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Retro Pay


Me1984

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Wondering if any of you all would know the answer, I received my rating today on Ebennies granted 100% with the effective date of January 2014 will I get retroactive pay from then to now? Or does it depend on what they say in my rating decision?

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  • HadIt.com Elder

Congratulations!

You should expect a nice deposit in your bank. Sometimes it arrives slightly before or slightly after you received the BBE.

Be sure to change your %, if you like.

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today on Ebennies granted 100% with the effective date of January 2014

When did you first file? Ebenifits shows the Cola date for the new year. If you filed in 2013 the effective date will be that date, so your retro will be more money.

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  • HadIt.com Elder

If the effective date is any date in January, 2014, pay will begin to accrue on 2/1/2014, with the actual payment being received starting 3/1/2014. Your first deposit should be for six months. Payment starts accruing with the first full month "after the effective date." In your first deposit you will be paid for Feb, Mar, Apr, May, June, July, unless they don't pay you until Sep, in which case the payment would include Aug, also. Assuming they will pay before Sep, you'll get the six months and then start receiving the first of your regular monthly deposits on 9/1/2014. VA deposits are usually posted to your account on the first of each month, unless the first falls on a weekend or holiday, in which case they post on the Friday or last business day before the holiday or weekend. VA releases the money, to the banks and credit unions, about 4-5 days before the first of the month. Most banks hold the money, which they use interest free, until the first, whereas most credit unions will deposit the money, in your account, when they receive it. So having your deposits made to an account at a credit union could mean you get your money a few days early.

pr

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