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The Opt-In Election Period begins ____. |
January 1, 2018 |
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As of December 31, 2017, Reserve Component (RC) Service members with fewer than 4.320 retirement points will be ____. |
Grandfathered into the legacy "High-3" retirement system and are eligible to opt into the BRS. |
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Which of the answers shows the correct retired pay formula for active duty Service members under the legacy "high-3" retirement system? |
2.5% X YOS X average of the highest 36 mo. of basic pay |
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Opt-in eligible Service members who elect to remain in the legacy "High-3" retirement system are ____. |
* Eligible to participate in the Thrift Savings Plan (TSP) * Not eligible to receive matching contributions from the Government for their TSP contributions. |
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Active Component (AC) Service members who do not choose to opt into the BRS by December 31, 2018 will be ____. |
Choosing to remain in the legacy "High-3" retirement system |
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As of December 31, 2017, Active Component (AC) Service members with fewer than 12 complete Years of Service (YOS) will be ____. |
Grandfathered into the legacy "High-3" retirement system and are eligible to opt into the BRS. |
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Which of the options listed pertain to the Blended Retirement System, but not the legacy "High-3" retirement system? |
* Automatic Government TSP contribution of 1% of a Service member’s basic pay * Eligible for Government-matching TSP contributions of up to 4% of a Service member’s basic pay |
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The effective date for the BRS is ____. |
January 1, 2018 |
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On average, the largest portion of the cost of living during retirement goes to ____. |
Housing |
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The primary sources of income in retirement include: |
(all of the above) * Earned income *Personal savings and investments *Social Security retirement benefits *Employer-provided pensions |
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Vesting is defined as ____. |
The right an employee has to keep the money, and interest earned on that money, their employer contributed to their retirement account. |
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____ allows you to not only make money on your contributions to your TSP account, along with any Government-automatic and matching contributions, but also on the money earned by those contributions. |
Compound interest |
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Service members who elect to opt into the Blended Retirement System must serve ____ complete years in order to keep the Government-automatic (1 percent) contributions. |
2 (years) |
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Service members may receive Continuation Pay ____, based on the needs of their Service, in return for their commitment to serve at least 3 more years. |
Mid-career (8-12 YOS) |
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Which of the following is NOT a retirement benefit under the Blended Retirement System. |
Monthly retired pay in return for at least 20 Years of Service |
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The Uniformed Services pension plans are based on ____. |
The average of the highest 3 years of basic pay |
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A "working-age retiree" from the Uniformed Services is ____. |
Someone who retires from the services, but continues to work after separating. |
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Which of the following financial counselors are authorized to make your retirement plan decision for you? |
None |
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The BRS calculator enables Service members to ____. |
Compare potential retirement savings and income for different retirement system options, projected career progression, and TSP contribution rates. |
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Service members who take 25% to 50% Lump Sum Option will receive ____ than they would have gotten if their retirement benefits were spread out over normal monthly payments. |
Less in overall benefits |
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