Prior Service Bonus

[Flipper]

Ok guys...here's the question. I would like to know, only from people who have gotten one, how long it took to get YOUR prior service bonus when you joined the Army National Guard IF you signed up for a MOS that you ALREADY held previously. So if you were a 11B before and you joined as an 11B in the Guard, and did NOT have to go through any schools.

I've seen alot of posts stating the process that is gone through to get a bonus paid out. I know that already. I just want to know from those who have actually received the Prior Service Bonus how long it took. Not how long it SHOULD take but how long you guys actually waited to get it. Can somebody give me some straight up information?

[mrmp1967]

Well said Flipper!! I too have the same question? I keep checking with my unit and they keep giving me the run around that it was rejected and they don't know why? Than they told me that I should receive it on Oct 1 with my drill pay.. Well I have been paid for two drills but no bonus. According to my contract it states "I will receive a total bonus of $15,000 for a 6-year enlistment. My inital payment of $7,500 will be processed on the date that my enlistment contract takes effect." My effective contract date was 6/27/2006. It is now 10/01/06. So 30 days would have been 7/27/06. 45 days would have been 8/11/06 and 60 days would have been 8/26/06 and 90 days would have been 9/25/06. So that pretty much takes away the 30 to 90 days theroy. The bonus is not why I rejoined the National Guard but being told that I would receive one and than getting the run around when not getting it is a little frustrating.. So if someone could please answer our question that would be great.

[mrmp1967]

Did some deep form searching and found a post asking if all clearence has gone thru.. Well I called my unit and asked if my security clearence has gone thru.. He looked it up and I was told that I am deployable but they never sent my security clearence thru.. So that is why I have had such a hold up. Also it stated that my bonus was overdue in the computer so It shouldn't take long once they get the security clearence..Hope this helps

[marine]

I am curious about this. Time is money. That is loss of interest potential and that means loss of money.

Negating taxes for illustration:

$ 7,500 at 3.75 percent in a simple 30-Day CD makes about $280
Compounded over three months is about $ 873 dollars.

Are you sure it says payable at the time of enlistment? There must be some caveat somewhere or else the delay potential caused you almost a grand.

Any recruiter know the guidelines? I want to make sure if I mention to a potential Soldiers that they MAY qualify for a bonus I am telling them the proper terms.

In any event, this Soldier needs to be paid promptly. I reco you go through your chain of command.

I have noticed several pay issues drills, bonuses, etc.

Can anyone fill me in on the reasons for the delays or the regulations? I am quite certain there are legitimate operational reasons, just want to ensure I know what they are……

[ozz]

here is a simple way to calculate interest.

7500 * .0375= $281.25 then $281.25 / 12 = $23.44 month rounded

3 * $23.44 = $70.32 over three months

This equation is is not entirely accurate.... because it doesn't take into account of how the interest is compounded. (ex. daily, monthly, quaterly etc.)

[cplpeanut]

I TO AM TO RECIEVE A BONUS. I WAS TOLD THAT I WOULD NOT RECIEVE THE BONUS TELL I COMPLETE MY TRAINING WHICH I WAS TOLD THE CLASS IS NOT OPEN TELL NEXT YEAR. MY BIGGEST PROBLEM IS THAT I AM GOIN TO DRILL AND WORKING ON THE TRUCKS DOING WHAT I WOULD DO AFTER THE TRAINING. SO SHOULD I REFUSE TO WORK ON THE TRUCKS TELL MY CLASS AND THE RECIEVING OF MY BONUS. IF I WORK THE WORK I SHOULD GET THE PAY.

[plt3121]

I enlisted on 08/01/06 and my recruiter actually did all the calling for me and found out that I should have received my bonus at the end of august but there was a glitch in my contract and that had slowed the process but a couple of things changed on the computer and 2 weeks after that my money was in my account. After taxes the amount came to just over $5100. I have received the bonus as stated in my contract.

[SGT4AWEEK]

OK, so I thought I was gonna get a 15K bonus being prior service, and going into the same MOS as I was in the Marine Corps. I was medically discharged at 3 years 7 months of service in the Marines. My recruiter is telling me that I get no bonus because I did not finish my 4 years, and I also did not finish the 4 years of inactive service. Is this true? She is putting me in on a 4 year 3 month contract and then says I can get the 15K lump when I re-enlist from there. Any comments?

[marine]

SGT4AWEEK: I would go on a Try One instead and then reenlist for the bonus if that is your main impetuous. Yet, I do see a caveat on the prior service bonus of ‘must not have received honorable discharge in proceeding period of service’. I recall a medical discharge is characterized as a general under honorable conditions, and although it is in the category of two classifications of honorable discharges, it is not the requisite of the ‘Honorable Discharge’.

OZZ as for the interest formula, time is the MAJOR component of wealth--see the Rule of 72.

Your formula, basic simple interest, did not compound the interest and you only got interest on your principal! The problem with that is the principal becomes principal plus earned interest for the next go around and so on and so forth, you cheat yourself the other way! None the less, the larger issue is that time is money!

[sgtblack82]

I enlisted on 08/01/06 and my recruiter actually did all the calling for me and found out that I should have received my bonus at the end of august but there was a glitch in my contract and that had slowed the process but a couple of things changed on the computer and 2 weeks after that my money was in my account. After taxes the amount came to just over $5100. I have received the bonus as stated in my contract.

plt3121: You recieve your bonus in chunks the first year (usually takes up to 6 months in some cases, is 50% of yoru initial bonues then after two years its 20% more of your bonus, then after you are towards the end of your contract the 30% usually kicks in more or less. Now you also owe uncle sam his share through taxes which is why your seeing a lower amount then you probaly projected.