Navy Mutual Briefs Marines about the Blended Retirement System
Published on July 26, 2017
Bob Bieri, our Senior Education Presenter, attended the Military Saves Week brief held at the Lasseter Theater on Marine Corps Air Station, and discussed the Blended Retirement System, the Thrift Savings Plan, as well as other financial literacy topics.
Below is an excerpt of the story from Lance Cpl. Ashley Phillips at Marine Corps Air Station Beaufort:
"Military Saves Week is a Department of Defense wide campaign that encourages the education of service members and their families about the importance of saving. The brief was held aboard both MCAS Beaufort and MCRD Parris Island. Topics covered included, the Thrift Savings Plan, which is an aspect of the Blended Retirement System, and financial fraud.
'I think that in the next year service members will be making the biggest financial decision of their life thus far, regarding the BRS,” said Bob Bieri, the representative with Navy Mutual Aid Association. “There are so many great resources at your disposal to help you make this decision. That’s part of why Military Saves Week is so important this year specially.'
According to the Department of Defense military pay website, the Nation Defense Authorization Act has created a new military retirement system that blends the traditional legacy retirement pension with a defined contribution to the TSP. Under the current High 3 legacy retirement system only 1 in 5 service members get government retirement benefits. With the BRS 85% of service members will get government retirement benefits. The biggest difference is that with the High 3 legacy retirement, a service member has to have served at least 20 years. The BRS provides a modernized retirement plan built to help service members save for retirement and available after completing two years of service."
To read the entire article follow this link.
Bob Bieri, CLU, CHFC, CASL, REBC, is a retired United States Marine, and currently he is the Senior Presenter for Navy Mutual, teaching financial literacy to active duty, reserve, and retired service members.