Also called High-36 or “military retired pay,” this is a defined benefit plan. A Commander is a senior officer in the United States Navy at DoD paygrade O-5. Multiply your years of equivalent service (see equivalent service formula below) by 2.5%, up to a maximum of 75%. This estimate is based upon 8 US Navy Retired salary report(s) provided by employees or estimated based upon statistical methods. It’s calculated at 2.5% times your highest 36 months of basic pay. Multiply the result by the basic pay in effect on the date your retired pay begins (normally age 60). The Old Military Pension System Until 2018, service members were eligible for a pension – lifetime monthly paychecks – with at least 20 years of qualified active-duty service. A commander is a Senior Officer at DoD paygrade O-5, with a starting monthly pay … A full table of the Navy's current paygrades are available at the Navy Pay Chart. DIEMS Date on or after 8 September 1980 - High 36. As of 2016, there are roughly 330,000 Sailors on Active Duty, and 100,000 in the Navy … Lieutenant commanders may also be eligible for special pay, depending on their military specialty and other factors. DIEMS Date before 8 September 1980 - Final Pay. Special Pay. For both the Final Pay and High-36 retired pay plans, each year of service is worth 2.5% toward the retirement multiplier. But as you decide whether to join the military or plan your financial future post-service, it’s essential you understand your military retirement benefits. Your retirement benefit is determined by your years of service. In addition to duty station, rank and time in service are factors in determining this allowance. The Defense Department's Office of the Actuary calculated in its 1983 statistical report that to pay a lieutenant colonel or Navy commander his … Retired salaries at US Navy can range from $27,243 - $163,046. Commander is the 20th rank in the United States Navy, ranking above Lieutenant Commander and directly below Captain. To determine the multiplier, multiply the years of service by 2.5 percent. 1. 2. For a more detailed military pay estimate, use our Navy pay calculator. When factoring in bonuses and additional compensation, a Retired at US Navy can expect to make an average total pay of $73,026 . Calculate retirement pay by multiplying the basis by a percentage called a multiplier. Thus, if a Navy captain serves 24 years of active duty, the multiplier equals 2.5 percent times 24, or 60 percent. The Navy's primary responsibility is to perform both "blue water" (sea-based) and "green water" (littoral or shallow-water-based) military operations. The base pay for a Navy Commander with less than two years of experience is just over $5,462 a month. You’ll need to serve 20 years or more to qualify for the lifetime monthly annuity. Equivalent Ranks to the Navy's O-4 Lieutenant Commander A lieutenant commander's "COLA" may range from less than $30 to more than $400, depending on seniority and station. A Commander receives a monthly basic pay salary starting at $5,778 per month, with raises up to $9,817 per month once they have served for over 22 years.. The years of service creditable are computed differently depending upon whether retirement is from full time active duty or from a reserve career. 1. Keep in mind, though, most commanders have at least 17 years experience, which brings the base pay up to $8,529 a month. For example, 20 years of service would equal a 50% multiplier. For full details on the Navy's Lieutenant Commander compensation and retirement plan, visit the 2021 Navy Lieutenant Commander Pay Chart. Date on or after 8 September 1980 - Final pay salaries at Navy. Navy, ranking above Lieutenant Commander DIEMS Date on or after 8 1980... 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