Purpose of the Life Membership Trust Fund (LMTF)
Payment of the Life Membership Fee makes one a member for life of the Philippine Society of Mechanical Engineers (PSME).
Income from the LMTF is used to give death benefits to members.
Functions of the Board of Trustees
The Board of Trustees shall be the custodian and shall have full authority in the management of the Life Membership Trust Fund (LMTF). Except for investment in established and financially sound commercial banks and financial institutions, all other investments shall be subject to the approval of the National Board of Directors
Composition of the Board of Trustees
As prescribed by Section 4.2 of the Amended By-Laws, the Board of Trustees shall be composed of five (5) members - the Immediate Past President shall sit as Chairman, the Past President preceding the Immediate Past President and the Incumbent President as members. The other two (2) members shall come from Life Members who shall be appointed by the President subject to the approval of the National Board.
There shall be a Secretary, Treasurer and an Auditor who shall be elected from among the members of the Board of Trustees. Bank signatories shall be the Treasurer and either the Chairman or the Secretary.
Life Membership Fees
(Acceptance of New Life Member is currently suspended)
Life Membership Fee - 10,000
LMTF - 90%
PSME National Share - 2.5%
Chapter Share - 7.5%
How to Claim Death Benefit
The following are the requirements in the processing of death benefit:
- Death Certificate
- Marriage Certificate (if the claimant's beneficiary is the spouse)
- Affidavit of the heir (if the claimant/beneficiary is the son or daughter)
- PSME Life Membership Identification Card (ID) or Certificate
- Endorsement Letter from the member's chapter signed by the Chapter President
LMTF Death Benefit Claims
Imperial, Hernane E.
Tadlas, Larry Tan
Javellana, Wellington J.
Flores, Roberto del Rosario
Sanchez, Cesar M.
Tumapon, Leonardo T.
Osin, Eugenio Q.
Lopez, Kerwin L.
Tan, Wilhelm J.
David, Joseph Rudente
Caneca, Celestino Jr
Racadio, Maxwell S.
Salva, Reynaldo E.
Espeleta, Manuel E.
Fund Balance as of January 7, 2015
Bank Account Number: 038-112-00130-4 = PHP 305,917.76
Bank Account Number: 038-142-00037-1 = PHP 6,182,774.67 (Time Deposit)
Total LMTF Fund : PHP 6,488,692.43