MCI Personnel Finance Management U1 L1

5 Special & Incentive pay

(BSS FH) Bonuses, Sea pay, Special Duty allowance, Flight pay, Hazardous duty pay.

PSMC

Personnel Statement of Military Compensation

3 Basic military compensation Pay

Allowances, Base pay, Special and incentive pay

3 Types of Allowances

Housing, Living expense, Moving or Travel expense

COLA

Coast of Living Allowance (based on area)

3 Living Expense Allowance

Basic Allowance for Subsistence (BAS) , Family Separation Allowance (FSA) , Uniform and Clothing Allowance.

Moving Expenses Allowance

Shipment of Personnel Goods, Temporary Lodging, Vehicle mileage and highway tolls, Meals during the move.

TLE

Temporary Lodging Expenses; temp cost of housing while in transit, 10 CONUS, 5 OCONUS

TLA

Temporary Lodging Allowance; 60 OCONUS < 180 a day.

DLA

Dislocation Allowance, an entitlement varied by paygrade and dependency status.

Advance pay

30 days 3m adv BAH (CONUS) 12m Overseas housing allowance (OHA) into non gov housing. W travel orders; pre-paid transport tickets, & per-diem. Payback in 12-24m

Allotment

One category of money that comes out of pay

Deductions

Amounts deducted or taken our of your paycheck

4 Types of Deductions

Taxes, Insurance, Garnishments, Other pay withholding's

Types of Taxes

Income, Social Security/Medicare

3 Insurance with holdings

Serviceman's Group Life Insurance (SGLI) Family Serviceman's Group Life Insurance (FSGLI) Dental Health Plan

Garnishments

Involuntary deductions taken away form your pay due to legal action against you ( alimony, debt collector)

Military Pay Dates

1st & 15th

Direct Deposit System -->

DDS -> electronic funds transfer from DFAS-KC -> Federal Reserve Bank -> Individual's Financial institution.

FITW

Federal Income Tax With holding pay-as-you-go

SITW

State Income Tax With holding

W-4 Form

over-withholding change form

Taxes Golden Rule

Pay them when due, but never more that the law requires.

CFS

Command Financial Specialist

Service Group Life Insurance

SGLI 400,000 coverage. 26.00 per month. Check in "deductions" in LES.

Family Service Group Life Insurance

10,000 per child, 100,000 for spouse

Traumatic Injury Protection Program

TSGLI 25,000-100,000

SGLV 8286

Form to change Your Beneficiary

SBP

Survivor Benefit Plan - option after you retire

MGIB

Motgomery GI BIll, 1,200 buy in

Post 911 Gi BIll

no buy in

Leave

2.5 per month, 30 per year, 60 total saved at a time (unless deployed, must be all used before fiscal yr 30 sept)

The four types of monetary and non-monetary benefits to which you are entitled are

1. Medical and dental care 2. Education and Veteran Administration Programs 3. Leave 4. Retirement