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When a military member is preparing to retire from active duty or from the reserves there are big decisions to make regarding retirement pension and survivor benefits. One option servicemembers may consider is the Survivor Benefits Plan (SBP), Understanding which prothe Military vides retireSurvivor Benefits ment income to their famPlan ily after their death. If you or someone you know is eligible for the Survivors Benefit Plan, here are answers to some common questions.

What is the Survivor Benefits Plan?

The Survivor Benefits Plan is a government subsidized program for retired military members and their families. This plan allows military members to reduce their retirement pension to pay with pre-tax dollars into the Survivor Benefits Plan. Upon the servicemember’s death there is a monthly annuity allotted to the plan’s beneficiary. The Survivor Benefits Plan allows military retirees to extend the amount of time they receive retirement income, so that even after death they can ensure their family is taken care of.

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(Financial cont’d from pg 1) spouse or an insurable

interest, such as a business partner. For children Who is eligible to pay to be eligible to receive into the Survivor Benthe payments, they must efits Plan?

Any servicemember is eli- be under 18 years old, or be 22, unmarried and gible to pay into the Sura full-time student when vivor Benefits Plan after the veteran dies. Once they’ve served 20 years in the military and elect to a child reaches the age pay into the program upon of 18 or is no longer 22, unmarried, and a full-time their retirement. Veterstudent, the distributions ans cannot opt-in to the will cease. A spouse will program later than their retirement date; they must receive the monthly payments, if they are a benchoose to join or forgo SBP when their retirement eficiary, at the time of the servicemember’s death and pension begins. and end at the time of the spouse’s death.

How does SBP work?

The Survivor Benefit Program works by redirecting How long can a person contribute to the SBP? a portion of retirement A Survivor Benefit Plan is income from a military considered “paid out” after member’s pension to the 360 monthly payments (30 Survivor Benefit Plan. If the retiree chooses to opt years) and when the owner of the plan has turned into SBP, up to 6.5% of 70. At that point, the militheir gross retired pay, in tary member can stop alpre-tax dollars, can be locations to the SBP plan, allocated to the Survivor and their beneficiaries will Benefits Plan fund1. The still be covered3. redirection of retirement income happens over Can I cancel my plan? several years. When the military member dies, any The decision to pay into the Survivor Benefits Plan beneficiaries of the Suris often considered irrevivor Benefits Plan will vocable. There is a small begin to receive monthly window of time between payments equivalent to the second and third years the value of 33% or 55% of retirement in which the of the servicemember’s plan can be cancelled, pension payment. These but it cannot be renewed. payments are inflationOutside of this window, adjusted1. the SBP can’t be terminated except under very Who can be a benefiextreme changes in circiary?

The beneficiary is the indi- cumstances. vidual or individuals selected by the servicemember to receive the SBP payments after the military member’s death. Beneficiaries can be the military retiree’s children and/or

If you or someone you know served in the military, consider how the Survivor Benefits Plan can help provide financial confidence. A financial profes-

OCTOBER 16, 2024

sional can help determine if this benefit is suitable for an individual based on their long-term goals and financial situation.

1- Department of Defense: “Survivor Benefit Plan Overview”. https:// militarypay.defense.gov/Benefits/ Survivor-Benefit-Program/Overview/ 2 - Ameriprise Financial: “Ameriprise Advisor Handbook for Military Clients”.

3 – Department of Defense: “Paidup Survivor Benefits Program”. https://militarypay.defense.gov/ Benefits/Survivor-Benefit-Program/ Paid-Up-SBP/

Duane J Lusson, CFP, ChFC, CLU, MSFS, is a Private Wealth Advisor with Ameriprise Financial Services, Inc. in Ottumwa, Iowa. He specializes in fee-based financial planning and asset management strategies and has been in practice for 30 years. To contact him, call 641-684-4200 or stop by his office at 527 W. Second in Ottumwa, Iowa. .

Investment products are not insured by the FDIC, NCUA or any federal agency, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value.

Ameriprise Financial cannot guarantee future financial results.

Securities offered by Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2024 Ameriprise Financial, Inc. All rights reserved.

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OCTOBER 16, 2024

Father Commissions Son to 2nd Lieutenant 22 Years Later, Father Promotes Son to Colonel.

Curt Swarm, Empty Nest

The apple doesn’t fall too far from the tree.

Both Ken Madden and his son Sean, of rural Crawfordsville, graduated from the University of Iowa, and both participated in ROTC—Reserve Officer Training Corps. In 2002 Colonel Ken Madden had the honor of commissioning his son Sean, upon graduation from the U of I, to 2nd Lieutenant. Father Ken is on the Alumni Board at the University of Iowa and, occasionally is asked to assist in the commissioning of new officers. In this instance he jumped at the opportunity to do the honors for his son.

