29 Nov '17, 1pm

Air Force adds bonus for switching to new retirement system: Airmen approaching 12 years…

Airmen approaching 12 years served who convert to the new Blended Retirement System will be eligible for a continuation pay bonus, but those planning on retiring after 20 years may benefit more from the current system. Active-duty airmen who commit to 48 months of additional service will receive a one-time bonus of 2.5 times their monthly basic pay, according to an Air Force statement issued Monday. Reservists will receive 50 percent of their base pay. If reserve airmen are on active-duty orders when they convert to the new system, they’ll earn the active-duty payment rate. Airmen must elect to receive continuation pay before the start of their 12th year of service. They can choose to receive the payments in a lump sum or yearly installments, subject to tax withholding, and will be required to pay it back if they don’t complete their service. Each of the services will offe...

Full article: https://www.stripes.com/news/air-force-adds-bonus-for-swi...

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