BASIC (04-00)

A. Introduction

Sometimes pensions or annuities are paid in other than monthly amounts. The following subsections explain how to compute the monthly amount when the other benefit income is paid on other than a monthly basis.

As noted previously, SVB payments are not SSI payments. The method of computation and the consideration of other benefit income follows SVB, not SSI, rules.

B. Procedure—Payments Made on Other than a Monthly Basis

When other benefit income is paid on other than a monthly basis, compute the equivalent monthly rate as indicated below. In figuring the monthly amounts, compute only to two figures to the right of the decimal point (i.e., figure to dollars and cents.). Do not round off amounts.

1. Weekly Payments

Multiply the amount of the weekly payment by 52 and divide by 12 to determine the equivalent of the monthly payment amount.

2. Bi-Weekly Payments

Multiply the amount of the bi-weekly payment by 26 and divide by 12 to determine the equivalent of the monthly payment amount.

3. Quarterly Payments

Multiply the amount of the quarterly payment by 4 and divide by 12 to determine the equivalent of the monthly payment amount.

4. Semi-Annual Payments

Multiply the amount of the semi-annual payment by 2 and divide by 12 to determine the equivalent of the monthly payment amount.

5. Lump Sum Payment

When the entire pension or annuity is paid in a lump sum, the amount may represent a payment for a specific period of time or a “life time”.

If the paying agency or company will not prorate the lump sum to determine the monthly amount, prorate the lump sum as follows:

1. Specific Period--Divide the lump sum by the number of months in the period specified.

2. Lifetime or Unspecified Period--Divide the lump sum amount by the actuarial equivalent in the table in RS 00605.364C.5. that corresponds to the individual's age at the time the lump sum is paid.