Military Retirement News

Military Retirees May See Record Pay Increase in 2023

2022-08-18T07:22:00.003-04:00

"...An early projection based on national inflation data by The Senior Citizens League (TSCL), a nonpartisan senior advocacy nonprofit, estimates rates will rise by 9.6%.

That increase would be the highest veterans and seniors have seen since 1981, when it went up 11.2% in response to inflation at the time, according to a TSCL press release.

For 2023, that means military retirees would see an average increase of more than $240 in their monthly retirement checks...."

Medicare Costs Will Increase For Retirees In 2022

2021-11-16T08:58:00.004-05:00

"...For 2022, Medicare premiums will increase an average of 14.5%. That means the average Medicare user will pay $170.10 monthly, a $21.60 increase from the 2021 monthly premium of $148.50...."

2022 Military FEDVIP Dental & Vision Rates

2021-10-13T07:56:00.003-04:00

"...Military retirees and their families as well as active-duty and guard or reserve military dependents can now see options and prices for 2022 insurance coverage through the Federal Employees Dental and Vision Insurance Program (FEDVIP).

FEDVIP is the system through which military retirees purchased dental care. Active-duty families as well as guard and reservists and their families enrolled in Tricare Reserve Select can use it to purchase vision coverage.

While the FEDVIP 2022 plans and rates have been made public, open enrollment season, which allows you to pick a new plan or make changes to your existing coverage, won't begin until Nov. 8...."

Read more at Military.com

Bill Reintroduced to Expand Retirement Benefits for 42,000 Veterans

2021-03-03T14:23:00.001-05:00

"...A measure just reintroduced in the Senate would dramatically expand disability benefits for veterans injured in combat.

The Major Richard Star Act would allow veterans who served less than 20 years before being medically retired due to combat-related injuries to receive both disability compensation and full retirement pay. Currently, only military retirees with at least 20 years of service and a disability rating of at least 50% can collect both benefits in their entirety. Advertisement..."

Read more at Military.com

White House directs federal pension fund to halt investments in Chinese stocks

2020-05-13T15:13:00.000-04:00

"...President Trump and the Labor Department directed a board in charge of federal retirement dollars to halt plans to invest in Chinese companies.

Labor Secretary Eugene Scalia warned the current plan for federal retirement savings would place billions of dollars “in risky companies that pose a threat to U.S. national security.”

At issue is the management of the Thrift Savings Plan, a retirement savings fund for federal employees and members of the military. ..."

Armed Forces Retirement Home Campuses Have 2 Positive COVID-19 Employee Cases

2020-05-06T10:47:00.001-04:00

One employee each at the Armed Forces Retirement Home Campuses in Washington DC and Gulfport, Mississippi have tested positive for COVID-19.

The staff members are revovering at their homes.

To date no residents have tested positive for the virus, where the average age is 83 and considered a particularly vulnerable population.

Various procedures have been implemented to protect the AFRH residents.

Find more details about these cases at Military Times

Tricare Limiting Asthma Inhaler Refills During COVID-19 Pandemic

2020-05-05T19:20:00.000-04:00

Tricare's Express Scripts is limiting prescriptions to some asthma medications due to them being needed for Coronavirus patients.

The medications being limited are albuterol and levalbuterol which are also known by the brand names ProAir, Proventil, Ventolin and Xopenex.

They are being limited to one inhaler every 30 days.

Read more at Military.com

The CARES Act and Its Affect on Your Retirement Funds

2020-05-01T12:13:00.001-04:00

"...Several of the provisions of the CARES act made changes to the way you can withdraw money from your Individual Retirement Account (IRA), 401k employer sponsored retirement plan or your Thrift Savings Plan (TSP) account, which is the 401k plan for federal government employees including military members..."

Read more at Military.com

5 Step Plan Towards a Post Military Retirement Job

2020-04-29T12:54:00.000-04:00

"...One of the biggest questions about getting a job after retiring from the military is, “How far out should I start applying to jobs?” But did you know that there are steps you should take before you even start applying?...

When should you actually do each of these steps to obtain your dream job?..."

Take a look at this suggested military retirement timeline for getting a job at GI Jobs

Proposal Introduced to Stop TSP Funds Investing in China

2020-04-28T18:15:00.000-04:00

"...U.S. Rep. Michael Waltz, R-Fla., has taken up a proposal from a key member of the Trump administration to ensure federal retirement funds are not invested in companies connected to the Chinese military.

Waltz weighed in on the bill at the end of last week.

“It is absolutely crazy for our military and federal employees to be indirectly contributing to China’s military operations – and what’s worse is that nearly all of these people are completely unaware of this situation,” Waltz said.

