REPORT: MILITARY COMMISSION TO RECOMMEND KILLING 20-YEAR RETIREMENT!

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Via Stars and Stripes

The Military Compensation and Retirement Modernization Commission will release its long-awaited report Thursday, which will propose fundamental changes to military benefits including ending the 20-year retirement, according to the Military Times, citing sources familiar with the report.

The plan calls for Congress to create a hybrid system of smaller defined-benefit pension along with more cash-based benefits and lump-sum payments. A significant portion of retirement benefits would come in the form of government contributions to 401(k)-style investment accounts, those familiar with the report told Military Times.

In addition to the 401(k) for troops serving less than 20 years, the commission will suggest promising a pension to troops who serve a long-term career, but one that would be more modest than what military retirees receive today, a defense official briefed on the plan told the Times.

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And, unlike the current system, this pension would not start upon separation from service; instead, those payment checks would begin at a traditional retirement age, such as 60 or older, according to the official.

While retirement changes would affect only future servicemembers, changed to health care could affect those serving now.

According to the Times, the commission will also propose:

  • a change in health care benefits for current military families and retirees — Tricare customers could move into the health care coverage provided to federal employees;
  • a new health care allowance for troops designed to cover some expenses, such as doctor-visit co-pays and eyeglasses.
  • a new four-star medical command to oversee military health care, a significant break from the tradition of each service operating its own health care system.
  • keeping current commissary benefits, to include continuing to sell products at cost plus 5 percent surcharge. A separate DOD budget proposal is expected to call for increasing prices to operating costs.
  • consolidating the commissary and exchange systems. Initially, they would keep their separate branding — Navy Exchange, Defense Commissary Agency, etc. — but eventually would be combined.
  • building more child development centers on military bases.

Continued here 

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Unfortunately any changes to military retirement requires Congress to pass changes by law…

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