BLENDED RETIREMENT SYSTEM (BRS) FINANCIAL COUNSELOR - EDUCATOR COURSE FC/Es need to apply enhanced knowledge and skills to support mandated financial literacy touch points with Service members. Those knowledge and skill areas include: - pre/post-deployment transition to retirement TSP vesting promotion When speaking with a Service member who is serving or had a contract to serve on and before December 31, 2017, it would be correct to say that the member is ________ into the "High-3" retirement system. - grandfathered The formula for retired pay under the BRS is _____ x years of service x the average of the highest 36 months of the Service member's basic pay. - 2.0% Once made by the Service member, the decision to opt into the BRS is irrevocable. - True Under the BRS, new Accessions who join the service after December 31, 2017 and complete at least 2 YOS will be eligible for _____. - matching Government contributions to a TSP account AC members who have completed fewer than _____ and Reserve Component (RC) members who have fewer than _____ as of December 31, 2017, will have the opportunity to opt into the BRS. - 12 YOS, 4,320 retirement points Under the BRS, the defined-benefit annuity multiplier is _____. - decreased from 2.5% to 2.0%
Which of the components listed here are significant differences between the new Blended Retirement System and the "High-3" military retirement system? - Automatic and matching Government contributions to a Service member's TSP account An RC member must be in a pay status and have _____ retirement points as of December 31, 2017 in order to qualify to opt into the BRS. - less than 4,320 Under the "High-3" military retirement system, _____ percent of Service members separate with retired pay. - 19 The new Blended Retirement System, or BRS, requires Service members to serve _____ years of active duty, or the equivalent years of "creditable" service for the Reserve Component (based on creditable years of service), in order to qualify to receive the defined-benefit annuity retired pay. - 20 A critical role of the FC/E is to advise opt-in eligible Service members which retirement system they should choose; the "High-3" military retirement system or the Blended Retirement System. - False The effective date for the BRS is _____. - January 1, 2018 Service members who participate in the BRS may be eligible to receive Continuation Pay at the completion of _____ YOS based on pay entry base date (PEBD). - 12 Under the BRS, Service members can achieve nearly the same or better total retirement funds as compared to the "High-3" retirement system. - True When counseling a Service member, which term best describes an individual's rights to keep automatic matching Government TSP contributions (and their earnings) after the member has fulfilled specified time-in-service requirements. - vesting The following Service members come to see you for advice about opting-in to the BRS. Which of the members will be eligible to opt-in? - a Reserve Service member
with 15 qualifying years of service for retirement purposes and an estimated 3,950 points on December 31, 2017 When you are counseling a Service member about their decision to opt into the BRS, make sure that you discuss with the member the following: - automatic and Government-matching contributions lump sum payments Continuation Pay TSP vesting
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