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What is the Montgomery GI Bill - Active Duty ?
The Montgomery GI Bill - Active Duty, called "MGIB" for short, provides up to 36 months of education benefits to eligible veterans for:
Technical or Vocational Courses
Who is Eligible ?
You may be an eligible veteran if you got an Honorable Discharge, AND you have a High School Diploma or GED or, in some cases 12 hours of college credit. For more information call 1-888-GI-BILL-1.
The Thrift Savings Plan (TSP) is a retirement savings and investment plan that was made available to the military October 9, 2001. The purpose of the TSP is to provide retirement income. It offers participants the same type of savings and tax benefits that many private corporations offer their employees under so-called "401(k)" plan.
The TSP allows participants to save a portion of their pay in a special retirement account administered by the Federal Retirement Thrift Investment Board. The money that participants invest in the TSP comes from pre-tax dollars and reduces their current taxable income; investments and earnings are not taxed until they are withdrawn.
For more information about the Thrift Savings Plan, go to http://www.tsp.gov/uniserv/index.html#q1
The Army is quite dedicated to it's active members. Never is this more obvious than when one of it's members dies in active service. The life insurance policy paid by the Army goes to the person or people the soldier has listed as beneficiary. The standard policy amount is 400,000.00, however, this amount can be increased at the expense of the soldier or his family. The policy will be paid directly to the beneficiaries listed. Any legal disputes over beneficiaries is not the responsibility of the Army. Most life insurance policy amounts seem to be between 100,000-200,000. The Army policy is generous considering the average. In addition to the policy they pay a 5000.00 death benefit to help with the cost of the funeral.
|Jennifer Mathes, Ph.D.|