FRG Meeting 24 Feb

F I N A N C I A L P L A N N I N G F O R D E P L O Y M E N T 1P E R S O N A L F I N A N C I A L M A N A G E M E N T P R O G R A M

74TH MRBC FRG

F I N A N C I A L P L A N N I N G F O R D E P L O Y M E N T 2

74TH MRBC FRG AGENDA

• Welcome• Company Commander’s Comments• Battalion Commander’s Comment• FRG Leader Comments

– Upcoming Events• Next FRG meeting- 24 March 1800• Sign up for Childcare• Pre-deployment Information Fair- 7 April 1800• FRG BBQ @ BLORA• FREE Stakes & Sport Activity

• ACS Financial Readiness- Mr. Casey Jackson• Command Financial Specialist- SFC Jamie Baker Benitez• S1 briefs

– Finance- 1LT Brittney Barnhart– Legal- SFC Shirley Evans

• Baked Good Auctions


FRG CONTACT INFO

FRG CONTACT INFORMATION

Phone: 254-319-3481Email: [email protected]

Facebook: 74th MRBC River Rats FRG

mailto:[email protected]


Financial Planning for DeploymentFinancial Readiness Branch, Army Community Service, Fort Hood, Texas 76544


“To Do” List• Legal Considerations• Financial Planning• Paying Bills• Using Credit• Housing• Vehicles• Taxes• Communication• Financial Emergencies

Financial Planning forDeployment Checklist” Handout


Important Documents • Powers of Attorney:

– General – Specific

• Wills• DEERS and ID Cards• Insurance: Car, Renter/Home Owners,

SGLI • Warranties: Car, Appliances, Computers,

etc.• Tax Information


Soldier’s Concerns

• Married/Single Parent– Ensuring family is prepared– Emergencies

• Single Soldier– Paying Bills– My Pay Access Single Soldier


Servicemembers Civil Relief Act

• Stays Court Hearings• May Reduce Pre-service Loans to 6%• Requires Court Action Prior to Eviction• Allows Termination of Leases • Lets Service Member maintain state of

residence


Deployment Planning

• Increases Spending Power

• Eliminates Stress

• Prepares You for the Future


Financial Goals

• Short Term: Deployment & up to two years

• Mid Term: Two to five years

• Long Term: More than five years


Managing Finances - Tools

• Create a easy to follow Spending Plan • Factor in Pay Changes & Entitlements• Be Realistic (It’s ok to have fun!)• Plan for the Unexpected, establish

savings• Consider separate accounts for

Deployment• Combat Overspending


Financial Management Tools

• Allotments

• The Star Card

• Online Banking

• Budgets


Credit Management During Deployment

• Review credit reports prior to

and upon redeployment–www.annualcreditreport.com

• Good time to establish credit

• Protect against Identity Theft


Taxes• Need IRS Form 2848 and POA to

File Joint Tax Return• Automatic 60-Day Extension• File IRS Form 4868 for Four-Month

Extension• 180-Day Automatic Extension if in a

Combat Zone


Property Management During Deployment

House/Apartment– If sharing, ensure all names are on lease

and utilities– Make payment arrangements– If subletting, run credit check on potential

tenants– Arrange routine maintenance and lawn

care– Insure home contents at replacement costs


Vehicles

• Keep insurance, vehicle tags and inspection stickers current

• You may be able to reduce insurance if vehicle is in storage

• Research storage options

• Discuss maintenance and repair cost responsibilities


Deployment Entitlements

• Temporary Duty (Per Diem) • Family Separation Allowance (FSA II)• Basic Allowance for Subsistence (BAS)• Hardship Duty Pay - Location (HDP-L)• Hostile Fire Pay (HFP) / Imminent Danger Pay (IDP)• Combat Zone Tax Exclusion (CZTE)• Savings Deposit Program (SDP)• Special Leave Accrual (SLA)


Temporary Duty (Per Diem)

• The current specified incidental expense rate for all overseas locations is $3.50 per day. In general, deployed Soldiers only receive the incidental portion of per diem as military lodging and meals are available throughout the theater.

