The Navy announced financial incentives to keep specialized senior officers in the service that can pay up to $100,000.
Chief warrant officers with 7151 and 7171 designators, otherwise known as SEALs and crewmen aboard special warfare combatant-craft, with between four and 16 years of commissioned service are encouraged to apply for the bonus.
“CWOs will receive the bonus in a lump sum payment, effective from the date of contract execution,” a Navy administrative message said.
Eligibility for bonuses began several weeks ago on Aug. 7. Senior service members will have to submit a personal letter requesting a retention bonus contract, along with a written endorsement from their commanding officer.
Chief warrant officers who are already serving under a preexisting bonus contract or those who’ve been written up for misconduct or poor performance may be ineligible for the retention bonus.
The bonus is offered in two phases.
Service members with four to seven years of commissioned service can sign a five-year agreement worth $20,000 a year, or a four-year agreement worth $15,000 a year.
Service members with more than eight years of commissioned service can also sign five- and four-year contracts that pay the same amount, as well as a three-year agreement that pays $12,500 a year.
Chief warrant officers who sign a retention bonus contract are unable to request a retirement date that falls before the completion of their contract.
The first payment should fall four to six weeks after a service member demonstrates completion of all eligibility criteria.
Riley Ceder is a Navy reporter at Military Times, where he covers issues directly affecting service members and their families, as well as breaking news.