast and Geodetic Survey shall administer the retirement and separation benefits provided for under this Act and determine the persons entitled to such benefits. The Government Service Insurance System, as trustee, shall keep and maintain the Fund herein provided separate and distinct from all other funds and/or monies administered by the Government Service Insurance System under any other law.
(b) The Government Service Insurance System shall invest such portions of the Fund as shall not be required to meet current payments under this Act, or any other retirement or separation benefits which by law may hereafter be provided for commissioned officers of the Bureau of Coast and Geodetic Survey.
(c) The Government Service Insurance System shall guarantee a net interest earning of the Fund of at least five per cent per annum.
(d) The Government Service Insurance System shall submit to the Bureau of Coast and Geodetic Survey an annual statement of the condition of the Fund herein created and, as often as may be necessary, of its operations under this Act.
Determination of adequacy of funding system.
SEC. 20. Determination of adequacy of funding system.—(a) For the purpose of determining the adequacy of the funding scheme, the Bureau of Coast and Geodetic Survey shall:
(1) Make a valuation of the Fund herein established once a year during the first five years and once every three years thereafter;
(2) Publish the statement of such valuation;
(3) Keep such records as may be required or necessary for the purpose of making such valuations;
(4) Keep accounts of payments made out of the Fund.
(b) Within four months after the end of each fiscal year, the Bureau of Coast and Geodetic Survey shall submit to the Secretary of National Defense a report on operation of the preceding year under the provisions of this Act together with the appropriate legislative proposal, if necessary, in order to insure the perpetual solvency of the Fund established under this Act. The Secretary of National Defense shall furnish the Congress of the Philippines a copy of this report.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
