WASHINGTON (December 23, 2016) -- Under Secretary of the U.S. Army Patrick J. Murphy, and personal financial advisor Suze Orman will conduct a joint media engagement at 10:00 a.m., January 4, 2017, to announce a new partnership to help soldiers, and their families, take charge of their personal finances.
Financial security is a stressor for many in the Army. Through this new initiative, soldiers and families will receive advice on how to save and become financially secure, especially as the Army implements its new Blended Retirement System, or BRS, in 2018. The BRS is one of the most wide-reaching and significant changes to military pay and benefits in the last 70 years.
Under the BRS, approximately 85-percent of service members who enter the force will receive some form of portable retirement benefit, compared to today's rate of 19-percent, allowing the Army to better compete with the private sector to recruit and retain an all-volunteer force in the 21st century.
"The heart of the Army is our soldiers, who are leaders of character for a lifetime of service. Individual soldier readiness is the foundation of Army Readiness. Currently, approximately 81 percent of service members who join the military separate with no retirement benefit," Murphy said. "That's why increased financial education and training is essential to help service members make wise financial decisions. Suze has dedicated her life to ensure others have financial security. We are grateful to have her on the varsity team providing personal finance education to our Army families."
"There is no greater honor than to serve those who have dedicated their lives to protect our country," Orman said. "I am very proud to be serving my country as the educator to help create strong, healthy and financially-ready military families."
For additional information contact Army Public Affairs at email@example.com or phone: 703-695-0373 or 703-693-7589.