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Annuity Changes

If you have elected to cover your spouse or loved ones under the Survivor Benefit Plan (SBP), you should be aware of recent change to the process for application for benefits.
 
Effective April 1, 2013, all applications for annuities under the SBP plan will require a photocopy submission of the annuitant’s Social Security Card. If your designated beneficiary does not submit a Social Security card photocopy with the application, the annuity will still be established and the annuitant will be allotted 90 days to submit the photocopy to DFAS. If it is not received after 90 days, the account will be suspended and no further payments will be made until their card’s photocopy is received.
 
It will apply to all annuities established after April 1, 2013, but will have no effect on annuitants in receipt of SBP payments prior to April 1, 2013. Military retirees should make the necessary preparations for their beneficiaries. See our article in this issue for more guidelines for preparing your beneficiaries for your death.
 
Keep your files up to date so both you and your beneficiary can be prepared for unexpected events.

Updated June 24, 2013