The Defense Department has implemented a mandatory training program on the updated military retirement system for eligible service members ahead of the system’s Jan. 1, 2018 effective date, DoD News reported Wednesday.
Lisa Ferdinando writes Anthony Kurta, acting undersecretary of defense for personnel and readiness, said the Blended Retirement System is designed to help military personnel select a retirement plan that fits them and their family members best.
Andrew Corso, assistant director of military compensation policy and project lead for the Blended Retirement System implementation, told DoD News in an interview that the system features a traditional benefit annuity, automatic and matching Thrift Savings Plan contributions and an incentive payment.
“The goal of modernizing the retirement system was to go from a system that benefits about 20 percent of all service members to one that benefits about 85 percent of all service members,” added Corso.
Corso explained the opt-in training course for the blended system can be accessed via the Joint Knowledge Online and Military OneSource wesbites.
All service members who will join the military on or after Jan. 1, 2018 will immediately be enrolled in the new system and required to take the training within the first year in service, the report noted.