Those who do have a number of benefits available to them, including retirement pay (which begins at age 60), “Space-A” travel, survivor benefit plan, SGLI, PX/BX/Commissary privileges, transient billeting and legal assistance. Some states offer additional benefits for their retired Guardsmen.
What is the average National Guard retirement pay?
Defined Benefit: Monthly retired pay for life after at least 20 years of service (so if you retire at 20 years of service, you will get 40% of your highest 36 months of base pay). Retired pay will be calculated as follows: (Years of creditable service x 2.0%) x average of highest 36 months basic pay.
How does retirement work in the National Guard?
As a Reserve/National Guard member, you must have 20 “qualifying” years of service to be eligible for retired pay at age 60. A “qualifying year” is one in which you earn a minimum of 50 retirement points. … As long as you have no break in service, your retirement year ending date (RYE) will be one year later.
How much is a National Guard retirement point worth?
For the purpose of retirement, we can equate 1 Point to the equivalent of one day of Active Duty service. An Active Duty retirement is worth 2.5% of your base pay for each year you served (for the High Pay and High-3 retirement plans).
What is National Guard retirement?
FEDERAL RETIREMENT PLAN
And it’s a pretty simple plan. If you complete a standard part-time term in the Guard by age 60, you could be eligible to receive monthly payments* based on serving one weekend per month plus an additional 15 days per year, for 20 years. This is on top of any benefits from your civilian career.
Does 6 years in the National Guard make you a veteran?
Does 6 years in the National Guard make you a veteran? Yes, if you spent at least 180 days of that 6 years deployed on federal active duty orders. A 2016 change to federal law expanded the definition of “veteran” for many National Guard members.
How much does a full colonel make in retirement?
O-6: $130,092. “Full bird” colonels and Navy captains, with an average 22 years of service, are compensated $10,841 per month. Officers who do not promote to become a general or admiral must retire after 30 years of service. At this point, they will be making $11,668 a month, or roughly $140,000 per year.
How do I calculate my National Guard retirement pay?
The Reserve/Guard retirement system calculates the multiplier from your total points. Divide your grand total career point count by 360 (because your pay is based on 30-day months) and multiply by 2.5% to come up with your service multiplier. For example, 2134 points / 360 * 2.5% = 14.82%.
How much does an O7 make in retirement?
Retired Pay Application
How many points do you need to retire?
“KPERS 1 – 85 Points”
You can retire at any age, with full benefits, when you have 85 points. The 85 point rule is when your age and years of service credit added together equal 85. Every year you work, you will gain two points – one for each birthday and one for the year of service credit.