SBP Open Season

The Department of Defense (DoD) one-year open enrollment period for military retirees wishing to participate in the Survivor Benefit Plan (SBP) will end September 30, 2006.  The postmark on the envelope or the fax date stamp will determine the date of submission of the request for eligibility purposes.

Open enrollment allows non-participating military retirees a chance to enroll in the SBP for the first time or, for retirees who are participating at less than the maximum coverage, to increase coverage for their spouses under the Plan.

To qualify for participation in the SBP Open Season, a military retiree must be:

·        Currently receiving retired pay and have previously declined coverage for an eligible beneficiary; or

·        Currently participating in SBP under a reduced base amount; or

·        Currently a reservist who is eligible to receive retired pay at age 60 after having declined to participate in the Reserve Component Survivor Benefit Plan, elected deferred coverage or elected to receive immediate coverage at less than maximum coverage; or

·        Currently in a recall status; or

·        Currently in a suspended status due to a full VA waiver.

Retirees who choose to enroll during the open season must pay all applicable back premiums either in a lump sum, 24 equal installments, or a partial lump sum with the balance in 24 equal installments.  The retiree may elect to pre-pay the installment amount at any time.  To remain eligible, retirees must also pay monthly premiums for at least two years and elect that the total benefit will be paid to the beneficiary.  If a retiree should die during this 24-month period, all premiums paid to date would be refunded to the beneficiary named on the retiree’s election form.