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  • COLA for Retired Pay

    Vietnam veterans Robert Rivers and Daniel Brown

    2015 COLA Watch: The 2015 COLA rate is officially set at 1.7%. This will mean an increase in military retirement pay, VA rates for compensation and pension for disabled veterans and surviving families, and social security recipients beginning in January of 2015. Cost-of-Living Adjustment Explained Each year Military Retirement pay, Surviver Benfit Plan Annuities, VA Compensation and Pensions, and Social Security benefits are adjusted for the... more

  • Retired Pay Centers

    On the phone. Photo by Sgt. 1st Class Raymond J. Piper/Army

    The Defense Finance and Accounting Service (DFAS) operates the Defense Retiree and Annuitant Pay System (DRAS). The DRAS replaced the former systems performing military and annuitant pay processing through the Department of Defense. The system is a standard combined system. It uses advanced data processing techniques and telecommunications capabilities. The simplest and quickest way to manage your retirement account is through myPay , DFAS's ... more

  • Paycheck Chronicles: Dividing Military Retired Pay

    The Paycheck Chronicles blog has received a lot of comments regarding military retirement pay in a divorce property settlement agreement, particularly on how difficult it is to write a good division.  This requires serious consideration of all the involved variables, but it isn't actually hard.The Defense Finance and Accounting Service (DFAS) has written a guide that helps to explain how the divisions can and can not be worded. For more detail... more

  • Retired Pay Allotments

    Retired servicemembers are permitted to continue allotments that they had in effect while on active duty except for Combined Federal Campaign pledges, Delta Dental Insurance, SGLI, and deposits in the Veteran's Educational Assistance Program (VEAP).Military retirees are authorized a maximum of six (6) discretionary allotments. Examples of discretionary allotments included insurance premiums for health, auto, or life insurance; voluntary paymen... more

  • Retired Pay Tax Waiver

    Eligible retired personnel may elect to waive all or part of their retired pay to receive VA compensation or pension or to credit active military service under the Civil Service Retirement Act. A member electing to receive disability compensation or pension from the VA may subsequently re-elect to receive military retired pay. However, if retired military pay is waived to establish eligibility for civilian retirement, payment of military retir... more

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