Retirement Cost of Living Adjustments (COLA) The retired pay computed under each retired pay plan is adjusted each year, effective December 1st, by the change in consumer prices. The COLA is determined by the percentage increase, if any, between the average 3rd quarter Consumer Price Index (CPI) of the current year over the average 3rd quarter For the current pay period and future pay periods, the leave calculator calculates the projected leave balances based on the most recent E&L Statement, data entered in the leave calculator, and expected leave accruals. Leave values are displayed and entered in quarter hour increments. For example: A leave value of 30 minutes is displayed as 0.50. Here’s an example: 6:30pm on January 6th, 2012 in Fayetteville NC would read 061830RJAN12. DD -Day of the month (e.g., January 6th=06) HHMM – Time in 24 hr format +military time zone (e.g. 6:30pm in =1830). Z – Military identifier- see below for a complete list. MON – 3 digit month code, (e.g. January= JAN) Fortunately, the military follows a consistent pay schedule from year to year. Service members across all branches can look forward to their new pay rate going into effect on January 1, 2024. The 5.2% pay increase will be reflected in the first paycheck of the year. Normally, military paychecks are issued on the 1st and 15th of each month. Your Multiplier. Your multiplier is the easy part of the equation. Your multiplier will be 1% unless you retire at age 62 or older with at least 20 years of service, at which point your multiplier would be 1.1% (a 10% raise!). This bump in pension is often the incentive that many feds need to work just a bit longer. Step 1: Gather Your Military Documents. You will need a copy of your supporting documentation (i.e., DD-214) that shows your dates of active duty military service and the type of discharge you received. Refer to the “Acceptable Military Documents” section for additional information on page 14. Index scores are calculated by multiplying an assigned weight (shown in table 3) according to weapon type and subtype generation (e.g., a generation 2 attack aircraft) by the total count in a country’s inventory. While the MEI can be used to inform quantitative assessments of relative military power, it is certainly not a comprehensive tool Your federal income tax withholding, or FITW, is determined by the DD Form 2656 you completed at the time of your military retirement or by subsequent W-4 Form on file with DFAS. This information establishes the marital status, exemptions and, for some, non-tax status we use to calculate how much money to withhold from your taxable income for nY1M.