Association of Military Banks of America

DoD: Help is on the way for critical new retirement choices

change aheadOriginally posted on on April 18, 2016

Defense officials are developing four courses to educate the military community about new retirement plan options for the 1.6 million service members who will make big decisions starting in 2018 — about whether to opt in to the new retirement system or stay with the current system.

There will be a course for leaders; a course for the service members who will have to make a choice about their retirement system; a course for personal financial managers working with the military community; and a course for new troops coming in as of Jan. 1, 2018.

“We are working hard to get out the right information to the right places in plenty of time to make an informed decision,” said Daniel Feehan, principal deputy assistant secretary of defense for readiness. Feehan is an Army veteran and former middle school math teacher.

“Everyone should feel calm that they will receive educational materials that will make them an empowered consumer and empowered decision-maker” for their financial future, Feehan said.

No one has to make decisions about this in 2016 or 2017.