In a attenuate collective actualization with Secretary of State Hillary Clinton at the National Defense University Tuesday, Secretary of Defense Leon Panetta accepted a CBS Account address that the Pentagon is because a affecting plan to check the military’s already adored retirement plan.
According to CBS, the plan “would annihilate the accustomed arrangement beneath which anyone who serves 20 years is acceptable for retirement at bisected their salary. Instead, they’d get a 401k-style plan with government contributions.”
Panetta abundantly accepted the report, with a key caveat.“That address came as the aftereffect of an advising accumulation that was asked by my antecedent Bob Gates to attending at the retirement issue,” he said.
And they accept put calm some thoughts, they’re declared to issue, actually, a added complete address the closing allotment of this month. No decisions accept been fabricated with commendations to that issue…it’s the affectionate of affair you accept to accede in agreement of retirement reforms in the ample form, but you accept to do it…in a way that doesn’t breach faith, again, with our troops and with their families. If you’re activity to do article like this you’ve got to anticipate actual actively about grandfathering in adjustment to assure the allowances that are there.
Under the plan, drafted by the Defense Business Board, retired account associates would accept to delay until accepted retirement age afore affecting their pensions. It would reportedly save $250 billion over two decades.
The plan illustrates the admeasurement to which the mad blitz to cut account deficits and the accepted GOP action to any tax increases accept put government obligations already anticipation untouchable on the chopping block. And it raises a host of questions: Would the aggressive be able to absorb troops for decades after the affiance of an immediate, affirmed account retirement plan? Is the accepted system, that provides no retirement guarantees for beneath accomplished account members, unfair? Should reforms necessarily booty the anatomy of a authentic addition pensions?
The Pentagon is already advancing for over $350 billion in cuts over the aing decade, a cogent allotment of which is accepted to appear out of account affiliate benefits.
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