JUNE 7, 2021 - All Sailors enrolled in the Blended Retirement System qualify for incentive pay at the 12-year “mid-career” point. The Navy released the calendar year 2022 Blended Retirement System (BRS) continuation pay (CP) rates for eligible Sailors June 3rd in NAVADMIN 114/21. Under BRS, Sailors participate in a modernized retirement program. Throughout their … [Read more...]
New W-4 Form; What You Need To Know
MARCH 4, 2021 - The Internal Revenue Service has issued a new W-4 form for filing year 2020. It is substantially different than its predecessor. The revision is the result of the Tax Cuts and Jobs Act of 2017. The new design reduces the form’s complexity and increases the transparency and accuracy of the withholding system. A “withholding” is the amount of money taken out … [Read more...]
Soldiers, Civilians to Repay Tax Deferments Through December 2021
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...]
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...]
Military Pay Mission Transfers Back to Army
OCTOBER 2, 2020 - The U.S. Army is working to modernize its military pay systems to provide for a more ready and lethal force that is focused on mission accomplishment and not just on paycheck issues. In preparation for that future, the U.S. Army Financial Management Command assumed the Army’s military pay mission from the Defense Finance and Accounting Service on Oct. … [Read more...]