PERSONAL FINANCIAL MANAGEMENT
BLENDED RETIREMENT SYSTEM
The Fiscal Year 2016 National Defense Authorization Act (NDAA FY16) made significant changes to the military retirement system and further mandated additional financial literacy and readiness education requirements.
The desired end-state is a financial education program that enables Service members and family members to make informed financial decisions, ensuring financial readiness throughout their military service and as they transition to civilian life.
These additional financial literacy and readiness education requirements have been incorporated into existing personal financial management training and the Military Life Cycle framework to the greatest extent possible and adapt or add touch points and topics as required ensuring compliance with the law.
As a component of the initial entry training of the member;
Upon arrival at the first duty station of the member or the Navy Reserve Activity (NRA);
Upon arrival at each subsequent duty station, in the case of a member in pay grade E–4 or below or in pay grade O–3 or below;
On the date of promotion of the member, in the case of a member in pay grade E–5 or below or in pay grade O–4 or below;
When the member vests in the TSP under section 8432(g)(2)(C) of title 5;
When the member becomes entitled to receive continuation pay under section 356 of title 37, at which time the training shall include, at a minimum, information on options available to the member regarding the use of continuation pay;
At each major life event during the service of the member, such as marriage, divorce, birth of of the first child (including adoption), or disabling sickness or condition.
During leadership training;
During pre-deployment training and during post-deployment training;
At transition points in the service of the member, such as:
o transition from a regular component to a reserve component;
o separation from service; or
o retirement; and
As a component of periodically recurring required training that is provided to the member at a military installation. The training provided at a military installation shall include information on any financial services marketing practices that are particularly prevalent at that military installation and in the vicinity.
Initially, the primary means of financial education will be face-to-face instruction, group discussions, one-on-one counseling, information handouts, and the Navy Life Skills reach back application delivered via accession training, command training assets and Navy Fleet and Family Support personnel in a tiered approach based on Service member needs.
FINANCIAL LITERACY MOBILE APPLICATION
The Navy Financial Literacy application is available for download to Apple iOS and Google Android mobile devices. The application is divided into four main sections for ease of use:
- Financial Literacy Touchpoint Information. This section's checklists serve as ready guides to track the financial training elements required at each career touchpoint (Arrival at duty stations, Promotions and Continuation Pay, Marriage and Divorce, Births and Deaths, Pre- and Post-deployment, Separation and Retirement).
- Financial Literacy Resources. These Resources can be used by Command Financial Specialists (with command approval) to satisfy many of the required training elements.
- The Leader Training section offers the Department of Defense course "Leader Training to Introduce the Blended Retirement System (BRS)."
- The Blended Retirement System Resources section offers a wealth of information, links, and videos that augment the educational information offered in the app.
BLENDED RETIREMENT SYSTEM (BRS)
In an effort to facilitate a smooth transition to BRS, all Navy Service members will be required to complete either the BRS Leaders Training course or the BRS Opt-in Training course.
The BRS Leaders Training to Introduce the Blended Retirement System course provides a general overview of BRS and is required training for all Navy members who are grandfathered into the current system and are not eligible to opt-in to BRS.
The BRS Opt-In course provides an in depth review of the BRS and the current “High-3” retirement. OPT-IN eligible personnel MUST complete the Blended Retirement System Opt-In Course prior to opting into BRS in myPay. This is an important financial decision that will affect a Service Member’s entire family; family members are encouraged to take the course via the Military One Source.
For those members who are interested in learning more about the BRS, there are useful links below.
BRS Comparison Calculator is here !
BRS Leaders Training Course:
BRS Leaders Training Course Facilitator Guide
DVD (In the comments section of the order form, include the following: BRS Leader Training Course, Pin Number: 505675, quantity, branch of service, and shipping address (include the name of who will be receiving the package).
BRS Financial Counselor/Educator Course:
BRS Opt-In Course:
DVD Course Title (J3OP-US1332) Blended Retirement System Opt-In (2hrs), Pin Number 505679, quantity (if requesting more than 50 copies, please provide justification), branch of service, and shipping address (include the name of who will be receiving the package).
BRS Financial Counselor/Educator Course Facilitators Guide
DVD (In the comments section of the order form, include the following: BRS Leader Training Course, Pin Number: 505679, quantity, branch of service, and shipping address (include the name of who will be receiving the package).
NAVADMIN 217/16, Announcement of the Blended Retirement System for the Uniformed Services
NAVADMIN 259/16, Notification of Eligibility to Opt-In to the Blended Retirement System
NAVADMIN 020/17, Notification of Availability of the Blended Retirement System Opt-In Training
NAVADMIN 133/17, Notification of Availability of the Blended Retirement System Opt-in Comparison Calculator
NAVADMIN 302/17, Notification of the Start of the Blended Retirement System Enrollment Period and Enrollment
Instructions for Opt-In Eligible Service Members
NAVADMIN 158/18, Blended Retirement System Enrollment Period and Continuation Pay