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Personal Financial Management

 
 
PERSONAL FINANCIAL MANAGEMENT 
 
and the
 
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.
 
Personnel Financial Management Inquiries can be sent to:  NavyFinMgmt@navy.mil
 
FINANCIAL LITERACY
 
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. 
 
Financial literacy training shall be delivered at various touch points including:
  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
 
Revised in June 2018, the Navy Financial Literacy application provides Navy personnel with information to help them achieve their personal financial goals and meet the Navy's financial literacy education requirements.  The application is available for download to Apple iOS and Google Android mobile devices and is divided into the following sections for ease of use:
-  Financial Literacy Touchpoint Checklists offers lists to track financial training topics required at each professional and personal touchpoint of a service member's career. Checklists include Initial Entry Training, Arrival at various duty stations, Promotions and Continuation Pay, Marriage and Divorce, Birth of a First Child, Pre- and Post-deployment, Separation or Retirement.
-  Financial Literacy Resources includes information on Banking and Financial Management, Credit and Debt, Financial Planning and Spending Plans, Investments, Insurance, Military Pay and Entitlements.
-  Blended Retirement System (BRS) Resources offers various types of information, links and videos. This includes information on the Navy Standard Integrated Personnel System (NSIPS), which allows service members to view their BRS status, verify BRS election, elect Continuation Pay and acknowledge review of their Budget/Financial Plan at designated career touchpoints.
-  BRS Comparison Calculator helps Opt-In eligible service members make an educated decision on which retirement system is right for them.
-  Courses includes access to Opt-In Training for the BRS, Uniformed Services Blended Retirement System: Your Retirement System, Leader Training to Introduce the BRS, BRS Financial Counselor/Educator Course and Family Financial Planning. 
 
Financial Literacy (updated 061418) Info Sheet.pdf Financial Literacy Mobile Application info sheet with links to 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 LINKS
Department of Defense, Military Compensation: The Uniformed Services Blended Retirement System, contains information concerning the Blended Retirement System and available resources.
 
 
 
 
Training
 
BRS Leaders Training Course:
Joint Knowledge Online (JKO) (course #:J3OP-US1330)
Navy E-learning (course #: JKDDC-BRS-LTI-1.0)
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:
Joint Knowledge Online (JKO) (course #:J3OP-US1331)
Navy E-learning (course #: JKDDC-BRS-FCE-1.0)
DVD  In the comments section of the order form, include the following:  BRS Financial Counselor/Educator Course, Pin Number: 505675, quantity, branch of service, and shipping address (include the name of who will be receiving the package).
 
BRS Opt-In Course:
Joint Knowledge Online (JKO) (course #:J3OP-US1332)
Navy E-learning (course #: JKDDC-BRS-OPT-IN-1.0
DVD  In the comments section of the order form, include the following:  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)
 
POLICY LINKS
 
CY18 Continuation Pay Rates.pdf:  Continuation Pay link
CY19 Continuation Pay Rates.pdf:  Continuation Pay link
DON BRS Policy dated 26 Apr 17.pdf: Implementation of the Blended Retirement System
08 10 17 BRS Policy Change 1 Memo Signed.pdf: Continuation Pay associated with the BRS
 
NAVADMINs
NAVADMIN 161/16, U.S. Navy Financial Literacy Education Implementation Plan
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 281/16, Blended Retirement System Personal Financial Counselor And Educator Course
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
 
 
 
 
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Last Modified: 10/15/2018 12:25 PM
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