Does the military give pension for different branch service?
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Does the military give pension for different branch service?
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If someone serves 4 years in the Marines, and then 16 in the Navy(or Army), do they get a 20 year service retirement pension, or do they have to do 20 years in the army or navy to receive that?
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blusafe1
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Mostly plagiarized from my earlier post:
Time in service is time in service, doesn't matter which branch.
If you joined after August 1986: High-3 payment plan
O-4 pay at 21 years will be:
(base pay) x 52.5% = 6,723.30 x .525 = 3529.73 monthly with COLA
"Each year of service is worth 2.5% toward the retirement multiplier. Hence, 2.5% x 20 years = 50% and 2.5% x 30 years = 75%. The longer an individual stays on active duty the higher the multiplier and the higher the retirement pay, up to the maximum of 75 percent.
This multiplier is applied against the average basic pay for the highest 36 months of the individual's career. This typically, though not always, equals the average basic pay for the final three years of service. Also, remember only basic pay is used in retirement calculations in all retirement system options. Allowances and special pays do not affect retired pay.
Cost of Living Adjustments (COLA) are given annually based on the increase in the Consumer Price Index (CPI), a measure of inflation. Under the High-3, the annual COLA is equal to CPI. This is a different index than the one used for active duty annual pay raises. The index used for active duty pay raises are based upon average civilian wage increases. Thus, retirement pay COLAs and annual active duty pay raises will differ. "
http://www.defenselink.mil/militarypay/retirement/ad/03_highthree.html
I have heard that the 75% cap is gone. There is no more cap, so it may be possible to exceed 100% if you go past 40 years of service. Don't know if this is true.
Everything else you want to know
http://www.military.com/benefits/military-pay/retired-pay/military-retired-pay-overview
Pay calculator:
http://www.defenselink.mil/militarypay/mpcalcs/Calculators/FinalPayHigh3.aspx?calcType=h3 |
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John Holmes
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it all counts toward the 20 |
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UncleBen
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You can mix it all up and the only thing that matters is total time in service. |
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abaabbaa2000
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I AM PRETTYSURE YOU GET A PENSION EVEN IF YOU SERVED TWO DIFFERNT BRANCHES! |
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The Guy123
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Nahh its total time in service. |
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Sham Wow Obama
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Nope, you get the total of service. |
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