Blended Retirement System (BRS) Quick Reference Guide
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1 Blended Retirement System (BRS) Quick Reference Guide
2 WHAT IS IT? A revised retirement system for members of the uniformed services (Army, Navy, Marine Corps, Air Force, Coast Guard, NOAA, PHS) Provides monetary benefits to those who don t retire (about 80% of DoD members and 60% of CG members) Provides incentive to encourage retention Places more responsibility on servicemembers to maximize retirement income - Annuity 20% less than under High-3 Effective 1 January Join service on or after 1 January 2018, will be enrolled automatically in BRS - Fewer than 12 active duty years of service or fewer than 4,320 reserve points as of 31 December 2017, can choose to opt into BRS during or more active duty years of service or 4,320 or more reserve points as of 31 December 2017, remain in current retirement system CSB/REDUX agreements will not be offered after 31 December 2017, but agreements made before then will be honored 2
3 MAIN ELEMENTS Automatic Traditional TSP Account Automatic member contribution of 3% of basic pay on or after 60 days service; member can change - Member can contribute up to 100% of incentive, special, or bonus pay, up to IRS limits - Vested in own contributions and related earnings immediately Service contribution - Services begin contributing 1% of member s basic pay on or after 60 days service to separation, retirement, or end of 26 years service - Vested in service contributions and related earnings at end of 2 years service Service matching - From end of 2 years service to separation, retirement, or end of 26 years service - First 3% of basic pay contribution matched dollar-for-dollar - Next 2% of basic pay contribution matched 50 cents per dollar - Maximum match 4% of basic pay - Vested in service contributions and related earnings upon receipt Maximum service contribution and matching is 5% of basic pay Current members who opt into BRS will receive immediate service contribution and matching 3
4 Continuation Pay Cash payment between 8 and 12 years service Must commit to serve at least 3 additional years Lump sum or not more than 4 annual payments - Active duty: between 2.5 and 13 months basic pay - Reserve: between 0.5 and 6 months basic pay - Amount subject to service discretion Service will recoup pro rata share if member leaves before completing additional service Annuity Eligible at completion of 20 years service 2.0% x number of years served x average of highest 36 months basic pay 100% annuity or lump sum and reduced annuity - 25% lump sum and 75% of annuity - 50% lump sum and 50% of annuity - Amount of lump sum based on Discount Rate calculation using projected inflation, projected investment returns, etc. - Reduced annuity until Full Retirement Age (67 for most people), then full annuity paid with retroactive COLA increases Reserve members may draw annuity at age 60, or earlier if had been deployed for war or national emergency 4
5 RESERVE Eligibility to opt into BRS based only on total points, not good years - Must have 20 good years (at least 50 points/ year) to be eligible to retire - 4,320 points equivalent to 12 years service (12 x 360 = 4,320) - Must have fewer than 4,320 points to be eligible to opt into BRS - Possible to have more than 4,320 points (BRS) but fewer than 12 good years (retirement) Must be receiving pay to opt into BRS - If eligible but not receiving pay will be allowed one-time 30-day extension after 2018 if and when enter paid status to opt in SERVICE ACADEMY/ROTC Attending academy or under ROTC contract as of 31 December 2017, who has signed agreement to serve as commissioned officer - Will remain grandfathered in High-3, but eligible to opt into BRS Receive commission during 2018: will have all of 2018 to opt into BRS Receive commission after 2018: will have 30 days from first day of active duty to opt into BRS 5
6 TO MAXIMIZE RETIREMENT SUCCESS TSP Account - Make at least 5% basic pay personal contribution to receive maximum service contribution and matching - Choose fund with highest potential return, subject to personal investment risk comfort level Continuation Pay - Take lump sum, do not spend - Invest entire amount in tax-qualified fund with highest potential return, subject to personal investment risk comfort level Annuity - Take full annuity, no lump sum 6
7 WHICH SHOULD I CHOOSE? Fewer than 5 years of service - Low probability of completing career - Unless planning to serve full career, should probably choose BRS and fund TSP account to receive service contribution and matching* 5 to 8 years of service - If not planning on full career, should probably choose BRS and fund TSP account to receive service contribution and matching* - If fairly certain to complete career, stay in High-3 9 to 12 years of service - Should probably remain in High-3 - Would be difficult to make up difference in benefits * Choose early in year to maximize service contribution and matching to TSP Decision is irrevocable To take the official DoD BRS Opt-in course, go to: prefix=j3o&course_number=p-us1332 7
8 First Command Educational Foundation 1 FirstComm Plaza Fort Worth, TX Phone: Toll Free: Fax: edufoundation@fcef.com First Command Educational Foundation (FCEF) FCEF Community FCEF Scholars Alumni CFC Program Partner since 2006 Current as of: 5/25/ First Command Educational Foundation
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