• Soldiers do not receive per diem/incidental expense during rest and recuperation leaves, bad conduct status (such as AWOL), or while in an in-patient status in a medical treatment facility (MTF) or a passenger on a government vessel. Per diem is paid upon redeployment and submission of final travel settlement voucher.


Family Separation Allowance (FSA Type II)

• FSA Type II is payable to Soldiers with dependents who are deployed for more than 30 consecutive days.

• Entitlement stops if the Soldier returns to PDS for more than 30 days during the period.

• Married service members with no dependents are entitled to FSA if residing together before being separated.

• FSA Type II is payable at $250 per month ($8.33 per day) and begins the day of departure from home station and ends the day prior to arrival at home station.


Basic Allowance for Subsistence (BAS)

• BAS is payable to all Soldiers. Soldiers on meal cards will have their meal deductions stopped during deployment.

04/10/2023 Integrity - Service - Innovation

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Hardship Duty Pay-Location (HDP-L)

• HDP-L is payable to all Soldiers who are performing official duties for more than 30 days in a designated hardship duty location.

• HDP-L rates vary by location. Specified amounts are monthly amounts paid on a daily basis. Currently, Afghanistan, Iraq, and Kuwait receive $100.00 per month which is equivalent to $3.33 a day.

• HDP-L begins the day of arrival in the designated location and ends the day of departure.


Hostile Fire Pay/Imminent Danger

Pay (HFP/IDP)• HFP/IDP is a special pay intended to

compensate Soldiers serving in locations where they are subjected to imminent danger and/or hostile fire. It is payable to all Soldiers performing official duties in a designated HFP/IDP area.

• The normal specified rate for HFP/IDP is $225 per month. One day spent in a designated HFP/IDP area qualifies the member for the entire monthly amount.


Combat Zone Tax Exclusion (CZTE)

• CZTE exempts Soldiers who serve in designated hostile fire pay areas from withholding of income taxes. All federal and in general most state income tax withholdings are exempted.

• Officers’ pay up to the base pay of the Sergeant Major of the Army plus HFP is tax exempt; Income earned beyond this amount is fully taxable. For enlisted members, all pay is tax exempt.

• Leave earned while in a CZTE area is called CZTE-Leave CZTE-L. CZTE-L can be tax exempt when taken in a month not already classified as a CZTE month. Each day of leave taken will have that days pay tax exempt. For tax purposes, leave earned in the CZTE area is the first leave used after leaving the CZTE area.


Special Leave Accrual (SLA)

• SLA is the authority to exceed a 75-day leave balance at fiscal year end. It is not an additional form of leave. SLA is intended to provide relief to Soldiers not allowed leave during lengthy deployments or periods of hostility.

• SLA is authorized for Soldiers serving in an area in which they were entitled to HFP for at least 120 continuous days. SLA approval is automatic. SLA is also authorized for Soldiers who deployed for at least 60 days and less than 120 days to meet a contingency operation of the U.S. or to enforce national policy or an international agreement based on a national security threat and were prevented from using leave through the FY because of deployment or mission requirements.

• Soldiers who earned SLA while in a HFP area have 3 fiscal years to take the leave.


Sources of Help• Unit Command Financial Specialist• Army Community Service• Army Emergency Relief, Financial Readiness

Branch, ACS• The American Red Cross• Consumer Credit Counseling Service• Legal Services Offices • State Attorney General or State Office of

Consumer Affairs• The Better Business Bureau


Good Luck!• Have a safe and prosperous

deployment!

• Should you need any further information or assistance, please

contact the

Financial Readiness Branch

at either

287-8979 or 287-8982.


Command Financial Specialist (CFS)

Services I Provide:AER Loans

Budgets

Food Vouchers

Santa’s Workshop application

Festival of Giving information

SFC Bakerbenitez, Jaime

62nd EN BN Command Financial Specialist

Office 288-3885

Cell 449-5354

BLDG 10018 RM A10


S1 / Finance Office1LT Brittney [email protected] 10016, Rm A005


What help do I get from S1/Finance?

