Singapore Military Community Eligible for Blended Retirement Opt-in

SINGAPORE

01.24.2018

Story by Petty Officer 3rd Class Christopher Veloicaza 

Commander, Logistics Group Western Pacific

SINGAPORE (Jan 24, 2017) Service members in the Sembawang area have the available option to enroll in the Blended Retirement System (BRS) with the start of the new year.
The election period for the BRS began January 1, 2018 and concludes on December 31, 2018.
If personnel joined active duty before January 1, 2006, they will remain in their current retirement system. Those who joined after December 31, 2005 but before January 1, 2018 can choose between their current retirement system or the BRS. Conclusively, all military members joining after December 31, 2017 will automatically be enrolled in the BRS.
The new system is designed to ensure retired pay will be 2% multiplied the number of years of service and if members retire at 20 or 30 years of service, they receive 40% and 60% of their final base pay, respectively. Enrollees can either get their full retirement when eligible or opt to get a lump-sum benefit at retirement. If the lump-sum is taken, they will get a reduced monthly retirement check until age 67.

“I believe under the right circumstances and the right Sailor, it’s a great program,” said Legalman 1st Class Rebecca Duclayan, command financial specialist. “It’s about doing your own personal research and figuring out what will benefit you in the long run. Command financial specialists are here to help guide you if you have any questions but ultimately it is the Sailor who will have to click the button in TSP to enroll in the program.”
The military will contribute 1% of member’s base pay to their Thrift Savings Plan (TSP) account, once enrolled. Additionally, they will be automatically enrolled with a 3% base pay contribution to their TSP. After 25 months of service, the military service member has the ability to earn up to 4% of contributions plus their previous 1% - totaling 5%. When members reach 12 years and commit to 4 more years of service, they will be eligible for a cash incentive of 2.5 to 13 times their regular monthly basic pay if they are active duty and 0.5 to 6 times their monthly basic pay if in the reserves.
“In the past, not everybody has been able to leave the military with retirement, if you serve two full years you’ll leave with a retirement of sorts,” said Tina Jones, work and family life specialist and a command financial specialist for Singapore Area Coordinator, “This is a retirement decision for the rest of your life. Every single person needs to weigh out the choice and make great use of tools like the BRS calculator to ensure they’re making the right decision for themselves.”
For the most up-to-date information on BRS and links to training, go to the Uniform Services Blended Retirement web page at:
http://militarypay.defense.gov/BlendedRetirement/
For complete information on BRS opt-in requirements and notification read NAVADMIN 259/16 at www.npc.navy.mil

• Date Taken: 01.24.2018
• Date Posted: 01.24.2018 23:32
• Story ID: 263163
• Location: SG