The new plan is specifically limited to service members who “opt-in” to the new plan before January 1, 2019 provided they have less than 12 years of service prior to January 1, 2018, and any individual who enters the military once the new plan goes live. For those service members who have more than 12 years of service or do not opt-in, the traditional retirement plan will remain in effect.
Unlike the traditional retirement plan that provides a fixed pension payout for retirees who serve at least 20 years, the new plan will promote contributions to the Thrift Savings Plan (TSP). Specifically, under the new plan, contributions equivalent to 1% of the annual base pay will automatically be contributed to the service member’s TSP account, and provide additional matched contributions of up to 5% of the service member’s annual base pay. In exchange, the pension payments will be reduced by 20% of the current value. Currently, the Department of Defense does not make any contribution to a service member’s TSP account.
Additional perks to the new plan include lump sum payments. Not only does the plan provide a service member with a mid-career continuity bonus, but upon retirement, a service member will receive a lump sum payment that is equal 25% or 50% of a promised pension benefit. This will then cause a reduction in the monthly pension checks until the retiree reaches age 67.
For service members who do not intend on retiring, the new plan, unlike the old “all or nothing” plan, provides an increased retirement benefit. On the other hand, it is clear that service members who are impacted by the new plan should consult with an experienced financial planner. The failure to develop a proper financial plan at the beginning of a military career could have a detrimental impact on the financial status of the service member upon retirement.
Hook Law Center works with a team of financial planners who have developed plans to maximize benefits under the new plan. Should you need any assistance in determining whether to opt-in, how to allocate your TSP portfolio, or how much you should contribute to the TSP, please contact us and we will help make a connection.
Ask Kit Kat – Dog Coming to Scotland
Hook Law Center: Kit Kat, what can you tell us about the little dog, Gobi, who will be coming to live in Scotland?
Kit Kat: Well, this story you’re going to love! Dion Leonard is a distance runner from Scotland who has participated in some unique events. While he was running in the June 2016 Gobi (Desert) March, which is part of the 4 Deserts Race Series, a small dog approached him. There are 6 stages in the race adding up to a 155-mile trek. During the first day, Gobi just followed the group of runners, but on the 2nd day, she seemed to favor Leonard and stuck close to him. He is not sure of the breed, but she’s copper colored and has pointy ears, and was just a puppy at the time. To me, she looks like she’s part Akita, but that’s just my observation. Anyway, by Day 2, it was clear that Gobi had adopted Leonard. She followed him all that day through 23 miles of varying terrain, making it up to 20,000 feet to cross the Tian Shan mountain range, and finally cross into the Gobi Desert. Leonard shared some of his provisions with her, letting her feast on beef jerky and water. He says he’s not sure why she chose him out of the 101 participants in the race. ‘I didn’t do anything in particular to gain her attention. She chose me. I was the one that she was going to stick to.’
Day 3 arrived and she was still with him. At some points, he carried her, like when they crossed chest-high rivers. In all, she completed stages 2,3, and 6 with him, amounting to 105 miles. During stages 4 and 5, race staff drove her to the finish lines for that day, because of extreme heat when temperatures hovered around 125 degrees.
Leonard finished the race in 2nd place, and both he and Gobi received a medal. By that point he was hooked, and he knew he had to get her back to his home in Scotland. What he found out was that it was possible, but she would have to be quarantined and get various shots and clearances. The cost would be more than $6,500. No problem—he and his wife started an online campaign, and the money was raised. Now, they are just waiting for her to arrive, which they anticipate will be around Christmas! (https://www.washingtonpost.com/news/animalia/wp/2016/08/07/stray-dog-wins-hearts-and-…)
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Hook Law Center encourages you to share this newsletter with anyone who is interested in issues pertaining to the elderly, the disabled and their advocates. The information in this newsletter may be copied and distributed, without charge and without permission, but with appropriate citation to Hook Law Center, P.C. If you are interested in a free subscription to the Hook Law Center News, then please telephone us at 757-399-7506, e-mail us at mail@hooklawcenter.com or fax us at 757-397-1267.The post Department of Defense Rolls Out a New Retirement Plan first appeared on SEONewsWire.net.]]>
A new study published in March indicates there is little danger to an infant’s health if a woman has a planned C-section after previously undergoing the same mode of delivery. The University of Aberdeen’s Dr. Mairead Black analyzed the second births of over 40,000 women in Scotland who had delivered via C-section. Their second births were either a vaginal delivery, or a planned or unplanned C-section. The researchers assessed their children for various health conditions including cerebral palsy, asthma, learning disabilities and obesity five years after the birth.
Babies delivered by planned C-section had a 24 percent higher chance of being hospitalized for asthma at five years of age compared to infants born vaginally. However, the statistic was not considered significant by the researchers. There was also no major difference noted for other health conditions.
“These results are reassuring for women who are considering a planned cesarean and worried about how it might affect the health of their babies,” wrote Black in the journal PLOS Medicine. The researchers suggested doctors and pregnant women should plan subsequent births by taking into account the woman’s values and preferences, along with considering which option would be the safest for both mother and baby.
Paul Greenberg is a Chicago birth injury lawyer with Briskman Briskman & Greenberg. To learn more call 1.877.595.4878 or visit www.briskmanandbriskman.com.
The post Do repeat C-sections put the health of babies at risk? first appeared on SEONewsWire.net.]]>A new study published in March indicates there is little danger to an infant’s health if a woman has a planned C-section after previously undergoing the same mode of delivery. The University of Aberdeen’s Dr. Mairead Black analyzed the second births of over 40,000 women in Scotland who had delivered via C-section. Their second births were either a vaginal delivery, or a planned or unplanned C-section. The researchers assessed their children for various health conditions including cerebral palsy, asthma, learning disabilities and obesity five years after the birth.
Babies delivered by planned C-section had a 24 percent higher chance of being hospitalized for asthma at five years of age compared to infants born vaginally. However, the statistic was not considered significant by the researchers. There was also no major difference noted for other health conditions.
“These results are reassuring for women who are considering a planned cesarean and worried about how it might affect the health of their babies,” wrote Black in the journal PLOS Medicine. The researchers suggested doctors and pregnant women should plan subsequent births by taking into account the woman’s values and preferences, along with considering which option would be the safest for both mother and baby.
Paul Greenberg is a Chicago birth injury lawyer with Briskman Briskman & Greenberg. To learn more call 1.877.595.4878 or visit www.briskmanandbriskman.com.
The post Do repeat C-sections put the health of babies at risk? first appeared on SEONewsWire.net.]]>