Moultrie Creek's Bookmarks tagged benefits →  View Popular

Survivor Benefit Plan Update: Participants in the Uniformed Services Survivor Benefit Plan for retired military members now have a new milestone to mark on their calendars.

Effective October 1, 2008, SBP participants who reach 70 years of age and have made 360 payments (30 years), will no longer have to pay premiums for continued SBP coverage and will be placed in "Paid-up SBP" status.

Paid-up SBP provisions were mandated by the National Defense Authorization Act for fiscal 1999.  The law also established a paid-up status, also beginning on October 1, 2008, for participants in the Retired Serviceman's Family Protection Plan once they reach 70 years of age.

No action is required of SBP participants to be placed in Paid-up SBP status.  Once the eligibility criteria has been met, the Defense Finance and Accounting Service will automatically stop deducting premiums from qualifying military retired pay accounts.

The law establishing Paid-up SBP does not allow for refunds of premiums paid before October 1, 2008, even though a retiree may have reached age 70 and made 360 or more premium payments.

The premium cuts affect military personnel covered by Servicemembers’ Group Life Insurance (SGLI) and veterans covered by the Veterans’ Group Life Insurance (VGLI).

“The reduction in SGLI premiums makes life insurance even more affordable for today’s men and women in uniform,” said Secretary of Veterans Affairs Dr. James B. Peake.  “Lower VGLI premiums will allow more veterans to provide this low-cost financial security to their families.”

On July 1, 2008, the premiums for basic SGLI will be 6.5 cents per month for $1,000 of coverage, down from 7 cents per month for $1,000.  This translates into a 7 percent savings. 

Servicemembers with the maximum $400,000 of coverage will see their monthly premium reduced from $28 to $26.  Servicemembers are also covered against severe traumatic injury for an additional dollar each month.

Independent Veterans Commission Wraps Up Successful Tampa Meetings

Retired General Schwarzkopf Lauds Work for Future of America’s Veterans

Washington – Following three days of fact-finding visits and public meetings in Tampa, Florida, Managing Commissioner Harry N. Walters said that, “the Commission on the Future for America’s Veterans has taken major strides towards its goal of developing a vision and plan for how this nation can best deliver needed benefits and services to our veterans far into the future.”  The centerpiece of the Tampa visit was an open, public “town hall” meeting held on Wednesday night in which hundreds of Florida residents (some all the way from Miami) were able to speak directly to the Commission about their experiences with VA today and their hopes for its future.  This “town hall” meeting, called “Conversations on the Future for America’s Veterans”, was also webcast live over the Internet.

“Our Commission was able to hear the heart-felt views and insightful ideas of Tampa Bay veterans, caregivers and supporters of veterans, as well as leading medical professionals working to improve veterans’ lives,” said Harry Walters, who previously served as Administrator of Veterans Affairs under President Ronald Reagan.  “We are grateful to all the Floridians who cared enough to come to our meetings, take us on tours, and provide expert testimony to the Commission.  Our Commissioners heard them loud and clear, and we will make sure that their ideas become part of this Commission’s work,” Walters said.

Over the past week, the Commission conducted comprehensive tours of the VA nursing home at Bay Pines and the polytrauma and spinal cord injury units at the Haley VA hospital in Tampa.  The Commission also several hours of expert testimony about the future of VA research, academic affiliations, and information management and technology.  On Wednesday, the Commission was joined by retired General Norman H. Schwarzkopf, himself a Tampa native, who is supporting the Commission as a member of its National Leadership Council.  Schwarzkopf praised the Commission for its work to fulfill America’s obligation to care for those men and women who defend our nation.

Among the experts who spoke to the Commission were: Dr. Steven Scott, Medical Director, Tampa Polytrauma Rehabilitation Center; Dr. Joel Kupersmith, VA Chief of Research and Development; Dr. Paul Tibbits, VA Deputy Chief Information Officer; Dr. Malcolm Cox, Chief Academic Affiliations Officer; Dr. Jordan J. Cohen of the American Association of Medical Colleges; Dr. Lynn Wecker, Associate Dean for Research at the University of South Florida College of Medicine; and Mr. Gary Ewart, Director of Research at Friends of VA Research.

The Commission on the Future for America’s Veterans (www.future4vets.org) began operating in September 2006 as a private, independent, analytical body to examine the needs of veterans 20 years in the future, and develop recommendations for how the federal government should meet those needs.  Over the next 15 months, the Commission will continue holding meetings and conducting research to develop and deliver recommendations to the President, the Congress, and the America public by Memorial Day 2008.  The Commission was created by the Veterans Coalition, an organization comprised of The American Legion, Veterans of Foreign Wars (VFW), Disabled American Veterans (DAV), Paralyzed Veterans of America (PVA), and AMVETS.

The Commission is currently engaged in a multi-state tour entitled “Conversations on the Future for America’s Veterans”, actively seeking input from military veterans, veterans’ experts, and other Americans interested in supporting veterans.  The “Conversation” began at Charleston, West Virginia in January, continued this week in Tampa, Florida and next goes to San Diego, California at the end of May, and then on to Cincinnati in July.