Title: Military Retirement: Rules and Regulations Regarding Benefits
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Many military retirees are in the baby boom generation. There are some issues affecting the types of benefits available to retired veterans that need to be understood.
Military retirement offers retirees a multitude benefits that honor the many years of service performed in defending the country. No doubt it is a complete change from the days spent in uniform, and the military member will need to adapt to life outside of the military. So, prior to retirement it is crucial that the retiree be knowlegeable of all the benefits as well as entitlements that he or she will get so that they do not miss out on critical benefits offered in the retirement plans.
Unique Retirement Benefits
The military retirement system is very unique and is quite different from the most civilian or government plans available in that it gives the retired veteran a pension along with benefits which will begin the day that the military member retires - regardless of the age of the retiree. In effect, it means that even at the early age of thirty-seven years, a retiree could be enjoying a retirement pension and the pension payments will increase to adjust with the cost of living.
To receive these military retirement benefits would entail considering a number of relevant factors that the military retirement system incorporates such as entering service prior to September 1980, which would then qualify the member for 'Final Pay' retirement system.
If you entered military dervice between September 8, 1980 and August 1986, you would be in the High 36 system, and if you entered service after August 1986 then you are eligible for the High 36 retirement system, or the 'Career Status Bonus/REDUX (CSB)' retirement system.
Military retirement also touches a number of varied topics including concurrent receipt, combat related special compensation, computing retired pay, COLA for retirees, extra social security earnings, retired pay centers as well as retired pay checks and more. Under the law, a number of provisions will be used to tally the compensation paid to military retirees, although retired pay is usually arrived at on the basis of the length of uniformed service was, or on a percentage of disability.
Another aspect of military retirement is retired concurrent receipt, which means getting military retirement benefits in tandem with pay for VA disability that was until 2004, not allowed under the law. Before 2004, for a retiree to get VA disability compensation the disabled person would have to forfeit all or a portion of the military pay.
However, following 2004, the law has been changed and now military retirees that are disabled can get both full military retirement pay as well as the indemnification for VA disability.
It simply goes to show that military retirees should stay abreast of all the rules and regulations pertaining to military retirement to ensure they are getting all the benefits and entitlements available to them.
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