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RETIRING MEMBERS must complete required section of DD Form 2656 to elect coverage for former spouse or former spouse and child(ren).
This form is used to change a Survivor Benefit Plan election. A retired member may change an election under certain circumstances when specific conditions are met. Section III of this form describes these conditions and instructs you what additional sections of the form to complete.
The SBP annuity is determined by the base amount you elect. The base amount may range from a minimum of $300 up to a maximum of full retired pay. The annuity is 55 percent of the base amount.
The DD Form 2656-7 is used to establish the Survivor Benefit Plan after the passing of an active, reserve, or retired military service member. This checklist is designed for use by the spouse (widow or widower), eligible former spouse, or child of a deceased military member/retiree.
The Survivor Benefit Program (SBP) offers an amazing payout if your spouse outlives you. They can get up to 55% of your monthly pension for the rest of their life with annual cost of living adjustments tied to the Consumer Price Index. But SBP is an expensive program, you have to give up 6.5% of your pension.
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