Through Dec. 31, 2018, servicemembers are able to choose whether to remain with the legacy retirement system or opt into the Blended Retirement System. MOAA launched a survey last month to collect data on the BRS during this transition period.
The survey also asks respondents to evaluate the educational materials they received prior to making their choice and establishes baseline data for the career and savings behaviors of currently serving personnel. Since the survey launched, more than 1,100 currently serving personnel eligible for the BRS have responded.
We're asking for your assistance to boost that number during the second half of the response period. MOAA has been engaged with the transition to BRS since its inception, and this survey is one way in which we remain focused on preserving the full retirement benefits of those who serve.
The BRS, mandatory for those who joined in 2018 and later, was developed with the stated intent of enabling all personnel to depart service with some sort of retirement savings, while incentivizing selected groups to remain in service for longer periods of time. DoD also stands to save money on the long-term obligation of military retired pay through the new blended system.
However, take rates during the option year remain lower than projected, and DoD is not reporting the average savings rate among those who participate in the Thrift Savings Plan (TSP), the primary vehicle for retirement savings under the BRS.
Please share MOAA's survey with those currently serving in your network! The survey will remain open until Dec. 14, and preliminary results will be available before the end of the year.