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Episode 016 - Blended Retirement System (BRS) Overview
Manage episode 431757461 series 3540814
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Summary
The conversation discusses the blended retirement system (BRS) and its components, including the pension, TSP match, and continuation pay. The BRS was implemented in 2018 to modernize military compensation and retirement. The pension part of BRS is similar to the legacy system, requiring 20 years of service and basing the pension on the highest three years of pay. However, the multiplier was reduced from 2.5% to 2% per year. The BRS also introduced a TSP matching component, where service members can receive a match for their contributions. Additionally, continuation pay was added as a retention tool, allowing service members to receive a lump sum in exchange for four more years of service.
Takeaways
The blended retirement system (BRS) was implemented in 2018 to modernize military compensation and retirement.
The BRS pension requires 20 years of service and is based on the highest three years of pay, but the multiplier was reduced from 2.5% to 2% per year.
The BRS introduced a TSP matching component, allowing service members to receive a match for their contributions.
Continuation pay was added as a retention tool, offering service members a lump sum in exchange for four more years of service.
Senior leaders should educate themselves about the BRS to mentor younger service members and help them make informed decisions about their retirement.
Chapters
00:00 Introduction to the Blended Retirement System (BRS)
07:51 The Pension Component of BRS
12:11 The Valuable Benefit of TSP Match in BRS
15:39 Retention Tool: Continuation Pay in BRS
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.instarfp.com/contact
Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.
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