No more retirement after 20 Years? Proposed new US.
Your retirement benefit pay from the National Guard is a lifetime pension that starts at age 60 after you complete at least 20 years of service. To qualify, you also need a minimum of 1,000 points that you accumulate in weekend duty, annual training and career-building activities.
High 3 allocates retirement pay equal to 50 percent of average basic pay over the three highest income years for those having served 20 years of military service (“The High 36 Retirement Program”). Redux pays 40 percent for a member with 20 years of military service.
Let’s assume you remain in the military and retire after 20 years with a rank of O-5. The spouse you divorced 10 years ago would now collect 50% of the retirement benefits you earned as an O-5 with 20 years of service. That award was irrevocable.
Any military member's retirement pay is a percentage of the high-36 or final pay based on years of service. The percentages are based on 2.5 percent per year of service. For example, a general who has served 20 years is eligible for 50 percent of his high-36 (or final pay), while a 40-year veteran is eligible for 100 percent of his high-36 (or final pay).
Retirees who became members of the military before Sept. 8, 1980, collect monthly retirement checks based on rank and the number of years they served on active duty. Those who separate at the 20.
If you reached 20 qualifying years fore retirement before October 5, 1994, the last 8 qualifying years have to be reserve years. If you reached 20 qualifying years for retirement from October 5, 1994 to April 24, 2005, the last 6 qualifying years have to be reserve years.
How Long After I Get Out of the Military Do I Have to Go in the Reserves?. By law, when you agree to serve in the U.S. military your initial service obligation lasts for eight years. Typically, people initially enlisting in the military serve from two to four years on active duty with the remainder of their eight-year.