USN Blended Retirement System (BRS) Opt-In Course Pre-Test written questions and answers 2023

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USN Blended Retirement System (BRS) Opt - In Course Pre - Test written questions and answers 2023 A Pension is ____? - A retirement system in which an employee continues receiving regular income after he/she retires. The following individuals can make the final BRS opt-in decision for you: - Only you can make this decision. 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. - 20 (years) 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. - 20 (years) The BRS calculator enables you to ____. - Estimate your potential retirement savings and income. Money that is vested in a retirement account is ____. - The employee's to keep along with all interest earned and employer-matching contributions. Before making a final decision on a Uniformed Services retirement plan, Service members need to consider ____. - (All of the above) * Personal and family goals, plans, and obligation * Career goals after separation from the service * How long you plan to serve ____, 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
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: - * Eligibility for a Lump Sum payment option * Automatic 1% Government contribution to a TSP account * Up to an additional 4% Government-matching contributions to a TSP account based on Service member contribution rates * Monthly retirement pay at 40% in return for at least 20 Years of Service Service member decisions to opt into the Blended Retirement System (BRS) ____. - Cannot be reversed at any time once made Financial experts advise you will need approximately ____ of your pre- retirement income in order to maintain your standard of living after you retire. - 80% The addition of interest added to the principal in a retirement account over time is called ____. - Compounding
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