22 years later, on October 11, 2024, Retired Colonel Ken Madden promoted Sean to Colonel at Gettysburg, Pennsylvania. Father Ken couldn’t be more pleased, nor son Sean happier.

But the anomaly doesn’t end there. In 2007, both Ken and Sean were stationed in Iraq, Sean with the Iraqi National Police and Ken with the CIA. It was Thanksgiving Day and Ken had invited Sean to join him for Thanksgiving dinner. They had just sat down when they were bombarded with insurgent mortars. Ken and Sean ran to a bomb shelter, and sat there while their Thanksgiving dinner, with mashed potatoes and gravy, got cold and the dessert warm. Not too many

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Father, Ken Madden (left), promotes son, Sean, to Colonel.

fathers and sons can something. So he went say they shared a bomb to the commissary, shelter on Thanksgiving bought the ingredients, Day, and had so much and made his family’s to be thankful for. world-famous guacaActually, Sean mole. (He was the only Madden is writing the 2nd Lieutenant who latest chapter in a long brought anything.) The family legacy. It started battalion commander’s back before the United wife loved it. Sean hapStates was even a coun- pened to mention to her try. Both sides of the that he would like to volMadden family, maternal unteer for duty in Iraq. and paternal, fought with Boom. Within a month George Washington in of graduating from Offithe Battle of Manhattan cer Basics School, Sean and Long Island, New was in Qatar.

York.

In his 22 years as Both sides of the an Army officer, Sean Madden family fought in has been deployed four the Civil War, World War times. He was told by a I and II, and the Vietnam General that the way to War. Sean’s Uncle Bob, make rank in the Army on his mother’s side, is to seek assignments did two tours in Vietthat are challenging. nam, and conducted the When they are offered, ceremony where Sean’s volunteer. He has done dad, Ken, promoted this and his military caSean to Colonel. It’s a reer has been meteoric. family affair.

Sean is at the Army War Sean’s military College now, and folcareer started with his lowing his promotion to family’s guacamole.

Colonel, by his father, Yep. Following graduhe should be back at ation from college, and the Pentagon, fulfilling as a new 2nd Lieuthe current chapter of a tenant, Sean was in long family legacy.

Air Defense Artillery Each generation School. The battalion has gone to war, Sean commander invited the Madden’s generation is new Lieutenants to a no exception.

“Meet and Greet.” Sean thought he should take

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the previous year. While our lake. It spends most resting at our lake, of its time swimming family groups would be around, occasionally hanging out in groups. flying to a nearby cornWhen they leave to go field. Over the weekend, feed in nearby corntwo family groups also fields, the groups will flew into our lake. When bunch together, trumpet, the loner saw the other and take off. The lone swans fly in, he trumswan was always the peted and swam toward last to leave in the morn- them. They chased him ing and first to come away and broke off into back in the evening.

The their family groups. I can Ways of the World swans usually spend only assume this is the Last spring, when the two or three weeks at same lone swan that trumpeter swans were our place before they was here in the spring. migrating north, we continue their northSwans mate for life and noticed one swan that erly migration. When this one must have lost always seemed to be they left to go north this its mate. It makes a peralone. Swans hang out spring, the loner stayed son sad to think it has to in family groups while behind for a couple of spend its life ostracized eating or resting. The weeks as though it was from the others. family will consist of the waiting for another swan Sunday, my two adult birds and any- to show up. About two wife and Pat were in where from one to six weeks ago, one lone his side by side out by signets or young from trumpeter returned to Twin Sluices checking the trails. I got a text FOR IOWA HOUSE message telling me to join them. It was cool BRENDA and sunny as I headed PAID FOR BY BRENDA CURRAN FOR IOWA across the dam and up the hill through the top FOR IOWA HOUSE gate. Driving down the hill toward Twin Sluices, gether while fighting and I noticed something the wild. I drove down crashed to the ground. just off the main path. I and met up with my stopped and backed up wife and Pat. I told them We got out to more closely observe them to a bit to get a better look. what I saw and even see how we could help.

I was startled to see if that did not fully beI am not sure what we two mature bald eagles lieve me, they followed were going to do with no laying in a path about me back up the hill. protection from sharp twenty feet away. I took With two vehicles and beaks and long talons, a couple of pictures and three people nearby, but we felt compelled to pondered what to do the eagles just looked next. It certainly is not at us. I could only think do something. We made a couple of steps toward normal to be able to get they were sick or got them and they jumped that close to eagles in their talons tangled toup and flew away.

There apparently was nothing wrong with them and we may have just interrupted a bit of quiet time between the pair. They may have been taking a dust bath or just sunning themselves out of the wind. Whatever they were doing, we were happy to see there was nothing wrong with them.

We do not always understand the ways of nature.

Sometimes, to us, it seems cruel and unnecessary while other times it is interesting and unusual. I guess it is not our job to always

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