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Second Blended Retirement System Course Released

Second Blended Retirement System Course

NOVEMBER 1, 2016, WASHINGTON (NNS) – Department of Defense has released the Personal Financial Counselor-Educator Course (PFC-E) course on the second Blended Retirement System course (BRS) for financial counselors, educators, and other financial professionals (FC/Es) on Joint Knowledge Online (JKO) and Military OneSource.

The course’s goal is to prepare FC/Es to accurately explain BRS and the differences with the current “High-3” military retirement system to Sailors, as well as provide accurate information to enable Sailors to make informed decisions about their retirement options. Counselors and educators can also take the information and integrate it into financial planning processes and procedures.

Unlike the current retirement system which provides a retirement pension of 2.5 percent of base pay for every year of service, BRS provides automatic and government-matching Thrift Savings Plan (TSP) contributions, a mid-career Continuation Pay and a retirement pension of 2.0 percent of base pay for every year of service.

 

Under BRS, members who leave the military before earning a retirement pension take with them their TSP account, including government contributions after completing two years of service. Additionally, BRS allows enrolled members who earn a retirement pension the ability choose to receive a portion of their pension in a lump sum in exchange for a reduced retired pay until reaching full retirement age.

This is the second of four targeted education courses being developed and deployed to provide service members the information they need to make informed choices on BRS. The first training for leaders was released in June on JKO and Navy e-learning. In early 2017, a course for those eligible to opt-in to BRS will be released. The fourth course, for those new to the Navy, will provide a comprehensive look at the components of BRS and will be released January 2018.

In an effort to facilitate a smooth transition to BRS, all Navy service members will be required to complete either the BRS Leader’s Training course, which is now available on JKO and Navy e-learning or the BRS Opt-in Training course which will go live early in 2017.

Active component Sailors who joined the Navy after Jan. 1, 2006, but before Jan. 1, 2018 will have the choice to enroll in, or opt-in, to the Blended Retirement System or remain in today’s current retirement system. Reserve component Sailors who have less than 4,320 retirement points as of Dec. 31, 2017 have the same choice to opt-in to the Blended Retirement System.

The opt-in period for the BRS begins Jan. 1, 2018, and concludes on Dec. 31, 2018. Sailors will be notified by email in late November if they are eligible to opt-in to BRS.

Command pass liaisons have been tasked with ensuring all command members have updated email addresses in Navy Standard Integrated Personnel System (NSIPS) to facilitate BRS eligibility notifications. More information on opt-in eligibility will be announced in a future NAVADMIN.

All members serving as of Dec. 31, 2017, are grandfathered under the legacy retirement system. No one currently serving will be automatically switched to BRS.

Along with the training courses, Department of Defense is developing an online calculator for Sailors making the opt-in decision to see the impact of both systems will make on their future finances.

The PFC-E course can be found on JKO, CAC required, at https://jkodirect.jten.mil/html/COI.xhtml?course_prefix=J3O&course_number=P-US1331/ then search for course US1331 and on Military OneSource, no CAC required, at www.militaryonesource.mil, under Financial and Legal then click on Service Providers and Leaders.

Related Posts:

  • Info on New Blended Retirement System ReleasedInfo on New Blended Retirement System Released
  • Defense Department Begins Educating Service Leaders on New Blended Retirement SystemDefense Department Begins Educating Service Leaders on New…
  • DoD Ramps Up Training on Blended Retirement SystemDoD Ramps Up Training on Blended Retirement System
  • DoD Sends Blended Military Retirement Proposal to CongressDoD Sends Blended Military Retirement Proposal to Congress
  • Your Benefits – RetirementYour Benefits – Retirement
  • Service Members Should Start Saving Early for RetirementService Members Should Start Saving Early for Retirement

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Vice President Details U.S. National Security Policy During Munich Speech

FEBRUARY 18, 2019 – Vice President Mike Pence gave a report card on the Trump administration’s security policy two years after telling European leaders that “America first, did not mean America alone.” The vice president delivered his remarks at the annual Munich Security Conference, today. Pence spoke about the American commitment to Europe via NATO […]

Army Secretary Honors Top Recruiters

FEBRUARY 6, 2019 – Traveling about half the time of the year as a recruiter, Staff Sgt. Jon McCoy heavily relies on his wife to take care of their toddler and home. “The whole reason why I’m here is the support that my wife is able to provide,” he said Monday afternoon before a ceremony […]

How TAP Helps Transitioning Service Members Navigate the Intricacies of Higher Education

NOVEMBER 20, 2018 – Navigating the intricacies of higher education can be a challenge – and transitioning service members and veterans have many obstacles to traverse to achieve success – but there is help available. Melinda Manyx, curriculum program manager, Department of Defense (DoD), Transition to Veterans Program Office (TVPO), spoke to conference attendees at […]

New Army App Provides Mobile Access to HR, Pay Records

FEBRUARY 13, 2019 – The Army has released a new human resources mobile application for the Integrated Personnel and Pay System – Army (IPPS-A) that allows Soldiers to access their personnel records using a mobile phone or tablet. IPPS-A is the Army’s next generation human resources and pay system that revolutionizes the way the Army […]

Federal Tax Changes for Military, Spouses

JANUARY 28, 2019 – Most service members and their families will see a reduction in their tax bills this year, but there are a number of changes in U.S. federal tax laws that they need to be aware of, said Army Lt. Col. Dave Dulaney, the executive director of the Pentagon’s Armed Forces Tax Council. […]

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