Hazardous Duty Pay - Special pay for parachutists, diver, demolition experts, and other hazardous duties. Career Sea Pay - A monthly pay based on accrued years of sea duty. Flight Pay - Incentive pay for those in the aviation field or whose jobs require extensive flying. Hostile Fire Pay - Paid to service members who work in an officially declared hostile fire zone not war. Retirement Pay - Retirement pay for Reservists is not automatic. You must apply for it prior to your 60th birthday, which is the age of eligibility.
You will receive an annual retirement points report and will use these point totals to compute your retirement pay. First, divide the total number of points by This figure equals the precise number of years of service for retirement pay computation purposes. Second, multiply the number by. Third, apply that percentage times the dollar amount of active duty basic pay for your grade and number of years of service. To be eligible for pay, you must have completed a minimum of 20 years of qualifying service active-duty or in reserve status.
To apply for retired pay, you must submit DD Form or verifying letter. Normally, an application package is sent to all eligible members at least six months before the 60th birthday but if you have not received these forms, it is up to you to obtain them. The application must be completed and filed at least three months before your 60th birthday. Retired pay stops when the service member dies. The only way to pass on part of the retired pay to eligible survivors is to participate in the Survivor's Benefit Plan.
One of the primary benefits to working in the military is a steady paycheck and tax-free allowances. Two main factors affect where you fall on the basic pay scale: your years of service and your rank, which generally correspond with your military pay grade. Basic pay rates are calculated monthly, rather than weekly or bimonthly, and are subject to taxes like civilian pay.
Basic pay rates are automatically adjusted according to the annual Employment Cost Index , which compares military pay with growth in private sector wages. Government does not sanction, recommend or encourage the sale of these life insurance products.
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Member Center. Call Us Today! Get a Quote Find the best products customized for you with free quotes Learn More arrow. Contact Contact us to get a free mortgage assessment Learn More arrow. These include: Basic Allowance for Housing: Pay rates depend on the length of time deployed, the pay grade, the marital and Family status and the State residency of a Soldier. All of your allowances and additional pay are tax-exempt.
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Herrin, Kentucky Army National Guard, receives his new rank.
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