Author: Joel Schofer, MD, MBA, CPE
No, a SECDEF Memo Did Not Change the Time-in-Grade Retirement Requirements
There has been a SECDEF memo flying around the interwebs that is being misinterpreted. People think it might let them retire at the 2-year mark as an O5 or O6, but there has been no change to current policy (which requires 3 years). Here is the response from PERS:
“Some of you have been fielding queries about the attached memo so wanted to address this for everyone. The memo does delegate authority to the Service Secretaries to reduce time in grade requirements. However, this delegation does not equate to Service policy. We are still awaiting on how the Navy will implement any changes in time in grade requirements.
So for now, please inform any folks inquiring about it that no formal Navy policy has been promulgated based on the new authority. And current policy stands.”
I did not attach the memo because this guy is not in the habit of posting SECDEF memos on a public blog.
FY23 Promotion Board Dates, Zones, and Continuation Policy
This NAVADMIN gives you the zones for the FY23 promotion boards. The combined O4/O5 board will occur on 2 MAY 2022 while the O6 board occurs on 8 FEB 2022.
What is the easiest way to figure out where you are in the promotion board zones? The MC lineal list Excel spreadsheet that spells out the zones is posted on the MC Sharepoint. Or if you are MC or DC you can use your date of rank and look at page 5 of the Promo Prep because we are DOPMA exempt. NC and MSC need to use the zone NAVADMIN or their Corps’ lineal list spreadsheet.
Finally, the continuation policy that governs whether you can stay on Active Duty if you are not promoted is in this NAVADMIN. There were no changes for MC or DC from last year’s policy, but the Community Managers said this when I asked them if there were any other changes:
“NC added 1920 (Maternal/Infant) to 2xFOS LT Continuation. MSC made several changes to eligible specialty list for 2xFOS LTs:
-All MSC clinical specialties with a 1xFOS LT are included in the FY23 plan. Last year, the only clinical specialties were Physician Assistant, Clinical Psych, Social Work, and Podiatry.
-No HCAs are included in the FY23 plan. Last year, a couple of HCA specialties (HFPPO and Operations Analysis) were eligible.
-All MSC science specialties (except Aviation and Operational Physiology) with a 1xFOS LT are included in the FY23 plan. Last year, some over-manned/healthy specialties were excluded (i.e. Aviation and Operational Physiology, Entomology, and Microbiology).”
Finance Friday Articles
- 10 Years with a One-Fund Portfolio
- 2022 economy and markets: 4 things to know
- Coaching Options for Doctors: Career, Life, Burnout, and More
- Different Ways to Mix and Match Vanguard Funds in Your Portfolio
- Do Government Bond Yields Still Matter as an Economic Signal?
- End-of-Year Financial Checklist for High Earners
- My Favorite Investment Writing of 2021
- Risk & Return Expectations For Crypto
- Short-Term vs. Long-Term Capital Gains
- The Market is Not So Efficient Lately
- This Bull Market Hasn’t Always Been Easy
- TRICARE and Retirement: Steps to Help You Get Ready
- What Are I Bonds?
- You Probably Need to Rebalance
Here are 2 PDFs from Vanguard you might find interesting. One discusses the role of bonds in a low-yield environment and the other tax loss harvesting:
Accidental TSP Contributions Above the $19.5K Limit and Finance Friday Articles
It was announced earlier this year that TSP contributions in 2021 will not automatically stop at $19,500. I posted this on MCCareer.org in July, and here is the original article that post points to:
Word from a senior officer who over contributed already and contacted TSP is that they will fix this issue automatically if you over contribute. Here is what they said:
“Currently the pay system is not designed to stop at 19,500.00. Anything over the limit, if you are under 50, partially rejects at TSP. TSP will only accept up the 19,500.00 limit. We send out the voucher for November TSP tomorrow. Once we get feedback from TSP, we will begin correcting the accounts, and crediting back the amount over the limit. This is all a new change this year due to TSP implementing Spillover. We are currently working on a process to stop the accounts that are not eligible for Spillover at the 19,500.00 limit.”
Here are the articles:
- COULD CHINA’S MASSIVE PUBLIC DEBT TORPEDO THE GLOBAL ECONOMY?
- Discounts for Healthcare Workers in 2021
- Invest, Don’t Bet
- Investing Lessons Learned from Fantasy Football
- No Called Strikes in This Business
- Read Before Selling Stocks Due to the Omicron Variant
- Take Advantage of These 5 Year-End Tax Tips
- The Massive PSLF Overhaul: What You Need to Know
- What’s a Safe Retirement Spending Rate for the Decades Ahead?
- You Don’t Need to Sacrifice Your Life to Become a Physician
Joel Schofer's Career Planning Blog 