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SBP
Survivor Benefits Plan
| Question | Answer |
|---|---|
| SBP Stands For | Survivor Benefits Plan |
| SBP Election Form | CG-4700 |
| Upon a Retiree’s Death Retired Pay Stops, Unless | The member purchased the SBP |
| Submission of the CG-4700 Must be Submitted to/by | PPC (RAS) postmarked prior to midnight on the member’s last day of active duty |
| SBP Base Amount | The part of retired pay chosen to insure |
| Minimum Base Amount | $300 |
| Maximum Base Amount | Full retired pay, or what it would have been if not elected for the REDUX |
| What Happens to the Base Amount When Retired Pay is Increased | The base amount increases |
| SBP Annuity | The amount of SBP that is paid to elected survivors |
| SBP Annuity Amount | Both Spouse and Children who are eligible and elected are at 55% |
| Members That Do Not Submit a CG-4700 (who have eligible dependents) | Will automatically be enrolled at the maximum level |
| To Reduce or Decline Coverage | The member must submit the CG-4700 stating their desire to reduce or decline and the members spouse must have part VII notarized and signed |
| A Member Who Does Not Have Dependents Upon Retirement But Acquires Dependents | May elect to participate in SBP within 1 year of marriage or acquiring that dependent child |
| If the Member and the Spouse are not Collocated | The member’s CO must send a letter of notification/concurrence to the member’s spouse |
| Who May Qualify as an Insurable Interest | Any person who can reasonably expect to receive some kind of financial benefit fromt eh continuance of the life of the retired or retiring member |
| Examples of Insurable Interest | Family, more closely related than cousins. |
| Outside the Scope of Insurable Interest | Proof of financial benefit from the continuance of life of the member is required |
| A Person to Whom a Member is Engaged to be Married | Does not qualify as an insurable interest party on the relationship alone; the person much have a legal, documented, financial relationship with the member |
| SBP Taxes | SBP costs reduce taxable retired pay. SBP annuities paid to survivors are taxable income |
| SBP Inflation | SBP coverage is protected against inflation, as it is increased by COLAs, monthly premium increase with any COLAs |
| SBP Pay Up | SBP is considered paid up and premiums stop when the member reaches 70 years old and 360 months premium payments |
| Once a Child Reaches Age 22 | PPC (RAS) automatically terminates the SBP child cost |
| Child Cost Based on | The youngest child |
| Any Election Not to Participate or to Participate at a Reduced Base is | Irrevocable |
| If Coverage is Declined for a Spouse at the Time of Retirement | The decision is irrevocable, for that spouse and any future spouse |
| Member Who Have Spouse Coverage Who Lose Their Spouse Due to Divorce or Death | Have their SBP coverage and premiums suspended |
| If a Member Who’s Coverage Was Suspended Due to Death or Divorce Remarries | They have three choices within 1 year, resume, increase or decline coverage |
| Changes in What the Member Desires Before the Actual Retirement Date | The member must submit a new CG-4700 to PPC (RAS) |
| If a New CG-4700 is Submitted with Changes it Must State | THIS ELECTION REVOKES PREVIOUS ELECTION |
| Changes to the CG-4700 Must Be Postmarked | Prior to the member’s retirement date |
| RCSBP Stands For | Reserve Component Survivor Benefit Plan |
| RCSBP Form | CG-11221 |
| If a Reserve Member Does Not Have a Spouse or Dependent Child at the 20-Year Point | They may later elect RCSBP within 1 year |
| Does my Spouse Lose SBP if She or He Remarries After I Die | If remarried before the age of 55, yes. If the remarriage is terminated the annuity restarts |
| When Can the Election of SBP be discontinued | 24-36 months after retirement, ONLY between years two and three of receiving retirement pay |
| Will Premiums be Repaid if SBP is discontinued | No |
| If I Buy SBP Coverage for My Four Children, Do They Each Receive an Annuity of 55% | No, it is equally divided and when the oldest child reaches majority age, it will be divided by three and so on |
| When Do My Children Become Ineligible Under SBP | At age 18, or if they attend an institution of higher learning full-time, at age 22 |
| What Manual is This Found In | Personnel and Pay Procedures Manual (PPPM) PPCINST M1000.2 (series) |
| What Package Contains SBP Information | Retirement Package, CH. 3 |
Created by:
ashleycoker
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