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When a military member has a medical condition (including mental health conditions) that renders them unfit to perform their required duties, they may be separated (or retired) from the military for medical reasons. The process to determine medical fitness for continued duty involves two boards.Is military retired pay a qualified retirement plan?
Military retirement is considered a non-qualified plan. The term "qualified retirement plan" applies to plans covered by the Employee Retirement Income Security Act, or ERISA. ERISA only covers private sector retirement plans.What medical insurance does the US military have?
What health insurance does the military have? Most military members, whether they are active duty or retired, are eligible for one of the TRICARE health insurance programs. Active duty members must enroll in TRICARE Prime, while their family members have other options.Is military retired pay a qualified or non-qualified plan?
No, military retirement is not a qualified plan. It does not offer a vesting schedule for early retirees, it does not require membership in the Pension Benefit Guaranty Corp, and the money received through their retirement plan is considered wages and not pension monies. Therefore, the retirement plan offered by the military is non-qualified.