Joint Base Elmendorf-Richardson, Alaska -- Retire Earlier:
If you have served a significant amount of active duty time as a reservist after 2008, you may be eligible to collect your retirement paycheck early.
The National Defense Authorization Act for Fiscal Year 2008 enacted the Reduced Retirement Age for Reserve Component based on active duty performance.
The NDAA for 2008 reduces the retirement age from 60 to a lesser age, but not below age 50, for those who have served on active duty in an eligible status (annual tour doesn’t count) on or after Jan. 29 2008. For qualifying service on or after Jan. 29, 2008, if you work more than 90 active duty days in a fiscal year (not necessarily consecutively) it may count toward a reduction in retirement age.
Finding out whether or not you qualify is easy. Log-in to MyPers at https://mypers.af.mil/app/home and click on the “Access the vPC Dashboard” link. Click the “Action Requests” tab and find the link to “Reduced Retired Pay Age” half way down the right-hand column. Click “Yes” to continue and follow the instructions. The resulting application will appear under your “worklist” tab on vPC and will list all of your potential qualifying orders as well as an estimate of your new retirement pay date. Upload certified orders or DD214s to support those orders and within a few days you will receive notification of your official pay date.
It is important to note the age reduction for retired pay DOES NOT reduce the age for eligibility for health care, which will continue to be 60 years of age. Qualified retired Reserve members under the age of 60 looking for TRICARE medical coverage may purchase TRICARE Retired Reserve. Once the retiree reaches age 60, the service member and qualifying family members become eligible for Tricare Standard, Extra and Prime (where available). See www.tricare.mil for additional information.
Retire smarter:
The new Blended Retirement System is almost here. The system blends the traditional retirement pension with an employer contribution to the service member’s Thrift Savings Plan account and includes payouts for those who choose to retire prior to the 20-years in service mark.
A few items to note:
· First, all members serving as of December 31, 2017, will be grandfathered in to the legacy retirement system. No one currently serving will be automatically switched.
· Depending on your individual situation though, the new BRS may be a better option, especially if you have accrued fewer than 4,320 retirement points.
· There is a calculator to help you determine which category you fall under: http://militarypay.defense.gov/Calculators/BRS/
· All service members who enter on or after Jan. 1, 2018, will be automatically enrolled in BRS.
There are multiple resources available to reservists to help individuals make informed, smart decisions about retirement options available, including the mandatory training via Joint Knowledge Online course number P-US1330, the BRS website at http://militarypay.defense.gov/BlendedRetirement/ and resources for military spouses: http://militarypay.defense.gov/Portals/3/Documents/BlendedRetirementDocuments/BRS_Spouses_Infographic%20(FINAL).pdf?ver=2017-05-09-104158-843.