New Military Retirement Plan Rolls Out With New Year
There’s a new retirement plan for the military.
Starting January 1, all newly enlisted service members will automatically be enrolled in what's being called the Blended Retirement System.
The BRS combines the existing annuity for those who retire after 20 years with a thrift savings plan, which is a government-run retirement account that allows members to invest their savings in the stock market.
“So the thrift savings plan, like many large 401k-type plans throughout the country has various options for investment, for one thing,” military compensation director Jerilyn Busch said.
“We are offering training to our members that will familiarize them with the various ways they can invest.”
Depending on time served, some military members will be given the choice to adopt this new plan or stay with the old system.
For more information, soldiers can log on to the military’s myPay site.