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Military Personnel Receive Their Retirement Benefits in Three Basic Pay Plans
from: Pat MoauroRetirement benefits are extremely important as a reward for workers after many years of loyal, dedicated service. In the military, people who work for the government and for their community are likewise entitled to the benefits that are due them.
Basically, military retirement is available in three remuneration plans. Congress has authorized these plans, to which all military personnel are entitled for rendering needed services to the government and to their country.
Military retirement plans are unique in its basic concept, with the amount of retirement benefits being based on the included service dates. These military retirement benefits involve the "primary service dates" that provides the DIEMS or the "Date of Initial Entry into Military Service" and the service date as stipulated in the Title 10, Section 1405 of the United States Code.
For a complete overview of the benefits in military retirement, here's a list of the three remuneration plans.
1. DIEMS before September 8, 1980
For military personnel whose DIEMS is before September 8, 1980, the military retirement benefit is based on the product of the military personnel's monthly income and the 2 1/2% of the concerned personnel's years of service. This plan is known as the present military retirement plan.
2. DIEMS between September 8, 1980 and July 31, 1986
For any military personnel whose service dates falls between September 8, 1980 and July 31, 1986, the expected retirement pay is the product of the 2 1/2 % of the personnel's years of service and the average of the "highest 36 months" of the basic take-home pay based on the days of active duty. This military retirement plan is known as the "High 36/50 Percent Plan."
3. DIEMS on or after August 1, 1986
For any military personnel whose DIEMS is on or after August 1, 1986, the amount of the expected retirement benefit is the product of 2 1/2% of the personnel's years of service, but less than 1% for every year of service that is below 30 years, and the average of the personnel's maximum income on a 36-month remuneration. This plan is called "High 36/40 Percent Plan."
The three plans will definitely provide military people with the financial aid they will need when it's time for them to retire from the service.
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