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SBP

Survivor Benefits Plan

QuestionAnswer
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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