DoD panel calls for radical retirement overhaul (sweeping new plan to overhaul retirement system)

[kpete]

Source: Army Times

DoD panel calls for radical retirement overhaul
By Andrew Tilghman - Staff writer
Posted : Monday Jul 25, 2011 13:24:26 EDT
A sweeping new plan to overhaul the Pentagon’s retirement system would give some benefits to all troops and phase out the 20-year cliff vesting system that has defined military careers for generations.

In a massive change that could affect today’s troops, the plan calls for a corporate-style benefits program that would contribute money to troops’ retirement savings account rather than the promise of a future monthly pension, according to a new proposal from an influential Pentagon advisory board.

All troops would receive the yearly retirement contributions, regardless of whether they stay for 20 years. Those contributions might amount to about 16.5 percent of a member’s annual pay and would be deposited into a mandatory version of the Thrift Savings Plan, the military’s existing 401(k)-style account that now does not include government matching contributions.

A critical new feature would adjust those contributions to give more money to troops who deploy frequently, accept hardship assignments or serve in high-demand jobs. It would also give the services a new lever to incentivize some troops to leave or stay on active duty longer.

Read more: http://www.armytimes.com/news/2011/07/military-dod-panel-calls-for-radical-retirement-overhaul-072511

[Angry Dragon]

1. Brings wall street into play more

[damntexdem]

2. In today's America, everybody loses ...

except for the rich, who get more and more.

[zeemike]

3. So Wall street gets a piece of the action.

Perhaps that will keep the pyramid scheme going until they can get the Social Security trust fund.

[InkAddict]

4. Our neighbor was on her way as a triple dipper

Military/PERS/SS - just sayin'

[southernyankeebelle]

5. That will not work. The only good thing was the retirement pension and health benefits.

No one will make it a career. I certainly would tell my child not to go into the service if I am seeing what is going on now.

[bemildred]

6. I guess "SUPPORT THE TROOPS" only applies when Wall Street doesn't need the money. nt

[Solly Mack]

7. K&R

Fuckers