Overhaul of Military Retirement Considered
By: Newsroom Solutions
Updated: August 16, 2011
A Pentagon-sponsored study may be opening the way to an overhaul of the military retirement system.
CBS News reports high-level meetings are being held to examine a proposal to revamp the retirement for the nation's nearly one-and-a-half-million servicemembers.
Members of the Defense Business Board are looking into providing a 401(k)-style plan with government contributions.
It would replace the system under which anyone serving 20 years gets retirement at half their salary.
The overhaul would save 250-billion dollars over 20 years.
The proposal is in an early stage and would require approval from Congress.
CBS News reports high-level meetings are being held to examine a proposal to revamp the retirement for the nation's nearly one-and-a-half-million servicemembers.
Members of the Defense Business Board are looking into providing a 401(k)-style plan with government contributions.
It would replace the system under which anyone serving 20 years gets retirement at half their salary.
The overhaul would save 250-billion dollars over 20 years.
The proposal is in an early stage and would require approval from Congress.