“Every month, a combined 5.6 million U.S. military members and federal employees contribute to the Thrift Savings Plan (TSP), a 401K-style plan taken out of their paychecks. The TSP, which is administered by the FRTIB, is responsible for over $700 billion in assets, making it one of the world’s largest retirement funds,” the congressman’s office noted. “The specific portion of the retirement plan in question is the I Fund, one of the most important funds with $50 billion in assets..."

New Procedures Implemented by MHAFB for Airmen Nearing Retirement Amid Pandemic

2020-04-28T17:51:00.000-04:00

"...The COVID-19 pandemic has produced a significant change in how some individuals and groups can continue to operate at their jobs. For retirees, this has become especially difficult.

"Some people are choosing to withdraw their separation and stay in the military due to the state of the economy right now," said Airman 1st Class Kendall Smith, 366th Force Support Squadron retirement and separations technician journeyman.

Due to the current conditions, this also will have an effect on how Airmen who are retiring conduct their retirement ceremonies.

There is still help. Organizations such as the Military Personnel Flight’s Separations and Retirement section are making changes in order to support retiring Airmen, and in addition systems such as the Transition Assistance Program are also making adjustments to continue the support amid the pandemic.
..."

Can Retirees Be Recalled to Active Duty?

2020-04-20T17:31:00.002-04:00

"...Once you leave active duty, it's generally understood that that's it—your military days are over, and a life in the civilian world awaits you.

But what if some major world event happened? Could you be recalled back into active duty service?

Rules for Military Retirees

Retirees (those who spend at least 20 years in the military and draw retired pay) can be recalled to active duty for life.

However, the policy established in "DoD Instruction 1352.01 - Management of Regular and Reserve Retired Military Members" makes the recall to active duty unlikely for those who have been retired for more than five years, and those over age 60."

You Might be Due a Rebate If You're a Retiree with TRICARE Prime

2020-04-18T10:40:00.000-04:00

"...About 35,000 military retirees will soon receive cash refunds from Tricare, thanks to a policy change made last year that affects how Tricare calculates annual out-of-pocket maximum payments.

The rebates impact retirees with Tricare Prime who paid more than $2,400 out of pocket towards their annual maximum payment in 2018 and 2019. They do not impact Tricare for Life or Tricare Retired Reserve users...."

Pentagon Weighs Stop Loss Order Amid Coronavirus Crisis

2020-04-09T11:39:00.000-04:00

"...The Pentagon is considering new steps to retain uniformed service members, including the potential revival of the military's controversial "stop-loss" policy, as the coronavirus crisis limits the arrival of new troops and disrupts its personnel pipeline...."

ID Card Expiration Dates Extended

2020-04-09T11:07:00.000-04:00

"...Military dependent and retiree ID cards set to expire this year will get an automatic extension through September, while some other ID card updates and enrollments are now permitted by fax or mail, according to new Pentagon guidance.

The changes are designed to help military families and retirees avoid visiting base ID card offices during the novel coronavirus pandemic, the memo states...."

Read more at Military.com

Tricare to Waive Coronavirus Test Visit Copays, But Not Off-Base Pharmacy Fees

2020-04-08T11:20:00.000-04:00

"...Tricare users who typically face copays for off-base doctor visits and tests will not owe anything out of pocket for the appointment if they are receiving a coronavirus test, but those required to head off-base for prescriptions must pay any related costs themselves, Military.com has learned.

The fee waiver is included in coronavirus-related legislation passed last month, known as the Families First Coronavirus Response Act. The law requires that all fees be waived for both the virus test itself and any visit associated with getting the test...."

Read more at Military.com

Upcoming Marine Retirees May Request Service Extension Due to COVID-19

2020-04-07T10:25:00.000-04:00

"...Marines with upcoming retirement or separation dates can request a service extension to buy extra time to properly transition from military life if COVID-19 is throwing a wrench into plans to leave the Corps, according to Marine Corps Manpower and Reserve Affairs.

The option to extend service to buy a few extra weeks or months is open to all Marines in any occupational field with an upcoming retirement or end of active service date, Maj. Craig Thomas, a Marine spokesman explained to Marine Corps Times...."

Prepare for Military Pharmacy Closures and Changes over COVID-19 Pandemic

2020-04-01T12:17:00.001-04:00

"The Defense Health Agency issued new guidance on March 30 directing that all military hospitals and clinics determine pharmacy availability as a result of the COVID-19 pandemic," officials said in a release.

Measures being looked at include ending access for non-active duty family members to on-base pharmacies; temporarily closing on-base pharmacy locations completely; and changing the way prescriptions are delivered, such as staggered or curbside pickups, among other options.