• Changes to marital status, number of dependents, emergency contacts and beneficiaries

• Pay inquiries: Suspected underpayment, overpayment, allotment questions and/or setup

What –not– to come to S1 for…

• You will receive the Eagle Cash Card through SRP, as needed.• Savings Deposit Program will be taken care of when you get overseas. Your

pay has to reflect that you are deployed, and then they can establish your SDP. It will be prorated.

• Not receiving FSA during the first month in country…


FAQ

• FAMILY SEPARATION ALLOWANCE:• You only receive family sep for those you provide 50% or more care for, such as a spouse, child, or parent who has

been added as your dependent in DEERS. If you don’t have custody of a dependent, you will not receive FSA for them.• Geographical bachelors will receive family separation allowance during deployment.• You have to be deployed for 30 days before you are authorized FSA; therefore, you will not see it until after 30 days

into the deployment.

• What if my family moves for the time I am deployed?• BAH: You will continue to receive BAH based on where you are stationed, not where your Family resides. • You will not receive any assistance from the Army! Moving your family will not be authorized on your orders, so it

comes completely out of your own pocket.• Always keep your records updated with your family’s current, physical address. The Army needs to be able to reach

them in the event of an emergency.

• My Soldier isn’t sending me money. What do I do?• Talk to your Soldier’s chain of command. Do not wait until your utilities are shut off.• Avoid this by preparing ahead of time. Talk with your SM about what the budget will be before he/she leaves. Set up

allotments and/or powers of attorney as necessary. DO NOT LEAVE YOUR FINANCES IN THE HANDS OF AN ACQUAINTANCE.


ACCESSING FUNDS IN THEATER

Several Options

1.EagleCash Card (ECC)• Like a prepaid debit card• Eliminates the need to carry cash; cash back

possible where funds are available2.Cashing Checks – Finance Office or AAFES3.Casual Pay

• Requires official approval from CoC• Limited amount per month• Affects Soldier’s pay

4.Bank Debit Card


SFC Shirley Evans36th EN BDE Legal(254) 288-7845Legal Assistance(254) 287-7901/3199


Power of Attorney

• A power of attorney is a document that allows another person or institution to act as your legal agent.


Two Types of POAs

• General

– Allows your agent to do almost anything you could do by signing your name.

• Special

– Lists a particular act or acts that your agents is authorized to do and limits the agent to those acts.


Durable POA

• Means that the POA would remain effective even if you, the Principle, become legally incompetent.


Durable POA

Requirements: Duration• Must contain durability

language and must be signed before a notary republic.

• Some states (Not Texas) require it be recorded in the county clerk’s office allowing any member of the public to view or copy the document.

• Can continue to be effective until it’s revoked, you or your agent die, a time specified, or a guardian of your estate is appointed.

• You may prefer to provide that the agent cannot act in your place unless you are incapacitated or disabled.


Preventing POA Abuse• Carefully consider who you wish to name as

your agent for you are held liable for your agent’s actions with the POA.

• Never have a POA unless needed.• If you feel you need a POA, have one

prepared but don’t sign it until needed.• Always put an expiration date on your POA.• Make sure the expiration date is a fairly short

period of time. • Never use a General POA when a special one

will do.


Limitations:

• A POA may not work at every location; so find out in advance whether those places require a specific form or signature card.


Termination and Revocation

• Your POA will be terminated upon your death, your agent’s death, expiration of the term on the POA, destruction of the original POA or when a Revocation of POA is documented.

• When a Revocation of POA is executed:– It must be signed and notarized.– You must notify, via certified mail, your agent. – Also give copy to major creditors, agencies

and businesses the POA was used or suspect agent may try to use it.


Durable POA for Health Care

• Also called a health care proxy is a formal writing that gives your agent the ability to make health care decisions for you if you become unable to make them yourself.


Durable POA for Health Care

• Authority of your agent– Allows your agent to consent, withdraw

consent, or refuse to consent to procedures for diagnosing and treating your physical and mental condition.

• Restrictions on authority– Your agent cannot consent to abortion,

convulsive treatment or psychosurgery.• DHCPOA and living wills

– Your agent must follow instructions that you have provided to your doctors in a living will or advance medical directive if given any.


Questions?

FRG Meeting 24 Feb

Education

Transcript of FRG Meeting 24 Feb