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Tony

New Leaders' Training Released for the New Blended Retirement System

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Tony    860
Tony

WASHINGTON (NNS) -- Today, the Department of Defense (DoD) released the first of four online training courses that provides education about the military's new blended retirement system, which goes into effect Jan. 1, 2018. 

The first training course is specially designed for leaders, so they can understand the new blended retirement system before service members are introduced to it. The Leader Course (J3OP-US1330) is posted to Joint Knowledge Online http://jko.jten.mil/courses/brs/leader_training/Launch_Course.html (common access card required) and will be posted to Navy e-Learning soon.
Three other web-based training courses for financial specialists, new accessions and those who are eligible to opt-into the new system will be released in the coming months. 

The National Defense Authorization Act (NDAA) for Fiscal Year 2016 established a new blended military retirement system that goes into effect Jan. 1, 2018. All currently serving Sailors are grandfathered into today's military retirement system.

Sailors with fewer than 12 years of service as of December 31, 2017 (or fewer than 4,320 retirement points in the case of reserve component members), will be able to choose to remain in the current system or opt into the blended military retirement system.

If you joined the Navy:
After December 31, 2017: You'll be automatically enrolled in the Blended Retirement System 
After December 31, 2005, but before January 1, 2018: You'll have the choice to enroll in the Blended Retirement System or remain in today's current retirement system
Before January 1, 2006: You'll be grandfathered and remain in today's current retirement system

The blended retirement system will provide a modern compensation plan that serves all Sailors, not just those who stay in for a full career. Today, approximately 81 percent of service members who join the military leave with no retirement benefit. Under the blended military retirement system, approximately 85 percent of those who join will receive a retirement benefit, even if they leave before qualifying for full retirement.

The new system is comprised of three elements: a 401(k) style component with matching funds, a mid-career continuation pay bonus, and a retirement annuity for completing twenty or more years of eligible service. For the first time, the Government will automatically contribute to service members' Thrift Savings Plan (TSP) accounts and institute a program for matching their contributions similar to the Federal Employee Retirement System. 

To learn more about the new retirement system, please visit:
Military Compensation

or view the DoD's information graphic on the blended retirement system:
The U.S. Uniformed Services Blended Retirement System
 

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