Military Retirement Faces Overhaulhttp://militaryadvantage.military.com/2011/07/military-retirement-faces-overhaul-plans/http://www.military.com/news/article/no-more-retiring-at-20-years.html?ESRC=marine-a.nl
July 26, 2011
Stars and Stripes
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, the Military Times newspapers reported.
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.
Related Blog Post: Military Retirement Faces Overhaul
The move would save the Pentagon money -- at a time when it's being asked to cut at least $400 billion -- and benefit troops who leave with less than 20 years of service.