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Military
7RiverMan7
Member Posts: 1,522 ✭✭✭✭✭
What kind of souvenirs have you brought home from foreign lands?
Jewelry? Art? Anything?
Jewelry? Art? Anything?
Comments
Week of June 27, 2011
The Military Officers Association of America is warning that the military retirement system is facing assaults from various fronts including outgoing Secretary of Defense Robert Gates, incoming Secretary Leon Panetta, Congress, and Vice President Joe Biden. Sec. Gates testified last week that he liked the idea of an early vesting system, which would enable servicemembers to leave the military with some form of retirement savings prior to reaching 20 years of service - similar to a civilian 401K. Military retirement cutbacks will likely be one of the outcomes of the deficit-reduction talks between administration and congressional leaders, which is currently being headed by Vice President Joe Biden.
FROM MILITARTY BLOG:
The Mil-i-tary Offi-cers Asso-ci-a-tion of Amer-ica is warn-ing that the mil-i-tary retire-ment sys-tem is fac-ing assaults from var-i-ous fronts includ-ing out-go-ing Sec-re-tary of Defense Robert Gates, incom-ing Sec-re-tary Leon Panetta, Con-gress, and Vice Pres-i-dent Joe Biden.
Accord-ing to a recent MOAA arti-cle, "Gates has crit-i-cized the "one-size-fits-all" 20-year retire-ment struc-ture and has directed the Defense Sci-ence Board to estab-lish a work-ing group to develop alter-na-tive options." Gates tes-ti-fied to the Sen-ate Appro-pri-a-tions Com-mit-tee last week that he liked the idea of an early vest-ing sys-tem because, "70-80% of the force does not stay until retire-ment but leave with noth-ing." This type of plan could enable ser-vice-mem-bers to leave the mil-i-tary with some form of retire-ment sav-ings prior to reach-ing 20 years of ser-vice. How-ever, unlike the cur-rent sys-tem, they would not be able to draw ben-e-fit pay-ments until age 60 - sim-i-lar to a civil-ian 401K pro-gram.
It seems clear that mil-i-tary retire-ment cut-backs will be an out-come from the deficit-reduction talks between admin-is-tra-tion and con-gres-sional lead-ers, which are cur-rently being headed by Vice Pres-i-dent Joe Biden.
Here is a quick list of ideas being dis-cussed:
Con-vert-ing to a civil-ian-ized 401(k)-style sys-tem under which full retired pay wouldn't be paid until age 57-60.
Autho-riz-ing the ser-vices to make vari-able annual retire-ment con-tri-bu-tions depend-ing on chang-ing reten-tion and skill require-ments.
Vest-ing retire-ment ben-e-fits after 10 years of ser-vice.
While none of these ideas are likely to affect cur-rent retirees, the impact on future reten-tion and recruit-ing efforts could be as bad as seen after high-36 and other changes that were imple-mented back in the 80's.
Comment: What I see here is just another project to cut expenses and creat another Fund that the Government can raid and squander.[:(]
Good fake set of Samuri Swords[:o)]
China Set[:D]
Sake Set[:o)]
Doug