Changes coming to military retirement plan

Changes coming to military retirement plan

SAVANNAH, GA (WTOC) - A big change is coming in the new year for 1.6 million active duty military members.

USAA is pushing awareness on the change to the retirement plan because the deadline to enroll is coming up soon.

Now those looking to retire from the military with this new plan wouldn't have to work 20 years to see those benefits.

The legacy plan - or the old plan - required that you serve for 20 years before seeing any retirement benefits and military officials told WTOC that is only 20 percent of military members.

Now, there’s the blended retirement system. It allows a military member to take retirement benefits if you separate with the military at any time.

If you enrolled in the military this year, you're already enrolled in this new retirement plan. But those who joined the military before 2018 must opt-in to the new program.

"So, under the new blended retirement system, this gives soldiers the option to serve any period and leave the military service with some form of retirement without having to serve to 20 years,” Garrison Command Sergeant Major Rebecca Myers said.

Here’s the catch, if you don’t opt-in for this new plan by next Monday, Dec. 31. You will be on the legacy plan forever. There is no other chance or opportunity.

More information on how to opt-in, please click here.

Copyright 2018 WTOC. All rights reserved.