I always said I would share some info once I had gone through the process. It's not technically complete yet, but here's a rundown of how things have gone:
105 days/15 weeks before my 12 year mark I got the notification from MyPers. When i acknowledged it also gave me a link to a Statement of Understanding and Election form. Below is the meat and potatoes of the (unnumbered) form
Under that you can accept or decline the Continuation Pay, and then you can choose Option A, B, or C. Lump Sum, 2 50% payments, or 4 25% payments. then your name and signature, and then your CC's approval/disapproval and signature.
The main takeaways, and some questions that i think a few people still had lingering: You will get paid out specifically at the 12 year mark, at the OVER 12 year base pay.
I have submit this, but still need to get my retainability and then still have a couple months until my 12 year mark.
Submitting for CC signature went just about as I expected. When it got to my shirt and chief, the shirt pulled me into his office concerned I was essentially doing the REDUX bonus or something "Are you okay financially? why are you doing this?" They were all good once they fully understood the continuation pay(which i don't blame them, 3 years into BRS existing and I think what I'm posting is now the clearest information anyone has had).
105 days/15 weeks before my 12 year mark I got the notification from MyPers. When i acknowledged it also gave me a link to a Statement of Understanding and Election form. Below is the meat and potatoes of the (unnumbered) form
- I am under the Blended Retirement System, will satisfactorily complete a minimum of 12 years of qualifying service, and I am eligible for Continuation Pay (CP), as an Active Component or Reserve Component member on qualifying AGR orders at a multiple of 2.5 times my monthly basic pay or as a Reserve Component member at a multiple of 0.5 times my monthly basic pay paid at the "over 12 years" of service rate.
- I have been provided CP benefit information and understand this is a mid-career incentive bonus to be received at the 12 year anniversary of my Pay Date (CP effective date) as a lump sum, or with equal installments paid on the anniversary of the initial payment within the next four years.
- I understand it is my responsibility to have or obtain the required 48 months of retainability (calculated from the CP effective date) within 30 days (if applicable) of the date of this election to fulfill the required service obligation.
- I understand, should I not acquire the necessary retainability to satisfy the ADSC/SRSC, my eligibility for CP is forfeited upon reaching 12 years and one day of service, as calculated by the Pay Date.
- I understand failure to complete the period of obligated service or failure to maintain the skills for which an amount greater than the minimum amount was paid is subject to full or partial repayment or termination of future payments, as applicable, IAW and subject to the exceptions of Section 373 of Title 37, U.S.C. and the DoD FMR, Volume 7A, Chapter 2.
- I understand that entering into a service obligation for the purpose of CP renders me ineligible for voluntary retraining during the period of service obligation associated with the acceptance of CP; however, I may still be subject to involuntary retraining.
- I understand that my election to accept or decline CP is final and irreversible.
- My core ADSC/CAFSC is _______. My current DOS is ______.
Under that you can accept or decline the Continuation Pay, and then you can choose Option A, B, or C. Lump Sum, 2 50% payments, or 4 25% payments. then your name and signature, and then your CC's approval/disapproval and signature.
The main takeaways, and some questions that i think a few people still had lingering: You will get paid out specifically at the 12 year mark, at the OVER 12 year base pay.
I have submit this, but still need to get my retainability and then still have a couple months until my 12 year mark.
Submitting for CC signature went just about as I expected. When it got to my shirt and chief, the shirt pulled me into his office concerned I was essentially doing the REDUX bonus or something "Are you okay financially? why are you doing this?" They were all good once they fully understood the continuation pay(which i don't blame them, 3 years into BRS existing and I think what I'm posting is now the clearest information anyone has had).