JKO Blended Retirement System (BRS) OPT-IN Course

The Blended Retirement System (BRS) and the legacy "High-3" retirement system both require _____ Years of Service (YOS) in order to qualify for monthly retired pay.

A pension is _____.

a retirement system in which an employee continues receiving regular income after he/she retires

Before making a final decision on a Uniformed Services retirement plan, Service members need to consider _____.

all of the above

The legacy "High-3" retirement system for the Uniformed Services requires Service members to serve _____ years of active duty, or qualifying Years of Service for the Reserve Component, in order to qualify to receive the defined-benefit retired pay.

_____, is an incentive designed to encourage members to continue serving at critical points in their career and may be provided to you mid-career for your commitment to at least 3 additional years of service.

Continuation Pay

The BRS calculator enables you to _____.

estimate your potential retirement savings and income

The following individuals can make the final BRS opt-in decision for you:

Only you can make this decision.

Money that is vested in a retirement account is _____.

the employee's to keep along with all interest earned and employer-matching contributions

The addition of interest added to the principal in a retirement account over time is called _____.

compounding

Service member decisions to opt into the Blended Retirement System (BRS) _____.

cannot be reversed at any time once made

Which of the following are advantages to Service members who participate in the Blended Retirement System with respect to the Thrift Savings Plan?

Government-automatic [1%] contributions and Government-matching contributions up to an additional 4% of basic pay

You have the opportunity to opt into the BRS because you are either an Active Component (AC) member who will have completed fewer than _____ or a Reserve Component (RC) member who will have fewer than _____ as of December 31, 2017.

12 YOS, 4,320 retirement points

Under the BRS, the basic components of your retirement plan are: (Select all that apply):

~Eligibility for a Lump Sum payment option
~Monthly retired pay at 40% in return for at least 20 Years of Service
~Automatic 1% Government contribution to a Thrift Savings Plan account
~Up to an additional 4% Government-matching contributions to a TSP account based on Service member contribution rates

Financial experts advise you will need approximately _____ of your pre-retirement income in order to maintain your standard of living after you retire.

80%