Posted on Nov 21, 2021
Has anyone been successful correcting Survivor Benefit Plans after retirement and was money refunded?
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My husband and I elected to decline the survivor benefit. Unfortunately the dates were not signed correctly and it is now being taken out of his retirement pay. He was not afforded the option to review his paperwork in person prior to retirement because of COVID, so the error was not caught. We are now being told the only option is to wait 24 months. We have submitted a record chance request, but are told this will take approximately 18 months. I have no idea why the rules are so strict when it is clear we declined the SBP with the notarized signature.
Benefits
Posted >1 y ago
Responses: 2
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CDR Julie SellerbergI don't have any expertise on SBT changes but I will share my experience with those who have declined them... if you want.
Unless you're financially well off I would re-consider keeping SBP... especially if you are currently missing or needing what is being deducted from his retirement pay. I mean no disresspect... just Imo. Regarless of your decision... I wish both of you an enjoyable & well deserve retirement. Apologies extended if required. :-)
Unless you're financially well off I would re-consider keeping SBP... especially if you are currently missing or needing what is being deducted from his retirement pay. I mean no disresspect... just Imo. Regarless of your decision... I wish both of you an enjoyable & well deserve retirement. Apologies extended if required. :-)
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CDR Julie Sellerberg
Thanks for the reply! We’ve crunched the numbers and can get. Life insurance policy for much less than the SBP cost. $400/ month is extremely costly!!!!
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SFC Ralph E Kelley
CDR Julie Sellerberg - I'm with SGT (Join to see) on this one.
My wife and I elected for SBP in 1993 and initially it was expensive but now - due to inflation and whatnot - its a pittance. You may be under a different system than under which I retired, so I would check and see if your long term costs are the same value.
My wife and I elected for SBP in 1993 and initially it was expensive but now - due to inflation and whatnot - its a pittance. You may be under a different system than under which I retired, so I would check and see if your long term costs are the same value.
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Divorce come to mind. A complete records check and the COVID-19 workforce. Document and request updates every quarter [call], email write letters [I forgot; in the 21st century no one know what a letter is]. Good Luck.
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