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 
JSTARS Recap team holds industry week

Still time to register for upcoming focus week

Space, Aerial and Nuclear Networks Division offers up potential business opportunities

Significant milestone met as progress continues on AWACS upgrade

Initial phase of Joint STARS effort begins

Cursor on Target to host user group meeting

PEOs share information, emphasize collaboration at symposium

Battle Management division emphasizes acquisition priorities, sets sight on new initiatives

Hanscom facility looks to expand  1

tabHanscom NewsRSS feed 
Hanscom to celebrate Arbor Day on May 9

Wolfenbarger visits Hanscom

Force management update

Prescription drugs 'take back' scheduled

AFOSI assists personnel traveling abroad via AF Portal

Air Base Group working to improve self-assessment program

Holocaust Days of Remembrance scheduled

PPE and situational awareness key to staying safe outdoors

Religious support teams minister to building occupants

AF Heritage of America Band to perform April 25

tabNews Briefs and HappeningsRSS feed 
Upcoming events

News in Brief

School Notes

tabCommentaryRSS feed 
We all need a wingman

Military spouse resiliency

tabPhoto FeatureRSS feed 
Photo feature: This week at Hanscom, April 17

tabFeaturesRSS feed 
Air Force strong

Making a positive impact


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