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R.A. 4917

This document is Republic Act No. 4917, which provides that retirement benefits of employees of private firms shall not be subject to attachment, levy, execution, or any tax. It exempts retirement benefits received by private sector employees from taxes if they worked for the same employer for at least 10 years and are over 50 years old. It also exempts any amount received due to separation from an employer due to death, sickness, or other causes beyond the employee's control. The Act defines a reasonable private benefit plan as a pension, gratuity, or other plan maintained by an employer for the benefit of employees.

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268 views1 page

R.A. 4917

This document is Republic Act No. 4917, which provides that retirement benefits of employees of private firms shall not be subject to attachment, levy, execution, or any tax. It exempts retirement benefits received by private sector employees from taxes if they worked for the same employer for at least 10 years and are over 50 years old. It also exempts any amount received due to separation from an employer due to death, sickness, or other causes beyond the employee's control. The Act defines a reasonable private benefit plan as a pension, gratuity, or other plan maintained by an employer for the benefit of employees.

Uploaded by

Nana San
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1/19/2020 R.A.

4917

Today is Sunday, January 19, 2020

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Constitution Statutes Executive Issuances Judicial Issuances Other Issuances Jurisprudence International Legal Resources AUSL Exclusive

REPUBLIC ACT No. 4917

AN ACT PROVIDING THAT RETIREMENT BENEFITS OF EMPLOYEES OF PRIVATE FIRMS SHALL NOT BE
SUBJECT TO ATTACHMENT, LEVY, EXECUTION, OR ANY TAX WHATSOEVER.

Section 1. Any provision of law to the contrary notwithstanding, the retirement benefits received by officials and
employees of private firms, whether individual or corporate, in accordance with a reasonable private benefit plan
maintained by the employer shall be exempt from all taxes and shall not be liable to attachment, garnishment, levy
or seizure by or under any legal or equitable process whatsoever except to pay a debt of the official or employee
concerned to the private benefit plan or that arising from liability imposed in a criminal action: Provided, That the
retiring official or employee has been in the service of the same employer for at least ten (10) years and is not less
than fifty years of age at the time of his retirement: Provided, further, That the benefits granted under this Act shall
be availed of by an official or employee only once: Provided, finally, That in case of separation of an official or
employee from the service of the employer due to death, sickness or other physical disability or for any cause
beyond the control of the said official or employee, any amount received by him or by his heirs from the employer as
a consequence of such separation shall likewise be exempt as hereinabove provided.

As used in this Act, the term "reasonable private benefit plan" means a pension, gratuity, stock bonus or profit
sharing plan maintained by an employer for the benefit of some or all of his officials and employees, wherein
contributions are made by such employer or officials and employees, or both, for the purpose of distributing to such
officials and employees the earnings and principal of the fund thus accumulated, and wherein it is provided in said
plan that at no time shall any part of the corpus or income of the fund be used for, or be diverted to, any purpose
other than for the exclusive benefit of the said officials and employees.

Section 2. This Act shall take effect upon its approval.

Approved: June 17, 1967

The Lawphil Project - Arellano Law Foundation

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