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Mounting costs led Congress to pursue reforms to the military retirement system during the 1980s. Under the National Defense Authorization Act of 1981, the military moved from calculating retirement benefits based on the "final pay," or base pay on the final day of active service, to the "High-3" system. [9]
The high-3 for federal retirement is the three highest years of income during your federal career. Typically, your last three years worked are the highest-paid, but not necessarily.
High Year Tenure (HYT) is a term used by the United States Armed Forces to describe the maximum number of years enlisted members may serve at a given rank without achieving promotion, after which they must separate or retire. [1] HYT is applicable to enlisted personnel of all six military branches of the United States.
Most new federal employees hired on or after January 1, 1987, are automatically covered under FERS. Those newly hired and certain employees rehired between January 1, 1984, and December 31, 1986, were automatically converted to coverage under FERS on January 1, 1987; the portion of time under the old system is referred to as "CSRS Offset" and only that portion falls under the CSRS rules.
Having $3 million in your retirement and brokerage accounts is a sizable amount. Even so, it's a big leap to retire and rely on Social Security and your retirement investments to stay afloat.
Pay grades [1] are used by the eight structurally organized uniformed services of the United States [2] (Army, Marine Corps, Navy, Air Force, Space Force, Coast Guard, Public Health Service Commissioned Corps, and NOAA Commissioned Officer Corps), as well as the Maritime Service, to determine wages and benefits based on the corresponding military rank of a member of the services.
A 3% raise on this amount comes out to $1,817 more per year. On its own, that's a nice pay increase that could help you improve your standard of living or get you closer to your long-term goals.
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