No more retiring at 20 years

[Forever_frost]

http://www.military.com/news/article/no-more-retiring-at-20-years.html?col=1186032325324

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.

The yearly 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, according to the Times.

Proponents said the plan would allow more flexibility for servicemembers, who could decide how they want to invest their retirement savings, and for the military, which would be allowed to offer higher contributions to troops who deploy frequently or take hardship assignments.

The Military Times has more on the proposed overhaul, including a summary of how servicemembers would be affected, depending on their length of service.

[white trash wagon]

No Surprise....where else can you retire at 38 with lifetime pay & free medical care?

[JamisonFRC]

No Surprise....where else can you retire at 38 with lifetime pay & free medical care?

I will gladly give my tax dollars to anyone that serves 20 years in our military. I don't see how anyone could be against it.

[Gargamel]

No Surprise....where else can you retire at 38 with lifetime pay & free medical care?

Don't know if you have any military experience, but a lot of crap and hardship for 20 years is invested in that "lifetime pay" and free (shitty) health care....

[dustin]

No Surprise....where else can you retire at 38 with lifetime pay & free medical care?

He's right. It's just like any other job. Hell I was shot at twice and hit with an IED on the way to work to work today.

[white trash wagon]

You guys don't understand what I'm getting at. My dad did 22 years in the USAF, served in 2 wars. But back then we didn't have a welfare state, we didn't have corporate welfare, and doing a good job meant lifetime employment.

Now we have a corrupt government owned by Corporate America....so we can no longer afford to offer lifetime retirement after 20 years......or Social Security even though you paid in for nearly 50 years. A lot of things are going away.........

[scootro]

now days you'll get booted out before your 20 years is up!!!!

[red95gts]

The problem is - the 20 year retirement is the "carrot on a string" that keeps people in the military. It's the reward for putting up with 20 years of bullshit, shitty pay, and lack of freedom over your own destiny. If they take the reward away, we can assume that most won't stay beyond their first or second enlistment.

I got out of the AF after 7 years. It was a tough decision since that lifetime medical care was very enticing. If that wasn't an option, it would have been a no-brainer. Get the fuck out.

[slow99]

As it should be. Social Security should have been set up as a DC plan instead of a DB plan.

[Sean88gt]

Will it go to 30yrs? 40?

[red95gts]

To me it reads like they get a shitty percentage-based 401K and no mention of medical benefits. Not exactly an incentive to stick around.

[Forever_frost]

And you don't get lifetime health care when you retire unless you were injured. Ask me how I know. I'm retired and get VA care, but it's over a year for surgery, do love the dental plan though. I pay for Tricare Prime so I can see a civilian doctor instead of driving 4 hours.

The fact that they are willing to give illegals full benefits and health care while cutting our benefits is BS

[red95gts]

My dad is retired AF and has Tricare. He pays a nominal fee every year and comes out of pocket almost nothing more for medical care. I have GREAT medical coverage in the civilian world and his policy beats the shit out of mine, financially speaking.

He had an Angioplasty, followed by quad-bypass heart surgery, followed up by nearly bleeding to death and spending a week in the ICU. Total out of pocket was $500. My 2 y/o daughter had tubes put in her ear a few months back. Procedure takes 15 mins and I spent more than $500 out of pocket.

[Forever_frost]

Don't get me wrong, when they get around to treating you, it's cheap. I had my umbilical hernia surgery and was out 3 bucks for the pain killers and my son's birth was 25 bucks out of 25k. That said, if you go to the VA, you're going to get fucked. Hell, there was a report last year of a VA giving 800 vets HIV because they 'forgot' to clean their instruments.

[red95gts]

That's why you don't go to the VA, under any circumstance. Tricare is what I was referring to.