Similarly, what is Choice Retirement Plan in military?
Military personnel who entered service after July 31, 1986, who are eligible and intend to serve for 20 years, must choose between DOD’s High-3 plan, which bases retirement pay on the highest average basic pay for three years of a career, or the REDUX plan, which provides a $30,000 upfront bonus with smaller retirement …
Also to know is, is Army Redux still available?
This retirement system is completely voluntary. For Soldiers who elect the REDUX option, retired pay is computed using 40 percent of the “high-36” average basic pay after 20 years of service, with an additional 3.5 percent for each additional year. … Future COLAs will still be at COLA minus 1 percent.
What is Save pay on Les?
Save Pay refers to money given to some personnel as they switch from time-in-service to time-in-grade pay so that they do not see a drop in basic pay.
What does debt mean on Les?
What does the term “Advance Debt” on my LES means? That is our military pay system’s way of notifying the member that they’ve been overpaid. This usually occurs during a PCS or a deployment, and the overpayment occurred in a previous months pay cycle.