Important Considerations Regarding the Decision to Retire
1. Only base pay is considered in the calculation of retired pay. BAH, BAS, and special pays are not considered. This results in a substantial decrease in income, even for a 30-year retiree.
2. What will you do to occupy your time and, if married, how will your spouse deal with having you around much more than he/she is used to?
3. If you have dependents, discuss with them whether or not to cover them under the Survivor Benefit Plan and, if so, at what level: 100% or less. If married, the spouse must sign and concur with your selection if you choose less than 100%.
4. If entering a second career, be sure to coordinate retirement date and beginning date for new position. If taking terminal leave and beginning position with new employer before retirement date, be sure to file and obtain approval for outside activity on form 520.
5. There are restrictions on employment for retired commissioned officers. Be sure to discuss any prospective employers with the Office of Commissioned Corps Personnel, OD, to assure that you are not accepting prohibited employment.
6. No payroll information transfers automatically from the active duty payroll to the retired payroll. Be sure that you file all required payroll documents so that your retired pay will begin on time.
7. Remember that officers receiving pay under retention contracts cannot retire during the length of the contract.
8. Officers may not retire directly from a detail to an organization outside the PHS, but must return to a position with a PHS agency for 2 years prior to retirement.
9. Be sure of your decision prior to submitting the request for retirement.
Once your retirement request is considered and approved by the OCCO Retirement
Board, your decision is irrevocable and you will be retired within the six
month period beginning with the first day of the month following the board