IMMEDIATE RELEASE
No. NR-427-17
Dec. 19, 2017
New Military Retirement System Effective Jan. 1, 2018: Opt-in Period for Eligible Service members Opens
One of the most wide-reaching and significant changes to military pay and benefits of the last 70 years goes into effect on Jan. 1, 2018,
with the implementation of the Uniformed Services Blended Retirement
System (BRS). The new system blends aspects of the traditional defined benefit retirement pension system, with a defined contribution system of automatic and matching government contributions through the Thrift Savings Plan (TSP). All new entrants into the Uniformed Services on or after Jan. 1, 2018, will be enrolled in this new retirement system.
Nearly
1.6 million current service members will have the option to remain in
the current legacy high-3 retirement system or choose the BRS when the
opt-in period for eligible service members opens on Jan. 1, 2018. Opt-in eligible service members
from all seven of the Uniformed Services will have an entire year to
make their retirement system election. The open period for the majority
of service members is from Jan. 1, 2018, through Dec. 31, 2018.
Service members will need to visit one of these designated resources to opt into BRS:
· Army, Air Force, Navy: MyPay (https://mypay.dfas.mil)
· Marine Corps: Marine Online (MOL) (https://www.mol.usmc.mil)
· Coast Guard, NOAA Commissioned Corps: Direct Access (https://portal.direct-access. us)
· U.S. Public Health Service (USPHS): Contact the USPHS Compensation Branch
Service
members who believe they are eligible to opt-in, but do not see the
opt-in option available online, should contact their local
personnel/human resources office to verify eligibility. The decision to
opt-in is irrevocable, even if a service member changes their mind
before the deadline on Dec. 31, 2018. If an eligible service member takes no action, they will remain in the legacy retirement system.
Prior
to opting in, service members should take advantage of all available
resources to assist in making an informed decision on the financial
implications specific to their retirement situation. The DOD endorses
several training and informational tools to support a service member’s
decision, to include the BRS Opt-In Course, the BRS Comparison Calculator and numerous online BRS resource materials.
Service members can receive no-cost, personal support from an
accredited personal financial manager or counselor available at their
installation’s Military and Family Support Center or by calling Military
OneSource at 1-800-342-9647.
No comments:
Post a Comment