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HomeMy WebLinkAboutpage-2A two-tier system for SBP was passed by P.L. 99- 145 effective March 1, 1986. All Military personnel who are retirement eligible after October 1, 1985, are under this two-tier system SBP system. However, current retirees, current retirees, current SBP benefi- ciaries and military personnel who were retirement eligible on or before October 1, 1985 also are affected by the two-tier SBP system. Title VII of P.L. 99-485 in effect establishes only one SBP annuity, and that annuity is computed by utilizing the two-tier system (55% of thee base amou- nt until age 62 and 35% thereafter). However, the original SBP law (P.L. 92-425) enacted on September 21, 1972, established an SBP annuity based solely on 55% percent of the base amount (together with any Social Security offset applicable). Many retirees are enrolled in the SBP law. The basic question is: Will the SBP annuity for these retirees be paid under the provisions of the original SBP law or the two-tier system? For military personnel who were retirement eligible on or before October 1, 1985, and their future survivors, or military personnel retired on or before October 1, 1985, and their future survivors and current beneficiaries, "grandfathering" of their SBP annuity will apply is their survivors or beneficiaries would have been subject to the Social Security offset. Under grandfathering, surviving or (current benefici- aries will receive the annuitymost financially favorable to them, either under the law as it was before March 1. 1986, or the new two-tier system. The Defense Finance and Accounting Service Center (DFAS) will compute this after the retiree's death. Know Your Medications Keep a list of all medicines you take. Tell your doctor and pharmacist about the medicines you take, including all over-the-counter medicines such as aspirin, ibuprofen and dietary supplements like vitamins and herbals. Tell them about any drug allergies you have. Ask the pharmacist about any side effects and what food or other things to avoid while taking the medicine. When you get your medicine, read the label, including the warnings. and make sure it's what the doctor ordered, and know how to use it. If the medicine looks different than expected, askyour pharmacist about it. Discuss your choices; talk to your doctor and health care team about your options if you need hospital care. If you have more than one hospital to choose from, ask your doctor which one has the best care and results for your condition. Understand your surgery. Make sure you under- stand what will happen if you need surgery. Ask your doctor and surgeon: * Who will take charge of my care while I'm in the hospital? * Exactly what will you be doing? * How long will it take? * What will happen after the surgery? * How can I expect to feel during recovery? Social Security Beneficiaries Due Make Up Checks Many Social Security Beneficiaries and Supplemen- tal Security Income beneficiaries should have received small make-up checks in mid July. According to the Social Security Administration Officials, SSA was to issue one-time payments to about 45 million Social Security beneficiaries and approximately 6 million Supplemental Security Income beneficiaries. If you have an out of balance in your check book, chances are your refund has been mailed to your bank account; Survivor Benefit Plan (SBP) Grandfather- ing Clarification Melanie Wiggins, Author and Artist, speaker at July meeting receeives award from CDR Reddish, USN, Rex.