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Mounting costs led Congress to pursue reforms to the military retirement system during the 1980s. Under the National Defense Authorization Act of 1981, the military moved from calculating retirement benefits based on the "final pay," or base pay on the final day of active service, to the "High-3" system. [9]
The Uniformed Services Former Spouses' Protection Act (or USFSPA) is a U.S. federal law enacted on September 8, 1982 to address issues that arise when a member of the military divorces, and primarily concerns jointly-earned marital property consisting of benefits earned during marriage and while one of the spouses (or both) is a military service member.
Veteran's pension. A veteran's pension or "wartime pension" is a pension for veterans of the United States Armed Forces, who served in the military but did not qualify for military retired pay from the Armed Forces. It was established by the United States Congress and given to veterans who meet the eligibility requirements.
Military veterans in Arizona, Utah, Indiana, Nebraska and North Carolina no longer have to pay income tax on their military retirement benefits, joining a number of other states in not taxing ...
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Federal Employees Retirement System. The Federal Employees' Retirement System ( FERS) is the retirement system for employees within the United States civil service. FERS [1] became effective January 1, 1987, to replace the Civil Service Retirement System (CSRS) and to conform federal retirement plans in line with those in the private sector. [2]
Here are the states that do not tax military retirement pay (but they do have a state income tax for other forms of income): Alabama. Arizona. Arkansas. Connecticut. Hawaii. Illinois. Indiana. Iowa.
Veterans' benefits. The Veterans Benefits Administration (VBA) under the US Department of Veterans Affairs (VA) provides a wide variety of benefits to retired or separated United States armed forces personnel and their dependents or survivors [1]. Through the VA, Veterans can receive educational assistance (GI Bill), healthcare, assisted living ...