Congress authorized the open season for military veterans to buy into or opt out of the Survivor Benefit Plan to run through Dec. 31. But the Defense Finance and Accounting Service, or DFAS, announced in late September that it wants potential enrollees to start the process by Nov. 1.
“Retirees who want an individual estimate prior to officially enrolling should submit their Letter of Intent (LOI) no later than Nov. 1, 2023,” according to the DFAS website. “If we do not receive the LOI by Nov. 1, we may not be able to provide an individual estimate in time for you to enroll by the deadline. We strongly recommend you upload your LOI via our askDFAS online upload tool.”
That's less than a month away, folks.
What Is the Survivor Benefit Plan?
Military retirement pay ends with the death of the military retiree. For eligible surviving spouses and children to receive any continuation of that annuity, they must enroll in the Survivor Benefit Plan, or SBP.
While there are a lot of nuances and details, SBP offers a continuation of the military retirement pay annuity. It sends monthly payments to eligible beneficiaries. The amount of the payment depends on the SBP enrollment level and the amount of the gross military retirement pay. Depending on the beneficiary category, SBP benefits may continue for…