As of December 31, 2017, Reserve Component (RC) Service members with fewer than 4.320 retirement points will be ____.
answer
Grandfathered into the legacy "High-3" retirement system and are eligible to opt into the BRS.
question
Which of the answers shows the correct retired pay formula for active duty Service members under the legacy "high-3" retirement system?
answer
2.5% X YOS X average of the highest 36 mo. of basic pay
question
Opt-in eligible Service members who elect to remain in the legacy "High-3" retirement system are ____.
answer
* Eligible to participate in the Thrift Savings Plan (TSP)
* Not eligible to receive matching contributions from the Government for their TSP contributions.
question
Active Component (AC) Service members who do not choose to opt into the BRS by December 31, 2018 will be ____.
answer
Choosing to remain in the legacy "High-3" retirement system
question
As of December 31, 2017, Active Component (AC) Service members with fewer than 12 complete Years of Service (YOS) will be ____.
answer
Grandfathered into the legacy "High-3" retirement system and are eligible to opt into the BRS.
question
Which of the options listed pertain to the Blended Retirement System, but not the legacy "High-3" retirement system?
answer
* Automatic Government TSP contribution of 1% of a Service member's basic pay
* Eligible for Government-matching TSP contributions of up to 4% of a Service member's basic pay
question
The effective date for the BRS is ____.
answer
January 1, 2018
question
On average, the largest portion of the cost of living during retirement goes to ____.
answer
Housing
question
The primary sources of income in retirement include:
answer
(all of the above)
* Earned income
*Personal savings and investments
*Social Security retirement benefits
*Employer-provided pensions
question
Vesting is defined as ____.
answer
The right an employee has to keep the money, and interest earned on that money, their employer contributed to their retirement account.
question
____ allows you to not only make money on your contributions to your TSP account, along with any Government-automatic and matching contributions, but also on the money earned by those contributions.
answer
Compound interest
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Service members who elect to opt into the Blended Retirement System must serve ____ complete years in order to keep the Government-automatic (1 percent) contributions.
answer
2 (years)
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Service members may receive Continuation Pay ____, based on the needs of their Service, in return for their commitment to serve at least 3 more years.
answer
Mid-career (8-12 YOS)
question
Which of the following is NOT a retirement benefit under the Blended Retirement System.
answer
Monthly retired pay in return for at least 20 Years of Service
question
The Uniformed Services pension plans are based on ____.
answer
The average of the highest 3 years of basic pay
question
A "working-age retiree" from the Uniformed Services is ____.
answer
Someone who retires from the services, but continues to work after separating.
question
Which of the following financial counselors are authorized to make your retirement plan decision for you?
answer
None
question
The BRS calculator enables Service members to ____.
answer
Compare potential retirement savings and income for different retirement system options, projected career progression, and TSP contribution rates.
question
Service members who take 25% to 50% Lump Sum Option will receive ____ than they would have gotten if their retirement benefits were spread out over normal monthly payments.
answer
Less in overall benefits
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