Hanscom Air Force Base   Right Corner Banner
Join the Air Force

News > Survivor Benefit Plan a retirement plan option
Survivor Benefit Plan a retirement plan option

Posted 6/14/2010   Updated 6/14/2010 Email story   Print story

    


by Judith Trabucco
Airman and Family Readiness Center


6/14/2010 - HANSCOM AIR FORCE BASE, Mass. -- For those who are getting ready to take the step into rejoining the civilian world after serving faithfully for 20 years, the thought of taking that step may be nerve wracking.

It's almost unavoidable, unless one already has a civilian job lined up or a winning lottery ticket. However, there is a way to lessen pre-retirement stress: have a solid financial plan, one which may include the Survivor Benefit Plan (SBP) along with savings, investments and insurance.

The SBP has much to offer. Retiree pay stops upon the death of a retired Airman, but with SBP one may guarantee that a monthly income continues. SBP annuity also increases with cost of living adjustments. Military members and, if married, their spouses are required to be counseled on SBP as part of their retirement briefings.

Since it's a matter affecting the entire family, the spouse must concur in the election if the member decides to cancel the protection while on active duty. It should also be noted that Airmen who refuse SBP, or who take less than full coverage, may not have another opportunity to enroll or increase coverage. Open enrollment periods are at the discretion of Congress, and there have only been five since the plan started in 1972.

In the past, once retiring Airmen enrolled in the program, they were, more or less, locked in for life. They could only get out in the event of a divorce or the death of their spouse. However, members now have a one-year opportunity between the second and third anniversary following the start of retired pay to terminate SBP participation, but the spouse must also concur.

For more information regarding retirement and the SBP program contact the SBP counselor, Judith Trabucco, at (781) 377-3346.



tabComments
No comments yet.  
Add a comment

 Inside Hanscom AFB

ima cornerSearch

tabMission NewsRSS feed 
Register for AFA Cyber Workshop

Fraud working group training scheduled

Air Force moves to replace AWACS radio system  1

Hanscom awards contract to improve deployable landing system capabilities

New interrogation system installed on AWACS, more in pipeline

AWACS reservists team up with E-3 program managers

New AFMC mission, vision statements emphasize agility

GPS technology helps Hanscom improve air traffic management

tabHanscom NewsRSS feed 
AFLCMC-Hanscom September promotions

Hanscom extends SAPR services to Air Force civilians

Poling looks to leave positive impact

SecAF speaks on acquisition, partnerships and priorities at Hanscom

SecAF visits Hanscom

SecAF visiting Hanscom today; all-call scheduled

AF announces staff sergeant results

Hanscom to host ball to celebrate AF birthday

Dining options expanded for base personnel

Degree programs offered at Hanscom Ed Center

tabNews Briefs and HappeningsRSS feed 
Upcoming events

News in Brief

School Notes  1

tabCommentaryRSS feed 
Roadway responsibilities extend to all

Be proud of your role this Independence Day

tabPhoto FeatureRSS feed 
Photo feature: This week at Hanscom, Aug. 28

tabFeaturesRSS feed 
Overcoming adversity leads to promising Air Force future  1

Airman grows family through international adoption


Site Map      Contact Us     Questions     USA.gov     Security and Privacy notice     E-publishing  
Suicide Prevention    SAPR   IG   EEO   Accessibility/Section 508   No FEAR Act