Radical overhaul of military retirement eyed

Discussion in 'Military' started by Salt Jones, Aug 16, 2011.

  1. Salt Jones
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    Salt Jones BANNED

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    (CBS News) WASHINGTON - The military retirement system has long been considered untouchable - along with Social Security and Medicare. But in these days of soaring deficits, it seems everything is a potential target for budget cutters. A Pentagon-sponsored study says military pensions are no longer untouchable - they're unaffordable.
    CBS News investigative correspondent Sharyl Attkisson reports high-level, closely-held meetings are taking place at the Pentagon regarding a radical proposal to overhaul retirement for the nation's 1.4 million service members - a bedrock guarantee of military service.

    The proposal comes from an influential panel of military advisors called the Defense Business Board. Their plan, laid out in a 24-page presentation "Modernizing the Military Retirement System," would eliminate the familiar system under which anyone who serves 20 years is eligible for retirement at half their salary. Instead, they'd get a 401k-style plan with government contributions.

    They'd have to wait until normal retirement age. It would save $250 billion dollars over 20 years.

    Radical overhaul of military retirement eyed - CBS News

    They talked about this during the Bush years. That's when they added the Thrift Savings Plan for the active duty military.
     
  2. bill5
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    bill5 Member

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    ? I thought that went away years ago (ie for those joining up) and went to 33% or some such. (I still kick myself often for not staying in AD for 20 to get the 50%.)

    ie $12.5B a year, which is a relative drop in the bucket. And I question if it would save that much anyway.

    Freakin idiotic IMO, but that's our beloved military big wigs all over eh? I'm still simultaneously laughing and cursing at all the time and money pissed away on the new uniform changes. How much did THAT brilliance cost?
     
  3. High_Gravity
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    High_Gravity Belligerent Drunk Supporting Member

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    This is a terrible idea.
     
  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    What will it mean to retirees?...

    Military Retirement Overhaul Set to Roll Out During Next Two Years
    Nov 11, 2015 | Congress approved a historic overhaul of the military retirement system Tuesday, all but ensuring it will become law and the Defense Department will begin the rollout.
     
  5. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    Bad idea, imo.
     

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