In order to provide relief during the COVID-19 pandemic, a Presidential Memorandum was issued on August 8, 2020 to temporarily defer service members Social Security, as seen on Service Members Leave and Earnings Statement (LES) as “FICA-SOC SECURITY” tax withholdings. WHAT IS SOCIAL SECURITY TAX? Social Security tax is also called the Old Age, Survivors, […]
With all the different things that are happening in our world today and COVID taking us all by storm, some people may be feeling it harder than others. Many people may be suffering internally and we don’t even know it. There are resources out there that can help. Military OneSource, both a call center and […]
Benefit Fact Sheet Summary The Thrift Savings Plan (TSP) is a Federal Government-sponsored retirement savings and investment plan. It offers the same type of savings and tax benefits that many private corporations offer their employees under “401(k)” plans. Blended Retirement System (BRS) Members of the Uniformed Services If you are a member of the uniformed services […]
Basic Allowance for Housing (BAH) is a U.S.-based allowance that provides uniformed Service members equitable housing compensation based on housing costs in local housing markets when government quarters are not provided. A Service member stationed overseas, who does not have government housing available, is eligible for Overseas Housing Allowance (OHA). Approximately $21 billion is paid […]
Service members enrolled in the Blended Retirement System (BRS) may be eligible to receive a one-time, mid-career bonus payment in exchange for an agreement to perform additional obligated service. This one-time bonus payment is in addition to any other career field-specific incentives or retention bonuses. Continuation pay is a direct cash payout, like a bonus, […]
