On Jan. 1, 2018, the Uniformed Services Blended Retirement System will go into effect, bringing about the most comprehensive changes to military benefits and pay in the last 70 years.
The USBRS is a combination of the current Defined Benefit retirement pension system, Defined Contribution system and government contributions through the Thrift Savings Plan.
The Pentagon has said that anyone who enters the uniformed services after Jan. 1 will be enrolled in the new system. Here is a list of the Uniformed Services.
Those men and women currently in the uniformed services will have the option to enroll in the new system when the enrollment period opens Jan. 1. However, if they should choose to do so, they may opt to stay in the current legacy “High 3” retirement system. The open enrollment period for current servicemembers is Jan. 1 – Dec. 31, 2018.
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Servicemembers who wish to enroll in the new system will visit the following websites:
— Army, Air Force, Navy: MyPay (https://mypay.dfas.mil).
— Marine Corps: Marine Online (https://www.mol.usmc.mil).
— Coast Guard, NOAA Commissioned Corps: Direct Access (https://portal.direct-access.us).
— U.S. Public Health Service personnel should contact USPHS Compensation.
It must be emphasized that the decision to opt in to the new Blended Retirement System is irrevocable, even if a person should change course prior to the Dec. 31, 2018 deadline. If no action is taken, eligible service members will remain in the current system.
Officials suggest that each person eligible to make changes to their plan should research their options beforehand. The Defense Department has made available a BRS Opt-In course, a Comparison Calculator and other resources.
Service members can receive free support from an accredited personal financial manager or counselor available at their installation’s military and family support center or by calling Military OneSource at 1-800-342-9647.
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