DoD announces one-year open enrollment for SBP.

0 Comments | M2 Presswire, August, 2005

M2 PRESSWIRE-22 August 2005-US DOD: DoD announces one-year open enrollment for SBP(C)1994-2005 M2 COMMUNICATIONS LTD RDATE:19082005 The Department of Defense announced today that military retirees, who opted out of some or all their Survivor Benefit Plan (SBP) coverage, will have another opportunity to elect coverage during a one-year open enrollment period from Oct.

1, 2005 through Sept. 30, 2006. Upon a retiree's death, SBP provides an annuity of up to 55 percent of the military retired pay. Until recently, the annuity for a surviving spouse age 62 or older was reduced to 35 percent to reflect the availability of Social Security benefits. This reduction will phase out by April 2008, and the full 55 percent benefit will be paid regardless of the spouse's...