§3018C Opportunity for certain VEAP participants to enroll

Summary

Certain people who were in the Post‑Vietnam Era Veterans’ Education Account (VEAP) on October 9, 1996, and who were on active duty that day, can choose within one year (starting October 9, 1996) to switch from VEAP to the basic educational assistance program under this chapter. To do that, they must already have a high school diploma (or equivalent) or at least 12 semester hours of college credit, and if they leave active duty after they make the choice they must have an honorable discharge. Their basic pay will be cut until the total pay reductions equal $1,200. If the reductions do not reach $1,200 before they leave active duty, the government will collect the rest from them and put it in the U.S. Treasury. When they switch, they are taken out of VEAP and the government will return unused personal and certain government contributions as the law describes. The military must give written notice of key rules before someone signs the choice. A second group may also switch if they were VEAP participants on or before October 9, 1996, stayed on active duty continuously from October 9, 1996 through at least April 1, 2000, meet the same education and discharge rules, and make the choice during the one‑year period that starts when that part of the law was enacted. For them, pay reductions will continue until $2,700 is collected. If that amount is not taken from basic pay before they leave, the Secretary may collect it from them or reduce their retired/retainer pay. They have an 18‑month window to pay any amount owed. No education benefits will be paid until the money is collected or retired/retainer pay is reduced, and the military must notify VEAP participants about this option.