The Ateneo – PERAA Retirement Plan provides for a lump sum of one month’s base pay for every year of service inclusive of benefits under the PERAA Retirement Plan. Said amount is paid to the employee upon retirement at age 60. Honoraria due to Master and Doctoral degrees are included in the computation of the retirement pay.
Upon attainment of permanency, a full-time employee is automatically registered as a member of PERAA. The school begins to contribute an amount equivalent to 7.5% of his/her monthly salary to the PERAA Retirement Fund. The employee-member participates by contributing only 1% of his/her current monthly base pay to the Fund. Employees, however, may voluntarily contribute from 2% to 6% of their current base pay to increase their personal savings when they retire.
Additional benefits under PERAA include Disability Benefit, Death Benefit and the Multipurpose Loan.
An employee-member who is separated because of permanent total incapacity or disability will receive an amount according to the school’s vesting policy.
In case of death, the Plan also pays a Death Benefit to the beneficiaries of the employee-member consisting of 100% of the amount credited to the employee-member’s account.