To : CEAP Retirement Plan Participating Employers

From : Sister Lioba Tiamson, OSB
           Chairman, CEAP Retirement Commission Date : February 3, 2009

Re : Monthly Contributions to the CEAP Retirement Fund

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In a resolution passed by the CEAP Retirement Commission, all Participating Employers are required to contribute monthly to the CEAP Retirement Trust Fund for the credit of your academic and non-academic employees an amount equal to 4% of their basic salary, as provided for in Section 2, Article VI of your CEAP Retirement Plan.

Subsequently, remittance to the Fund for the period or month covered shall not be later than 15 calendar days of the following month and copies of teller machine validated MetroBank payment slips (color green – MB-1-M-24/Rev. Jun ’07) and clear copies of Retirement Contribution Report/Allocation Sheets submitted immediately to the Retirement Plan Office for reconciliation and posting. For example, remittance to the Fund for the month of January 2009 shall not be later than February 15, 2009 or the last business day before February 15, 2009.

The objective is to rationalize the remittance procedure and revise the current practice of selective remittance to the Fund (eg. quarterly, semi-annual, annual), affording your employees to monthly earnings on the contributions. This is also consistent with the amended additional death benefit/total disability benefit provisions of your Plan, wherein Participating Employers shall not have any arrears and should be current in its contributions to the Fund to entitle the deceased employee’s/totally disabled employee’s beneficiaries the additional death/total disability benefit amounting to P 150,000.00 respectively.

Should you have any queries on the matter, please do not hesitate to contact the CEAP Retirement Plan Office and look for Mr. Renato Maria L. Aseneta – Director or Ms. Filomena Amores – Administrative Assistant.

Thank you for your continued patronage of the CEAP Retirement Program.



(SGD) Sister Lioba Tiamson, OSB