|
|
Home > Fact Sheets > Pre-Retirement SBP Responsibilities
PRE-RETIREMENT SBP RESPONSIBILITIES
Posted 3/5/2008
Printable Fact Sheet
This fact sheet provides information to help you understand the provisions of the Survivor Benefit Plan (SBP), but is not a contract document. The basic statutory provisions of the SBP law are in Chapter 73, Title 10, United States Code.
Pre-Retirement SBP Responsibilities
Each retiring member is responsible for:
-- Attending a one-on-one pre-retirement briefing with the SBP counselor (required by law)
-- Becoming familiar with the options and effects of the SBP
-- Learning about the basic differences between SBP and commercial or civilian programs described as alternatives
-- Including the spouse in all aspects of the decision process -- it's his or her financial future that's at stake!
-- Completing a DD Form 2656, Data for Payment of Retired Personnel, at the military personnel flight which contains critical pay data:
-- Arrears of Pay beneficiary information
-- Retirement correspondence address
-- Check mailing address (EFT Address)
-- SBP election
-- Spouse concurrence (if required)
-- Notify ing the Defense Finance and Accounting Service promptly of changes that occur after retirement:
-- Change in bank or correspondence address
-- Change in marital status or family members that may affect SBP or pay
Notes:
The law requires DFAS to establish maximum SBP coverage if a valid DD Form 2656 is not received before the member's retirement date.
A member who does not comply with the above responsibilities may experience a delay in receipt of retired pay and/or unwanted premiums being deducted from retired pay.
Remember, retired pay stops when a member dies. Paying into the SBP is the only way to ensure regular monthly payments based on the member's military service continue to eligible survivors following the member's death.
| |
|
|
|
|
