New Procedures Implemented by MHAFB for Airmen Nearing Retirement Amid Pandemic

"...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.
..."

Read more at DVIDS

125 Retired Pilots to Return to Air Force Active Duty

"...The Air Force says 125 retired pilots, combat systems officers and air battle managers have applied to return to active duty since May.

The Air Force is trying to bring back officers under the Voluntary Retired Return to Active Duty program to help alleviate serious manning shortages in the pilot and other rated career fields. Last May, the service announced a major expansion of the VRRAD program, and said as many as 1,000 recently retired officers could return.

But far fewer retirees have applied, according to statistics provided by the Air Force. Of the 125 total applicants, 50 are pilots. The Air Force has so far approved 42 applications, and are still processing the others...."

Read more at Military Times

Early Retirement for More Than 350 Airmen

"...The Air Force recently approved the applications of nearly 360 airmen for early retirement under a limited, voluntary program intended to help the service whittle down its force size to meet authorized active-duty end strength numbers.  

Of those approved to retire early under the Temporary Early Retirement Authority, there were 311 enlisted and 47 officers, according to information from Michael Dickerson, a spokesman for the Air Force Personnel Center.  

The program gave eligible airmen the option to retire before reaching 20 years -- when traditional retirement benefits usually kick in -- while receiving close to one's full retirement pay..."

Read more at Military.com

Early Retirement Offers for Air Force

"...The Air Force is offering some officers and enlisted personnel in certain career fields the option to retire early, one of several force management plans the service says it intends to implement to meet fiscal 2014 end-strength goals.

The Air Force also is looking at involuntary early retirement for colonels and lieutenant colonels in select fields before the end of the year.

The Temporary Early Retirement Authority -- commonly referred to as the 15-year retirement -- is open to eligible technical sergeants, master sergeants, captains, majors and lieutenant colonels with at least 15 but less than 20 years of total active-duty service as of Oct. 31, according to an Air Force news release..."

Read more at Military.com

New Air Force Transition Assistance Program (TAP)

"...The new, revised Air Force Transition Assistance Program (TAP) is a five-day mandatory course covers financial management and transition planning.

Every base offers the same curriculum, including a transition overview day, three employment workshop days and a VA benefits day. In addition, three two-day specialized transition tracks are already available at many bases.

Retirees are eligible to attend TAP as early as two years before their retirement date, and separating Airmen can attend up to a year before their separation date..."

Learn more at military.com

TSP: Traditional or Roth

"...On October 1, service members became eligible to take advantage of a Roth version of the Thrift Savings Plan, where money is deducted from taxed income, but becomes tax-free money when it is withdrawn.

According to TSP's external affairs director, Kim Weaver, there's a big difference between the two options.

"The biggest difference is that the traditional TSP is pre-taxed money, so it reduces the amount of your income in that year," she said. "So let's say your salary is..."

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Thrift Savings Plan: Traditional vs Roth

"...On October 1, service members became eligible to take advantage of a Roth version of the Thrift Savings Plan, where money is deducted from taxed income, but becomes tax-free money when it is withdrawn...

While most look at TSP as a roadmap to a comfortable retirement, Weaver said that enrolling in thrift savings, even for one or two enlistments, can pay real dividends.

"They can either leave it in their TSP untouched, move the money around within the funds or leave it in until they are ready to retire," Weaver said. "They can also roll it over into another 401k plan in the private sector if they choose to do that. So, just because service members leave the military, it doesn't mean they are forfeiting their money. Once they contribute their money, the TSP belongs to the participant." ."

Read more at af.mil

TSP Roth Opens to All Active-duty Troops on Oct. 1

Beginning Oct. 1, 2012, active-duty members of the Army, Navy and Air Force will be able to contribute to the Roth Thrift Savings Plan as part of their investment planning, Defense Financing and Accounting Service officials said today.

The after-tax contributions will be electronically deducted from service members’ pay accounts.

Active-duty service members also can start their Roth TSP contributions now through their online MyPay accounts, which offer the fastest, easiest and most secure method to manage both Roth and traditional TSP contributions. The second option open to service members is to submit a TSP-U-1 form to their finance office.

Active-duty Marines, Guardsmen, reservists and civilians paid by DFAS were able to begin making contributions to the program in June, officials said.

Additionally, the other branches of the National Guard and reserves will be able to make Roth TSP contributions by mid- to late 2013.

The timeline difference between active-duty and other service members resulted from an interim solution for reserve component members, which didn’t meet Federal Retirement Thrift Investment Board requirements, according to DFAS.

While work continues for options that will be available more quickly and satisfy the law and FRTIB requirements at the same time, the new schedule will allow time to make systems changes and electronic deductions that meet all requirements. DFAS officials said.

To begin making Roth TSP contributions, service members should determine how much of their pay is eligible. A Roth TSP worksheet can help make the calculations.

Military members are required to contribute an amount equaling 1 percent of their eligible pay to begin TSP contributions. For those who are not participating in traditional TSP investments, the initial Roth TSP election must meet this 1 percent requirement. The IRS maximum contribution to Roth TSP is $17,000 per year, DFAS officials said.

Military members can use pay earned in combat zones, and are excluded from federal taxes to contribute to Roth TSP.

Source: Defense.gov

Air Force Early Retirement Announced

"...Staff sergeants, technical sergeants and master sergeants with 15-19 years of service and currently in selected overmanned career fields may be eligible for early retirements this fiscal year, the Air Force announced today.

The application window for these “15-year retirements” under the Temporary Early Retirement Authority is Apr. 10-30, according to Col. Kenneth Sersun, chief of the Military Force Policy Division of the Air Force Personnel Center. Those approved under the program must retire by Sept. 1..."

Read more at Delaware Defense

Military and Federal Retirement Pension

"...I receive military retirement pay under FERS for 21 years of service in the Air Force. I started working a job as a federal civilian employee two years ago. I did not buy back my military time. If I continue to work as a federal civilian for another seven years (bringing my total federal
service to 30 years), how will my retirement pay be affected? ..."

Read more at federaltimes.com

Air Force Officers Grounded

"...the Air Force has "separated" (that is, fired) 157 officers on the eve of their retirement, including pilots flying dangerous missions, to avoid paying their pensions. According to Department of Defense Instructions, those within six years of their 20-year retirement (with no disciplinary blemishes on their record) have the option to remain in service. Nevertheless, the Air Force is committing terminations of airmen a few years away from retirement en masse, citing budget constraints..."

Read more at The Wall Street Journal