Read more at Military.com

COLA Watch 2021

2020-03-30T13:02:00.001-04:00

"...Here is a a way-too-early look at Social Security’s 2021 COLA. We are 4 months away from the beginning of the 2021 measurement period but here are the early indicators for a potential COLA increase in 2021.

Find out why the novel coronavirus, aka COVID-19, may have a negative and positive impact on this year’s COLA increase..."

Voluntary Recall of Retired Soldiers in Health Care Fields to Fight COVID-19

2020-03-26T18:00:00.001-04:00

"...The Army has a message for its retirees: Uncle Sam wants you to help fight the novel coronavirus.

A message sent by Defense Finance and Accounting Services, which processes and dispenses retiree pay, asked troops who had previously served in specific health care specialties to consider "re-joining the team" to address the current pandemic crisis...

The Army, it states, is gauging the interest of retired officers, noncommissioned officers and more junior enlisted soldiers in assisting service efforts to treat the sometimes-deadly disease. The message does not specify whether retired troops would be returned to active status or serve in some other capacity.

The call was addressed to retirees from the following health care-specific military occupational specialties:..."

Read more at Military.com

TRICARE Home Delivery for Medications

2020-03-23T11:54:00.000-04:00

"...As part of its COVID-19 guidance, the federal government recommends having a supply of all necessary medications on hand. For members of the military community, TRICARE offers a convenient option of getting a 90-day supply of your prescriptions through TRICARE Pharmacy Home Delivery.

TRICARE offers options of getting a 90-day supply of your prescriptions at military pharmacies, through its home delivery program or at a retail pharmacy. Home delivery is available all the time and is a seamless way to ensure you always have your medications.

Home delivery of your medicines can help keep you protected during the coronavirus disease outbreak...."

Coast Guard Retirement Parity Act Introduced

2020-03-20T11:17:00.000-04:00

"...Last week, U.S. Rep. Charlie Crist, D-Fla., brought out a proposal to help protect retired veterans who served in the United States Coast Guard (USCG).

Crist introduced the “Coast Guard Retirement Parity Act” with U.S. Rep. Steven Palazzo, R-Miss., and the Tampa Bay congressman’s office offered some of the rationales behind why Coast Guard retirees should be included in the Military Retirement Fund.

“Under the current ‘accrual’ system, Army, Navy, Marine Corps, and Air Force retirement benefits are paid through the Military Retirement Fund, a fiscally responsible public pension fund managed by actuaries. Every year, the Department of Defense contributes to the fund in anticipation of future retiree costs, protecting retirees and taxpayers alike. Coast Guard retirement benefits, on the other hand, require an annual funding bill, which is not only less efficient but threatens retired Coast Guard servicemembers in the event of a government shutdown. The bill corrects this disparity and treats Coast Guard retirement benefits just like the other branches of the military,” Crist’s office noted...."

Tricare Users Can Get Tested for Coronavirus

2020-03-19T21:48:00.000-04:00

"...Military family members and retirees covered under Tricare and veterans using the Department of Veterans Affairs health system can receive a test for the novel coronavirus, formally known as COVID-19, but only if they meet certain conditions, officials said...

Tricare announced via Facebook Tuesday COVID-19 testing is free for all beneficiaries. While it will still be no-cost if the test was prescribed by a network or non-provider, the usual copay or cost-share for the doctor visit will apply...."

Read more at Military.com

Senators Working to Finally Abolish 'Widow's Tax'

2019-06-26T14:30:00.001-04:00

"...With overwhelming support in Congress, two senators hope this is the year a dollar-for-dollar offset in compensation to surviving military spouses of military personnel and retirees -- known colloquially as the "widow's tax" -- is eliminated.

Sen. Susan Collins, R-Maine, and Sen. Doug Jones, D-Alabama, took to the Senate floor Monday urging for a vote on their proposed amendment to the national defense policy bill to overturn the offset.

The legislation, which has the backing of 75 senators, would repeal deductions taken from those who receive payments under the Defense Department's Survivor Benefit Plan and also get Dependency and Indemnity Compensation from the Department of Veterans Affairs.

Under the Survivor Benefit Plan, military retirees pay a portion of their retirement benefit to ensure that family members receive up to 55% of their retirement pay when they die...."

Senate Backs DoD Hiring Restriction on Military Retirees

2019-06-20T13:16:00.000-04:00

"...The Senate’s version of the DoD authorization bill revisits a topic that has been the focus of controversy for years, the hiring of military retirees into civil service positions at that department—a practice that many career federal employees consider a form of favoritism that limits their career advancement opportunities.

Military retirees are generally barred from being hired as DoD civilians for 180 days after their retirement, but that policy has several exceptions. At the Senate’s initiative, the defense budget measure for fiscal 2017 essentially eliminated the largest of those exceptions, hiring based on a “state of national emergency.”
..."