Requesting things from the SSS

Like any other government office, transacting with SSS requires knowledge of procedures, forms, and locations.  It is rare that SSS makes announcements to the public regarding changes in their forms so in this blog, i try to update my readers on forms that have changed, in the belief that knowing which or what forms to use may assist them in transacting with the institution.

Here is the new form:

An SSS Offer: Did you know that you can have SS sell your shares of stock?

You might have missed the SS announcement a while back about selling your stock shares that you obtained through the SSS stock loan investment program ....

well, you can - here's the announcement again

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SSS offers members option to sell shares for delinquent stock investment and privatization fund loans

12 February 2015

The Social Security System (SSS) is calling on members with outstanding loans under the Stock Investment Loan Program (SILP) and the Privatization Fund Loan Program (PFLP) to avail themselves of the option to sell their shares of stocks under the two programs.

“Despite loan condonation programs that we have offered in the past, there are still quite a number of SSS members who have let their unpaid SILP and PFLP loans balloon into staggering amounts due to penalties and interest,” said SSS Senior Vice President and concurrent Officer-In-Charge for Lending and Asset Management May Catherine Ciriaco. As of 31 December 2014, there are 3,037 delinquent SILP loan accounts, amounting to P304.44 million, inclusive of penalties and interest. There are also 5,755 delinquent PFLP loan accounts, totaling P304.19 million, with penalties and interest. The Social Security Commission in September 2014 approved the Option to Sell Shares of Stocks, as a way to lessen these delinquent accounts that total over P608.63 million. In the late 1980s, SSS offered the SILP to give its members an opportunity to invest in the stock market. Similarly, it offered PFLP in 1994 to enable its members to participate in the initial public offering of Petron shares which at that time was owned entirely by the government. The PFLP was also open to SSS members who were interested in buying shares of stock of Meralco that it was disposing at that time. Under the option to sell shares, the member-borrower will execute a Special Power of Attorney authorizing the SSS to sell his shares of stocks at the prevailing market price, based on the quotation of an accredited broker and subject to the usual broker’s commission, taxes and other fees. The net proceeds from the sale of the shares of stocks will then be applied to the member’s outstanding SILP or PFLP loan balance. “Any excess amount after application to the outstanding SILP/PFLP loan balance will be applied to his delinquent salary or housing loan, if any,” Ciriaco explained. “If none, or if there is still excess amount, then this will be refunded to the member-borrower.” However, if the net proceeds from the sale of the member-borrower’s shares of stock are not sufficient to cover the outstanding SILP or PFLP loan balance, then the member shall be required to pay the remaining amount either in cash, from a salary loan renewal, or from the final benefits (total disability, retirement, and death). However, the remaining balance will continue to be charged with interest and penalties until fully paid. “While this is not the condonation program that members are waiting for, the Option to Sell program is the next best way for members to finally pay off their outstanding loans under the SILP and PFLP to ensure that they fully enjoy their SSS benefits without deductions,” Ciriaco said. Members interested to apply for the Option to Sell Shares Program may contact Teresita Badiola or Ma. Divina Cadorna at the SILP Section of the SSS Member Loans Department, 11/F of the SSS Main Office, or call 435-9862 and 920-6401 locals 5887 and 5915 for further details. **************************************************************************** Here is the form to be used

Have you stopped paying your SSS contributions? You can continue - no sweat - PART 2

This is part 2 of the earlier post with the same title.

Yes, you can continue to pay your contributions after you stop, even if the stop is a long time (like 10++ years).  However, if you were self-employed, you might need to be interviewed again, depending on circumstances.

Otherwise, all you need to do is pay as voluntary since you already have previous contributions.

Remember to use the new payment form for SSS Contribution payments.

this is how it looks ...

a reduced copy of the form

click to see the copy in the sss website

New SSS website

Because the new SSS is up, please be informed that i shall be fixing the forms links in each of my SSS posts.  This will take sometime -

Actually, i am disappointed that the links were not maintained, as this is possible.  *sigh*

oops, i forgot to put the link for the new sss website although it is still accessible by using the same
here is the link to the sss website

RS5 and R5 --- SSS will still accept these forms until further announcement

I had earlier announced the imminent dropping of these 2 forms from the SSS rolls ... of forms
these 2 forms are payment forms and are thus important forms that you use to make contribution payments

well, these forms will still be accepted beyond the previous announcement day.
Before SSS has said that a payment form, called appropriately enought, a PAYMENT FORM will be used in lieu of these 2 forms.

So, payors - dont sweat it, these forms are still acceptable.
and make sure your copy is kept safe.  it is YOUR proof of payment.

*** note: SSS IS NO LONGER ACCEPTING THIS FORM.
PLEASE USE THE CONTRIBUTION PAYMENT FORM

Are you a non-working spouse of an SSS member?

Yes?  Do you want to be an SSS member?  You should, think of it as a small way of providing some monies in your old age. And it comes with a government guarantee!

This is very easy.  Simply apply as a non-working spouse.  Your spouse must be a contributing SSS member.

Simply fill up the Non-Working Spouse Record  (NW-1)
Click here to download NW-1 form to accomplish manually
Click here to encode form prior to printing. it is editable

This is how the form looks like

This is how the form looks like

Reminders can be found on page 2 of this form, herewith reproduced

This is the back view of the form

 Once accepted you can check the box before Non-Working Spouse of the RS-5

click here for the regular printable RS-5
Click here to download the editable RS-5

and here is the form image




Should your spouse leave his employment, you can still continue your membership by changing into a voluntary payor.   Questions?  Comment.