Latest news on military pension

Here are some of the latest news and updates on military pensions:

2022 Military Pay and Benefits

• The 2022 National Defense Authorization Act (NDAA) includes a 3.0% pay raise for military personnel, effective January 1, 2022.
• The law also includes a 2.7% cost-of-living adjustment (COLA) for military retirees and survivors, effective December 1, 2021.
• The 2022 NDAA also includes a provision to increase the Basic Allowance for Housing (BAH) rates for military personnel.

Military Pension Reform

• In 2017, the Department of Defense (DoD) implemented the Military Retirement Reform Act, which changed the way military pensions are calculated and paid.
• The reform aimed to provide more predictable and sustainable retirement benefits for military personnel.
• The changes include a new blended retirement system, which allows service members to choose between a traditional pension and a Thrift Savings Plan (TSP) match.

TSP Updates

• The TSP is a retirement savings plan for federal employees, including military personnel.
• In 2021, the TSP announced changes to its investment options and fees.
• The TSP also introduced a new "MyTSP" online platform, which allows participants to manage their accounts and make investment decisions.

Military Pension COLA

• The COLA is an annual adjustment to military pensions to keep pace with inflation.
• The 2022 COLA is 2.7%, which is the largest increase in several years.
• The COLA is based on the Consumer Price Index (CPI) and is applied to military pensions in December of each year.

Other News

• The DoD has announced plans to increase the number of military personnel serving in the Reserve and National Guard.
• The Pentagon has also announced plans to reduce the number of military personnel serving in combat zones.
• The Military Compensation and Retirement Modernization Commission (MCRMC) has released a report recommending changes to military compensation and retirement systems.

Resources

• For more information on military pensions, visit the Military Compensation and Retirement Modernization Commission (MCRMC) website.
• The Department of Defense (DoD) website also provides information on military pensions and benefits.
• The Military Times website offers news and updates on military pensions and benefits.

I hope this information is helpful!