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Reservists receive mobilization insurance money



Article  
Reservists receive mobilization insurance money
[11/9/2004]

Source: Army Family Publication

President Clinton approved a supplemental funding bill on May 1, 1998, which included $47 million to pay all money owed under the Ready Reserve Mobilization Income Insurance Program (RRMIIP).

Approximately 2,900 reservists (including many Army Reservists) were owed deferred benefits. Most had received only 5 percent of benefits due, the result of a funding shortfall in the RRMIIP. They are now paid in full.
The $47 million included an estimate to cover appeals and required payments through November 1998, when the last covered members are scheduled for release from active duty.
There will be no refunds for reservists who enrolled, paid premiums but never deployed.
Only about 3 percent of eligible reservists signed up for the program, which was terminated last October.

Reserve officials said they have no plan to bring back the program or develop a similar one until recruitment and retention numbers drop significantly.

As with last year's lump-sum payments, troops may double or triple their annual military salaries with the extra pay. Unlike other insurance policies, mobilization insurance is considered income by the Internal Revenue Service and subject to federal income taxes.

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