The Director's Corner by Karl H. Bernhardt
"Welcome to the 10th issue of the DFAS Retired Pay Newsletter. A table has been included in this issue providing the dates that the tax statements and end-of-year statements will be available..." Please
read more
as the Director of Retired Pay, Karl H. Bernhardt, introduces you to the final issue of the newsletter in 2006.
Annual Retiree Account Statements
Military retirees and annuitants paid by the Defense Finance and Accounting Service (DFAS) can expect to receive their tax statements and end-of-year statements beginning mid-December on
myPay
.
Continue reading
about important information regarding your end-of-year statements as 2006 draws to a close.
Cost of Living Adjustments for 2007
Based on the increase in the Consumer Price Index, there will be a cost of living increase for retired pay and for SBP annuities effective December 1, 2006. Retirees and annuitants being paid on an account where the retiree first became a member of the uniformed services before September 8, 1980 and retired prior to January 1, 2006 will receive a full COLA increase of 3.3 percent.
Read more
to find the percentage increase of COLA you are entitled to.
Combat-Related Special Compensation (CRCS)/Concurrent Retirement and Disability Pay (CRDP) Open Season
If a retiree is eligible for both CRDP and CRSC, he or she may participate in the CRDP/CRSC Open Season. This annual open season election period will be from January 1, through January 31, 2007 and allows the retiree to choose which payment is preferred. Federal law states that you can receive CRDP or CRSC; not both.
Read more
now on how to make changes to your CRDP or CRSC before the open season ends!
VA Retro/Disabled Military Retiree's Retroactive Pay
On September 1, 2006, the Defense Finance and Accounting Service (DFAS) and the Department of Veterans Affairs (DVA) finalized plans for disabled military retiree retroactive pay, commonly called the VA Retro program. Continue reading to learn more about the program
here
.
