You've reached the 20-year mark in your military career and finally, you're ready to transition out. You recognize that you will only receive half of your high 3 base pay and you'll no longer receive BAH. But now you're learning they want to take some money away from you in the form of an annuity. Should you do it? I'm Mitchell Hockenberry and I'm gonna talk you through the pros and cons of signing up for the Survivor Benefit Plan. You know that only half of your high three is available as a pension, but worse, no BAH. That means you're not taking a 50% pay cut, but more like 65%. And now they're asking you if you want to participate in the Survivor Benefit Plan, another pay cut. But, I think you need to look at this in a different manner. The Survivor Benefit Plan is to provide a portion of your retirement pension to your loved ones when you die. In essence, you are paying, via a reduced pension amount, for an annuity to be paid out to your spouse or your children, or both, when you die. Now, this is actually a really good thing. Let me paint you a picture. You're married and you have two children under the age of 18. You retire after 20 years and you begin to draw your monthly pension in the amount of $2,500 a month. If you die soon thereafter, do you know how much your pension is gonna go to your spouse and children? Zero, zilch. Let that sink in. You serve for 20 years, expecting to receive this nice pension for the rest of your life, a long life. But you die early, your spouse didn't earn the pension by serving the 20 years you did. Is...
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Dd 2656 2009-2023 Form: What You Should Know
This means that a single form should be used. Please check a previous page, DD Form 2716. Pursuant to JODI 1332.42, the following are the data for payment of the following: A member who has no dependents; who did not serve on Active Duty and is entitled to benefits as a member of the Selected Reserve of the Navy or Marine Corps; A member who served on Active Duty and is entitled to benefits as a member of the Selected Reserve of the Army; or A member who is retired from the Reserve Component and entitled to benefits as a member of the Selected Reserve of the Coast Guard. PRINCIPAL RESTRICTIONS Payment means the amount due the individual; To qualify for SVP, a member must be: The spouse, widowed or widower, child, or grandchild of an individual on whom the member was serving as of September 27, 1993. Note: Jodi 1332.42 also contains a new section, Subitem E, which includes the following exceptions to this rule: (1) An individual eligible for disability retirement under Section 1203 of title 10. (2) The surviving parent of an individual born during the World War II era who is entitled to retired pay by reason of having died while serving in the Selected Reserve during World War II. (3) The surviving father or mother of an individual who died serving in the Selected Reserve of the Air Force during the World War II era. (4) The surviving son or daughter of an individual who died during World War II, or who died during a period in which the individual served in the Selected Reserve of the Army. (5) The surviving spouse or widower of an individual who died serving in the Selected Reserve of the Navy or Marine Corps. (6) A member of the National Guard of the United States or Armed Forces Reserve who was discharged under dishonorable conditions during an authorized period of relief from active duty under section 346 of title 10. (7) A member who was retired or discharged under dishonorable conditions.
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