Page 1 of 2 12 LastLast
Results 1 to 10 of 13
  1. #1 DoD panel calls for radical retirement overhaul 
    Moderator txradioguy's Avatar
    Join Date
    Apr 2005
    Location
    Bavaria
    Posts
    7,649
    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.

    The new proposal was unveiled July 21 by the Defense Business Board, the wellspring for many cost-saving initiatives adopted by the Defense Department in recent years. The new retirement plan would mark the biggest change in military retirement in more than 60 years and require approval from Congress.

    “The current system is unfair, unaffordable and inflexible,” said Richard Spencer, a former finance executive and Marine Corps pilot who led the board’s eight-month retirement study.

    http://www.airforcetimes.com/news/20...rNsb4.facebook
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
    Reply With Quote  
     

  2. #2  
    Moderator txradioguy's Avatar
    Join Date
    Apr 2005
    Location
    Bavaria
    Posts
    7,649
    This. Is. Crap.
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
    Reply With Quote  
     

  3. #3  
    Zoomie djones520's Avatar
    Join Date
    Jun 2008
    Location
    St. Louis
    Posts
    10,072
    I read through this, but it's not making much sense to me. Will this only effect troops who are starting out today? Or will those of us who have already put in half of our career get screwed in the a-hole?
    In most sports, cold-cocking an opposing player repeatedly in the face with a series of gigantic Slovakian uppercuts would get you a multi-game suspension without pay.

    In hockey, it means you have to sit in the penalty box for five minutes.
    Reply With Quote  
     

  4. #4  
    Moderator txradioguy's Avatar
    Join Date
    Apr 2005
    Location
    Bavaria
    Posts
    7,649
    Quote Originally Posted by djones520 View Post
    I read through this, but it's not making much sense to me. Will this only effect troops who are starting out today? Or will those of us who have already put in half of our career get screwed in the a-hole?

    You and I get screwed Jonsey. That 13+ years I've put in and all the time you've dedicated working towards the retirement we thought we were getting would all be for nothing if this goes through.
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
    Reply With Quote  
     

  5. #5  
    Zoomie djones520's Avatar
    Join Date
    Jun 2008
    Location
    St. Louis
    Posts
    10,072
    Quote Originally Posted by txradioguy View Post
    You and I get screwed Jonsey. That 13+ years I've put in and all the time you've dedicated working towards the retirement we thought we were getting would all be for nothing if this goes through.
    Granted, I'm not against the idea of money being placed into my TSP. I've already got $24,000 into mine. But if this goes through, I'm losing 10 years of service for it. Not really cool...

    Was planning on putting my reup bonus to other uses, but maybe I should put it all into my TSP as well...
    In most sports, cold-cocking an opposing player repeatedly in the face with a series of gigantic Slovakian uppercuts would get you a multi-game suspension without pay.

    In hockey, it means you have to sit in the penalty box for five minutes.
    Reply With Quote  
     

  6. #6  
    Moderator txradioguy's Avatar
    Join Date
    Apr 2005
    Location
    Bavaria
    Posts
    7,649
    Quote Originally Posted by djones520 View Post
    Granted, I'm not against the idea of money being placed into my TSP. I've already got $24,000 into mine. But if this goes through, I'm losing 10 years of service for it. Not really cool...

    Was planning on putting my reup bonus to other uses, but maybe I should put it all into my TSP as well...

    Yeah this would make the TSP mandatory for everyone as well.
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
    Reply With Quote  
     

  7. #7  
    Senior Member
    Join Date
    Mar 2010
    Posts
    3,269
    That 20 year retirement made a lot of sense for a lot of years, and you guys will still be able to get out in 20, but no more guaranteed retirement. Looks like you'll be placed with the rest of the population who has to manage it themselves.

    It's too bad, too. Most people never develop the skills needed to manage large sums of money. It'll be disastrous, just like the 401(k) is for most people.

    But we all have to understand. My father retired in 1959 after 20 years in the navy. Lieutenant Commander. He died in 2009. That means he drew 1/2 his pay for 50 years. There is no system that can take that kind of backloading. It simply can not survive.

    I really don't think that they'll screw you guys out of your retirement. If you are career designated (I guess they still use that term) then the bill will be modified to take your situation into account. Keep the faith.
    Reply With Quote  
     

  8. #8  
    LTC Member Odysseus's Avatar
    Join Date
    May 2008
    Location
    FT Belvoir, VA
    Posts
    15,638
    The devil is in the details. Currently, we accrue 20 years (or more) of active duty and then draw half (or more) pay for the rest of our lives. Like Social Security, demographics used to support this, because after twenty years of Soldiering, your body was used up and it was unlikely that you'd live more than another twenty years or so. Now, life expectancy is much greater, and the defined benefits no longer seem as sustainable. The good news is that, unlike Social Security or other federal programs, our retirements apply to a much smaller pool. However, this could be the beginning of a useful discussion. A mandatory 401-K with matching funds in lieu of a fixed benefit would put wealth directly into our own hands, and a troop who has spent twenty or more years in uniform would be more likely to know how to manage his money than someone fresh out of AIT. It's not an automatically horrible idea, but it does need to be thought out carefully so that we don't end up screwing over the troops, which Obama and his ilk would cheerfully do, just on principal. Ultimately, it comes down to the people in charge having our best interests at heart.
    --Odysseus
    Sic Hacer Pace, Para Bellum.

    Before you can do things for people, you must be the kind of man who can get things done. But to get things done, you must love the doing, not the people!
    Reply With Quote  
     

  9. #9  
    Senior Betwixt Member Bubba Dawg's Avatar
    Join Date
    May 2008
    Location
    In my own private Alamo on The Mountain in Georgia
    Posts
    13,581
    To me, if this is going to be fair it should only apply to new recruits who haven't already signed on the bottom line.

    Otherwise it breaks a promise to all the service men and women who have put considerable time in.

    I don't know the details and have no real knowledge of military retirement, but in general the big wigs don't change things to do you any favors. I hope I'm wrong on that one but good luck.

    And than you for your service.
    Hey careful man! There's a beverage here!
    Reply With Quote  
     

  10. #10  
    Moderator txradioguy's Avatar
    Join Date
    Apr 2005
    Location
    Bavaria
    Posts
    7,649
    Quote Originally Posted by Bubba Dawg View Post
    To me, if this is going to be fair it should only apply to new recruits who haven't already signed on the bottom line.

    Otherwise it breaks a promise to all the service men and women who have put considerable time in.

    I don't know the details and have no real knowledge of military retirement, but in general the big wigs don't change things to do you any favors. I hope I'm wrong on that one but good luck.

    And than you for your service.
    The only thing I'd add to this is that if they're going to do it to us...make the same retirement plan apply to the civilians as well.
    In Memory Of My Friend 1st Sgt. Tim Millsap A Co, 70th Eng. Bn. 3rd Bde 1st AD...K.I.A. 25 April 2005

    Liberalism Is The Philosophy Of The Stupid

    To Achieve Ordered Liberty You Must Have Moral Order As Well

    The libs/dems of today are the Quislings of former years. The cowards who would vote a fraud into office in exchange for handouts from the devil.
    Reply With Quote  
     

Bookmarks
Bookmarks
Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •