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CLASP

CLASP (Choice of Loan Amortization Schedule for Pensioners)

In June 2011, GSIS implemented the Choice of Loan Amortization Schedule for Pensioners (CLASP), which empowers retiring members and make it less burdensome for them to settle their outstanding obligations. Retiring GSIS members now have the options to settle their loan balances, either in whole (100%), or in part (75%, 50% and 25%), through a restructured loan payable in equal installments for a maximum period of three years.

More importantly, housing loan balance is no longer unilaterally deducted from retirement and separation benefit. The settlement of GSIS housing loan balance is now paid through a different collection scheme.