Military Retired Pay
2 definitions

Military Retired Pay

By law, the payment of VA compensation benefits is affected by the receipt of military retired pay. If you receive military retirement, you may initiate a waiver of your retired pay to receive the full amount of VA compensation. Until the waiver takes effect, your compensation will be adjusted or withheld depending on the amount of military retired pay you are entitled to. The advantage of waiving military retired pay for VA compensation is that while VA benefits are reportable for Federal tax purposes, they are not taxable.

Military Retired Pay

(A reduced pay entitlement for reduced services.) The gross monthly entitlement for a retired member of the Uniformed Services based on terms and conditions of law, pay grade, years of service, percentage of disability (if applicable), and date of retirement.

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About this term

Military Retired Pay has been defined 2 different ways in documents like Health Benefits Glossary, DoD Financial Management Regulation Glossary.

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