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Military Retirement - March 2012 Baseline [i] (March 2012)

handle is hein.congrec/cbo10648 and id is 1 raw text is: Military Retirement 97 8097 0 7 602 CBO March 2012 Baseline 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Retirees Number (in thousands)' 2,053 2,054 2,052 2,050 2,047 2,045 2,044 2,043 2,045 2,047 2,049 Average Benefit (in dollars)1 $23,920 $24,611 $25,250 $25,885 $26,600 $27,374 $28,120 $29,020 $29,973 $30,954 $31,945 Total Payments for Retirees (in millions of dollars) $49,107 $50,547 $51,825 $53,058 $54,452 $55,980 $57,468 $59,301 $61,280 $63,351 $65,450 Adjustment for Payday Shift (in millions of dollars)2 -$3,876 $0 $0 $0 $4,198 $78 -$4,277 $0 $0 $0 $4,810 Total Retiree Outlays (in millions of dollars) $45,231 $50,547 $51,825 $53,058 $58,650 $56,059 $53,191 $59,301 $61,280 $63,351 $70,260 Survivors Number (in thousands) 300 302 304 307 310 312 312 313 315 317 319 Average Benefit (in dollars) $12,577 $12,815 $12,984 $13,163 $13,379 $13,628 $13,907 $14,208 $14,527 $14,854 $15,189 Total Survivor Outlays (in millions of dollars) $3,775 $3,876 $3,946 $4,048 $4,148 $4,247 $4,346 $4,443 $4,583 $4,715 $4,840 Total Outlays from the Military Retirement Trust Fund (in millions of dollars) $49,006 $54,423 $55,771 $57,106 $62,798 $60,306 $57,537 $63,744 $65,863 $68,066 $75,100 Notes: 1. Prior versions of this table included figures only for those reitrees who received monthly retired pay. It excluded those whose retired pay was reduced to zero because of offsets related to the receipt of other federal retirement and veterans' benefits. Beginning with the January 2012 baseline, all retirees are included in the figures. In addition to an increased number of retirees on the first line, this also translates into a lower average benefit per eligible beneficiary (those with zero retired pay bring down the average). 2. Section 632 of the Ike Skelton National Defense Authorization Act for Fiscal Year 2011 (Public Law 111-383) requires the Department of Defense to make retirement payments on the first of each month. If the first day of the month occurs on a holiday or a weekend, DoD will instead make the payments on the preceding business day This resulted in the retirement payment originally scheduled for October 2011 to instead occur at the end of September 2011, causing one extra payday in fiscal year 2011 and one less payday in fiscal year 2012 (the fiscal year for the federal government begins in October). Additional payday shifts will occur in 2016, 2017, and 2022. Section 632 does not affect the timing of survivor benefit payments.

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