The basic statutory provisions of SBP law are in Chapter 73, Title 10 United States Code. Retired pay stops when you die! The Reserve Component Survivor Benefit Plan (RCSBP) is the only program that allows you to leave a percentage of your future Air Force retired pay as a monthly annuity to your beneficiaries.
What is SBP annuity?
The Survivor Benefit Plan (SBP) allows a retiree to ensure, after death, a continuous lifetime annuity for their dependents. The annuity which is based on a percentage of retired pay is called SBP and is paid to an eligible beneficiary. ... A military retiree pays premiums for SBP coverage upon retiring.
How is Rcsbp calculated?
Your BASE cost is. .025 of the first $701 (threshold amount) of your retired pay ($17.53), plus 10 percent of all reminder retired pay over $701, if your projected retired pay will be $1,502 or less per month (See Example 1).
What is a DD 2656-1?
DD Form 2656-1, SBP Election Statement for Former Spouse Coverage, April 2024. Page 1. SECTION III - CERTIFICATIONS - RETIRED AND RETIRING MEMBERS AND FORMER SPOUSES. SECTION II - RETIRED AND RETIRING MEMBERS. SECTION I - ELECTION OF COVERAGE - RETIRED MEMBERS ONLY.
Who can witness DD Form 2656?
and 27. a., must obtain the spouse's concurrence in Section XII. A Notary Public must be the witness. In addition, the witness cannot be named beneficiary in Section V, VIII, or IX.
Where do I send my DD Form 2656?
The DD Form 2656-1, "Survivor Benefit Plan (SBP) Election Statement for Former Spouse Coverage," must also be completed and accompany the completed DD Form 2656 to DFAS - Cleveland.
How do I stop military SBP payments?
If you have elected NIP SBP coverage, you may terminate it at any time by requesting it in writing. There is no requirement for concurrence by the beneficiary. No refund of previous premiums paid will be made.
How do I get rid of SBP after divorce?
Special situations (divorce, etc.) To convert your SBP election to former spouse coverage you must notify DFAS in writing within one year of your divorce. Do this by submitting DD Form 2656-1 requesting the conversion of spouse coverage to former spouse coverage.
How does Rcsbp Option C influence the SBP election at non-regular retirement?
If you elected RCSBP Option B (deferred annuity) or Option C (immediate annuity), your RCSBP election will become your SBP election at non-regular retirement and receipt of retired pay.
How much does Rcsbp cost?
The RCSBP add-on premium for supplemental coverage is $162.00. This premium is in addition to the premiums computed under (A), (B) if applicable, and (C), above. 570306.
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