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11-Aug-2015 22:10

If they elect the "REDUX" system, The factor is determined by taking 2 ½ percent times your years of service then reduce that factor by 1 percent point for each year less than 30 years.

Using the same examples, as above, a person with 22 years of active duty service would retire at 47 percent of the average of their highest 36 months of base pay.

The "multiplier" for the above two plans is 2.5% (up to a maximum of 75%).

For example, a person who entered active duty on or before 8 September 1980, and spent 22 years on active duty, would receive 55% of his/her base pay as retirement or retainer pay.

If you entered active duty after 8 September 1980, the base pay is the average of the highest 36 months of active duty base pay received.

Additionally, your initial (first) cost-of-living adjustment will be reduced by 1 percent.

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According to DOD, the categories are: For members who entered active duty or on prior to 8 September 1980, retired pay amounts are determined by multiplying your service factor (normally referred to as your "multiplier") by your active duty base pay at the time of retirement.Here are some basics of the military retirement pay system that you should be aware of: For Navy and Marine Corps members, you are considered to be a "retired member" for classification purposes if you are an enlisted member with over 30 years service, or a warrant or commissioned officer.Enlisted Navy and Marine Corps members with less than 30 years service are transferred to the Fleet Reserve/Fleet Marine Corps Reserve and their pay is referred to as "retainer pay".A person who entered active duty after 8 September 1980, and spent 22 years on active duty, would receive 55% of the average of the highest 36 months of active duty base pay.

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Very important note: A little-known provision of the law, changed in 1980, states that if you are a commissioned officer or an enlisted with prior commissioned service, you must have at least 10 years of commissioned service to retire at your commissioned rank.The military retirement pay system used to be easy to understand: You put in 20 years, and you got 50 percent of your base pay immediately upon retirement.