DFAS begins account review for ‘Paid-Up Survivor Benefit Plan’
By DFAS, ARLINGTON, Va. (AFRNS)
/ Published May 01, 2008
Hancock Field Air National Guard Base Syracuse, NY -- The Defense Finance and Accounting Service is reviewing all military retiree accounts affected by Section 1452 (j) of Title 10 U.S. Code, commonly referred to as "Paid-up SBP."
Under the law, reductions in retired pay for the Survivor Benefit
Plan will be terminated effective Oct. 1 for eligible retirees. The law applies to retired members who are 70 years old and have paid SBP or Retired Serviceman's Family Protection Plan premiums for at least 360 months, or 30 years.
Retirees who are at least 70 years old and have paid at least 360 months of premiums on Oct. 1 will have their monthly premiums terminated. The change will be reflected in the November 2008 pay statement. If a retiree does not meet the eligibility criteria on Oct. 1, the premiums will stop when the retiree has met both criteria: reached age 70 and paid SBP premiums for 360 months. Eligible retirees will be notified by the DFAS via mail regarding the status of their account and premium payment count.