New benefit plans for military retirement include DoD automatic contribution and bonuses that come when a career milestone is reached. The TSP and BRS are two major components of the combines plans. TSP is similar to a 401(k) that comes with varying fund options and plans. In the BRS, a service member’s EDR is used to determine eligibility. The plan is also available to those who aren’t in military service for the full 20 years.
For service members who are BRS-eligible and choose to decline to participate in the TSP, must complete the form TSP-U-1 by December 31st to halt automatic enrollment. By default, investments will be applied to the Lifecycle Investment, the ‘L Fund,’ on January 1st, 2020.