DECEMBER 31, 2020 - The Defense Finance and Accounting Service is planning to extend payroll collections for Soldiers and Army civilians through December 2021 to reimburse a tax deferment designed to support personnel during the COVID-19 pandemic, officials said. A presidential memorandum signed in August temporarily paused a portion of Social Security, called Old Age, … [Read more...]
Navy Increases Accessibility to Financial Literacy Training via Navy e-Learning
DECEMBER 14, 2020 - The Navy is making financial literacy training more accessible to Sailors via the Navy e-Learning (NeL) website and an updated mobile application. In response to the Fiscal Year 2016 National Defense Authorization Act that mandated the Department of Defense provide service members with additional financial literacy training, the Navy developed financial … [Read more...]
DoD Announces Cost of Living Increase to Retired Pay
NOVEMBER 13, 2020 - Today, the Department of Defense announced annual cost of living adjustments that will benefit military retirees and survivors during calendar year 2021. Most military retirees will receive a 1.3 percent increase to their retired pay beginning with the pay they receive on December 31, 2020. Likewise, survivors of members who died on active or inactive duty, … [Read more...]
Social Security Payroll Tax Deferral for Military Personnel
SEPTEMBER 10, 2020 - A Presidential Memorandum to temporarily defer Social Security (Old Age, Survivors, and Disability Insurance (OASDI)) tax withholdings was issued on August 8, 2020 with following guidance from the Internal Revenue Service on August 28, 2020. This tax deferment is designed to provide relief during the COVID-19 pandemic. What this means: the Social … [Read more...]
Update to Law Helps Soldiers with Auto, Home Lease Payments
AUGUST 25, 2020 - Lawmakers recently passed an amendment to the Service Members Civil Relief Act, or SCRA, allowing Soldiers to terminate an auto or housing lease agreement without a 30-day notice due to a Defense Department stop-move order. Changes to the SCRA are retroactive, giving families an opportunity to request reimbursement for rental payments accrued during the … [Read more...]