The 2023 defense-spending bill contained a provision that allowed for the open season that ends at the beginning of next year. Image: RomanR/Shutterstock.com
By: FEDweek StaffRetirees who collect retired pay, former members awaiting retiree status, and retirees who are not enrolled in either the Survivor Benefit Plan (SBP) or Reserve Component Survivor Benefit Plan (RCSBP) have until Jan. 1, 2024, to decide if they want to continue or stop participation in the program.
Participants in either SBP plan elect to pay a monthly annuity, deducted from their retirement compensation, to provide financial support for spouses and children should the military member die while on duty or after retirement.
The 2023 defense-spending bill contained a provision that allowed for the open season that ends at the beginning of next year. Current participants who opt out would not recover their previously paid premiums.
The Defense Finance and Accounting Service (DFAS) is preparing forms and fine-tuning policies and processes that would make it easier for all concerned to navigate the system and make choices that are optimal for their personal circumstances.
Until the information is available from DFAS, concerned people can find updates online at https://www.govinfo.gov or on MyPay. Gray area retirees – National Guard and reserve members who have retired but are not old enough to begin collecting retired pay – should visit the DFAS page for them: https://www.dfas.mil/grayarea.
Some conditions apply. For instance, retirees cannot discontinue SBP or RCSBP coverage unless their spouse or covered beneficiary who is over age 18 concur with the decision.
Pentagon Orders New Task Force, Disbands Counter‑Drone Office
Trump to move Space Command headquarters out of Colorado
Civilian FERS Now? How to Buy Back Your Military Time if You Stand to Gain
Audit: Rise in ‘Severe Staffing Shortages’ at VA Medical Facilities
Can My Military Discharge be Upgraded? Yes
The Rules for Getting Both Military Retired Pay and a Federal Annuity
Credit for Military Service for Federal Retirement Annuities
