New members who enter military service on or after Jan. 1, 2018 will get automatically enrolled into the new blended retirement system. Previously enlisted service members can choose to opt in to the new system.
The Federal Retirement Thrift Investment Board, the agency that administers the Thrift Savings Plan, is also keeping a close eye on 2018 budget process. The board says the proposed changes to the federal retirement system included in the president’s budget request could have significant impacts for retirees and how they participate in the TSP.
The Federal Retirement Thrift Investment Board is losing its executive director of 10 years. Greg Long announced his resignation during the board’s monthly meeting. In the interim, the agency’s chief investment officer, Ravindra Deo, will serve as the acting executive director while the board conducts a national search for a new leader.
The Defense Department started to move this week into the implementation phase of the new military retirement system Congress ordered it to set up just over a year ago, including through an exhaustive education campaign designed to make sure service members understand how the new system works.
The Federal Retirement Thrift Investment Board, the agency that facilitates the Thrift Savings Plan, is preparing for two major projects next year. The new blended retirement program for military members and the agency’s long term IT modernization plan are the driving factors behind the agency’s 17 percent budget increase in 2017.
Even before the blended retirement plan goes into effect, the Pentagon is monkeying with it, and that’s got the ire of retired officers.
The blended retirement system for those exiting a military career goes into effect in 2018. It substitutes future annuity levels with matching funds in the Thrift Savings Plan. Even before the plan goes into effect, the Pentagon is monkeying with it, and that’s got the ire of retired officers. Retired Marine Corps Col. James Sweeney, president of the Reserve Officers Association, joins Federal Drive with Tom Temin to offer his insight.