Fort Jackson Army Community Service hosted its annual financial forum Feb. 28 at the NCO Club to promote financial readiness. The forum is part of the Department of Defense's Military Saves Week.
The financial forum was planned to educate the Fort Jackson community as a whole and provide information about savings and investing.
"It will help Soldiers realize the importance of taking steps to have a positive financial future,"
explained Angela Crosland, ACS Personal Financial Readiness Specialist.
Crosland emphasized that one of the key aspects of being mission ready is "financial readiness".
"If you cannot focus on your mission because of financial problems, ACS is here to help," she added.
One of the main focuses for this year's event is the change from the current retirement system
to the new Blended Retirement System for Services members that starts Jan. 1, 2018, said
ACS Personal Financial Readiness Specialist, Shawn Smith.
Smith conducted the first seminar on the BRS to compare the old and new systems, to explain how the Thrift Savings Plan and BRS coexist and how it will affect current and new Service members.
Smith said, "Soldiers who have less than 12 years of military service by Dec. 31, 2017 have the option of opting into the BRS with matching funds or keeping the current retirement system with no
matching funds."
Under to new BRS, Smith mentions, "Soldiers who do not make it to retirement can also get something to take when they leave."
In addition, the one-day educational event offered seminars that covered: Thrift Savings Plan, veterans benefits, and social security benefits. Local vendors were on site to discuss savings, investing, the purchasing of a home, couponing and tax issues.
The forum provided guidance that was useful for military family members, veterans, retirees and DOD employees.
For information about BRS or financial concerns, call Army Community
Service at 751-5256.
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