The Department of Defense has concluded the opt-in enrollment of a new military retirement system with over half a million servicemen registered in total. The Blended Retirement System fuses traditional pension with a thrift savings plan, allowing members to receive retirement benefits before reaching 20 years in service, the DoD said Monday.
The department allotted $300M to cover TSP accounts of BRS-enrolled members in the program’s first year. Over 400,000 existing members registered under the program, and more than 150,000 new servicemen automatically enrolled upon enlistment. The DoD advised servicemen to undergo BRS training and financial counseling before deciding to register or not. Some members with special cases are given extensions to register after the opt-in period due to law-based provisions.
