Each retiring member is responsible to:
• Attend a one-on-one pre-retirement briefing with the Survivor Benefit Plan Counselor (required by law)
• Become familiar with the options and effects of the SBP
• Learn about the basic differences between SBP and commercial or civilian programs described as alternatives
• Include the spouse in all aspects of the decision process -- it’s his or her financial future that’s at stake!
• Complete a DD Form 2656, Data for Payment of Retired Personnel, at the Airman & Family Readiness Center, containing critical pay data:
- Arrears of Pay (AOP) Beneficiary Information
- Retirement correspondence address
- Check mailing address (EFT Address)
- SBP election
- Spouse concurrence (if required)
• Notify Defense Finance and Accounting Service (DFAS) promptly of changes that occur after retirement
- Change in bank or correspondence address
- Change in marital status or family members that may affect SBP or pay
Notes:
The law requires DFAS to establish maximum SBP coverage if a valid DD Form 2656 is not received before the member’s retirement date.
A member who does not comply with the above responsibilities may experience a delay in receipt of retired pay and/or unwanted premiums being deducted from retired pay.
Remember: Retired pay stops when a member dies. Paying into the SBP is the only way to ensure regular monthly payments based on the member's military service continue to eligible survivors following the member death.
The basic statutory provisions of the SBP law are in Chapter 73, Title 10, United States Code. |
