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Radical Overhaul Of Military Retirement Eyed (VIDEO)

08/16/2011 9:14 am 1 comment

Source: CBS News

Washington – The military retirement system has long been considered untouchable – along with Social Security and Medicare. But in these days of soaring deficits, it seems everything is a potential target for budget cutters. A Pentagon-sponsored study says military pensions are no longer untouchable – they’re unaffordable.

CBS News investigative correspondent Sharyl Attkisson reports high-level, closely-held meetings are taking place at the Pentagon regarding a radical proposal to overhaul retirement for the nation’s 1.4 million service members – a bedrock guarantee of military service.

The proposal comes from an influential panel of military advisors called the Defense Business Board. Their plan, laid out in a 24-page presentation “Modernizing the Military Retirement System,” would eliminate the familiar system under which anyone who serves 20 years is eligible for retirement at half their salary. Instead, they’d get a 401k-style plan with government contributions.

They’d have to wait until normal retirement age. It would save $250 billion dollars over 20 years.

Douglas Holtz-Eakin, former director of the Congressional Budget Office says it’s very important that the military attack its retirement issues. “We’re talking about an underfunding that starts to look like hundreds of billions of dollars in the next 20 years. And if you want to maintain the core mission which is to defend the nation and have the strategic capabilities we need, we can’t have all their money tied up in retirement programs.”

To read this article in its entirety visit CBS News.

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Vjg

What does …”to defend the nation and have the strategic capabilities, we need, we can’t have all their money tied up in retirement programs.”mean??

To defend THE nation… WE can’t have all THEIR money, (again) THEIR money! Earned, contract signed, which mind u , life was on the line almost daily for OUR nation, and yet let’s make them (our military) wait even longer?? Think about it. Have you served? Your father or mother? Spouse? If so, you get what I am saying! If not…

How do I tell my children, well I know daddy served his country for 20 + years, was diployed and gone, missed your birthday, Christmas, and was suppose to be done…now he has to work a different job. Because our government doesn’t think he worked hard enough, doesn’t deserve to be done. Here’s an idea,, what can we cut from our congressman’s salary, or retirement? $174,000 or majority and minority leaders at $223,000. News flash, military members do not make that!!

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