SBP & RCSBP Flashcards
SBP premiums and annuity payments are determined by what?
The base amount or benefit level that is selected
Base amount can be what?
Any amount ranging from full amount of retirement pay to minimum of $300 a month
SBP Annuity payments are made at a rate of what percent?
55% of selected base amount
When must you make an irrevocable election concerning RCSBP?
Within 90 days of receipt of 20-year letter.
If you fail to make SBP election within 90 days, what happens?
If you have a spouse or dependent child, you will automatically be enrolled in RCSBP under Option C
What is RCSBP Option A?
Defer survivor annuity election, or decline coverage until retirement age. If you die before reaching retirement age, no survivor annuity is payable.
What is RCSBP Option B?
Deferred Annuity - you can begin coverage on the date you are eligible to draw retired pay or on the day of your death, whichever is later. Spousal concurrence is required.
What is RCSBP Option C?
Immediate Annuity - you provide coverage for an annuity begins immediately upon your death regardless of your age at time of death - effective day after death.
What happens if you later acquire a spouse or child after you complete 20 years of service and want to elect SBP?
You have to elect within on year of acquisition
How is the SBP Annuity calculated?
Multiplying RCSBP Base Amount X 55%
What is FSPA?
Former Spouse’s Protection Act
The maximum that can be paid to a former spouse under FSPA is ___ % of a member’s DRP.
50
What is DRP?
Disposable retired pay
In cases where there are payments both under the FSPA and pursuant to a garnishment for chief support or alimony, the total amount payable cannot exceed ____ % of the member’s disposable earnings.
65
In case of retired reserve, a ________ fraction award must be expressed in terms of reserve retirement points rather than whole months.
marital
