Retirement Pay Packet - Texas Military Department 2009-2024

Retirement Pay Packet 2024 - Texas Military Department: What You Should Know

BLENDED RETIREE RETIREMENT SYSTEM (BARS) • Founded in 1954 by the Office of Personnel Management. • An individual becomes eligible to receive retirement benefits after twenty-five years of continuous active service, regardless of whether it is credited to his/her service-connected disability annuity. • Retirees can continue to receive retirement income if their combined service-connected disability annuities do not exceed 70 percent of their full retirement pay grade and if they complete certain optional service. BLENDED RETIRED PAY: • The retirement system is funded by the federal government and the contributions go into the general fund of the Treasury • The annuity is adjusted biennially, to keep up with inflation in the cost of living. The annuity may not exceed 70 percent of a retired member's full retirement pay grade and is generally limited to 1,040 percent of the member's full retirement pay grade. BLENDED RETIRED BENEFIT: The BARS provides for a monthly payment of 1,080 which is payable in four installments. • The first monthly payment of 200 becomes payable at age 62 for all members retiring at age 60. • The final two payments of 160 and 100 are due at age 75 for all members retiring at age 60. BLENDED RETIREMENT PAY: • Once a member makes full retirement, the 1,080 payment is not paid • In this manner, the retirement system eliminates the separate payments. BLENDED RETIREMENT PAY: The monthly payment of 1,080, in addition to his/her remaining basic pay, equals 2,240; when combined with his/her other benefits, the monthly payment equals 2,640. BLENDED RETIREMENT SYSTEM SUSPENSION FOR ENLISTED MEMBERS If the enlisting member is on Active Duty, the member is automatically suspended from the retirement system after twelve months of service.

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